Definitive Analysis
| Stable Growth | $692.91 - $1,313.33 | $943.63 |
| Multi-Stage | $705.89 - $774.07 | $739.34 |
| Blended Fair Value | $841.48 | |
| Current Price | $376.00 | |
| Upside | 123.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.16% | 7.18% | 8.98 | 6.49 | 3.99 | 0.00 | 0.00 | 6.99 | 5.99 | 4.49 | 4.49 | 4.49 |
| YoY Growth | - | - | 38.42% | 62.56% | 0.00% | -100.00% | -100.00% | 16.66% | 33.29% | 0.04% | 0.01% | -0.04% |
| Dividend Yield | - | - | 2.64% | 1.52% | 0.88% | 0.00% | 0.00% | 2.27% | 0.82% | 0.71% | 0.73% | 0.93% |
| Net Income To Common (M) | 2,138,736.27 |
| (-) Cash Dividends Paid (M) | 17,251.58 |
| (=) Cash Retained (M) | 2,121,484.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 427,747.25 | 267,342.03 | 160,405.22 |
| Cash Retained (M) | 2,121,484.70 | 2,121,484.70 | 2,121,484.70 |
| (-) Cash Required (M) | -427,747.25 | -267,342.03 | -160,405.22 |
| (=) Excess Retained (M) | 1,693,737.44 | 1,854,142.66 | 1,961,079.48 |
| (/) Shares Outstanding (M) | 48,159.60 | 48,159.60 | 48,159.60 |
| (=) Excess Retained per Share | 35.17 | 38.50 | 40.72 |
| LTM Dividend per Share | 0.36 | 0.36 | 0.36 |
| (+) Excess Retained per Share | 35.17 | 38.50 | 40.72 |
| (=) Adjusted Dividend | 35.53 | 38.86 | 41.08 |
| WACC / Discount Rate | 8.44% | 8.44% | 8.44% |
| Growth Rate | 3.16% | 4.16% | 5.16% |
| Fair Value | $692.91 | $943.63 | $1,313.33 |
| Upside / Downside | 84.28% | 150.96% | 249.29% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,138,736.27 | 2,227,610.31 | 2,320,177.46 | 2,416,591.20 | 2,517,011.35 | 2,621,604.41 | 2,700,252.54 |
| Payout Ratio | 0.81% | 18.65% | 36.48% | 54.32% | 72.16% | 90.00% | 92.50% |
| Projected Dividends (M) | 17,251.58 | 415,344.62 | 846,492.96 | 1,312,756.37 | 1,816,308.74 | 2,359,443.97 | 2,497,733.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.44% | 8.44% | 8.44% |
| Growth Rate | 3.16% | 4.16% | 5.16% |
| Year 1 PV (M) | 379,324.73 | 383,001.94 | 386,679.16 |
| Year 2 PV (M) | 706,038.67 | 719,793.85 | 733,681.73 |
| Year 3 PV (M) | 999,981.20 | 1,029,345.81 | 1,059,279.73 |
| Year 4 PV (M) | 1,263,571.85 | 1,313,285.74 | 1,364,452.35 |
| Year 5 PV (M) | 1,499,072.04 | 1,573,155.35 | 1,650,139.07 |
| PV of Terminal Value (M) | 29,147,368.35 | 30,587,815.26 | 32,084,656.37 |
| Equity Value (M) | 33,995,356.84 | 35,606,397.96 | 37,278,888.41 |
| Shares Outstanding (M) | 48,159.60 | 48,159.60 | 48,159.60 |
| Fair Value | $705.89 | $739.34 | $774.07 |
| Upside / Downside | 87.74% | 96.63% | 105.87% |
| 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% |