Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $133.25 - $243.43 | $178.02 |
| Multi-Stage DDM | $100.63 - $110.15 | $105.30 |
| Blended Fair Value | $141.66 | |
| Stock Price | $259.51 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.028 | 0.989 | 0.950 | 0.909 | 0.858 | 0.803 | 0.759 | 0.686 | 0.608 | 0.552 |
| YoY % | 3.95% | 4.05% | 4.53% | 5.97% | 6.78% | 5.80% | 10.75% | 12.79% | 10.07% | 10.69% |
| Yield | 0.40% | 0.38% | 0.37% | 0.35% | 0.33% | 0.31% | 0.29% | 0.26% | 0.23% | 0.21% |
| CAGR | Value |
|---|---|
| 5 Year | 5.05% |
| 10 Year | 7.49% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 3.56% to 5.56% | 4.56% |
| WACC | 9.00% | 9.00% |
| Fair Value | $133.25 - $243.43 | $178.02 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 112,010.00 | 112,010.00 | 112,010.00 |
| (=) Cash Required | 22,402.00 | 14,001.25 | 8,400.75 |
| (=) Excess Retained per Share | 5.97 | 6.53 | 6.91 |
| LTM Dividend per Share | 1.028 | 1.028 | 1.028 |
| (=) Adjusted Dividend | 7.000 | 7.560 | 7.933 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 112,010.00 | 117,117.64 | 122,458.18 | 128,042.25 | 133,880.96 | 139,985.90 |
| Projected Dividends | 15,421.00 | 29,279.41 | 50,207.85 | 72,984.08 | 97,733.10 | 125,987.31 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 27,776.37 | 28,044.59 | 28,312.80 |
| Year 2 PV | 43,279.76 | 44,119.63 | 44,967.58 |
| Year 3 PV | 57,166.46 | 58,838.54 | 60,542.92 |
| Year 4 PV | 69,559.23 | 72,285.12 | 75,090.35 |
| Year 5 PV | 81,477.91 | 85,488.48 | 89,655.43 |
| TV PV | 1,230,657.40 | 1,291,233.65 | 1,354,172.13 |
| Equity Value | 1,509,917.14 | 1,580,010.01 | 1,652,741.22 |
| Fair Value | $100.63 | $105.30 | $110.15 |
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| 300953.SZ | 300953.SZ | 0.44% | $0.75 | 26.39% |
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| 301658.SZ | 301658.SZ | 0.44% | $0.13 | 33.30% |
| 600103.SS | 600103.SS | 0.44% | $0.02 | 64.49% |
| 603053.SS | 603053.SS | 0.44% | $0.04 | 7.67% |
| 688600.SS | 688600.SS | 0.44% | $0.11 | 19.32% |
| 688626.SS | 688626.SS | 0.44% | $0.27 | 56.22% |
| 688639.SS | 688639.SS | 0.44% | $0.14 | 18.91% |
| AMBU-B.CO | AMBU-B.CO | 0.44% | $0.38 | 28.41% |
| BPII.JK | BPII.JK | 0.44% | $2.22 | 17.32% |
| FCP.LS | FCP.LS | 0.44% | $0.02 | 2.05% |
| KBHL.CO | KBHL.CO | 0.44% | $29.76 | 20.97% |
| MPARK.IS | MPARK.IS | 0.44% | $1.67 | 6.39% |
| 002016.SZ | 002016.SZ | 0.43% | $0.03 | 14.72% |
| 002209.SZ | 002209.SZ | 0.43% | $0.07 | 10.41% |
| 002284.SZ | 002284.SZ | 0.43% | $0.06 | 12.25% |
| 041510.KQ | 041510.KQ | 0.43% | $563.02 | 4.16% |
| 047810.KS | 047810.KS | 0.43% | $499.48 | 35.55% |
| 0NZY.L | 0NZY.L | 0.43% | $0.17 | 26.23% |
| 2418.HK | 2418.HK | 0.43% | $0.04 | 68.23% |
| 300341.SZ | 300341.SZ | 0.43% | $0.07 | 19.78% |
| 300430.SZ | 300430.SZ | 0.43% | $0.08 | 34.35% |
| 300748.SZ | 300748.SZ | 0.43% | $0.15 | 32.76% |
| 300768.SZ | 300768.SZ | 0.43% | $0.08 | 31.33% |
| 300952.SZ | 300952.SZ | 0.43% | $0.17 | 30.16% |
| 600570.SS | 600570.SS | 0.43% | $0.13 | 23.49% |
| 600644.SS | 600644.SS | 0.43% | $0.04 | 89.82% |
| 600838.SS | 600838.SS | 0.43% | $0.05 | 44.04% |
| 601816.SS | 601816.SS | 0.43% | $0.02 | 8.25% |
| 603888.SS | 603888.SS | 0.43% | $0.08 | 19.84% |
| 603901.SS | 603901.SS | 0.43% | $0.06 | 43.84% |
| 605208.SS | 605208.SS | 0.43% | $0.06 | 37.04% |
| 605288.SS | 605288.SS | 0.43% | $0.39 | 61.87% |
| 605298.SS | 605298.SS | 0.43% | $0.17 | 40.89% |
| 688398.SS | 688398.SS | 0.43% | $0.07 | 32.93% |
| 688722.SS | 688722.SS | 0.43% | $0.08 | 13.41% |
| 9545.SR | 9545.SR | 0.43% | $0.03 | 8.72% |
| CARERATING.BO | CARERATING.BO | 0.43% | $7.32 | 14.43% |
| PTNM | PTNM | 0.43% | $0.04 | 39.07% |
| RRU.DE | RRU.DE | 0.43% | $0.06 | 6.75% |
| SUBC.OL | SUBC.OL | 0.43% | $0.89 | 91.98% |
| TRGYO.IS | TRGYO.IS | 0.43% | $0.32 | 1.96% |
| 000713.SZ | 000713.SZ | 0.42% | $0.03 | 33.87% |
| 000948.SZ | 000948.SZ | 0.42% | $0.08 | 60.66% |
| 002259.SZ | 002259.SZ | 0.42% | $0.02 | 23.17% |
| 002344.SZ | 002344.SZ | 0.42% | $0.02 | 33.20% |
| 002399.SZ | 002399.SZ | 0.42% | $0.05 | 17.39% |
| 002670.SZ | 002670.SZ | 0.42% | $0.07 | 41.55% |
| 003160.KS | 003160.KS | 0.42% | $100.22 | 18.13% |
| 237690.KQ | 237690.KQ | 0.42% | $486.86 | 27.31% |