Definitive Analysis
| Stable Growth | $1,525,315.16 - $1,797,243.60 | $1,684,204.37 |
| Multi-Stage | $478,218.39 - $524,533.65 | $500,944.11 |
| Blended Fair Value | $1,092,574.24 | |
| Current Price | $367,000.00 | |
| Upside | 197.70% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 17.26% | 0.00% | 961.86 | 1,378.63 | 459.06 | 450.56 | 623.63 | 433.79 | 686.13 | 0.00 | 1,564.38 | 0.00 |
| YoY Growth | - | - | -30.23% | 200.32% | 1.89% | -27.75% | 43.76% | -36.78% | 0.00% | -100.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.43% | 0.42% | 0.18% | 0.17% | 0.21% | 0.18% | 0.17% | 0.00% | 0.60% | 0.00% |
| Net Income To Common (M) | 118,530.36 |
| (-) Cash Dividends Paid (M) | 36,941.49 |
| (=) Cash Retained (M) | 81,588.88 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23,706.07 | 14,816.30 | 8,889.78 |
| Cash Retained (M) | 81,588.88 | 81,588.88 | 81,588.88 |
| (-) Cash Required (M) | -23,706.07 | -14,816.30 | -8,889.78 |
| (=) Excess Retained (M) | 57,882.80 | 66,772.58 | 72,699.10 |
| (/) Shares Outstanding (M) | 13.05 | 13.05 | 13.05 |
| (=) Excess Retained per Share | 4,434.36 | 5,115.40 | 5,569.43 |
| LTM Dividend per Share | 2,830.06 | 2,830.06 | 2,830.06 |
| (+) Excess Retained per Share | 4,434.36 | 5,115.40 | 5,569.43 |
| (=) Adjusted Dividend | 7,264.42 | 7,945.46 | 8,399.49 |
| WACC / Discount Rate | 4.94% | 4.94% | 4.94% |
| Growth Rate | 4.99% | 5.99% | 6.99% |
| Fair Value | $1,525,315.16 | $1,684,204.37 | $1,797,243.60 |
| Upside / Downside | 315.62% | 358.91% | 389.71% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 118,530.36 | 125,624.80 | 133,143.87 | 141,112.98 | 149,559.06 | 158,510.68 | 163,266.00 |
| Payout Ratio | 31.17% | 42.93% | 54.70% | 66.47% | 78.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,941.49 | 53,934.51 | 72,829.38 | 93,792.87 | 117,004.92 | 142,659.61 | 151,021.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 4.94% | 4.94% | 4.94% |
| Growth Rate | 4.99% | 5.99% | 6.99% |
| Year 1 PV (M) | 50,912.71 | 51,397.66 | 51,882.61 |
| Year 2 PV (M) | 64,897.14 | 66,139.33 | 67,393.31 |
| Year 3 PV (M) | 78,894.77 | 81,170.76 | 83,490.11 |
| Year 4 PV (M) | 92,905.62 | 96,496.28 | 100,190.02 |
| Year 5 PV (M) | 106,929.71 | 112,120.25 | 117,510.44 |
| PV of Terminal Value (M) | 5,847,764.20 | 6,131,624.42 | 6,426,402.38 |
| Equity Value (M) | 6,242,304.16 | 6,538,948.71 | 6,846,868.87 |
| Shares Outstanding (M) | 13.05 | 13.05 | 13.05 |
| Fair Value | $478,218.39 | $500,944.11 | $524,533.65 |
| Upside / Downside | 30.30% | 36.50% | 42.92% |
| 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% |