Definitive Analysis
| Stable Growth | $373.46 - $545.33 | $456.46 |
| Multi-Stage | $626.51 - $689.63 | $657.45 |
| Blended Fair Value | $556.96 | |
| Current Price | $540.00 | |
| Upside | 3.14% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 5.00 | 4.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.37 | 6.35 | 0.00 |
| YoY Growth | - | - | 25.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -100.00% | 16.04% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.76% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.34% | 2.02% | 0.00% |
| Net Income To Common (M) | 1,414,401.00 |
| (-) Cash Dividends Paid (M) | 114,016.00 |
| (=) Cash Retained (M) | 1,300,385.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 282,880.20 | 176,800.13 | 106,080.08 |
| Cash Retained (M) | 1,300,385.00 | 1,300,385.00 | 1,300,385.00 |
| (-) Cash Required (M) | -282,880.20 | -176,800.13 | -106,080.08 |
| (=) Excess Retained (M) | 1,017,504.80 | 1,123,584.88 | 1,194,304.93 |
| (/) Shares Outstanding (M) | 28,504.00 | 28,504.00 | 28,504.00 |
| (=) Excess Retained per Share | 35.70 | 39.42 | 41.90 |
| LTM Dividend per Share | 4.00 | 4.00 | 4.00 |
| (+) Excess Retained per Share | 35.70 | 39.42 | 41.90 |
| (=) Adjusted Dividend | 39.70 | 43.42 | 45.90 |
| WACC / Discount Rate | 8.42% | 8.42% | 8.42% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $373.46 | $456.46 | $545.33 |
| Upside / Downside | -30.84% | -15.47% | 0.99% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,414,401.00 | 1,400,256.99 | 1,386,254.42 | 1,372,391.88 | 1,358,667.96 | 1,345,081.28 | 1,385,433.72 |
| Payout Ratio | 8.06% | 24.45% | 40.84% | 57.22% | 73.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 114,016.00 | 342,346.93 | 566,099.84 | 785,343.46 | 1,000,145.59 | 1,210,573.15 | 1,281,526.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.42% | 8.42% | 8.42% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 312,579.67 | 315,769.25 | 318,958.84 |
| Year 2 PV (M) | 471,934.36 | 481,614.81 | 491,393.55 |
| Year 3 PV (M) | 597,781.51 | 616,268.31 | 635,132.38 |
| Year 4 PV (M) | 695,088.91 | 723,897.10 | 753,591.61 |
| Year 5 PV (M) | 768,179.04 | 808,179.91 | 849,830.04 |
| PV of Terminal Value (M) | 15,012,597.60 | 15,794,338.39 | 16,608,310.88 |
| Equity Value (M) | 17,858,161.10 | 18,740,067.78 | 19,657,217.29 |
| Shares Outstanding (M) | 28,504.00 | 28,504.00 | 28,504.00 |
| Fair Value | $626.51 | $657.45 | $689.63 |
| Upside / Downside | 16.02% | 21.75% | 27.71% |
| 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% |