Definitive Analysis
| Stable Growth | $169,109.71 - $260,086.74 | $211,472.63 |
| Multi-Stage | $377,345.01 - $415,123.44 | $395,864.01 |
| Blended Fair Value | $303,668.32 | |
| Current Price | $65,400.00 | |
| Upside | 364.32% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 11,135.50 | 7,266.91 | 17,653.91 | 18,833.55 | 15,250.59 | 8,942.63 | 9,590.75 | 10,470.60 | 4,895.30 |
| YoY Growth | - | - | -100.00% | 53.24% | -58.84% | -6.26% | 23.49% | 70.54% | -6.76% | -8.40% | 113.89% | 258.39% |
| Dividend Yield | - | - | 0.00% | 23.69% | 13.02% | 11.77% | 11.21% | 13.03% | 11.04% | 14.64% | 19.14% | 11.13% |
| Net Income To Common (M) | 13,834.82 |
| (-) Cash Dividends Paid (M) | 7,593.33 |
| (=) Cash Retained (M) | 6,241.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,766.96 | 1,729.35 | 1,037.61 |
| Cash Retained (M) | 6,241.50 | 6,241.50 | 6,241.50 |
| (-) Cash Required (M) | -2,766.96 | -1,729.35 | -1,037.61 |
| (=) Excess Retained (M) | 3,474.53 | 4,512.14 | 5,203.89 |
| (/) Shares Outstanding (M) | 0.75 | 0.75 | 0.75 |
| (=) Excess Retained per Share | 4,652.81 | 6,042.29 | 6,968.61 |
| LTM Dividend per Share | 10,168.35 | 10,168.35 | 10,168.35 |
| (+) Excess Retained per Share | 4,652.81 | 6,042.29 | 6,968.61 |
| (=) Adjusted Dividend | 14,821.16 | 16,210.64 | 17,136.96 |
| WACC / Discount Rate | 6.59% | 6.59% | 6.59% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $169,109.71 | $211,472.63 | $260,086.74 |
| Upside / Downside | 158.58% | 223.35% | 297.69% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 13,834.82 | 13,696.48 | 13,559.51 | 13,423.92 | 13,289.68 | 13,156.78 | 13,551.48 |
| Payout Ratio | 54.89% | 61.91% | 68.93% | 75.95% | 82.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 7,593.33 | 8,479.28 | 9,346.76 | 10,196.03 | 11,027.39 | 11,841.10 | 12,535.12 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.59% | 6.59% | 6.59% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 7,874.77 | 7,955.12 | 8,035.48 |
| Year 2 PV (M) | 8,061.55 | 8,226.91 | 8,393.95 |
| Year 3 PV (M) | 8,167.09 | 8,419.66 | 8,677.39 |
| Year 4 PV (M) | 8,203.28 | 8,543.27 | 8,893.72 |
| Year 5 PV (M) | 8,180.61 | 8,606.59 | 9,050.14 |
| PV of Terminal Value (M) | 241,299.14 | 253,864.15 | 266,947.22 |
| Equity Value (M) | 281,786.44 | 295,615.71 | 309,997.89 |
| Shares Outstanding (M) | 0.75 | 0.75 | 0.75 |
| Fair Value | $377,345.01 | $395,864.01 | $415,123.44 |
| Upside / Downside | 476.98% | 505.30% | 534.75% |
| 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% |