Definitive Analysis
| Stable Growth | $184,965.41 - $347,645.68 | $251,091.58 |
| Multi-Stage | $301,953.98 - $331,918.09 | $316,648.22 |
| Blended Fair Value | $283,869.90 | |
| Current Price | $137,300.00 | |
| Upside | 106.75% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.99% | 0.00% | 2,121.94 | 2,157.77 | 2,373.84 | 1,972.53 | 1,825.78 | 1,831.54 | 532.94 | 0.00 | 350.06 | 0.00 |
| YoY Growth | - | - | -1.66% | -9.10% | 20.35% | 8.04% | -0.31% | 243.67% | 0.00% | -100.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.42% | 1.52% | 1.72% | 0.99% | 1.08% | 2.49% | 0.79% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 59,707.78 |
| (-) Cash Dividends Paid (M) | 13,605.65 |
| (=) Cash Retained (M) | 46,102.12 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,941.56 | 7,463.47 | 4,478.08 |
| Cash Retained (M) | 46,102.12 | 46,102.12 | 46,102.12 |
| (-) Cash Required (M) | -11,941.56 | -7,463.47 | -4,478.08 |
| (=) Excess Retained (M) | 34,160.57 | 38,638.65 | 41,624.04 |
| (/) Shares Outstanding (M) | 4.86 | 4.86 | 4.86 |
| (=) Excess Retained per Share | 7,030.37 | 7,951.98 | 8,566.38 |
| LTM Dividend per Share | 2,800.09 | 2,800.09 | 2,800.09 |
| (+) Excess Retained per Share | 7,030.37 | 7,951.98 | 8,566.38 |
| (=) Adjusted Dividend | 9,830.46 | 10,752.07 | 11,366.47 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 0.99% | 1.99% | 2.99% |
| Fair Value | $184,965.41 | $251,091.58 | $347,645.68 |
| Upside / Downside | 34.72% | 82.88% | 153.20% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 59,707.78 | 60,894.29 | 62,104.39 | 63,338.54 | 64,597.21 | 65,880.89 | 67,857.31 |
| Payout Ratio | 22.79% | 36.23% | 49.67% | 63.11% | 76.56% | 90.00% | 92.50% |
| Projected Dividends (M) | 13,605.65 | 22,061.79 | 30,848.64 | 39,976.01 | 49,453.95 | 59,292.80 | 62,768.02 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 0.99% | 1.99% | 2.99% |
| Year 1 PV (M) | 20,540.26 | 20,743.65 | 20,947.05 |
| Year 2 PV (M) | 26,740.29 | 27,272.49 | 27,809.94 |
| Year 3 PV (M) | 32,262.25 | 33,230.17 | 34,217.27 |
| Year 4 PV (M) | 37,158.76 | 38,652.59 | 40,191.01 |
| Year 5 PV (M) | 41,478.90 | 43,573.65 | 45,752.18 |
| PV of Terminal Value (M) | 1,309,013.94 | 1,375,121.14 | 1,443,872.57 |
| Equity Value (M) | 1,467,194.40 | 1,538,593.69 | 1,612,790.02 |
| Shares Outstanding (M) | 4.86 | 4.86 | 4.86 |
| Fair Value | $301,953.98 | $316,648.22 | $331,918.09 |
| Upside / Downside | 119.92% | 130.63% | 141.75% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| PFE | Pfizer Inc. | 6.75% | $1.70 | 98.83% |
| COG | Cabot Oil & Gas Corporation | 6.71% | $1.49 | 52.20% |
| VZ | Verizon Communications Inc. | 6.66% | $2.70 | 57.56% |
| AC | Associated Capital Group, Inc. | 6.63% | $2.21 | 86.94% |
| VAC | Marriott Vacations Worldwide Corporation | 6.62% | $3.90 | 78.61% |
| SSTK | Shutterstock, Inc. | 6.61% | $1.24 | 75.34% |
