Definitive Analysis
| Stable Growth | $2,745.91 - $4,588.72 | $3,556.69 |
| Multi-Stage | $5,540.15 - $6,091.99 | $5,810.72 |
| Blended Fair Value | $4,683.70 | |
| Current Price | $4,700.00 | |
| Upside | -0.35% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -23.96% | -4.18% | 30.00 | 100.00 | 108.00 | 112.00 | 81.00 | 118.00 | 56.00 | 56.00 | 29.00 | 18.00 |
| YoY Growth | - | - | -70.00% | -7.41% | -3.57% | 38.27% | -31.36% | 110.71% | 0.00% | 93.10% | 61.11% | -60.87% |
| Dividend Yield | - | - | 0.68% | 1.92% | 2.16% | 1.98% | 1.16% | 2.39% | 0.88% | 1.62% | 0.91% | 0.50% |
| Net Income To Common (M) | 3,845,236.00 |
| (-) Cash Dividends Paid (M) | 1,770,984.00 |
| (=) Cash Retained (M) | 2,074,252.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 769,047.20 | 480,654.50 | 288,392.70 |
| Cash Retained (M) | 2,074,252.00 | 2,074,252.00 | 2,074,252.00 |
| (-) Cash Required (M) | -769,047.20 | -480,654.50 | -288,392.70 |
| (=) Excess Retained (M) | 1,305,204.80 | 1,593,597.50 | 1,785,859.30 |
| (/) Shares Outstanding (M) | 16,398.00 | 16,398.00 | 16,398.00 |
| (=) Excess Retained per Share | 79.60 | 97.18 | 108.91 |
| LTM Dividend per Share | 108.00 | 108.00 | 108.00 |
| (+) Excess Retained per Share | 79.60 | 97.18 | 108.91 |
| (=) Adjusted Dividend | 187.60 | 205.18 | 216.91 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -0.49% | 0.51% | 1.51% |
| Fair Value | $2,745.91 | $3,556.69 | $4,588.72 |
| Upside / Downside | -41.58% | -24.33% | -2.37% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,845,236.00 | 3,864,871.36 | 3,884,606.99 | 3,904,443.40 | 3,924,381.09 | 3,944,420.60 | 4,062,753.22 |
| Payout Ratio | 46.06% | 54.85% | 63.63% | 72.42% | 81.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,770,984.00 | 2,119,698.75 | 2,471,928.67 | 2,827,700.59 | 3,187,041.49 | 3,549,978.54 | 3,758,046.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -0.49% | 0.51% | 1.51% |
| Year 1 PV (M) | 1,974,065.38 | 1,993,903.11 | 2,013,740.84 |
| Year 2 PV (M) | 2,143,930.55 | 2,187,236.53 | 2,230,975.52 |
| Year 3 PV (M) | 2,283,997.31 | 2,353,548.46 | 2,424,497.43 |
| Year 4 PV (M) | 2,397,382.17 | 2,495,211.41 | 2,596,004.59 |
| Year 5 PV (M) | 2,486,924.90 | 2,614,419.44 | 2,747,090.09 |
| PV of Terminal Value (M) | 79,561,036.51 | 83,639,807.94 | 87,884,171.80 |
| Equity Value (M) | 90,847,336.80 | 95,284,126.89 | 99,896,480.26 |
| Shares Outstanding (M) | 16,398.00 | 16,398.00 | 16,398.00 |
| Fair Value | $5,540.15 | $5,810.72 | $6,091.99 |
| Upside / Downside | 17.88% | 23.63% | 29.62% |
| 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% |