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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| 8952.T | 8952.T | 5.59% | $7,312.35 | 70.16% |
| AEGN.AT | AEGN.AT | 5.59% | $0.81 | 28.27% |
| KMDS.JK | KMDS.JK | 5.59% | $38.00 | 52.57% |
| RECLTD.BO | RECLTD.BO | 5.59% | $21.30 | 32.48% |
| 2488.HK | 2488.HK | 5.58% | $0.49 | 31.82% |
| ANIM3.SA | ANIM3.SA | 5.58% | $0.18 | 44.03% |
| PROF-B.ST | PROF-B.ST | 5.58% | $6.64 | 56.11% |
| SOL.AX | SOL.AX | 5.58% | $2.09 | 79.15% |
| 1128.HK | 1128.HK | 5.57% | $0.33 | 52.58% |
| 1585.HK | 1585.HK | 5.57% | $0.64 | 44.68% |
| SBOK.ST | SBOK.ST | 5.57% | $2.75 | 67.47% |
| 003470.KS | 003470.KS | 5.56% | $203.12 | 64.57% |
| AEDAS.MC | AEDAS.MC | 5.56% | $1.33 | 44.89% |
| DTL.AX | DTL.AX | 5.56% | $0.50 | 85.44% |
| IMAS.JK | IMAS.JK | 5.56% | $63.43 | 61.82% |
| SFQ.DE | SFQ.DE | 5.56% | $0.84 | 75.48% |
| 058430.KS | 058430.KS | 5.55% | $2,160.07 | 46.25% |
| 2192.HK | 2192.HK | 5.55% | $0.55 | 65.76% |
| 8968.T | 8968.T | 5.55% | $10,438.66 | 63.61% |
| CY6U.SI | CY6U.SI | 5.55% | $0.07 | 23.56% |
| INLIF.AT | INLIF.AT | 5.55% | $0.36 | 26.26% |
| 0A0C.L | 0A0C.L | 5.54% | $1.09 | 71.26% |
| 1289.HK | 1289.HK | 5.54% | $0.16 | 22.04% |
| 2686.HK | 2686.HK | 5.54% | $0.10 | 29.66% |
| SNK.WA | SNK.WA | 5.54% | $1.19 | 93.14% |
| 0IZM.L | 0IZM.L | 5.53% | $0.45 | 84.38% |
| 600681.SS | 600681.SS | 5.53% | $0.24 | 95.34% |
| 605009.SS | 605009.SS | 5.53% | $1.71 | 90.38% |
| KSB3.DE | KSB3.DE | 5.53% | $52.76 | 34.72% |
| 000581.SZ | 000581.SZ | 5.52% | $1.14 | 71.66% |
| 0QO1.L | 0QO1.L | 5.52% | $10.99 | 83.82% |
| 1061.HK | 1061.HK | 5.52% | $0.21 | 20.70% |
| HGSB.OL | HGSB.OL | 5.52% | $8.86 | 25.30% |
| 603408.SS | 603408.SS | 5.51% | $0.75 | 76.83% |
| PERR.PA | PERR.PA | 5.51% | $4.60 | 47.56% |
| 009180.KS | 009180.KS | 5.50% | $149.89 | 36.63% |
| 601339.SS | 601339.SS | 5.50% | $0.32 | 87.29% |
| 9905.TW | 9905.TW | 5.50% | $1.09 | 75.18% |
| FIQE3.SA | FIQE3.SA | 5.50% | $0.27 | 48.37% |
| M-STOR.BK | M-STOR.BK | 5.50% | $0.44 | 82.25% |
| SYNTEC.BK | SYNTEC.BK | 5.50% | $0.09 | 24.68% |
| TPAC.BK | TPAC.BK | 5.50% | $0.45 | 36.96% |
| WIK.WA | WIK.WA | 5.50% | $0.40 | 79.03% |
| 600713.SS | 600713.SS | 5.49% | $0.30 | 78.15% |
| ATIC.JK | ATIC.JK | 5.49% | $35.41 | 44.79% |
| 000672.SZ | 000672.SZ | 5.48% | $0.71 | 91.94% |
| 069260.KS | 069260.KS | 5.47% | $998.90 | 65.46% |
| NCK.AX | NCK.AX | 5.47% | $1.29 | 79.89% |
| 000270.KS | 000270.KS | 5.46% | $6,584.28 | 32.69% |
| 002014.SZ | 002014.SZ | 5.46% | $0.65 | 84.41% |