Definitive Analysis
| Stable Growth | $278,803.08 - $394,853.98 | $336,103.72 |
| Multi-Stage | $402,813.89 - $443,107.83 | $422,568.38 |
| Blended Fair Value | $379,336.05 | |
| Current Price | $183,000.00 | |
| Upside | 107.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 17.90 | 285.01 | 61.49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -93.72% | 363.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.02% | 0.38% | 0.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 5,684,661.00 |
| (-) Cash Dividends Paid (M) | 1,800.00 |
| (=) Cash Retained (M) | 5,682,861.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,136,932.20 | 710,582.63 | 426,349.58 |
| Cash Retained (M) | 5,682,861.00 | 5,682,861.00 | 5,682,861.00 |
| (-) Cash Required (M) | -1,136,932.20 | -710,582.63 | -426,349.58 |
| (=) Excess Retained (M) | 4,545,928.80 | 4,972,278.38 | 5,256,511.43 |
| (/) Shares Outstanding (M) | 133.41 | 133.41 | 133.41 |
| (=) Excess Retained per Share | 34,073.85 | 37,269.54 | 39,400.00 |
| LTM Dividend per Share | 13.49 | 13.49 | 13.49 |
| (+) Excess Retained per Share | 34,073.85 | 37,269.54 | 39,400.00 |
| (=) Adjusted Dividend | 34,087.34 | 37,283.03 | 39,413.49 |
| WACC / Discount Rate | 9.98% | 9.98% | 9.98% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $278,803.08 | $336,103.72 | $394,853.98 |
| Upside / Downside | 52.35% | 83.66% | 115.77% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,684,661.00 | 5,627,814.39 | 5,571,536.25 | 5,515,820.88 | 5,460,662.67 | 5,406,056.05 | 5,568,237.73 |
| Payout Ratio | 0.03% | 18.03% | 36.02% | 54.01% | 72.01% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,800.00 | 1,014,432.19 | 2,006,811.56 | 2,979,241.89 | 3,932,022.94 | 4,865,450.44 | 5,150,619.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.98% | 9.98% | 9.98% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 913,046.98 | 922,363.78 | 931,680.59 |
| Year 2 PV (M) | 1,625,723.92 | 1,659,071.24 | 1,692,757.11 |
| Year 3 PV (M) | 2,172,281.34 | 2,239,460.61 | 2,308,010.84 |
| Year 4 PV (M) | 2,580,455.95 | 2,687,403.79 | 2,797,642.05 |
| Year 5 PV (M) | 2,873,912.64 | 3,023,563.94 | 3,179,385.46 |
| PV of Terminal Value (M) | 43,575,592.15 | 45,844,674.33 | 48,207,312.30 |
| Equity Value (M) | 53,741,012.98 | 56,376,537.69 | 59,116,788.35 |
| Shares Outstanding (M) | 133.41 | 133.41 | 133.41 |
| Fair Value | $402,813.89 | $422,568.38 | $443,107.83 |
| Upside / Downside | 120.12% | 130.91% | 142.14% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| VKQ | Invesco Municipal Trust | 8.62% | $0.84 | 69.07% |
| ARCC | Ares Capital Corporation | 8.61% | $1.76 | 91.56% |
| TPVG | TriplePoint Venture Growth BDC Corp. | 8.52% | $0.57 | 67.26% |
| C-PJ | Citigroup Inc. | 8.49% | $2.13 | 26.99% |
| RVT | Royce Value Trust Inc. | 8.42% | $1.36 | 39.40% |
| OGN | Organon & Co. | 8.37% | $0.61 | 31.54% |
| MITT | AG Mortgage Investment Trust, Inc. | 8.12% | $0.70 | 43.47% |
