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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| KGF.L | KGF.L | 0.08% | $0.25 | 85.28% |
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| MATE.L | MATE.L | 0.08% | $0.08 | 87.13% |
| MLHK.PA | MLHK.PA | 0.08% | $0.03 | 3.47% |
| PNS.L | PNS.L | 0.08% | $0.24 | 37.70% |
| TET.L | TET.L | 0.08% | $0.16 | 44.44% |
| VGIL.BO | VGIL.BO | 0.08% | $0.09 | 5.66% |
| W7L.L | W7L.L | 0.08% | $0.16 | 40.16% |
| WBO.JO | WBO.JO | 0.08% | $12.95 | 30.96% |
| WTB.L | WTB.L | 0.08% | $1.98 | 71.50% |
| 000533.SZ | 000533.SZ | 0.07% | $0.01 | 3.89% |
| 001215.SZ | 001215.SZ | 0.07% | $0.03 | 4.68% |
| 002264.SZ | 002264.SZ | 0.07% | $0.01 | 1.72% |
| 002549.SZ | 002549.SZ | 0.07% | $0.02 | 18.10% |
| 002792.SZ | 002792.SZ | 0.07% | $0.03 | 96.96% |
| 0RPS.L | 0RPS.L | 0.07% | $0.15 | 51.84% |
| 1221.HK | 1221.HK | 0.07% | $0.00 | 0.69% |
| 300238.SZ | 300238.SZ | 0.07% | $0.01 | 10.32% |
| 300402.SZ | 300402.SZ | 0.07% | $0.01 | 5.88% |
| 300502.SZ | 300502.SZ | 0.07% | $0.32 | 4.24% |
| 301010.SZ | 301010.SZ | 0.07% | $0.01 | 7.44% |
| 600198.SS | 600198.SS | 0.07% | $0.01 | 12.15% |
| 600249.SS | 600249.SS | 0.07% | $0.00 | 10.39% |
| 600345.SS | 600345.SS | 0.07% | $0.03 | 6.02% |
| 600382.SS | 600382.SS | 0.07% | $0.00 | 1.47% |
| 600455.SS | 600455.SS | 0.07% | $0.02 | 2.76% |
| 600479.SS | 600479.SS | 0.07% | $0.01 | 1.24% |
| 600616.SS | 600616.SS | 0.07% | $0.00 | 10.12% |
| 600662.SS | 600662.SS | 0.07% | $0.00 | 0.67% |
| 603229.SS | 603229.SS | 0.07% | $0.01 | 3.01% |
| 603256.SS | 603256.SS | 0.07% | $0.03 | 14.50% |
| 603662.SS | 603662.SS | 0.07% | $0.05 | 4.21% |
| 603728.SS | 603728.SS | 0.07% | $0.05 | 26.92% |
| 605566.SS | 605566.SS | 0.07% | $0.02 | 9.13% |
| 688065.SS | 688065.SS | 0.07% | $0.04 | 4.46% |
| 688313.SS | 688313.SS | 0.07% | $0.06 | 8.67% |
| AJAXENGG.BO | AJAXENGG.BO | 0.07% | $0.39 | 1.78% |