Definitive Analysis
| Stable Growth | $1,615,522.88 - $3,212,593.17 | $3,010,670.28 |
| Multi-Stage | $486,486.20 - $533,120.62 | $509,372.44 |
| Blended Fair Value | $1,760,021.36 | |
| Current Price | $84,600.00 | |
| Upside | 1,980.40% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.50% | 10.23% | 957.79 | 957.79 | 907.72 | 850.12 | 851.76 | 806.50 | 731.04 | 740.97 | 452.10 | 452.10 |
| YoY Growth | - | - | 0.00% | 5.52% | 6.78% | -0.19% | 5.61% | 10.32% | -1.34% | 63.89% | 0.00% | 24.98% |
| Dividend Yield | - | - | 2.34% | 3.55% | 3.46% | 2.70% | 2.67% | 5.27% | 2.36% | 1.89% | 1.26% | 1.27% |
| Net Income To Common (M) | 1,243,530.00 |
| (-) Cash Dividends Paid (M) | 72,164.00 |
| (=) Cash Retained (M) | 1,171,366.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 248,706.00 | 155,441.25 | 93,264.75 |
| Cash Retained (M) | 1,171,366.00 | 1,171,366.00 | 1,171,366.00 |
| (-) Cash Required (M) | -248,706.00 | -155,441.25 | -93,264.75 |
| (=) Excess Retained (M) | 922,660.00 | 1,015,924.75 | 1,078,101.25 |
| (/) Shares Outstanding (M) | 76.98 | 76.98 | 76.98 |
| (=) Excess Retained per Share | 11,985.63 | 13,197.17 | 14,004.86 |
| LTM Dividend per Share | 937.43 | 937.43 | 937.43 |
| (+) Excess Retained per Share | 11,985.63 | 13,197.17 | 14,004.86 |
| (=) Adjusted Dividend | 12,923.06 | 14,134.60 | 14,942.29 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,615,522.88 | $3,010,670.28 | $3,212,593.17 |
| Upside / Downside | 1,809.60% | 3,458.71% | 3,697.39% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,243,530.00 | 1,324,359.45 | 1,410,442.81 | 1,502,121.60 | 1,599,759.50 | 1,703,743.87 | 1,754,856.18 |
| Payout Ratio | 5.80% | 22.64% | 39.48% | 56.32% | 73.16% | 90.00% | 92.50% |
| Projected Dividends (M) | 72,164.00 | 299,868.43 | 556,869.54 | 846,013.85 | 1,170,394.15 | 1,533,369.48 | 1,623,241.97 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 279,332.14 | 281,979.83 | 284,627.53 |
| Year 2 PV (M) | 483,207.63 | 492,411.37 | 501,701.95 |
| Year 3 PV (M) | 683,829.68 | 703,459.98 | 723,462.40 |
| Year 4 PV (M) | 881,237.11 | 915,127.00 | 949,985.10 |
| Year 5 PV (M) | 1,075,468.28 | 1,127,413.80 | 1,181,347.40 |
| PV of Terminal Value (M) | 34,046,876.01 | 35,691,352.85 | 37,398,767.69 |
| Equity Value (M) | 37,449,950.85 | 39,211,744.84 | 41,039,892.08 |
| Shares Outstanding (M) | 76.98 | 76.98 | 76.98 |
| Fair Value | $486,486.20 | $509,372.44 | $533,120.62 |
| Upside / Downside | 475.04% | 502.10% | 530.17% |
| 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% |