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 | $263.70 | |
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 | 0.39% | 0.37% | 0.36% | 0.34% | 0.33% | 0.30% | 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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| AZK.MC | AZK.MC | 10.20% | $0.90 | 60.65% |
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| SOND3.SA | SOND3.SA | 10.15% | $4.87 | 48.70% |
| 0F6L.L | 0F6L.L | 10.14% | $0.57 | 23.09% |
| SCCC-R.BK | SCCC-R.BK | 10.13% | $14.43 | 78.86% |
| 2666.HK | 2666.HK | 10.12% | $0.60 | 27.87% |
| 0G67.L | 0G67.L | 10.11% | $19.94 | 65.51% |
| BY6.F | BY6.F | 10.11% | $1.11 | 23.20% |
| 0N4Y.IL | 0N4Y.IL | 10.10% | $3.21 | 28.64% |
| AMAG.JK | AMAG.JK | 10.10% | $40.00 | 99.08% |
| COLR.BR | COLR.BR | 10.10% | $3.21 | 28.64% |
| 2638.HK | 2638.HK | 10.09% | $0.64 | 90.04% |
| GBUS.MI | GBUS.MI | 10.09% | $1.00 | 50.80% |
| PT.BK | PT.BK | 10.08% | $1.20 | 99.46% |
| 1606.HK | 1606.HK | 10.05% | $0.18 | 24.74% |
| CITA.JK | CITA.JK | 10.05% | $445.00 | 53.80% |
| BJTM.JK | BJTM.JK | 10.04% | $54.71 | 60.03% |
| EZTC3.SA | EZTC3.SA | 10.04% | $1.38 | 55.20% |
| CRES.BA | CRES.BA | 10.03% | $194.19 | 67.22% |
| 0NX1.IL | 0NX1.IL | 10.02% | $2.82 | 78.30% |
| Q-CON.BK | Q-CON.BK | 10.02% | $0.65 | 77.43% |
| QHHR.BK | QHHR.BK | 10.01% | $0.67 | 29.76% |
| DPAM.PA | DPAM.PA | 10.00% | $92.00 | 87.00% |
| ITNS.BK | ITNS.BK | 10.00% | $0.15 | 89.11% |
| SMSM.JK | SMSM.JK | 10.00% | $175.00 | 91.04% |
| 9578.SR | 9578.SR | 9.98% | $1.52 | 53.96% |
| 1044.HK | 1044.HK | 9.96% | $2.81 | 61.10% |
| 2282.HK | 2282.HK | 9.95% | $1.29 | 56.05% |
| 036530.KS | 036530.KS | 9.94% | $5,467.37 | 51.15% |
| V03.SI | V03.SI | 9.94% | $1.51 | 88.95% |
| 1118.HK | 1118.HK | 9.91% | $0.12 | 21.69% |
| AJ91.DE | AJ91.DE | 9.90% | $1.25 | 83.74% |
| SUSCO.BK | SUSCO.BK | 9.90% | $0.21 | 72.28% |
| 0267.HK | 0267.HK | 9.89% | $1.22 | 33.15% |
| AZJ.AX | AZJ.AX | 9.89% | $0.36 | 87.87% |
| NOS.LS | NOS.LS | 9.89% | $0.40 | 80.94% |
| 1113.HK | 1113.HK | 9.84% | $3.96 | 51.18% |
| GC.BK | GC.BK | 9.79% | $0.39 | 85.45% |
| LLBN.SW | LLBN.SW | 9.78% | $8.20 | 74.94% |
| 001120.KS | 001120.KS | 9.77% | $3,127.22 | 97.53% |
| GVF.AX | GVF.AX | 9.73% | $0.14 | 54.60% |
| 0023.HK | 0023.HK | 9.72% | $1.31 | 43.70% |
| HBTS5.SA | HBTS5.SA | 9.72% | $2.83 | 63.33% |
| LAVV3.SA | LAVV3.SA | 9.70% | $1.53 | 62.21% |
| POPF.BK | POPF.BK | 9.70% | $0.66 | 81.20% |
| ASRNL.AS | ASRNL.AS | 9.68% | $5.92 | 73.33% |
| 0QMG.L | 0QMG.L | 9.66% | $50.78 | 72.66% |
| 1292.HK | 1292.HK | 9.66% | $0.38 | 52.62% |
| GMI.SW | GMI.SW | 9.65% | $22.00 | 62.67% |