Definitive Analysis
| Stable Growth | $14.80 - $42.15 | $23.12 |
| Multi-Stage | $14.98 - $16.39 | $15.67 |
| Blended Fair Value | $19.40 | |
| Current Price | $11.44 | |
| Upside | 69.54% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.12% | 17.23% | 0.53 | 0.46 | 0.62 | 0.56 | 0.52 | 0.50 | 0.57 | 0.51 | 0.56 | 0.29 |
| YoY Growth | - | - | 14.52% | -25.35% | 10.66% | 8.35% | 3.14% | -11.99% | 12.69% | -9.68% | 94.52% | 166.17% |
| Dividend Yield | - | - | 5.62% | 5.57% | 6.34% | 5.21% | 5.95% | 5.61% | 4.78% | 4.15% | 3.89% | 1.45% |
| Net Income To Common (M) | 5,158.51 |
| (-) Cash Dividends Paid (M) | 3,262.86 |
| (=) Cash Retained (M) | 1,895.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,031.70 | 644.81 | 386.89 |
| Cash Retained (M) | 1,895.65 | 1,895.65 | 1,895.65 |
| (-) Cash Required (M) | -1,031.70 | -644.81 | -386.89 |
| (=) Excess Retained (M) | 863.95 | 1,250.84 | 1,508.76 |
| (/) Shares Outstanding (M) | 8,455.13 | 8,455.13 | 8,455.13 |
| (=) Excess Retained per Share | 0.10 | 0.15 | 0.18 |
| LTM Dividend per Share | 0.39 | 0.39 | 0.39 |
| (+) Excess Retained per Share | 0.10 | 0.15 | 0.18 |
| (=) Adjusted Dividend | 0.49 | 0.53 | 0.56 |
| WACC / Discount Rate | 6.86% | 6.86% | 6.86% |
| Growth Rate | 3.45% | 4.45% | 5.45% |
| Fair Value | $14.80 | $23.12 | $42.15 |
| Upside / Downside | 29.37% | 102.10% | 268.48% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,158.51 | 5,388.22 | 5,628.16 | 5,878.78 | 6,140.57 | 6,414.01 | 6,606.43 |
| Payout Ratio | 63.25% | 68.60% | 73.95% | 79.30% | 84.65% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,262.86 | 3,696.40 | 4,162.09 | 4,661.92 | 5,198.01 | 5,772.61 | 6,110.95 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.86% | 6.86% | 6.86% |
| Growth Rate | 3.45% | 4.45% | 5.45% |
| Year 1 PV (M) | 3,425.84 | 3,458.95 | 3,492.07 |
| Year 2 PV (M) | 3,575.08 | 3,644.53 | 3,714.65 |
| Year 3 PV (M) | 3,711.31 | 3,819.98 | 3,930.74 |
| Year 4 PV (M) | 3,835.19 | 3,985.64 | 4,140.48 |
| Year 5 PV (M) | 3,947.38 | 4,141.89 | 4,343.99 |
| PV of Terminal Value (M) | 108,122.82 | 113,450.53 | 118,986.20 |
| Equity Value (M) | 126,617.63 | 132,501.52 | 138,608.13 |
| Shares Outstanding (M) | 8,455.13 | 8,455.13 | 8,455.13 |
| Fair Value | $14.98 | $15.67 | $16.39 |
| Upside / Downside | 30.90% | 36.99% | 43.30% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| F | Ford Motor Company | 5.53% | $0.74 | 63.45% |
| LCNB | LCNB Corp. | 5.48% | $0.89 | 53.03% |
| PPBI | Pacific Premier Bancorp, Inc. | 5.48% | $1.34 | 92.42% |
| VGR | Vector Group Ltd. | 5.48% | $0.82 | 63.35% |
| DLX | Deluxe Corporation | 5.43% | $1.21 | 66.43% |
| BAFN | BayFirst Financial Corp. | 5.41% | $0.43 | 21.50% |
