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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| DAB.CO | DAB.CO | 2.24% | $0.44 | 37.84% |
| KBSB.ME | KBSB.ME | 2.24% | $17.99 | 36.50% |
| 002179.SZ | 002179.SZ | 2.23% | $0.79 | 65.31% |
| 1083.HK | 1083.HK | 2.23% | $0.08 | 11.47% |
| 192080.KS | 192080.KS | 2.23% | $1,217.63 | 14.93% |
| 300791.SZ | 300791.SZ | 2.23% | $0.58 | 51.03% |
| 603012.SS | 603012.SS | 2.23% | $0.13 | 54.71% |
| 603987.SS | 603987.SS | 2.23% | $0.19 | 34.34% |
| 6070.SR | 6070.SR | 2.23% | $0.98 | 36.81% |
| GCG-A.TO | GCG-A.TO | 2.23% | $1.50 | 20.18% |
| IPN.PA | IPN.PA | 2.23% | $2.59 | 19.16% |
| TYA.MI | TYA.MI | 2.23% | $0.42 | 42.81% |
| 137310.KS | 137310.KS | 2.22% | $201.49 | 21.35% |
| 3569.T | 3569.T | 2.22% | $68.04 | 26.55% |
| 601901.SS | 601901.SS | 2.22% | $0.17 | 35.28% |
| 603609.SS | 603609.SS | 2.22% | $0.16 | 75.23% |
| 688016.SS | 688016.SS | 2.22% | $2.03 | 65.07% |
| 7034.KL | 7034.KL | 2.22% | $0.03 | 17.13% |
| 9436.T | 9436.T | 2.22% | $62.90 | 45.77% |
| IEI.V | IEI.V | 2.22% | $0.08 | 13.05% |
| ISKJ.ME | ISKJ.ME | 2.22% | $1.52 | 89.44% |
| LKD.WA | LKD.WA | 2.22% | $0.50 | 34.19% |
| MEDICAB.MX | MEDICAB.MX | 2.22% | $1.31 | 29.76% |
| TKC.BK | TKC.BK | 2.22% | $0.20 | 68.90% |
| 0696.HK | 0696.HK | 2.21% | $0.23 | 18.19% |
| 183190.KS | 183190.KS | 2.21% | $264.78 | 21.44% |
| 300673.SZ | 300673.SZ | 2.21% | $0.40 | 68.30% |
| 4292.SR | 4292.SR | 2.21% | $1.30 | 66.22% |
| 4519.T | 4519.T | 2.21% | $182.19 | 75.49% |
| 5607.TW | 5607.TW | 2.21% | $1.08 | 41.76% |
| 600062.SS | 600062.SS | 2.21% | $0.40 | 26.61% |
| 603288.SS | 603288.SS | 2.21% | $0.82 | 69.84% |
| 7864.T | 7864.T | 2.21% | $69.41 | 23.64% |
| BLES.JK | BLES.JK | 2.21% | $3.60 | 28.62% |
| ELI.BR | ELI.BR | 2.21% | $2.48 | 30.58% |
| NTEK-B.ST | NTEK-B.ST | 2.21% | $1.80 | 26.45% |
| SWEC-A.ST | SWEC-A.ST | 2.21% | $3.28 | 54.95% |
| 069960.KS | 069960.KS | 2.20% | $1,867.65 | 22.60% |
| 300415.SZ | 300415.SZ | 2.20% | $0.57 | 38.08% |
| 3176.T | 3176.T | 2.20% | $32.80 | 20.58% |
| 3227.TWO | 3227.TWO | 2.20% | $4.52 | 34.58% |
| 600030.SS | 600030.SS | 2.20% | $0.63 | 33.43% |
| 603345.SS | 603345.SS | 2.20% | $1.74 | 41.75% |
| 603693.SS | 603693.SS | 2.20% | $0.26 | 60.61% |
| 6508.T | 6508.T | 2.20% | $122.78 | 30.24% |
| 8002.T | 8002.T | 2.20% | $95.62 | 27.63% |
| 9059.KL | 9059.KL | 2.20% | $0.03 | 15.65% |
| JCQ.PA | JCQ.PA | 2.20% | $0.44 | 94.90% |
| OLT.OL | OLT.OL | 2.20% | $7.33 | 30.72% |
| 001216.SZ | 001216.SZ | 2.19% | $0.38 | 41.88% |