Definitive Analysis
| Stable Growth | $8,658.05 - $26,227.08 | $13,766.67 |
| Multi-Stage | $9,815.79 - $10,773.40 | $10,285.55 |
| Blended Fair Value | $12,026.11 | |
| Current Price | $4,950.00 | |
| Upside | 142.95% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -22.44% | -10.41% | 23.77 | 3.60 | 102.02 | 37.09 | 43.06 | 84.72 | 61.44 | 85.72 | 85.90 | 78.68 |
| YoY Growth | - | - | 560.30% | -96.47% | 175.04% | -13.85% | -49.17% | 37.89% | -28.33% | -0.21% | 9.18% | 10.26% |
| Dividend Yield | - | - | 0.60% | 0.14% | 5.58% | 1.47% | 1.32% | 4.49% | 1.22% | 1.48% | 1.55% | 1.68% |
| Net Income To Common (M) | 863,843.89 |
| (-) Cash Dividends Paid (M) | 221,686.19 |
| (=) Cash Retained (M) | 642,157.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 172,768.78 | 107,980.49 | 64,788.29 |
| Cash Retained (M) | 642,157.70 | 642,157.70 | 642,157.70 |
| (-) Cash Required (M) | -172,768.78 | -107,980.49 | -64,788.29 |
| (=) Excess Retained (M) | 469,388.92 | 534,177.22 | 577,369.41 |
| (/) Shares Outstanding (M) | 2,508.85 | 2,508.85 | 2,508.85 |
| (=) Excess Retained per Share | 187.09 | 212.92 | 230.13 |
| LTM Dividend per Share | 88.36 | 88.36 | 88.36 |
| (+) Excess Retained per Share | 187.09 | 212.92 | 230.13 |
| (=) Adjusted Dividend | 275.46 | 301.28 | 318.50 |
| WACC / Discount Rate | 6.18% | 6.18% | 6.18% |
| Growth Rate | 2.91% | 3.91% | 4.91% |
| Fair Value | $8,658.05 | $13,766.67 | $26,227.08 |
| Upside / Downside | 74.91% | 178.11% | 429.84% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 863,843.89 | 897,587.42 | 932,649.03 | 969,080.23 | 1,006,934.50 | 1,046,267.44 | 1,077,655.46 |
| Payout Ratio | 25.66% | 38.53% | 51.40% | 64.27% | 77.13% | 90.00% | 92.50% |
| Projected Dividends (M) | 221,686.19 | 345,842.30 | 479,359.75 | 622,780.42 | 776,674.28 | 941,640.70 | 996,831.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.18% | 6.18% | 6.18% |
| Growth Rate | 2.91% | 3.91% | 4.91% |
| Year 1 PV (M) | 322,578.05 | 325,712.73 | 328,847.41 |
| Year 2 PV (M) | 417,037.35 | 425,181.92 | 433,405.26 |
| Year 3 PV (M) | 505,364.85 | 520,241.26 | 535,406.79 |
| Year 4 PV (M) | 587,848.88 | 611,034.01 | 634,898.29 |
| Year 5 PV (M) | 664,765.83 | 697,699.31 | 731,925.30 |
| PV of Terminal Value (M) | 22,128,696.74 | 23,224,984.91 | 24,364,298.26 |
| Equity Value (M) | 24,626,291.70 | 25,804,854.14 | 27,028,781.30 |
| Shares Outstanding (M) | 2,508.85 | 2,508.85 | 2,508.85 |
| Fair Value | $9,815.79 | $10,285.55 | $10,773.40 |
| Upside / Downside | 98.30% | 107.79% | 117.64% |
| 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% |