Definitive Analysis
| Stable Growth | $294,927.47 - $614,752.57 | $416,189.58 |
| Multi-Stage | $1,371,563.77 - $1,518,265.52 | $1,443,418.61 |
| Blended Fair Value | $929,804.09 | |
| Current Price | $216,000.00 | |
| Upside | 330.46% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -12.59% | 18.18% | 3,277.39 | 6,993.99 | 6,135.45 | 9,084.13 | 5,546.10 | 6,423.28 | 7,976.14 | 4,183.31 | 3,096.78 | 3,539.06 |
| YoY Growth | - | - | -53.14% | 13.99% | -32.46% | 63.79% | -13.66% | -19.47% | 90.67% | 35.09% | -12.50% | 473.62% |
| Dividend Yield | - | - | 2.19% | 3.40% | 1.65% | 1.94% | 0.64% | 0.99% | 1.63% | 1.00% | 1.02% | 1.40% |
| Net Income To Common (M) | 341,592.84 |
| (-) Cash Dividends Paid (M) | 28,314.46 |
| (=) Cash Retained (M) | 313,278.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 68,318.57 | 42,699.11 | 25,619.46 |
| Cash Retained (M) | 313,278.38 | 313,278.38 | 313,278.38 |
| (-) Cash Required (M) | -68,318.57 | -42,699.11 | -25,619.46 |
| (=) Excess Retained (M) | 244,959.81 | 270,579.27 | 287,658.91 |
| (/) Shares Outstanding (M) | 19.40 | 19.40 | 19.40 |
| (=) Excess Retained per Share | 12,629.56 | 13,950.44 | 14,831.03 |
| LTM Dividend per Share | 1,459.83 | 1,459.83 | 1,459.83 |
| (+) Excess Retained per Share | 12,629.56 | 13,950.44 | 14,831.03 |
| (=) Adjusted Dividend | 14,089.39 | 15,410.27 | 16,290.86 |
| WACC / Discount Rate | 1.12% | 1.12% | 1.12% |
| Growth Rate | -3.49% | -2.49% | -1.49% |
| Fair Value | $294,927.47 | $416,189.58 | $614,752.57 |
| Upside / Downside | 36.54% | 92.68% | 184.61% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 341,592.84 | 333,085.26 | 324,789.57 | 316,700.49 | 308,812.87 | 301,121.70 | 310,155.35 |
| Payout Ratio | 8.29% | 24.63% | 40.97% | 57.32% | 73.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 28,314.46 | 82,042.77 | 133,077.24 | 181,518.72 | 227,464.74 | 271,009.53 | 286,893.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 1.12% | 1.12% | 1.12% |
| Growth Rate | -3.49% | -2.49% | -1.49% |
| Year 1 PV (M) | 80,302.06 | 81,134.13 | 81,966.19 |
| Year 2 PV (M) | 127,490.13 | 130,145.84 | 132,828.93 |
| Year 3 PV (M) | 170,208.25 | 175,554.19 | 181,010.92 |
| Year 4 PV (M) | 208,765.94 | 217,554.02 | 226,616.68 |
| Year 5 PV (M) | 243,453.78 | 256,330.84 | 269,747.11 |
| PV of Terminal Value (M) | 25,772,287.90 | 27,135,467.46 | 28,555,728.72 |
| Equity Value (M) | 26,602,508.06 | 27,996,186.48 | 29,447,898.54 |
| Shares Outstanding (M) | 19.40 | 19.40 | 19.40 |
| Fair Value | $1,371,563.77 | $1,443,418.61 | $1,518,265.52 |
| Upside / Downside | 534.98% | 568.25% | 602.90% |
| 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% |