| EPD | Enterprise Products Partners L.P. | 6.60% | $2.12 | 80.06% |
| SXC | SunCoke Energy, Inc. | 6.57% | $0.48 | 63.44% |
| DIN | Dine Brands Global, Inc. | 6.56% | $2.18 | 90.98% |
| CBL | CBL & Associates Properties, Inc. | 6.54% | $2.42 | 61.13% |
| CRI | Carter's, Inc. | 6.47% | $2.15 | 85.39% |
| KYN | Kayne Anderson Energy Infrastructure Fund, Inc. | 6.47% | $0.80 | 35.36% |
| SMMCX | Western Asset Managed Municipals Fund Class C | 6.45% | $0.96 | 71.65% |
| HESM | Hess Midstream LP | 6.39% | $2.21 | 87.39% |
| WRB-PF | W.R. Berkley Corporation 5.10% | 6.38% | $1.27 | 26.69% |
| RMT | Royce Micro-Cap Trust, Inc. | 6.37% | $0.67 | 32.29% |
| PNF | PIMCO New York Municipal Income Fund | 6.30% | $0.48 | 54.92% |
| ENR | Energizer Holdings, Inc. | 6.29% | $1.25 | 36.44% |
| UPS | United Parcel Service, Inc. | 6.29% | $6.35 | 98.06% |
| NWBI | Northwest Bancshares, Inc. | 6.27% | $0.75 | 93.81% |
| UIHC | United Insurance Holdings Corp. | 6.27% | $0.48 | 5.99% |
| TROW | T. Rowe Price Group, Inc. | 6.24% | $6.53 | 69.41% |
| JRSH | Jerash Holdings (US), Inc. | 6.20% | $0.19 | 0.52% |
| MUA | BlackRock MuniAssets Fund, Inc. | 6.14% | $0.66 | 73.39% |
| VKI | Invesco Advantage Municipal Income Trust II | 6.11% | $0.56 | 76.68% |
| GL-PD | Globe Life Inc. 4.25% Junior Su | 6.10% | $1.03 | 7.35% |
| CLNY | Colony Capital, Inc. | 6.07% | $0.52 | 13.43% |
| OMF | OneMain Holdings, Inc. | 6.07% | $4.20 | 71.06% |
| VICI | VICI Properties Inc. | 6.07% | $1.71 | 65.54% |
| IMMR | Immersion Corporation | 6.06% | $0.39 | 14.22% |
| KRNY | Kearny Financial Corp. | 5.99% | $0.44 | 93.99% |
| DMF | BNY Mellon Municipal Income, Inc. | 5.97% | $0.41 | 29.64% |
| UNB | Union Bankshares, Inc. | 5.96% | $1.41 | 57.02% |
| ARTMX | Artisan Mid Cap Fund Inv Shs | 5.91% | $1.95 | 91.77% |
| SABA | Saba Capital Income & Opportunities Fund II | 5.87% | $0.49 | 24.55% |
| BRD | Beard Energy Transition Acquisition Corp. | 5.86% | $0.63 | 95.51% |
| ETRN | Equitrans Midstream Corporation | 5.81% | $0.72 | 69.91% |
| EHLDV | Euroholdings Ltd | 5.80% | $0.28 | 5.02% |
| REPX | Riley Exploration Permian, Inc. | 5.80% | $1.54 | 38.01% |
| AII | American Integrity Insurance Group, Inc. | 5.79% | $1.17 | 26.25% |
| VRTS | Virtus Investment Partners, Inc. | 5.75% | $9.35 | 47.12% |
| CXH | MFS Investment Grade Municipal Trust | 5.74% | $0.46 | 80.40% |
| GES | Guess', Inc. | 5.72% | $0.96 | 61.52% |
| KRC | Kilroy Realty Corporation | 5.71% | $2.17 | 79.80% |
| WRB-PE | W. R. Berkley Corporation 5.70% SB DB 2058 | 5.68% | $1.27 | 26.69% |
| LEO | BNY Mellon Strategic Municipals, Inc. | 5.66% | $0.36 | 37.22% |
| WLYB | John Wiley & Sons, Inc. | 5.64% | $1.76 | 92.90% |
| KMPB | Kemper Corporation 5.875% Fixed | 5.60% | $1.31 | 32.45% |
| CBTX | CBTX, Inc. | 5.56% | $1.63 | 54.55% |
| 0HST.L | Campbell Soup Company | 5.53% | $1.55 | 80.10% |