Definitive Analysis
| Stable Growth | $188.28 - $255.67 | $222.64 |
| Multi-Stage | $315.04 - $347.09 | $330.75 |
| Blended Fair Value | $276.69 | |
| Current Price | $5,825.00 | |
| Upside | -95.25% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -8.39% | 0.00% | 10.00 | 7.00 | 3.00 | 0.00 | 5.00 | 15.50 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 42.86% | 133.33% | 0.00% | -100.00% | -67.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.17% | 0.09% | 0.04% | 0.00% | 0.06% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 190,548.00 |
| (-) Cash Dividends Paid (M) | 25,000.00 |
| (=) Cash Retained (M) | 165,548.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 38,109.60 | 23,818.50 | 14,291.10 |
| Cash Retained (M) | 165,548.00 | 165,548.00 | 165,548.00 |
| (-) Cash Required (M) | -38,109.60 | -23,818.50 | -14,291.10 |
| (=) Excess Retained (M) | 127,438.40 | 141,729.50 | 151,256.90 |
| (/) Shares Outstanding (M) | 5,000.00 | 5,000.00 | 5,000.00 |
| (=) Excess Retained per Share | 25.49 | 28.35 | 30.25 |
| LTM Dividend per Share | 5.00 | 5.00 | 5.00 |
| (+) Excess Retained per Share | 25.49 | 28.35 | 30.25 |
| (=) Adjusted Dividend | 30.49 | 33.35 | 35.25 |
| WACC / Discount Rate | 9.94% | 9.94% | 9.94% |
| Growth Rate | -5.38% | -4.38% | -3.38% |
| Fair Value | $188.28 | $222.64 | $255.67 |
| Upside / Downside | -96.77% | -96.18% | -95.61% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 190,548.00 | 182,195.13 | 174,208.43 | 166,571.82 | 159,269.98 | 152,288.22 | 156,856.86 |
| Payout Ratio | 13.12% | 28.50% | 43.87% | 59.25% | 74.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 25,000.00 | 51,918.40 | 76,428.78 | 98,690.51 | 118,853.64 | 137,059.39 | 145,092.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.94% | 9.94% | 9.94% |
| Growth Rate | -5.38% | -4.38% | -3.38% |
| Year 1 PV (M) | 46,731.44 | 47,225.35 | 47,719.25 |
| Year 2 PV (M) | 61,920.23 | 63,236.02 | 64,565.64 |
| Year 3 PV (M) | 71,967.91 | 74,274.00 | 76,628.83 |
| Year 4 PV (M) | 78,012.44 | 81,363.15 | 84,820.65 |
| Year 5 PV (M) | 80,974.45 | 85,344.96 | 89,902.17 |
| PV of Terminal Value (M) | 1,235,595.27 | 1,302,285.12 | 1,371,823.99 |
| Equity Value (M) | 1,575,201.75 | 1,653,728.60 | 1,735,460.54 |
| Shares Outstanding (M) | 5,000.00 | 5,000.00 | 5,000.00 |
| Fair Value | $315.04 | $330.75 | $347.09 |
| Upside / Downside | -94.59% | -94.32% | -94.04% |
| 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% |