| CAG | Conagra Brands, Inc. | 8.06% | $1.39 | 78.70% |
| NOG | Northern Oil and Gas, Inc. | 8.02% | $1.77 | 94.64% |
| PAA | Plains All American Pipeline, L.P. | 8.00% | $1.46 | 90.71% |
| TSLX | Sixth Street Specialty Lending, Inc. | 8.00% | $1.73 | 85.26% |
| ACCO | ACCO Brands Corporation | 7.90% | $0.29 | 67.00% |
| ETD | Ethan Allen Interiors Inc. | 7.90% | $1.81 | 97.75% |
| CQP | Cheniere Energy Partners, L.P. | 7.82% | $4.23 | 88.03% |
| UNMA | Unum Group 6.250% JR NT58 | 7.69% | $1.79 | 33.52% |
| WRB-PH | W.R. Berkley Corporation 4.125% | 7.68% | $1.27 | 26.69% |
| JHS | John Hancock Income Securities Trust | 7.65% | $0.89 | 94.90% |
| NID | Nuveen Intermediate Duration Municipal Term Fund | 7.59% | $1.02 | 84.59% |
| HWCPZ | Hancock Whitney Corporation - 6 | 7.58% | $1.77 | 31.35% |
| WRB-PG | W.R. Berkley Corporation 4.25% | 7.54% | $1.27 | 26.69% |
| NMT | Nuveen Massachusetts Quality Municipal Income Fund | 7.48% | $0.85 | 80.62% |
| LOAN | Manhattan Bridge Capital, Inc. | 7.45% | $0.35 | 74.53% |
| OPAL | OPAL Fuels Inc. | 7.43% | $0.18 | 46.94% |
| ZIONL | Zions Bancorporation N.A. - 6.9 | 7.42% | $1.86 | 32.04% |
| GMTA | GATX Corporation SR NT 2066 | 7.41% | $1.86 | 21.29% |
| IIM | Invesco Value Municipal Income Trust | 7.41% | $0.92 | 64.33% |
| JMM | Nuveen Multi-Market Income Fund | 7.28% | $0.44 | 61.06% |
| BKE | The Buckle, Inc. | 7.26% | $3.91 | 96.21% |
| MHI | Pioneer Municipal High Income Fund, Inc. | 7.19% | $0.64 | 13.70% |
| ORI | Old Republic International Corporation | 7.19% | $3.11 | 93.13% |
| PMF | PIMCO Municipal Income Fund | 7.07% | $0.59 | 92.59% |
| RYN | Rayonier Inc. | 7.04% | $1.52 | 30.67% |
| DRQ | Dril-Quip, Inc. | 7.02% | $1.08 | 50.37% |
| TRINI | Trinity Capital Inc. 7.875% Notes Due 2029 | 7.02% | $1.78 | 83.48% |
| C-PN | Citigroup Capital XIII TR PFD SECS | 7.01% | $2.13 | 26.99% |
| VPV | Invesco Pennsylvania Value Municipal Income Trust | 6.98% | $0.73 | 60.22% |
| VCV | Invesco California Value Municipal Income Trust | 6.97% | $0.78 | 60.58% |
| EOT | Eaton Vance National Municipal Opportunities Trust | 6.96% | $1.18 | 69.84% |
| FLATX | Fidelity Latin America Fund | 6.92% | $1.15 | 39.63% |
| EGY | VAALCO Energy, Inc. | 6.91% | $0.25 | 92.67% |
| NOM | Nuveen Missouri Quality Municipal Income Fund | 6.91% | $0.82 | 78.81% |
| UBCP | United Bancorp, Inc. | 6.90% | $0.99 | 96.30% |
| TBC | AT&T Inc. 5.625% Global Notes d | 6.89% | $1.72 | 55.65% |
| GTN | Gray Media, Inc. | 6.87% | $0.33 | 34.04% |
| HEP | Holly Energy Partners, L.P. | 6.86% | $1.40 | 74.08% |
| AFG | American Financial Group, Inc. | 6.85% | $9.23 | 96.49% |
| BANFP | BFC Capital Trust II PFD TR 7.20% | 6.85% | $1.80 | 25.72% |
| CFG-PD | Citizens Financial Group, Inc. | 6.83% | $1.71 | 43.60% |
| RCII | Rent-A-Center, Inc. | 6.81% | $1.82 | 79.98% |
| SPH | Suburban Propane Partners, L.P. | 6.81% | $1.27 | 78.56% |