Definitive Analysis
| Stable Growth | $247,689.02 - $692,116.86 | $384,774.99 |
| Multi-Stage | $278,619.62 - $305,850.44 | $291,977.80 |
| Blended Fair Value | $338,376.40 | |
| Current Price | $70,100.00 | |
| Upside | 382.71% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.67% | 4.90% | 1,568.21 | 1,960.27 | 2,191.50 | 1,804.77 | 1,574.93 | 1,443.69 | 1,443.55 | 1,443.55 | 1,443.69 | 1,069.40 |
| YoY Growth | - | - | -20.00% | -10.55% | 21.43% | 14.59% | 9.09% | 0.01% | 0.00% | -0.01% | 35.00% | 10.00% |
| Dividend Yield | - | - | 2.21% | 2.38% | 2.83% | 1.98% | 2.68% | 4.89% | 3.30% | 3.29% | 3.72% | 2.47% |
| Net Income To Common (M) | 70,501.81 |
| (-) Cash Dividends Paid (M) | 11,950.07 |
| (=) Cash Retained (M) | 58,551.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 14,100.36 | 8,812.73 | 5,287.64 |
| Cash Retained (M) | 58,551.74 | 58,551.74 | 58,551.74 |
| (-) Cash Required (M) | -14,100.36 | -8,812.73 | -5,287.64 |
| (=) Excess Retained (M) | 44,451.38 | 49,739.01 | 53,264.10 |
| (/) Shares Outstanding (M) | 6.77 | 6.77 | 6.77 |
| (=) Excess Retained per Share | 6,562.54 | 7,343.18 | 7,863.60 |
| LTM Dividend per Share | 1,764.24 | 1,764.24 | 1,764.24 |
| (+) Excess Retained per Share | 6,562.54 | 7,343.18 | 7,863.60 |
| (=) Adjusted Dividend | 8,326.78 | 9,107.42 | 9,627.84 |
| WACC / Discount Rate | 6.36% | 6.36% | 6.36% |
| Growth Rate | 2.90% | 3.90% | 4.90% |
| Fair Value | $247,689.02 | $384,774.99 | $692,116.86 |
| Upside / Downside | 253.34% | 448.89% | 887.33% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 70,501.81 | 73,249.73 | 76,104.74 | 79,071.04 | 82,152.96 | 85,354.99 | 87,915.64 |
| Payout Ratio | 16.95% | 31.56% | 46.17% | 60.78% | 75.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 11,950.07 | 23,117.63 | 35,137.57 | 48,059.39 | 61,935.12 | 76,819.49 | 81,321.97 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.36% | 6.36% | 6.36% |
| Growth Rate | 2.90% | 3.90% | 4.90% |
| Year 1 PV (M) | 21,526.70 | 21,735.91 | 21,945.11 |
| Year 2 PV (M) | 30,467.74 | 31,062.81 | 31,663.64 |
| Year 3 PV (M) | 38,804.40 | 39,946.78 | 41,111.36 |
| Year 4 PV (M) | 46,566.54 | 48,403.31 | 50,293.89 |
| Year 5 PV (M) | 53,782.71 | 56,447.41 | 59,216.70 |
| PV of Terminal Value (M) | 1,696,081.92 | 1,780,115.43 | 1,867,447.22 |
| Equity Value (M) | 1,887,230.01 | 1,977,711.65 | 2,071,677.92 |
| Shares Outstanding (M) | 6.77 | 6.77 | 6.77 |
| Fair Value | $278,619.62 | $291,977.80 | $305,850.44 |
| Upside / Downside | 297.46% | 316.52% | 336.31% |
| 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% |