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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| GIF.L | GIF.L | 0.07% | $0.15 | 23.89% |
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| GMKN.ME | GMKN.ME | 0.07% | $0.10 | 41.97% |
| HBM | HBM | 0.07% | $0.01 | 1.22% |
| JCH.L | JCH.L | 0.07% | $0.64 | 31.28% |
| JEMI.L | JEMI.L | 0.07% | $0.13 | 44.48% |
| JGGI.L | JGGI.L | 0.07% | $0.40 | 36.20% |
| JMAT.L | JMAT.L | 0.07% | $1.61 | 67.50% |
| LUCE.L | LUCE.L | 0.07% | $0.10 | 46.01% |
| LWI.L | LWI.L | 0.07% | $0.11 | 64.65% |
| MAJE.L | MAJE.L | 0.07% | $0.19 | 47.93% |
| NAIT.L | NAIT.L | 0.07% | $0.27 | 37.38% |
| NEOEN.PA | NEOEN.PA | 0.07% | $0.03 | 5.26% |
| PEBB.L | PEBB.L | 0.07% | $0.03 | 41.88% |
| POLN.L | POLN.L | 0.07% | $0.67 | 40.50% |
| RHB.JO | RHB.JO | 0.07% | $0.16 | 4.41% |
| RS1.L | RS1.L | 0.07% | $0.45 | 63.93% |
| TST.L | TST.L | 0.07% | $0.04 | 55.43% |
| TYMN.L | TYMN.L | 0.07% | $0.26 | 60.47% |
| VANL.L | VANL.L | 0.07% | $0.02 | 42.12% |
| VTU.L | VTU.L | 0.07% | $0.04 | 35.86% |
| WIL.L | WIL.L | 0.07% | $0.21 | 64.14% |
| ZENTEC.BO | ZENTEC.BO | 0.07% | $1.00 | 3.62% |
| 000661.SZ | 000661.SZ | 0.06% | $0.05 | 2.13% |
| 000868.SZ | 000868.SZ | 0.06% | $0.00 | 50.75% |
| 002164.SZ | 002164.SZ | 0.06% | $0.01 | 8.48% |
| 002181.SZ | 002181.SZ | 0.06% | $0.01 | 3.48% |
| 002530.SZ | 002530.SZ | 0.06% | $0.01 | 10.60% |
| 2070.SR | 2070.SR | 0.06% | $0.02 | 1.65% |
| 240810.KQ | 240810.KQ | 0.06% | $50.00 | 4.11% |
| 300136.SZ | 300136.SZ | 0.06% | $0.04 | 5.93% |
| 300339.SZ | 300339.SZ | 0.06% | $0.03 | 17.00% |
| 300454.SZ | 300454.SZ | 0.06% | $0.07 | 4.35% |
| 300698.SZ | 300698.SZ | 0.06% | $0.02 | 7.61% |
| 300814.SZ | 300814.SZ | 0.06% | $0.04 | 24.70% |
| 301196.SZ | 301196.SZ | 0.06% | $0.04 | 2.10% |
| 352820.KS | 352820.KS | 0.06% | $212.36 | 16.34% |
| 3923.T | 3923.T | 0.06% | $0.59 | 2.24% |
| 3IN.L | 3IN.L | 0.06% | $0.24 | 32.21% |
| 4290.SR | 4290.SR | 0.06% | $0.01 | 3.67% |
| 600187.SS | 600187.SS | 0.06% | $0.00 | 13.82% |