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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| 600099.SS | 600099.SS | 0.02% | $0.00 | 2.74% |
| 600118.SS | 600118.SS | 0.02% | $0.02 | 36.30% |
| 600212.SS | 600212.SS | 0.02% | $0.00 | 3.79% |
| 600560.SS | 600560.SS | 0.02% | $0.00 | 1.31% |
| 600728.SS | 600728.SS | 0.02% | $0.00 | 1.20% |
| 601188.SS | 601188.SS | 0.02% | $0.00 | 0.51% |
| 601399.SS | 601399.SS | 0.02% | $0.00 | 1.31% |
| 601568.SS | 601568.SS | 0.02% | $0.00 | 1.41% |
| 603027.SS | 603027.SS | 0.02% | $0.00 | 0.47% |
| 6591.TW | 6591.TW | 0.02% | $0.02 | 0.34% |
| 6672.TW | 6672.TW | 0.02% | $0.02 | 0.49% |
| 688085.SS | 688085.SS | 0.02% | $0.00 | 1.39% |
| 688089.SS | 688089.SS | 0.02% | $0.01 | 0.51% |
| 688286.SS | 688286.SS | 0.02% | $0.02 | 4.37% |
| 688363.SS | 688363.SS | 0.02% | $0.01 | 6.00% |
| 8540.HK | 8540.HK | 0.02% | $0.00 | 0.44% |
| AAF.L | AAF.L | 0.02% | $0.06 | 67.55% |
| ACKR.TA | ACKR.TA | 0.02% | $0.17 | 54.07% |
| AFRE.TA | AFRE.TA | 0.02% | $6.12 | 32.46% |
| ALFA.L | ALFA.L | 0.02% | $0.05 | 26.69% |
| ANTO.L | ANTO.L | 0.02% | $0.56 | 34.40% |
| ARAN.TA | ARAN.TA | 0.02% | $0.87 | 37.39% |
| ASELS.IS | ASELS.IS | 0.02% | $0.04 | 0.86% |
| AZN.L | AZN.L | 0.02% | $3.18 | 52.28% |
| AZRG.TA | AZRG.TA | 0.02% | $6.59 | 48.60% |
| BAJAJELEC.BO | BAJAJELEC.BO | 0.02% | $0.07 | 0.83% |
| BGFD.L | BGFD.L | 0.02% | $0.21 | 53.39% |
| BMTO.L | BMTO.L | 0.02% | $0.34 | 13.13% |
| BRGE.L | BRGE.L | 0.02% | $0.12 | 23.23% |
| CER.L | CER.L | 0.02% | $0.26 | 24.07% |
| CGT.L | CGT.L | 0.02% | $1.16 | 20.16% |
| CLIS.TA | CLIS.TA | 0.02% | $3.66 | 21.42% |
| CPRO.JK | CPRO.JK | 0.02% | $0.01 | 0.15% |
| CRSM.TA | CRSM.TA | 0.02% | $0.72 | 18.90% |
| DIMRI.TA | DIMRI.TA | 0.02% | $6.34 | 23.46% |
| DNYA.TA | DNYA.TA | 0.02% | $3.61 | 71.41% |
| DPLM.L | DPLM.L | 0.02% | $0.94 | 53.97% |
| DSCT.TA | DSCT.TA | 0.02% | $0.79 | 22.34% |
| ELMR.TA | ELMR.TA | 0.02% | $0.48 | 49.64% |
| EMBJ | EMBJ | 0.02% | $0.01 | 2.90% |
| EMDV.TA | EMDV.TA | 0.02% | $0.63 | 45.28% |
| EQLS.L | EQLS.L | 0.02% | $0.02 | 30.95% |
| FCIT.L | FCIT.L | 0.02% | $0.28 | 10.08% |
| FRES.L | FRES.L | 0.02% | $0.80 | 83.75% |
| GHE.L | GHE.L | 0.02% | $0.27 | 65.60% |
| GVYM.TA | GVYM.TA | 0.02% | $0.91 | 32.95% |
| HAMAT.TA | HAMAT.TA | 0.02% | $0.41 | 45.48% |
| HAN.L | HAN.L | 0.02% | $0.06 | 8.19% |
| HGT.L | HGT.L | 0.02% | $0.12 | 15.30% |
| HRON.TA | HRON.TA | 0.02% | $44.91 | 20.53% |