Definitive Analysis
| Stable Growth | $1,063,731.50 - $4,222,725.23 | $2,889,806.63 |
| Multi-Stage | $536,326.35 - $585,499.06 | $560,467.31 |
| Blended Fair Value | $1,725,136.97 | |
| Current Price | $819,000.00 | |
| Upside | 110.64% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.95% | 13.35% | 16,673.43 | 31,715.30 | 18,715.77 | 14,036.83 | 13,101.04 | 10,375.95 | 9,440.08 | 8,036.36 | 8,036.36 | 6,164.78 |
| YoY Growth | - | - | -47.43% | 69.46% | 33.33% | 7.14% | 26.26% | 9.91% | 17.47% | 0.00% | 30.36% | 29.48% |
| Dividend Yield | - | - | 2.14% | 7.03% | 3.38% | 2.40% | 3.21% | 2.91% | 2.01% | 1.68% | 1.86% | 1.28% |
| Net Income To Common (M) | 401,028.84 |
| (-) Cash Dividends Paid (M) | 347,114.25 |
| (=) Cash Retained (M) | 53,914.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 80,205.77 | 50,128.61 | 30,077.16 |
| Cash Retained (M) | 53,914.59 | 53,914.59 | 53,914.59 |
| (-) Cash Required (M) | -80,205.77 | -50,128.61 | -30,077.16 |
| (=) Excess Retained (M) | -26,291.18 | 3,785.99 | 23,837.43 |
| (/) Shares Outstanding (M) | 18.89 | 18.89 | 18.89 |
| (=) Excess Retained per Share | -1,392.03 | 200.45 | 1,262.11 |
| LTM Dividend per Share | 18,378.47 | 18,378.47 | 18,378.47 |
| (+) Excess Retained per Share | -1,392.03 | 200.45 | 1,262.11 |
| (=) Adjusted Dividend | 16,986.45 | 18,578.93 | 19,640.58 |
| WACC / Discount Rate | 7.18% | 7.18% | 7.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,063,731.50 | $2,889,806.63 | $4,222,725.23 |
| Upside / Downside | 29.88% | 252.85% | 415.60% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 401,028.84 | 427,095.72 | 454,856.94 | 484,422.64 | 515,910.11 | 549,444.27 | 565,927.60 |
| Payout Ratio | 86.56% | 87.24% | 87.93% | 88.62% | 89.31% | 90.00% | 92.50% |
| Projected Dividends (M) | 347,114.25 | 372,618.57 | 399,971.90 | 429,306.84 | 460,765.44 | 494,499.84 | 523,483.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.18% | 7.18% | 7.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 344,377.32 | 347,641.56 | 350,905.80 |
| Year 2 PV (M) | 341,640.68 | 348,147.97 | 354,716.66 |
| Year 3 PV (M) | 338,904.98 | 348,633.72 | 358,546.89 |
| Year 4 PV (M) | 336,170.88 | 349,099.06 | 362,396.60 |
| Year 5 PV (M) | 333,439.00 | 349,544.23 | 366,265.84 |
| PV of Terminal Value (M) | 8,435,062.84 | 8,842,479.53 | 9,265,489.02 |
| Equity Value (M) | 10,129,595.70 | 10,585,546.08 | 11,058,320.81 |
| Shares Outstanding (M) | 18.89 | 18.89 | 18.89 |
| Fair Value | $536,326.35 | $560,467.31 | $585,499.06 |
| Upside / Downside | -34.51% | -31.57% | -28.51% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ACIC | American Coastal Insurance Corporation | 4.24% | $0.48 | 28.28% |
| NCDL | Nuveen Churchill Direct Lending Corp. | 4.24% | $0.57 | 30.88% |
| ES | Eversource Energy | 4.23% | $2.88 | 79.84% |
| ISBC | Investors Bancorp, Inc. | 4.21% | $0.58 | 44.24% |
| KMI | Kinder Morgan, Inc. | 4.21% | $1.17 | 95.05% |
