Definitive Analysis
| Stable Growth | $22.75 - $84.61 | $68.52 |
| Multi-Stage | $10.99 - $12.01 | $11.49 |
| Blended Fair Value | $40.01 | |
| Current Price | $1.66 | |
| Upside | 2,310.04% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 17.82% | 0.00% | 0.17 | 0.19 | 0.16 | 0.04 | 0.02 | 0.08 | 0.02 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -10.22% | 18.56% | 300.00% | 100.00% | -73.33% | 275.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 10.26% | 10.60% | 7.69% | 3.05% | 1.05% | 4.05% | 0.59% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 425.44 |
| (-) Cash Dividends Paid (M) | 349.69 |
| (=) Cash Retained (M) | 75.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 85.09 | 53.18 | 31.91 |
| Cash Retained (M) | 75.75 | 75.75 | 75.75 |
| (-) Cash Required (M) | -85.09 | -53.18 | -31.91 |
| (=) Excess Retained (M) | -9.34 | 22.57 | 43.84 |
| (/) Shares Outstanding (M) | 1,000.00 | 1,000.00 | 1,000.00 |
| (=) Excess Retained per Share | -0.01 | 0.02 | 0.04 |
| LTM Dividend per Share | 0.35 | 0.35 | 0.35 |
| (+) Excess Retained per Share | -0.01 | 0.02 | 0.04 |
| (=) Adjusted Dividend | 0.34 | 0.37 | 0.39 |
| WACC / Discount Rate | 7.08% | 7.08% | 7.08% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $22.75 | $68.52 | $84.61 |
| Upside / Downside | 1,270.28% | 4,027.86% | 4,996.99% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 425.44 | 453.10 | 482.55 | 513.91 | 547.32 | 582.89 | 600.38 |
| Payout Ratio | 82.20% | 83.76% | 85.32% | 86.88% | 88.44% | 90.00% | 92.50% |
| Projected Dividends (M) | 349.69 | 379.50 | 411.70 | 446.48 | 484.04 | 524.60 | 555.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.08% | 7.08% | 7.08% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 351.08 | 354.41 | 357.74 |
| Year 2 PV (M) | 352.35 | 359.06 | 365.84 |
| Year 3 PV (M) | 353.51 | 363.66 | 374.00 |
| Year 4 PV (M) | 354.56 | 368.19 | 382.22 |
| Year 5 PV (M) | 355.49 | 372.67 | 390.49 |
| PV of Terminal Value (M) | 9,227.00 | 9,672.66 | 10,135.39 |
| Equity Value (M) | 10,993.99 | 11,490.65 | 12,005.67 |
| Shares Outstanding (M) | 1,000.00 | 1,000.00 | 1,000.00 |
| Fair Value | $10.99 | $11.49 | $12.01 |
| Upside / Downside | 562.29% | 592.21% | 623.23% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ATLO | Ames National Corporation | 3.84% | $0.87 | 48.60% |
| FRME | First Merchants Corporation | 3.83% | $1.44 | 35.39% |
| PCAR | PACCAR Inc | 3.83% | $4.27 | 83.66% |
| 0HJO.L | AvalonBay Communities, Inc. | 3.82% | $6.86 | 84.26% |
| FE | FirstEnergy Corp. | 3.82% | $1.73 | 75.49% |
| LXFR | Luxfer Holdings PLC | 3.81% | $0.52 | 98.38% |
| LCII | LCI Industries | 3.80% | $4.72 | 64.48% |
| NEN | New England Realty Associates Limited Partnership | 3.78% | $2.44 | 73.23% |
| PAYX | Paychex, Inc. | 3.78% | $4.10 | 91.97% |
| RGCO | RGC Resources, Inc. | 3.78% | $0.81 | 63.02% |
| UBSI | United Bankshares, Inc. | 3.78% | $1.45 | 48.05% |
| SLVM | Sylvamo Corporation | 3.77% | $1.80 | 41.11% |
| CAC | Camden National Corporation | 3.75% | $1.61 | 47.99% |
| ARCH | Arch Resources, Inc. | 3.74% | $5.04 | 50.87% |
| USB | U.S. Bancorp | 3.74% | $2.02 | 43.68% |
| WSR | Whitestone REIT | 3.74% | $0.52 | 60.32% |
| FDBC | Fidelity D & D Bancorp, Inc. | 3.73% | $1.61 | 35.71% |
| WNC | Wabash National Corporation | 3.73% | $0.33 | 5.38% |
| VLY | Valley National Bancorp | 3.72% | $0.43 | 47.26% |
| GHLD | Guild Holdings Company | 3.71% | $0.74 | 36.91% |
| FNF | Fidelity National Financial, Inc. | 3.69% | $2.00 | 46.79% |
| IPAR | Inter Parfums, Inc. | 3.68% | $3.15 | 61.47% |
| WSBF | Waterstone Financial, Inc. | 3.68% | $0.61 | 45.57% |
| AROW | Arrow Financial Corporation | 3.66% | $1.15 | 54.67% |
| ASIX | AdvanSix Inc. | 3.66% | $0.63 | 32.72% |
| ASRV | AmeriServ Financial, Inc. | 3.66% | $0.12 | 78.81% |
| CVGW | Calavo Growers, Inc. | 3.66% | $0.80 | 71.92% |
| OXY | Occidental Petroleum Corporation | 3.65% | $1.55 | 75.62% |
| FMAO | Farmers & Merchants Bancorp, Inc. | 3.64% | $0.89 | 37.59% |
| LNKB | LINKBANCORP, Inc. | 3.64% | $0.30 | 29.21% |
| BHRB | Burke & Herbert Bank & Trust Company | 3.63% | $2.24 | 31.71% |
| EOG | EOG Resources, Inc. | 3.63% | $3.90 | 38.34% |
| FITB | Fifth Third Bancorp | 3.61% | $1.72 | 47.89% |
| LNC | Lincoln National Corporation | 3.61% | $1.63 | 14.98% |
| MCBS | MetroCity Bankshares, Inc. | 3.61% | $0.95 | 36.60% |
| OZK | Bank OZK | 3.61% | $1.70 | 26.69% |
| PCB | PCB Bancorp | 3.61% | $0.78 | 31.72% |
| SFD | SMITHFIELD FOODS INC | 3.60% | $0.80 | 36.46% |
| 0HOB.L | H&R Block, Inc. | 3.59% | $1.54 | 33.12% |
| ASB | Associated Banc-Corp | 3.59% | $0.92 | 87.56% |
| PLOW | Douglas Dynamics, Inc. | 3.59% | $1.18 | 66.47% |
| EXC | Exelon Corporation | 3.58% | $1.57 | 56.50% |
| MC | Moelis & Company | 3.58% | $2.55 | 85.89% |
| TIPT | Tiptree Inc. | 3.57% | $0.64 | 49.10% |
| BPRN | Princeton Bancorp, Inc. | 3.56% | $1.20 | 46.56% |
| EVRG | Evergy, Inc. | 3.56% | $2.60 | 71.71% |
| CZFS | Citizens Financial Services, Inc. | 3.55% | $1.97 | 27.82% |
| CNO-PA | CNO Financial Group, Inc. 5.125 | 3.54% | $0.67 | 22.53% |
| NBTB | NBT Bancorp Inc. | 3.54% | $1.47 | 46.30% |
| 0JQQ.L | Archer-Daniels-Midland Company | 3.53% | $2.03 | 82.76% |