Definitive Analysis
| Stable Growth | $39,945.21 - $191,897.55 | $86,562.55 |
| Multi-Stage | $21,432.63 - $23,439.89 | $22,417.92 |
| Blended Fair Value | $54,490.24 | |
| Current Price | $13,460.00 | |
| Upside | 304.83% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 41.07% | 42.92% | 264.13 | 263.65 | 142.78 | 43.90 | 14.77 | 47.27 | 53.57 | 42.44 | 29.56 | 17.33 |
| YoY Growth | - | - | 0.18% | 84.65% | 225.21% | 197.18% | -68.75% | -11.76% | 26.23% | 43.59% | 70.56% | 133.29% |
| Dividend Yield | - | - | 2.25% | 1.84% | 1.76% | 0.96% | 0.27% | 1.88% | 2.20% | 1.09% | 0.79% | 0.63% |
| Net Income To Common (M) | 92,485.00 |
| (-) Cash Dividends Paid (M) | 29,716.00 |
| (=) Cash Retained (M) | 62,769.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18,497.00 | 11,560.63 | 6,936.38 |
| Cash Retained (M) | 62,769.00 | 62,769.00 | 62,769.00 |
| (-) Cash Required (M) | -18,497.00 | -11,560.63 | -6,936.38 |
| (=) Excess Retained (M) | 44,272.00 | 51,208.38 | 55,832.63 |
| (/) Shares Outstanding (M) | 95.85 | 95.85 | 95.85 |
| (=) Excess Retained per Share | 461.90 | 534.27 | 582.51 |
| LTM Dividend per Share | 310.03 | 310.03 | 310.03 |
| (+) Excess Retained per Share | 461.90 | 534.27 | 582.51 |
| (=) Adjusted Dividend | 771.93 | 844.30 | 892.55 |
| WACC / Discount Rate | 7.54% | 7.54% | 7.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $39,945.21 | $86,562.55 | $191,897.55 |
| Upside / Downside | 196.77% | 543.11% | 1,325.69% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 92,485.00 | 98,496.53 | 104,898.80 | 111,717.22 | 118,978.84 | 126,712.47 | 130,513.84 |
| Payout Ratio | 32.13% | 43.70% | 55.28% | 66.85% | 78.43% | 90.00% | 92.50% |
| Projected Dividends (M) | 29,716.00 | 43,047.41 | 57,986.35 | 74,685.47 | 93,310.49 | 114,041.22 | 120,725.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.54% | 7.54% | 7.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 39,653.80 | 40,029.66 | 40,405.53 |
| Year 2 PV (M) | 49,204.11 | 50,141.31 | 51,087.35 |
| Year 3 PV (M) | 58,378.05 | 60,053.87 | 61,761.46 |
| Year 4 PV (M) | 67,186.45 | 69,770.26 | 72,427.88 |
| Year 5 PV (M) | 75,639.89 | 79,293.33 | 83,086.59 |
| PV of Terminal Value (M) | 1,764,207.89 | 1,849,419.79 | 1,937,892.95 |
| Equity Value (M) | 2,054,270.19 | 2,148,708.22 | 2,246,661.76 |
| Shares Outstanding (M) | 95.85 | 95.85 | 95.85 |
| Fair Value | $21,432.63 | $22,417.92 | $23,439.89 |
| Upside / Downside | 59.23% | 66.55% | 74.14% |
| 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% |