| PWOD | Penns Woods Bancorp, Inc. | 4.17% | $1.25 | 45.44% |
| DDS | Dillard's, Inc. | 4.16% | $26.50 | 71.17% |
| RLI | RLI Corp. | 4.16% | $2.60 | 67.96% |
| TFC | Truist Financial Corporation | 4.16% | $2.07 | 53.19% |
| RMBI | Richmond Mutual Bancorporation, Inc. | 4.15% | $0.58 | 54.33% |
| PR | Permian Resources Corporation | 4.14% | $0.60 | 52.90% |
| RILYT | B. Riley Financial, Inc. 6.00% Senior Notes Due 2028 | 4.13% | $0.58 | 56.91% |
| DGICA | Donegal Group Inc. | 4.12% | $0.80 | 28.85% |
| AUBN | Auburn National Bancorporation, Inc. | 4.11% | $1.08 | 76.62% |
| FHB | First Hawaiian, Inc. | 4.11% | $1.06 | 50.97% |
| POR | Portland General Electric Company | 4.09% | $1.98 | 72.28% |
| NEWTL | Newtek Business Services Corp. | 4.08% | $1.02 | 44.14% |
| NEWTG | NewtekOne, Inc. 8.50% Fixed Rate Senior Notes due 2029 | 4.06% | $1.02 | 44.14% |
| NEWTZ | Newtek Business Services Corp. 5.50% Notes Due 2026 | 4.05% | $1.02 | 44.14% |
| LKQ | LKQ Corporation | 4.04% | $1.21 | 44.76% |
| NWE | Northwestern Energy Group Inc | 4.04% | $2.62 | 74.07% |
| PXD | Pioneer Natural Resources Company | 4.00% | $10.80 | 54.25% |
| HAFC | Hanmi Financial Corporation | 3.99% | $1.07 | 44.22% |
| KSS | Kohl's Corporation | 3.99% | $0.85 | 50.52% |
| APA | APA Corporation | 3.98% | $1.01 | 24.12% |
| NWN | Northwest Natural Holding Company | 3.98% | $1.86 | 76.25% |
| HFWA | Heritage Financial Corporation | 3.97% | $0.94 | 56.54% |
| WSBC | WesBanco, Inc. | 3.97% | $1.32 | 65.39% |
| FULT | Fulton Financial Corporation | 3.96% | $0.77 | 39.22% |
| REYN | Reynolds Consumer Products Inc. | 3.96% | $0.91 | 63.16% |
| MSM | MSC Industrial Direct Co., Inc. | 3.95% | $3.39 | 95.14% |
| RF-PF | Regions Financial Corporation | 3.95% | $1.01 | 41.98% |
| NEWTI | NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028 | 3.94% | $0.99 | 42.24% |
| BOH | Bank of Hawaii Corporation | 3.93% | $2.69 | 58.42% |
| DCOM | Dime Community Bancshares, Inc. | 3.93% | $1.17 | 86.59% |
| OGE | OGE Energy Corp. | 3.93% | $1.69 | 67.72% |
| ASIEX | Multisector Income Fund - Investor Class | 3.92% | $0.35 | 96.64% |
| ESS | Essex Property Trust, Inc. | 3.90% | $10.03 | 76.31% |
| WABC | Westamerica Bancorporation | 3.90% | $1.86 | 39.32% |
| NJR | New Jersey Resources Corporation | 3.88% | $1.78 | 53.65% |
| XHR | Xenia Hotels & Resorts, Inc. | 3.88% | $0.56 | 93.99% |
| ARTNA | Artesian Resources Corporation | 3.87% | $1.22 | 55.68% |
| FFBC | First Financial Bancorp. | 3.87% | $0.97 | 38.17% |
| PNW | Pinnacle West Capital Corporation | 3.87% | $3.41 | 69.92% |
| UE | Urban Edge Properties | 3.87% | $0.74 | 82.23% |
| NECB | Northeast Community Bancorp, Inc. | 3.86% | $0.88 | 27.20% |
| SCSCX | Touchstone Large Cap Focused Fund Class C | 3.86% | $2.80 | 37.43% |
| BBWI | Bath & Body Works, Inc. | 3.85% | $0.80 | 24.18% |
| BHB | Bar Harbor Bankshares | 3.85% | $1.20 | 54.11% |
| UGI | UGI Corporation | 3.85% | $1.45 | 47.35% |