Definitive Analysis
| Stable Growth | $231,503.11 - $373,272.18 | $295,409.06 |
| Multi-Stage | $493,288.69 - $541,533.65 | $516,945.64 |
| Blended Fair Value | $406,177.35 | |
| Current Price | $115,100.00 | |
| Upside | 252.89% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.03% | 7.77% | 12,715.36 | 13,008.08 | 12,923.61 | 12,247.13 | 12,685.22 | 12,079.26 | 10,744.84 | 9,684.79 | 8,365.81 | 7,214.11 |
| YoY Growth | - | - | -2.25% | 0.65% | 5.52% | -3.45% | 5.02% | 12.42% | 10.95% | 15.77% | 15.96% | 19.89% |
| Dividend Yield | - | - | 11.88% | 9.60% | 9.08% | 8.50% | 9.76% | 6.41% | 6.76% | 6.24% | 4.99% | 4.28% |
| Net Income To Common (M) | 25,990.60 |
| (-) Cash Dividends Paid (M) | 23,150.38 |
| (=) Cash Retained (M) | 2,840.22 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5,198.12 | 3,248.83 | 1,949.30 |
| Cash Retained (M) | 2,840.22 | 2,840.22 | 2,840.22 |
| (-) Cash Required (M) | -5,198.12 | -3,248.83 | -1,949.30 |
| (=) Excess Retained (M) | -2,357.90 | -408.60 | 890.93 |
| (/) Shares Outstanding (M) | 1.19 | 1.19 | 1.19 |
| (=) Excess Retained per Share | -1,975.28 | -342.30 | 746.36 |
| LTM Dividend per Share | 19,393.76 | 19,393.76 | 19,393.76 |
| (+) Excess Retained per Share | -1,975.28 | -342.30 | 746.36 |
| (=) Adjusted Dividend | 17,418.48 | 19,051.46 | 20,140.11 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -0.97% | 0.03% | 1.03% |
| Fair Value | $231,503.11 | $295,409.06 | $373,272.18 |
| Upside / Downside | 101.13% | 156.65% | 224.30% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 25,990.60 | 25,998.84 | 26,007.08 | 26,015.32 | 26,023.57 | 26,031.81 | 26,812.77 |
| Payout Ratio | 89.07% | 89.26% | 89.44% | 89.63% | 89.81% | 90.00% | 92.50% |
| Projected Dividends (M) | 23,150.38 | 23,205.96 | 23,261.58 | 23,317.23 | 23,372.92 | 23,428.63 | 24,801.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -0.97% | 0.03% | 1.03% |
| Year 1 PV (M) | 21,575.27 | 21,793.13 | 22,011.00 |
| Year 2 PV (M) | 20,107.24 | 20,515.37 | 20,927.60 |
| Year 3 PV (M) | 18,739.02 | 19,312.44 | 19,897.44 |
| Year 4 PV (M) | 17,463.83 | 18,179.97 | 18,917.91 |
| Year 5 PV (M) | 16,275.35 | 17,113.83 | 17,986.53 |
| PV of Terminal Value (M) | 494,679.35 | 520,164.68 | 546,689.73 |
| Equity Value (M) | 588,840.07 | 617,079.43 | 646,430.21 |
| Shares Outstanding (M) | 1.19 | 1.19 | 1.19 |
| Fair Value | $493,288.69 | $516,945.64 | $541,533.65 |
| Upside / Downside | 328.57% | 349.13% | 370.49% |
| 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% |