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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| 0O1S.L | 0O1S.L | 3.81% | $4.43 | 39.82% |
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| 7179.KL | 7179.KL | 3.81% | $0.05 | 30.12% |
| 8188.HK | 8188.HK | 3.81% | $0.04 | 23.08% |
| FC9.DE | FC9.DE | 3.81% | $0.46 | 15.59% |
| PSGO.JK | PSGO.JK | 3.81% | $8.00 | 38.48% |
| TASA3.SA | TASA3.SA | 3.81% | $0.19 | 20.71% |
| 000726.SZ | 000726.SZ | 3.80% | $0.27 | 41.15% |
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| 603198.SS | 603198.SS | 3.80% | $1.50 | 57.46% |
| 8273.T | 8273.T | 3.80% | $113.85 | 67.94% |
| LMKDC.IS | LMKDC.IS | 3.80% | $1.09 | 27.90% |
| THULE.ST | THULE.ST | 3.80% | $8.81 | 90.05% |
| ZUGER.SW | ZUGER.SW | 3.80% | $335.48 | 37.77% |
| 000430.KS | 000430.KS | 3.79% | $151.18 | 88.95% |
| 0558.HK | 0558.HK | 3.79% | $0.13 | 21.83% |
| 1888.HK | 1888.HK | 3.79% | $0.51 | 57.98% |
| 603055.SS | 603055.SS | 3.79% | $0.36 | 60.25% |
| CPU.AX | CPU.AX | 3.79% | $1.29 | 51.79% |
| INDS.JK | INDS.JK | 3.79% | $8.56 | 81.55% |
| 002120.SZ | 002120.SZ | 3.78% | $0.25 | 59.62% |
| 6305.T | 6305.T | 3.78% | $175.13 | 42.61% |
| GROREIT.BK | GROREIT.BK | 3.78% | $0.28 | 34.44% |
| QNBK.QA | QNBK.QA | 3.78% | $0.71 | 38.00% |
| SISB.BK | SISB.BK | 3.78% | $0.42 | 42.68% |
| 078520.KS | 078520.KS | 3.77% | $412.08 | 69.50% |
| 192400.KS | 192400.KS | 3.77% | $1,087.99 | 26.79% |
| 6435.TWO | 6435.TWO | 3.77% | $4.26 | 56.41% |
| 6523.T | 6523.T | 3.77% | $41.87 | 90.94% |
| 6724.T | 6724.T | 3.77% | $74.76 | 47.38% |
| ASC | ASC | 3.77% | $0.39 | 45.12% |
| BAHN-B.ST | BAHN-B.ST | 3.77% | $2.00 | 97.05% |
| CNDF.PA | CNDF.PA | 3.77% | $1.03 | 14.19% |
| 0QLT.L | 0QLT.L | 3.76% | $69.01 | 39.45% |
| 603587.SS | 603587.SS | 3.76% | $0.50 | 90.21% |
| A1OS.DE | A1OS.DE | 3.76% | $1.62 | 50.06% |
| CWY.AX | CWY.AX | 3.76% | $0.10 | 69.98% |
| GYT.BK | GYT.BK | 3.76% | $7.40 | 22.93% |
| KARE.AT | KARE.AT | 3.76% | $13.30 | 38.58% |
| THEP.PA | THEP.PA | 3.76% | $2.97 | 36.00% |
| 000708.SZ | 000708.SZ | 3.75% | $0.61 | 56.33% |
| 002615.SZ | 002615.SZ | 3.75% | $0.29 | 79.55% |
| 004980.KS | 004980.KS | 3.75% | $351.10 | 39.08% |
| 2072.TWO | 2072.TWO | 3.75% | $10.15 | 49.95% |
| 3455.TWO | 3455.TWO | 3.75% | $4.49 | 95.02% |
| 600519.SS | 600519.SS | 3.75% | $51.62 | 71.84% |
| KUAS.JK | KUAS.JK | 3.75% | $3.00 | 33.35% |
| 002142.SZ | 002142.SZ | 3.74% | $1.05 | 24.03% |
| 083420.KS | 083420.KS | 3.74% | $240.14 | 58.66% |
| 0QPY.L | 0QPY.L | 3.74% | $8.87 | 46.46% |