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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| 002685.SZ | 002685.SZ | 0.04% | $0.00 | 2.18% |
| 002796.SZ | 002796.SZ | 0.04% | $0.01 | 19.99% |
| 002851.SZ | 002851.SZ | 0.04% | $0.04 | 8.98% |
| 300065.SZ | 300065.SZ | 0.04% | $0.01 | 12.35% |
| 300109.SZ | 300109.SZ | 0.04% | $0.01 | 1.45% |
| 300111.SZ | 300111.SZ | 0.04% | $0.00 | 55.45% |
| 301160.SZ | 301160.SZ | 0.04% | $0.03 | 1.48% |
| 301190.SZ | 301190.SZ | 0.04% | $0.01 | 2.64% |
| 301607.SZ | 301607.SZ | 0.04% | $0.02 | 1.84% |
| 600009.SS | 600009.SS | 0.04% | $0.01 | 1.38% |
| 600237.SS | 600237.SS | 0.04% | $0.00 | 1.90% |
| 600262.SS | 600262.SS | 0.04% | $0.01 | 0.62% |
| 600558.SS | 600558.SS | 0.04% | $0.00 | 1.14% |
| 600571.SS | 600571.SS | 0.04% | $0.01 | 2.97% |
| 600601.SS | 600601.SS | 0.04% | $0.01 | 5.83% |
| 603202.SS | 603202.SS | 0.04% | $0.04 | 0.62% |
| 603515.SS | 603515.SS | 0.04% | $0.01 | 0.58% |
| 605060.SS | 605060.SS | 0.04% | $0.01 | 1.57% |
| 605183.SS | 605183.SS | 0.04% | $0.01 | 0.64% |
| 688108.SS | 688108.SS | 0.04% | $0.01 | 10.72% |
| 688330.SS | 688330.SS | 0.04% | $0.01 | 0.83% |
| 688778.SS | 688778.SS | 0.04% | $0.03 | 2.80% |
| 9538.SR | 9538.SR | 0.04% | $0.02 | 0.71% |
| AAEV.L | AAEV.L | 0.04% | $0.04 | 36.81% |
| AGT.L | AGT.L | 0.04% | $0.10 | 19.67% |
| AJB.L | AJB.L | 0.04% | $0.16 | 34.01% |
| APTD.L | APTD.L | 0.04% | $0.11 | 66.22% |
| ATST.L | ATST.L | 0.04% | $0.51 | 14.01% |
| AUSC.L | AUSC.L | 0.04% | $0.20 | 19.76% |
| BEZQ.TA | BEZQ.TA | 0.04% | $0.28 | 65.55% |
| BGUK.L | BGUK.L | 0.04% | $0.08 | 62.55% |
| BIMBOA.MX | BIMBOA.MX | 0.04% | $0.03 | 0.96% |
| BKRY.TA | BKRY.TA | 0.04% | $0.18 | 44.61% |
| BT-A.L | BT-A.L | 0.04% | $0.08 | 74.76% |
| CASH3.SA | CASH3.SA | 0.04% | $0.00 | 0.31% |
| CGR.JO | CGR.JO | 0.04% | $0.18 | 4.89% |
| CLDN.L | CLDN.L | 0.04% | $0.14 | 27.94% |
| CORD.L | CORD.L | 0.04% | $0.04 | 3.40% |
| CRW.L | CRW.L | 0.04% | $0.73 | 83.10% |
| DIPL.TA | DIPL.TA | 0.04% | $2.06 | 52.66% |
| DIXON.BO | DIXON.BO | 0.04% | $4.96 | 2.05% |
| DRSH.TA | DRSH.TA | 0.04% | $0.85 | 23.65% |
| DSCV.L | DSCV.L | 0.04% | $0.24 | 56.32% |
| ELIX.L | ELIX.L | 0.04% | $0.33 | 46.91% |
| ESCT.L | ESCT.L | 0.04% | $0.09 | 49.31% |
| EZJ.L | EZJ.L | 0.04% | $0.21 | 20.23% |
| FCSS.L | FCSS.L | 0.04% | $0.12 | 4.90% |