Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $239.95 - $628.55 | $359.82 |
| Multi-Stage DDM | $95.34 - $104.21 | $99.69 |
| Blended Fair Value | $229.76 | |
| Stock Price | $128.61 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.777 | 2.333 | 1.915 | 1.329 | 0.992 | 0.883 | 0.825 | 0.706 | 0.620 | 0.580 |
| YoY % | 19.04% | 21.82% | 44.08% | 33.98% | 12.41% | 7.01% | 16.82% | 13.96% | 6.74% | 9.96% |
| Yield | 2.16% | 1.81% | 1.49% | 1.03% | 0.77% | 0.69% | 0.64% | 0.55% | 0.48% | 0.45% |
| CAGR | Value |
|---|---|
| 5 Year | 25.77% |
| 10 Year | 18.06% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 5.50% to 7.50% | 6.50% |
| WACC | 9.00% | 9.00% |
| Fair Value | $239.95 - $628.55 | $359.82 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 2,363.39 | 2,363.39 | 2,363.39 |
| (=) Cash Required | 472.68 | 295.42 | 177.25 |
| (=) Excess Retained per Share | 5.18 | 5.67 | 5.99 |
| LTM Dividend per Share | 2.777 | 2.777 | 2.777 |
| (=) Adjusted Dividend | 7.961 | 8.446 | 8.770 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 2,363.39 | 2,517.01 | 2,680.61 | 2,854.85 | 3,040.42 | 3,238.04 |
| Projected Dividends | 1,013.19 | 629.25 | 1,099.05 | 1,627.26 | 2,219.50 | 2,914.24 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 597.05 | 602.71 | 608.37 |
| Year 2 PV | 947.73 | 965.78 | 984.00 |
| Year 3 PV | 1,275.27 | 1,311.87 | 1,349.18 |
| Year 4 PV | 1,580.79 | 1,641.58 | 1,704.11 |
| Year 5 PV | 1,886.34 | 1,977.45 | 2,072.05 |
| TV PV | 28,491.64 | 29,867.79 | 31,296.62 |
| Equity Value | 34,778.82 | 36,367.20 | 38,014.33 |
| Fair Value | $95.34 | $99.69 | $104.21 |
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