Definitive Analysis
| Stable Growth | $2,839.05 - $15,033.91 | $5,649.71 |
| Multi-Stage | $2,249.90 - $2,465.04 | $2,355.47 |
| Blended Fair Value | $4,002.59 | |
| Current Price | $1,130.00 | |
| Upside | 254.21% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.31% | 6.05% | 31.45 | 38.55 | 35.78 | 28.79 | 26.73 | 26.73 | 25.70 | 22.62 | 19.53 | 19.53 |
| YoY Growth | - | - | -18.42% | 7.75% | 24.30% | 7.69% | 0.00% | 4.00% | 13.64% | 15.79% | 0.00% | 11.76% |
| Dividend Yield | - | - | 2.77% | 2.63% | 1.70% | 1.79% | 1.70% | 2.23% | 1.72% | 1.51% | 1.27% | 1.35% |
| Net Income To Common (M) | 3,493,602.86 |
| (-) Cash Dividends Paid (M) | 1,635,802.50 |
| (=) Cash Retained (M) | 1,857,800.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 698,720.57 | 436,700.36 | 262,020.21 |
| Cash Retained (M) | 1,857,800.36 | 1,857,800.36 | 1,857,800.36 |
| (-) Cash Required (M) | -698,720.57 | -436,700.36 | -262,020.21 |
| (=) Excess Retained (M) | 1,159,079.78 | 1,421,100.00 | 1,595,780.14 |
| (/) Shares Outstanding (M) | 45,591.84 | 45,591.84 | 45,591.84 |
| (=) Excess Retained per Share | 25.42 | 31.17 | 35.00 |
| LTM Dividend per Share | 35.88 | 35.88 | 35.88 |
| (+) Excess Retained per Share | 25.42 | 31.17 | 35.00 |
| (=) Adjusted Dividend | 61.30 | 67.05 | 70.88 |
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 4.05% | 5.05% | 6.05% |
| Fair Value | $2,839.05 | $5,649.71 | $15,033.91 |
| Upside / Downside | 151.24% | 399.97% | 1,230.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,493,602.86 | 3,670,055.38 | 3,855,420.05 | 4,050,146.99 | 4,254,709.06 | 4,469,603.02 | 4,603,691.11 |
| Payout Ratio | 46.82% | 55.46% | 64.09% | 72.73% | 81.36% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,635,802.50 | 2,035,347.97 | 2,471,080.47 | 2,945,636.18 | 3,461,825.27 | 4,022,642.72 | 4,258,414.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 4.05% | 5.05% | 6.05% |
| Year 1 PV (M) | 1,896,539.50 | 1,914,766.57 | 1,932,993.63 |
| Year 2 PV (M) | 2,145,523.79 | 2,186,961.92 | 2,228,796.39 |
| Year 3 PV (M) | 2,383,135.72 | 2,452,508.97 | 2,523,215.64 |
| Year 4 PV (M) | 2,609,744.77 | 2,711,526.22 | 2,816,256.19 |
| Year 5 PV (M) | 2,825,709.93 | 2,964,130.32 | 3,107,922.86 |
| PV of Terminal Value (M) | 90,716,484.67 | 95,160,327.54 | 99,776,637.97 |
| Equity Value (M) | 102,577,138.39 | 107,390,221.53 | 112,385,822.68 |
| Shares Outstanding (M) | 45,591.84 | 45,591.84 | 45,591.84 |
| Fair Value | $2,249.90 | $2,355.47 | $2,465.04 |
| Upside / Downside | 99.11% | 108.45% | 118.15% |
| 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% |