Definitive Analysis
| Stable Growth | $4,172.26 - $8,821.12 | $5,916.85 |
| Multi-Stage | $5,009.81 - $5,496.35 | $5,248.49 |
| Blended Fair Value | $5,582.67 | |
| Current Price | $1,285.00 | |
| Upside | 334.45% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.51% | 4.10% | 49.89 | 43.39 | 16.93 | 0.00 | 1.49 | 40.01 | 43.14 | 37.32 | 26.38 | 15.90 |
| YoY Growth | - | - | 14.97% | 156.29% | 0.00% | -100.00% | -96.27% | -7.25% | 15.60% | 41.49% | 65.91% | -52.39% |
| Dividend Yield | - | - | 5.64% | 2.91% | 1.38% | 0.00% | 0.09% | 4.94% | 1.88% | 1.11% | 1.21% | 0.94% |
| Net Income To Common (M) | 3,227,615.00 |
| (-) Cash Dividends Paid (M) | 751,833.00 |
| (=) Cash Retained (M) | 2,475,782.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 645,523.00 | 403,451.88 | 242,071.13 |
| Cash Retained (M) | 2,475,782.00 | 2,475,782.00 | 2,475,782.00 |
| (-) Cash Required (M) | -645,523.00 | -403,451.88 | -242,071.13 |
| (=) Excess Retained (M) | 1,830,259.00 | 2,072,330.13 | 2,233,710.88 |
| (/) Shares Outstanding (M) | 14,034.44 | 14,034.44 | 14,034.44 |
| (=) Excess Retained per Share | 130.41 | 147.66 | 159.16 |
| LTM Dividend per Share | 53.57 | 53.57 | 53.57 |
| (+) Excess Retained per Share | 130.41 | 147.66 | 159.16 |
| (=) Adjusted Dividend | 183.98 | 201.23 | 212.73 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.51% | 3.51% | 4.51% |
| Fair Value | $4,172.26 | $5,916.85 | $8,821.12 |
| Upside / Downside | 224.69% | 360.46% | 586.47% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,227,615.00 | 3,340,929.34 | 3,458,221.89 | 3,579,632.32 | 3,705,305.21 | 3,835,390.18 | 3,950,451.88 |
| Payout Ratio | 23.29% | 36.64% | 49.98% | 63.32% | 76.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 751,833.00 | 1,223,949.82 | 1,728,289.90 | 2,266,533.89 | 2,840,440.75 | 3,451,851.16 | 3,654,167.99 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.51% | 3.51% | 4.51% |
| Year 1 PV (M) | 1,132,497.78 | 1,143,545.38 | 1,154,592.98 |
| Year 2 PV (M) | 1,479,667.33 | 1,508,676.66 | 1,537,967.60 |
| Year 3 PV (M) | 1,795,491.93 | 1,848,551.64 | 1,902,646.52 |
| Year 4 PV (M) | 2,081,999.99 | 2,164,436.74 | 2,249,297.64 |
| Year 5 PV (M) | 2,341,104.48 | 2,457,542.36 | 2,578,567.79 |
| PV of Terminal Value (M) | 61,479,143.94 | 64,536,889.25 | 67,715,106.84 |
| Equity Value (M) | 70,309,905.46 | 73,659,642.03 | 77,138,179.38 |
| Shares Outstanding (M) | 14,034.44 | 14,034.44 | 14,034.44 |
| Fair Value | $5,009.81 | $5,248.49 | $5,496.35 |
| Upside / Downside | 289.87% | 308.44% | 327.73% |
| 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% |