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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| 601616.SS | 601616.SS | 0.17% | $0.01 | 28.77% |
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| GMEXICOB.MX | GMEXICOB.MX | 0.17% | $0.30 | 59.45% |
| OMN.JO | OMN.JO | 0.17% | $13.85 | 94.85% |
| 000409.SZ | 000409.SZ | 0.16% | $0.02 | 19.37% |
| 000908.SZ | 000908.SZ | 0.16% | $0.01 | 6.42% |
| 002467.SZ | 002467.SZ | 0.16% | $0.01 | 17.22% |
| 002476.SZ | 002476.SZ | 0.16% | $0.01 | 10.27% |
| 002837.SZ | 002837.SZ | 0.16% | $0.18 | 33.86% |
| 1928.HK | 1928.HK | 0.16% | $0.03 | 13.16% |
| 300034.SZ | 300034.SZ | 0.16% | $0.03 | 18.13% |
| 300129.SZ | 300129.SZ | 0.16% | $0.02 | 6.41% |
| 300260.SZ | 300260.SZ | 0.16% | $0.09 | 21.86% |
| 300644.SZ | 300644.SZ | 0.16% | $0.06 | 5.18% |
| 600287.SS | 600287.SS | 0.16% | $0.01 | 15.16% |
| 600416.SS | 600416.SS | 0.16% | $0.03 | 13.48% |
| 600630.SS | 600630.SS | 0.16% | $0.01 | 18.99% |
| 603986.SS | 603986.SS | 0.16% | $0.34 | 16.54% |
| 688019.SS | 688019.SS | 0.16% | $0.36 | 8.24% |
| 688519.SS | 688519.SS | 0.16% | $0.13 | 19.13% |
| 688565.SS | 688565.SS | 0.16% | $0.02 | 8.03% |
| 8932.TWO | 8932.TWO | 0.16% | $0.27 | 7.22% |
| CCJ | CCJ | 0.16% | $0.16 | 13.24% |
| CCT.L | CCT.L | 0.16% | $0.39 | 65.59% |
| DOHL3.SA | DOHL3.SA | 0.16% | $0.01 | 14.11% |
| EQU.JO | EQU.JO | 0.16% | $2.91 | 97.24% |
| ESPA3.SA | ESPA3.SA | 0.16% | $0.00 | 5.29% |
| INVP.L | INVP.L | 0.16% | $0.93 | 60.39% |
| LEW.JO | LEW.JO | 0.16% | $14.79 | 59.54% |
| NCYF.L | NCYF.L | 0.16% | $0.08 | 81.46% |
| SPNT | SPNT | 0.16% | $0.03 | 2.02% |
| TGSU2.BA | TGSU2.BA | 0.16% | $15.40 | 2.85% |
| 000036.SZ | 000036.SZ | 0.15% | $0.01 | 34.20% |
| 000901.SZ | 000901.SZ | 0.15% | $0.04 | 20.29% |
| 000919.SZ | 000919.SZ | 0.15% | $0.01 | 20.06% |
| 002077.SZ | 002077.SZ | 0.15% | $0.02 | 29.00% |
| 002602.SZ | 002602.SZ | 0.15% | $0.03 | 5.13% |