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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| HCLTECH.BO | HCLTECH.BO | 3.66% | $60.01 | 95.42% |
| LDA.MC | LDA.MC | 3.66% | $0.04 | 45.97% |
| QUB.AX | QUB.AX | 3.66% | $0.18 | 92.53% |
| RCI | RCI | 3.66% | $1.39 | 11.08% |
| RY | RY | 3.66% | $6.24 | 43.22% |
| VTWR.DE | VTWR.DE | 3.66% | $1.19 | 72.52% |
| 2103.TW | 2103.TW | 3.65% | $0.55 | 86.36% |
| 383800.KS | 383800.KS | 3.65% | $289.95 | 15.18% |
| 3978.HK | 3978.HK | 3.65% | $0.14 | 27.04% |
| 4952.TW | 4952.TW | 3.65% | $1.29 | 83.85% |
| QAL.AX | QAL.AX | 3.65% | $0.13 | 66.09% |
| 300628.SZ | 300628.SZ | 3.64% | $1.30 | 64.58% |
| 688517.SS | 688517.SS | 3.64% | $0.57 | 91.64% |
| CEZ.PR | CEZ.PR | 3.64% | $47.11 | 87.97% |
| EB5.SI | EB5.SI | 3.64% | $0.08 | 40.25% |
| HEIJM.AS | HEIJM.AS | 3.64% | $2.52 | 36.26% |
| NOVN.SW | NOVN.SW | 3.64% | $3.99 | 54.32% |
| 0631.HK | 0631.HK | 3.63% | $0.31 | 38.50% |
| 0MT8.L | 0MT8.L | 3.63% | $2.00 | 31.00% |
| 0N9Z.L | 0N9Z.L | 3.63% | $1.34 | 26.19% |
| 267980.KQ | 267980.KQ | 3.63% | $1,244.09 | 20.37% |
| 600968.SS | 600968.SS | 3.63% | $0.14 | 37.04% |
| AALI.JK | AALI.JK | 3.63% | $267.97 | 36.41% |
| EKTER.AT | EKTER.AT | 3.63% | $0.13 | 22.08% |
| IGM.TO | IGM.TO | 3.63% | $2.25 | 51.57% |
| 018670.KS | 018670.KS | 3.62% | $7,934.73 | 24.18% |
| 0RGI.L | 0RGI.L | 3.62% | $3.81 | 48.74% |
| 101530.KS | 101530.KS | 3.62% | $250.13 | 27.55% |
| 230360.KQ | 230360.KQ | 3.62% | $503.23 | 55.69% |
| SANB11.SA | SANB11.SA | 3.62% | $1.22 | 76.05% |
| SBSP3.SA | SBSP3.SA | 3.62% | $4.82 | 45.66% |
| 000786.SZ | 000786.SZ | 3.61% | $0.90 | 49.35% |
| 003013.SZ | 003013.SZ | 3.61% | $0.51 | 37.72% |
| 272550.KS | 272550.KS | 3.61% | $482.83 | 52.27% |
| 300908.SZ | 300908.SZ | 3.61% | $1.00 | 81.13% |
| 4188.T | 4188.T | 3.61% | $33.05 | 39.87% |
| 600332.SS | 600332.SS | 3.61% | $0.93 | 50.53% |
| 600742.SS | 600742.SS | 3.61% | $0.36 | 53.61% |
| 600928.SS | 600928.SS | 3.61% | $0.13 | 22.27% |
| CTD.AX | CTD.AX | 3.61% | $0.58 | 47.61% |
| SAMTEL.BK | SAMTEL.BK | 3.61% | $0.15 | 83.39% |
| 0K9W.IL | 0K9W.IL | 3.60% | $1.07 | 56.07% |
| 0M6I.L | 0M6I.L | 3.60% | $2.52 | 36.26% |