Definitive Analysis
| Stable Growth | $2,739,110.19 - $6,230,670.24 | $5,839,050.49 |
| Multi-Stage | $957,855.90 - $1,046,743.83 | $1,001,489.69 |
| Blended Fair Value | $3,420,270.09 | |
| Current Price | $414,000.00 | |
| Upside | 726.15% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.69% | 3.05% | 26,999.71 | 17,999.81 | 18,999.80 | 13,999.85 | 15,999.83 | 16,999.82 | 18,999.80 | 16,999.82 | 19,999.78 | 18,999.80 |
| YoY Growth | - | - | 50.00% | -5.26% | 35.71% | -12.50% | -5.88% | -10.53% | 11.76% | -15.00% | 5.26% | -5.00% |
| Dividend Yield | - | - | 8.19% | 7.04% | 8.26% | 5.52% | 6.35% | 6.91% | 5.90% | 5.01% | 5.03% | 3.86% |
| Net Income To Common (M) | 40,728.89 |
| (-) Cash Dividends Paid (M) | 35,100.00 |
| (=) Cash Retained (M) | 5,628.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8,145.78 | 5,091.11 | 3,054.67 |
| Cash Retained (M) | 5,628.89 | 5,628.89 | 5,628.89 |
| (-) Cash Required (M) | -8,145.78 | -5,091.11 | -3,054.67 |
| (=) Excess Retained (M) | -2,516.89 | 537.78 | 2,574.23 |
| (/) Shares Outstanding (M) | 1.30 | 1.30 | 1.30 |
| (=) Excess Retained per Share | -1,936.05 | 413.67 | 1,980.15 |
| LTM Dividend per Share | 26,999.71 | 26,999.71 | 26,999.71 |
| (+) Excess Retained per Share | -1,936.05 | 413.67 | 1,980.15 |
| (=) Adjusted Dividend | 25,063.66 | 27,413.38 | 28,979.86 |
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $2,739,110.19 | $5,839,050.49 | $6,230,670.24 |
| Upside / Downside | 561.62% | 1,310.40% | 1,404.99% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 40,728.89 | 43,376.27 | 46,195.73 | 49,198.45 | 52,396.35 | 55,802.11 | 57,476.18 |
| Payout Ratio | 86.18% | 86.94% | 87.71% | 88.47% | 89.24% | 90.00% | 92.50% |
| Projected Dividends (M) | 35,100.00 | 37,712.93 | 40,517.24 | 43,526.78 | 46,756.37 | 50,221.90 | 53,165.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 35,090.12 | 35,422.72 | 35,755.33 |
| Year 2 PV (M) | 35,077.53 | 35,745.65 | 36,420.08 |
| Year 3 PV (M) | 35,062.28 | 36,068.79 | 37,094.38 |
| Year 4 PV (M) | 35,044.42 | 36,392.13 | 37,778.35 |
| Year 5 PV (M) | 35,024.01 | 36,715.68 | 38,472.10 |
| PV of Terminal Value (M) | 1,069,927.73 | 1,121,605.64 | 1,175,261.38 |
| Equity Value (M) | 1,245,226.08 | 1,301,950.62 | 1,360,781.63 |
| Shares Outstanding (M) | 1.30 | 1.30 | 1.30 |
| Fair Value | $957,855.90 | $1,001,489.69 | $1,046,743.83 |
| Upside / Downside | 131.37% | 141.91% | 152.84% |
| 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% |