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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| GHS.L | GHS.L | 0.01% | $0.02 | 5.46% |
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| GNRS.TA | GNRS.TA | 0.01% | $0.02 | 23.08% |
| GUBRA.CO | GUBRA.CO | 0.01% | $0.04 | 0.04% |
| HLAN.TA | HLAN.TA | 0.01% | $3.91 | 34.89% |
| HLMA.L | HLMA.L | 0.01% | $0.40 | 27.44% |
| HLN.L | HLN.L | 0.01% | $0.05 | 27.27% |
| ILCO.TA | ILCO.TA | 0.01% | $4.93 | 23.87% |
| ISRO.TA | ISRO.TA | 0.01% | $1.00 | 22.22% |
| KNFM.TA | KNFM.TA | 0.01% | $0.24 | 12.79% |
| LBRA.TA | LBRA.TA | 0.01% | $0.22 | 15.11% |
| MCLL.TA | MCLL.TA | 0.01% | $0.23 | 20.45% |
| MEGACPO.MX | MEGACPO.MX | 0.01% | $0.01 | 0.27% |
| MIGO.L | MIGO.L | 0.01% | $0.02 | 11.08% |
| MOP.BR | MOP.BR | 0.01% | $0.02 | 0.08% |
| MOTR.L | MOTR.L | 0.01% | $0.01 | 90.00% |
| MVNE.TA | MVNE.TA | 0.01% | $0.17 | 17.49% |
| NWMD.TA | NWMD.TA | 0.01% | $0.21 | 55.07% |
| PAYT.TA | PAYT.TA | 0.01% | $0.42 | 32.45% |
| PCBT.TA | PCBT.TA | 0.01% | $0.08 | 42.47% |
| PCGH.L | PCGH.L | 0.01% | $0.03 | 18.59% |
| PHI.L | PHI.L | 0.01% | $0.06 | 7.60% |
| PRSK.TA | PRSK.TA | 0.01% | $1.14 | 18.73% |
| PRV.L | PRV.L | 0.01% | $0.12 | 16.92% |
| ROTS.TA | ROTS.TA | 0.01% | $1.26 | 8.93% |
| RSAB.L | RSAB.L | 0.01% | $0.01 | 24.47% |
| SCOP.TA | SCOP.TA | 0.01% | $2.52 | 21.91% |
| SPDV.TA | SPDV.TA | 0.01% | $0.02 | 6.80% |
| SPEN.TA | SPEN.TA | 0.01% | $0.21 | 33.33% |
| SVN.IC | SVN.IC | 0.01% | $0.01 | 29.60% |
| TASE.TA | TASE.TA | 0.01% | $0.54 | 32.76% |
| TFRLF.TA | TFRLF.TA | 0.01% | $0.16 | 17.85% |
| THX.L | THX.L | 0.01% | $0.01 | 4.26% |
| TMRP.TA | TMRP.TA | 0.01% | $0.30 | 51.20% |
| TPRO.MI | TPRO.MI | 0.01% | $0.00 | 0.73% |
| TRNFP.ME | TRNFP.ME | 0.01% | $0.13 | 0.00% |
| VILR.TA | VILR.TA | 0.01% | $2.52 | 12.82% |
| VLE.L | VLE.L | 0.01% | $0.23 | 6.84% |
| VTNA.TA | VTNA.TA | 0.01% | $0.20 | 64.52% |
| WESR.TA | WESR.TA | 0.01% | $0.15 | 15.83% |
| ZAIN.KW | ZAIN.KW | 0.01% | $0.04 | 64.75% |
| 000017.SZ | 000017.SZ | 0.00% | $0.00 | 0.49% |
| 000408.SZ | 000408.SZ | 0.00% | $0.00 | 0.10% |
| 000550.SZ | 000550.SZ | 0.00% | $0.00 | 0.03% |
| 000576.SZ | 000576.SZ | 0.00% | $0.00 | 0.26% |
| 000677.SZ | 000677.SZ | 0.00% | $0.00 | 0.61% |
| 000897.SZ | 000897.SZ | 0.00% | $0.00 | 0.02% |
| 000953.SZ | 000953.SZ | 0.00% | $0.00 | 0.42% |
| 001750.KS | 001750.KS | 0.00% | $0.05 | 0.00% |
| 002028.SZ | 002028.SZ | 0.00% | $0.01 | 0.14% |