Definitive Analysis
| Stable Growth | $88,123.37 - $233,767.01 | $134,749.86 |
| Multi-Stage | $60,482.66 - $66,072.96 | $63,227.14 |
| Blended Fair Value | $98,988.50 | |
| Current Price | $32,900.00 | |
| Upside | 200.88% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 58.49% | 0.00% | 499.96 | 149.99 | 50.00 | 49.99 | 49.99 | 49.99 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 233.33% | 200.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.58% | 0.32% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 60,347.25 |
| (-) Cash Dividends Paid (M) | 16,062.41 |
| (=) Cash Retained (M) | 44,284.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 12,069.45 | 7,543.41 | 4,526.04 |
| Cash Retained (M) | 44,284.84 | 44,284.84 | 44,284.84 |
| (-) Cash Required (M) | -12,069.45 | -7,543.41 | -4,526.04 |
| (=) Excess Retained (M) | 32,215.39 | 36,741.43 | 39,758.80 |
| (/) Shares Outstanding (M) | 16.06 | 16.06 | 16.06 |
| (=) Excess Retained per Share | 2,005.47 | 2,287.22 | 2,475.06 |
| LTM Dividend per Share | 999.91 | 999.91 | 999.91 |
| (+) Excess Retained per Share | 2,005.47 | 2,287.22 | 2,475.06 |
| (=) Adjusted Dividend | 3,005.38 | 3,287.14 | 3,474.97 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $88,123.37 | $134,749.86 | $233,767.01 |
| Upside / Downside | 167.85% | 309.57% | 610.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 60,347.25 | 64,269.82 | 68,447.36 | 72,896.44 | 77,634.70 | 82,680.96 | 85,161.39 |
| Payout Ratio | 26.62% | 39.29% | 51.97% | 64.65% | 77.32% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,062.41 | 25,253.74 | 35,572.08 | 47,125.11 | 60,029.74 | 74,412.86 | 78,774.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 22,930.41 | 23,147.76 | 23,365.11 |
| Year 2 PV (M) | 29,327.93 | 29,886.54 | 30,450.43 |
| Year 3 PV (M) | 35,278.54 | 36,291.25 | 37,323.17 |
| Year 4 PV (M) | 40,804.75 | 42,373.98 | 43,988.05 |
| Year 5 PV (M) | 45,928.08 | 48,146.43 | 50,449.67 |
| PV of Terminal Value (M) | 797,310.27 | 835,820.66 | 875,804.92 |
| Equity Value (M) | 971,579.97 | 1,015,666.62 | 1,061,381.35 |
| Shares Outstanding (M) | 16.06 | 16.06 | 16.06 |
| Fair Value | $60,482.66 | $63,227.14 | $66,072.96 |
| Upside / Downside | 83.84% | 92.18% | 100.83% |
| 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% |