| IPG | The Interpublic Group of Companies, Inc. | 5.41% | $1.33 | 88.72% |
| PEBO | Peoples Bancorp Inc. | 5.39% | $1.62 | 56.40% |
| OKE | ONEOK, Inc. | 5.38% | $4.00 | 75.29% |
| BUSE | First Busey Corporation | 5.37% | $1.28 | 75.92% |
| OAS | Oasis Petroleum Inc. | 5.37% | $5.87 | 65.40% |
| EIX | Edison International | 5.36% | $3.26 | 39.45% |
| 0R1X.L | General Mills, Inc. | 5.35% | $2.45 | 45.62% |
| FIBK | First Interstate BancSystem, Inc. | 5.35% | $1.89 | 79.54% |
| FNCB | FNCB Bancorp, Inc. | 5.33% | $0.36 | 51.41% |
| DHIL | Diamond Hill Investment Group, Inc. | 5.31% | $9.05 | 52.46% |
| SLRC | SLR Investment Corp. | 5.31% | $0.82 | 49.67% |
| EPSN | Epsilon Energy Ltd. | 5.30% | $0.24 | 91.92% |
| UVV | Universal Corporation | 5.28% | $2.78 | 62.64% |
| FLIC | The First of Long Island Corporation | 5.27% | $0.63 | 86.64% |
| AUB | Atlantic Union Bankshares Corporation | 5.22% | $1.85 | 76.04% |
| SAFE | Safehold Inc. | 5.20% | $0.71 | 45.17% |
| GAB-PG | The Gabelli Equity Trust Inc. PFD-G | 5.19% | $1.08 | 81.70% |
| HPQ | HP Inc. | 5.19% | $1.15 | 43.02% |
| SOI | Solaris Oilfield Infrastructure, Inc. | 5.18% | $0.70 | 25.64% |
| MBINO | Merchants Bancorp | 5.17% | $1.29 | 24.09% |
| 0JXQ.L | Main Street Capital Corporation | 5.13% | $3.17 | 52.63% |
| EMN | Eastman Chemical Company | 5.12% | $3.29 | 54.36% |
| EMBC | Embecta Corp. | 5.10% | $0.59 | 36.96% |
| AM | Antero Midstream Corporation | 5.09% | $0.91 | 93.18% |
| CZNC | Citizens & Northern Corporation | 5.09% | $1.02 | 57.64% |
| FMNB | Farmers National Banc Corp. | 5.09% | $0.68 | 46.83% |
| 0J66.L | Host Hotels & Resorts, Inc. | 5.08% | $0.90 | 84.69% |
| GLPI | Gaming and Leisure Properties, Inc. | 5.07% | $2.25 | 82.42% |
| PFIS | Peoples Financial Services Corp. | 5.07% | $2.44 | 46.22% |
| TBB | AT&T Inc. 5.35% GLB NTS 66 | 5.07% | $1.14 | 36.88% |
| KFRC | Kforce Inc. | 5.02% | $1.57 | 68.10% |
| TTP | Tortoise Pipeline & Energy Fund, Inc. | 5.02% | $2.39 | 20.11% |
| STAR-PG | iStar Inc. | 4.94% | $1.24 | 34.23% |
| PFS | Provident Financial Services, Inc. | 4.93% | $0.97 | 61.13% |
| UBFO | United Security Bancshares | 4.92% | $0.48 | 73.45% |
| DDT | Dillards Capital Trust I CAP SECS 7.5% | 4.90% | $1.29 | 3.46% |
| SGU | Star Group, L.P. | 4.89% | $0.58 | 36.90% |
| AGR | Avangrid, Inc. | 4.88% | $1.76 | 60.70% |
| KMB | Kimberly-Clark Corporation | 4.88% | $4.95 | 83.80% |
| OCFC | OceanFirst Financial Corp. | 4.86% | $0.87 | 61.98% |
| 0I0J.L | The Clorox Company | 4.85% | $4.89 | 76.11% |
| FNLC | The First Bancorp, Inc. | 4.83% | $1.28 | 45.40% |
| RILYZ | B. Riley Financial, Inc. 5.25% Senior Notes due 2028 | 4.83% | $0.58 | 56.91% |
| BSET | Bassett Furniture Industries, Incorporated | 4.82% | $0.80 | 89.43% |