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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| OVRS.TA | OVRS.TA | 0.03% | $0.15 | 42.28% |
| OXIG.L | OXIG.L | 0.03% | $0.57 | 50.30% |
| PPR.JO | PPR.JO | 0.03% | $0.18 | 8.53% |
| PTNR.TA | PTNR.TA | 0.03% | $1.32 | 83.06% |
| PZOL.TA | PZOL.TA | 0.03% | $13.66 | 24.51% |
| QTX.L | QTX.L | 0.03% | $0.08 | 80.81% |
| RIT1.TA | RIT1.TA | 0.03% | $0.84 | 32.77% |
| RTSN.TA | RTSN.TA | 0.03% | $0.97 | 17.72% |
| SDO.JO | SDO.JO | 0.03% | $0.35 | 56.06% |
| SHAN.TA | SHAN.TA | 0.03% | $0.20 | 81.04% |
| SHGR.TA | SHGR.TA | 0.03% | $0.47 | 30.07% |
| SMIF.L | SMIF.L | 0.03% | $0.02 | 9.51% |
| SMIN.L | SMIN.L | 0.03% | $0.73 | 46.57% |
| SRAC.TA | SRAC.TA | 0.03% | $1.83 | 43.65% |
| TIGBUR.TA | TIGBUR.TA | 0.03% | $1.75 | 61.39% |
| TPFG.L | TPFG.L | 0.03% | $0.16 | 44.35% |
| UEM.L | UEM.L | 0.03% | $0.09 | 23.28% |
| WEIR.L | WEIR.L | 0.03% | $0.78 | 38.53% |
| WTAN.L | WTAN.L | 0.03% | $0.08 | 12.46% |
| YU.L | YU.L | 0.03% | $0.55 | 28.51% |
| ZMH.TA | ZMH.TA | 0.03% | $1.41 | 73.92% |
| ZNKL.TA | ZNKL.TA | 0.03% | $1.25 | 33.17% |
| ZTF.L | ZTF.L | 0.03% | $0.14 | 67.07% |
| ZUR.TA | ZUR.TA | 0.03% | $0.41 | 29.23% |
| 002058.SZ | 002058.SZ | 0.02% | $0.01 | 0.48% |
| 002063.SZ | 002063.SZ | 0.02% | $0.00 | 0.81% |
| 002103.SZ | 002103.SZ | 0.02% | $0.00 | 0.52% |
| 002265.SZ | 002265.SZ | 0.02% | $0.01 | 6.47% |
| 002290.SZ | 002290.SZ | 0.02% | $0.01 | 1.62% |
| 002486.SZ | 002486.SZ | 0.02% | $0.00 | 1.04% |
| 002526.SZ | 002526.SZ | 0.02% | $0.00 | 1.41% |
| 002633.SZ | 002633.SZ | 0.02% | $0.00 | 9.93% |
| 002956.SZ | 002956.SZ | 0.02% | $0.00 | 0.62% |
| 0RPZ.L | 0RPZ.L | 0.02% | $0.09 | 0.98% |
| 2066.HK | 2066.HK | 0.02% | $0.00 | 0.20% |
| 300276.SZ | 300276.SZ | 0.02% | $0.00 | 4.44% |
| 300278.SZ | 300278.SZ | 0.02% | $0.00 | 16.15% |
| 300327.SZ | 300327.SZ | 0.02% | $0.01 | 1.85% |
| 300548.SZ | 300548.SZ | 0.02% | $0.03 | 3.55% |
| 300797.SZ | 300797.SZ | 0.02% | $0.00 | 0.67% |
| 301565.SZ | 301565.SZ | 0.02% | $0.01 | 3.57% |
| 600084.SS | 600084.SS | 0.02% | $0.00 | 6.99% |