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 | $270.71 | |
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 | 0.38% | 0.37% | 0.35% | 0.34% | 0.32% | 0.30% | 0.28% | 0.25% | 0.22% | 0.20% |
| 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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| 300002.SZ | 300002.SZ | 0.01% | $0.00 | 0.13% |
| 300411.SZ | 300411.SZ | 0.01% | $0.00 | 3.90% |
| 300752.SZ | 300752.SZ | 0.01% | $0.00 | 0.71% |
| 300803.SZ | 300803.SZ | 0.01% | $0.02 | 3.52% |
| 301183.SZ | 301183.SZ | 0.01% | $0.01 | 0.95% |
| 301491.SZ | 301491.SZ | 0.01% | $0.01 | 0.36% |
| 3075.T | 3075.T | 0.01% | $0.10 | 0.15% |
| 600179.SS | 600179.SS | 0.01% | $0.00 | 0.35% |
| 600562.SS | 600562.SS | 0.01% | $0.00 | 0.42% |
| 601099.SS | 601099.SS | 0.01% | $0.00 | 1.08% |
| 6020.SR | 6020.SR | 0.01% | $0.00 | 0.28% |
| 603005.SS | 603005.SS | 0.01% | $0.00 | 0.52% |
| 603272.SS | 603272.SS | 0.01% | $0.00 | 0.98% |
| 603848.SS | 603848.SS | 0.01% | $0.00 | 0.31% |
| 605228.SS | 605228.SS | 0.01% | $0.00 | 1.35% |
| 6269.T | 6269.T | 0.01% | $0.86 | 24.20% |
| 688012.SS | 688012.SS | 0.01% | $0.02 | 0.73% |
| 688080.SS | 688080.SS | 0.01% | $0.01 | 0.30% |
| 688111.SS | 688111.SS | 0.01% | $0.03 | 0.86% |
| 688367.SS | 688367.SS | 0.01% | $0.00 | 1.39% |
| 688511.SS | 688511.SS | 0.01% | $0.00 | 1.28% |
| 688633.SS | 688633.SS | 0.01% | $0.00 | 0.15% |
| 8499.TW | 8499.TW | 0.01% | $0.03 | 0.25% |
| ABDP.L | ABDP.L | 0.01% | $0.15 | 15.86% |
| AFHL.TA | AFHL.TA | 0.01% | $3.71 | 26.51% |
| AJOT.L | AJOT.L | 0.01% | $0.02 | 3.68% |
| ANLT.TA | ANLT.TA | 0.01% | $1.29 | 14.43% |
| ASHG.TA | ASHG.TA | 0.01% | $0.71 | 28.59% |
| AT.L | AT.L | 0.01% | $0.02 | 3.44% |
| ATYM.L | ATYM.L | 0.01% | $0.07 | 13.79% |
| AZRM.TA | AZRM.TA | 0.01% | $0.19 | 30.50% |
| BBSN.L | BBSN.L | 0.01% | $0.00 | 4.43% |
| BGCG.L | BGCG.L | 0.01% | $0.04 | 14.58% |
| BONDADA.BO | BONDADA.BO | 0.01% | $0.03 | 0.14% |
| BTS-R.BK | BTS-R.BK | 0.01% | $0.00 | 0.09% |
| CDFF.L | CDFF.L | 0.01% | $0.40 | 16.92% |
| CHP.JO | CHP.JO | 0.01% | $0.05 | 35.74% |
| CNTL.ME | CNTL.ME | 0.01% | $0.00 | 0.08% |
| COLBUN.SN | COLBUN.SN | 0.01% | $0.01 | 51.87% |
| CVSG.L | CVSG.L | 0.01% | $0.15 | 27.75% |
| DELG.TA | DELG.TA | 0.01% | $1.29 | 38.60% |
| DVP.AX | DVP.AX | 0.01% | $0.00 | 0.25% |
| ELCO.L | ELCO.L | 0.01% | $0.02 | 21.89% |
| ELTR.TA | ELTR.TA | 0.01% | $1.17 | 49.03% |
| FKE.L | FKE.L | 0.01% | $0.01 | 4.10% |
| FP.L | FP.L | 0.01% | $0.00 | 0.48% |
| FTB.JO | FTB.JO | 0.01% | $0.10 | 8.78% |
| GDWN.L | GDWN.L | 0.01% | $2.48 | 44.91% |