Definitive Analysis
| Stable Growth | $7,531.34 - $14,675.43 | $13,753.03 |
| Multi-Stage | $2,293.09 - $2,509.56 | $2,399.34 |
| Blended Fair Value | $8,076.18 | |
| Current Price | $1,930.00 | |
| Upside | 318.46% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 61.14% | 22.20% | 28.68 | 24.06 | 18.78 | 9.30 | 19.41 | 2.64 | 5.77 | 4.35 | 4.35 | 3.85 |
| YoY Growth | - | - | 19.20% | 28.12% | 101.94% | -52.09% | 635.23% | -54.25% | 32.64% | 0.00% | 12.99% | -0.35% |
| Dividend Yield | - | - | 1.40% | 0.83% | 0.65% | 0.61% | 2.16% | 0.33% | 0.64% | 0.71% | 0.84% | 0.65% |
| Net Income To Common (M) | 3,064,186.00 |
| (-) Cash Dividends Paid (M) | 1,416,401.00 |
| (=) Cash Retained (M) | 1,647,785.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 612,837.20 | 383,023.25 | 229,813.95 |
| Cash Retained (M) | 1,647,785.00 | 1,647,785.00 | 1,647,785.00 |
| (-) Cash Required (M) | -612,837.20 | -383,023.25 | -229,813.95 |
| (=) Excess Retained (M) | 1,034,947.80 | 1,264,761.75 | 1,417,971.05 |
| (/) Shares Outstanding (M) | 41,524.50 | 41,524.50 | 41,524.50 |
| (=) Excess Retained per Share | 24.92 | 30.46 | 34.15 |
| LTM Dividend per Share | 34.11 | 34.11 | 34.11 |
| (+) Excess Retained per Share | 24.92 | 30.46 | 34.15 |
| (=) Adjusted Dividend | 59.03 | 64.57 | 68.26 |
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $7,531.34 | $13,753.03 | $14,675.43 |
| Upside / Downside | 290.23% | 612.59% | 660.39% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,064,186.00 | 3,263,358.09 | 3,475,476.37 | 3,701,382.33 | 3,941,972.18 | 4,198,200.37 | 4,324,146.38 |
| Payout Ratio | 46.22% | 54.98% | 63.73% | 72.49% | 81.24% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,416,401.00 | 1,794,178.11 | 2,215,081.95 | 2,683,122.88 | 3,202,650.42 | 3,778,380.34 | 3,999,835.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,671,571.81 | 1,687,416.09 | 1,703,260.37 |
| Year 2 PV (M) | 1,922,687.78 | 1,959,309.58 | 1,996,276.88 |
| Year 3 PV (M) | 2,169,796.56 | 2,232,083.62 | 2,295,551.45 |
| Year 4 PV (M) | 2,412,945.29 | 2,505,740.35 | 2,601,186.51 |
| Year 5 PV (M) | 2,652,180.61 | 2,780,281.92 | 2,913,285.98 |
| PV of Terminal Value (M) | 84,390,375.70 | 88,466,462.40 | 92,698,550.53 |
| Equity Value (M) | 95,219,557.75 | 99,631,293.97 | 104,208,111.72 |
| Shares Outstanding (M) | 41,524.50 | 41,524.50 | 41,524.50 |
| Fair Value | $2,293.09 | $2,399.34 | $2,509.56 |
| Upside / Downside | 18.81% | 24.32% | 30.03% |
| 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% |