Definitive Analysis
| Stable Growth | $30,788.24 - $111,321.37 | $97,597.74 |
| Multi-Stage | $14,458.96 - $15,799.43 | $15,117.00 |
| Blended Fair Value | $56,357.37 | |
| Current Price | $4,120.00 | |
| Upside | 1,267.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 22.74% | 14.43% | 280.46 | 196.50 | 73.09 | 22.00 | 103.18 | 100.70 | 127.85 | 106.46 | 60.81 | 72.31 |
| YoY Growth | - | - | 42.73% | 168.84% | 232.23% | -78.68% | 2.46% | -21.23% | 20.09% | 75.07% | -15.91% | -0.76% |
| Dividend Yield | - | - | 6.61% | 3.48% | 1.56% | 0.53% | 3.60% | 5.27% | 2.72% | 2.45% | 1.88% | 2.78% |
| Net Income To Common (M) | 20,866,036.00 |
| (-) Cash Dividends Paid (M) | 13,951,339.00 |
| (=) Cash Retained (M) | 6,914,697.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,173,207.20 | 2,608,254.50 | 1,564,952.70 |
| Cash Retained (M) | 6,914,697.00 | 6,914,697.00 | 6,914,697.00 |
| (-) Cash Required (M) | -4,173,207.20 | -2,608,254.50 | -1,564,952.70 |
| (=) Excess Retained (M) | 2,741,489.80 | 4,306,442.50 | 5,349,744.30 |
| (/) Shares Outstanding (M) | 37,277.06 | 37,277.06 | 37,277.06 |
| (=) Excess Retained per Share | 73.54 | 115.53 | 143.51 |
| LTM Dividend per Share | 374.26 | 374.26 | 374.26 |
| (+) Excess Retained per Share | 73.54 | 115.53 | 143.51 |
| (=) Adjusted Dividend | 447.80 | 489.79 | 517.77 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $30,788.24 | $97,597.74 | $111,321.37 |
| Upside / Downside | 647.29% | 2,268.88% | 2,601.98% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 20,866,036.00 | 22,222,328.34 | 23,666,779.68 | 25,205,120.36 | 26,843,453.18 | 28,588,277.64 | 29,445,925.97 |
| Payout Ratio | 66.86% | 71.49% | 76.12% | 80.74% | 85.37% | 90.00% | 92.50% |
| Projected Dividends (M) | 13,951,339.00 | 15,886,559.93 | 18,014,415.17 | 20,351,770.88 | 22,916,871.93 | 25,729,449.88 | 27,237,481.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 14,703,106.05 | 14,842,471.98 | 14,981,837.92 |
| Year 2 PV (M) | 15,430,450.87 | 15,724,357.62 | 16,021,037.07 |
| Year 3 PV (M) | 16,133,919.20 | 16,597,066.04 | 17,068,992.66 |
| Year 4 PV (M) | 16,814,046.14 | 17,460,666.91 | 18,125,761.17 |
| Year 5 PV (M) | 17,471,356.37 | 18,315,229.41 | 19,191,399.47 |
| PV of Terminal Value (M) | 458,434,737.47 | 480,577,306.71 | 503,567,324.19 |
| Equity Value (M) | 538,987,616.11 | 563,517,098.68 | 588,956,352.48 |
| Shares Outstanding (M) | 37,277.06 | 37,277.06 | 37,277.06 |
| Fair Value | $14,458.96 | $15,117.00 | $15,799.43 |
| Upside / Downside | 250.95% | 266.92% | 283.48% |
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