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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| 601599.SS | 601599.SS | 0.15% | $0.01 | 5.94% |
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| BC88.L | BC88.L | 0.15% | $0.15 | 86.91% |
| DOHOME.BK | DOHOME.BK | 0.15% | $0.01 | 2.57% |
| DUKE.L | DUKE.L | 0.15% | $0.04 | 4.12% |
| NED.JO | NED.JO | 0.15% | $40.86 | 60.21% |
| NPAPER.ST | NPAPER.ST | 0.15% | $0.07 | 1.28% |
| RLO.JO | RLO.JO | 0.15% | $9.38 | 79.06% |
| SBK.JO | SBK.JO | 0.15% | $44.13 | 77.73% |
| SORILINFRA.NS | SORILINFRA.NS | 0.15% | $0.10 | 5.16% |
| SWEF.L | SWEF.L | 0.15% | $0.13 | 91.01% |
| 000586.SZ | 000586.SZ | 0.14% | $0.02 | 44.33% |
| 000856.SZ | 000856.SZ | 0.14% | $0.01 | 17.85% |
| 002639.SZ | 002639.SZ | 0.14% | $0.03 | 48.98% |
| 002728.SZ | 002728.SZ | 0.14% | $0.02 | 9.58% |
| 005690.KS | 005690.KS | 0.14% | $19.96 | 4.17% |
| 035720.KS | 035720.KS | 0.14% | $88.57 | 18.25% |
| 0NJ5.L | 0NJ5.L | 0.14% | $0.00 | 1.58% |
| 2209.HK | 2209.HK | 0.14% | $0.01 | 6.15% |
| 300054.SZ | 300054.SZ | 0.14% | $0.05 | 7.62% |
| 300395.SZ | 300395.SZ | 0.14% | $0.14 | 17.56% |
| 300476.SZ | 300476.SZ | 0.14% | $0.39 | 9.34% |
| 300747.SZ | 300747.SZ | 0.14% | $0.04 | 15.51% |
| 301205.SZ | 301205.SZ | 0.14% | $0.24 | 27.45% |
| 3678.HK | 3678.HK | 0.14% | $0.00 | 34.97% |
| 600367.SS | 600367.SS | 0.14% | $0.02 | 5.81% |
| 600749.SS | 600749.SS | 0.14% | $0.02 | 17.67% |
| 601949.SS | 601949.SS | 0.14% | $0.01 | 3.01% |
| 603893.SS | 603893.SS | 0.14% | $0.24 | 10.24% |
| 688280.SS | 688280.SS | 0.14% | $0.01 | 21.75% |
| 688386.SS | 688386.SS | 0.14% | $0.12 | 8.84% |
| ABDN.L | ABDN.L | 0.14% | $0.29 | 82.86% |
| BNRE | BNRE | 0.14% | $0.08 | 0.97% |
| CARD.L | CARD.L | 0.14% | $0.09 | 38.71% |
| CLIG.L | CLIG.L | 0.14% | $0.53 | 86.50% |
| EMG.L | EMG.L | 0.14% | $0.33 | 77.80% |
| HDC.JO | HDC.JO | 0.14% | $28.80 | 74.88% |
| HFEL.L | HFEL.L | 0.14% | $0.35 | 71.74% |
| MLPT.JK | MLPT.JK | 0.14% | $86.00 | 51.13% |
| MONY.L | MONY.L | 0.14% | $0.25 | 83.28% |