Definitive Analysis
| Stable Growth | $391,607.31 - $2,104,591.66 | $770,206.28 |
| Multi-Stage | $293,409.29 - $321,678.76 | $307,280.47 |
| Blended Fair Value | $538,743.38 | |
| Current Price | $112,300.00 | |
| Upside | 379.74% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.89% | 6.21% | 2,763.97 | 5,287.89 | 10,122.58 | 4,174.12 | 1,473.13 | 1,322.25 | 983.90 | 796.34 | 809.89 | 1,513.74 |
| YoY Growth | - | - | -47.73% | -47.76% | 142.51% | 183.35% | 11.41% | 34.39% | 23.55% | -1.67% | -46.50% | 0.00% |
| Dividend Yield | - | - | 2.29% | 3.80% | 7.04% | 2.69% | 0.56% | 2.04% | 1.00% | 0.83% | 1.03% | 2.60% |
| Net Income To Common (M) | 297,183.37 |
| (-) Cash Dividends Paid (M) | 57,516.08 |
| (=) Cash Retained (M) | 239,667.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 59,436.67 | 37,147.92 | 22,288.75 |
| Cash Retained (M) | 239,667.30 | 239,667.30 | 239,667.30 |
| (-) Cash Required (M) | -59,436.67 | -37,147.92 | -22,288.75 |
| (=) Excess Retained (M) | 180,230.62 | 202,519.38 | 217,378.55 |
| (/) Shares Outstanding (M) | 27.74 | 27.74 | 27.74 |
| (=) Excess Retained per Share | 6,496.08 | 7,299.44 | 7,835.01 |
| LTM Dividend per Share | 2,073.06 | 2,073.06 | 2,073.06 |
| (+) Excess Retained per Share | 6,496.08 | 7,299.44 | 7,835.01 |
| (=) Adjusted Dividend | 8,569.15 | 9,372.50 | 9,908.08 |
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | 4.21% | 5.21% | 6.21% |
| Fair Value | $391,607.31 | $770,206.28 | $2,104,591.66 |
| Upside / Downside | 248.72% | 585.85% | 1,774.08% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 297,183.37 | 312,654.35 | 328,930.72 | 346,054.41 | 364,069.55 | 383,022.53 | 394,513.20 |
| Payout Ratio | 19.35% | 33.48% | 47.61% | 61.74% | 75.87% | 90.00% | 92.50% |
| Projected Dividends (M) | 57,516.08 | 104,686.01 | 156,611.28 | 213,659.16 | 276,222.28 | 344,720.27 | 364,924.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | 4.21% | 5.21% | 6.21% |
| Year 1 PV (M) | 97,375.11 | 98,309.56 | 99,244.01 |
| Year 2 PV (M) | 135,500.73 | 138,113.84 | 140,751.91 |
| Year 3 PV (M) | 171,948.90 | 176,946.82 | 182,040.67 |
| Year 4 PV (M) | 206,773.98 | 214,826.10 | 223,111.13 |
| Year 5 PV (M) | 240,028.77 | 251,768.99 | 263,964.17 |
| PV of Terminal Value (M) | 7,288,866.69 | 7,645,377.77 | 8,015,704.41 |
| Equity Value (M) | 8,140,494.17 | 8,525,343.07 | 8,924,816.29 |
| Shares Outstanding (M) | 27.74 | 27.74 | 27.74 |
| Fair Value | $293,409.29 | $307,280.47 | $321,678.76 |
| Upside / Downside | 161.27% | 173.62% | 186.45% |
| 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% |