Definitive Analysis
| Stable Growth | $29,966.95 - $57,030.03 | $53,445.49 |
| Multi-Stage | $8,980.57 - $9,827.66 | $9,396.34 |
| Blended Fair Value | $31,420.92 | |
| Current Price | $1,960.00 | |
| Upside | 1,503.11% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.11% | 22.64% | 70.43 | 49.97 | 62.35 | 42.05 | 22.22 | 54.89 | 99.41 | 46.09 | 20.61 | 0.00 |
| YoY Growth | - | - | 40.95% | -19.86% | 48.29% | 89.22% | -59.52% | -44.78% | 115.70% | 123.66% | 0.00% | -100.00% |
| Dividend Yield | - | - | 3.50% | 4.22% | 5.54% | 2.55% | 1.16% | 5.78% | 5.63% | 3.11% | 1.33% | 0.00% |
| Net Income To Common (M) | 3,334,388.00 |
| (-) Cash Dividends Paid (M) | 1,632,874.00 |
| (=) Cash Retained (M) | 1,701,514.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 666,877.60 | 416,798.50 | 250,079.10 |
| Cash Retained (M) | 1,701,514.00 | 1,701,514.00 | 1,701,514.00 |
| (-) Cash Required (M) | -666,877.60 | -416,798.50 | -250,079.10 |
| (=) Excess Retained (M) | 1,034,636.40 | 1,284,715.50 | 1,451,434.90 |
| (/) Shares Outstanding (M) | 11,627.67 | 11,627.67 | 11,627.67 |
| (=) Excess Retained per Share | 88.98 | 110.49 | 124.83 |
| LTM Dividend per Share | 140.43 | 140.43 | 140.43 |
| (+) Excess Retained per Share | 88.98 | 110.49 | 124.83 |
| (=) Adjusted Dividend | 229.41 | 250.92 | 265.26 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $29,966.95 | $53,445.49 | $57,030.03 |
| Upside / Downside | 1,428.93% | 2,626.81% | 2,809.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,334,388.00 | 3,551,123.22 | 3,781,946.23 | 4,027,772.73 | 4,289,577.96 | 4,568,400.53 | 4,705,452.55 |
| Payout Ratio | 48.97% | 57.18% | 65.38% | 73.59% | 81.79% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,632,874.00 | 2,030,410.83 | 2,472,728.55 | 2,963,969.09 | 3,508,623.62 | 4,111,560.48 | 4,352,543.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,892,004.88 | 1,909,938.58 | 1,927,872.28 |
| Year 2 PV (M) | 2,147,104.14 | 2,188,000.44 | 2,229,282.56 |
| Year 3 PV (M) | 2,398,218.06 | 2,467,062.28 | 2,537,211.56 |
| Year 4 PV (M) | 2,645,392.47 | 2,747,126.80 | 2,851,767.61 |
| Year 5 PV (M) | 2,888,672.76 | 3,028,196.73 | 3,173,060.62 |
| PV of Terminal Value (M) | 92,451,764.16 | 96,917,218.93 | 101,553,577.18 |
| Equity Value (M) | 104,423,156.46 | 109,257,543.77 | 114,272,771.80 |
| Shares Outstanding (M) | 11,627.67 | 11,627.67 | 11,627.67 |
| Fair Value | $8,980.57 | $9,396.34 | $9,827.66 |
| Upside / Downside | 358.19% | 379.41% | 401.41% |
| 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% |