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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| 600497.SS | 600497.SS | 2.02% | $0.15 | 65.03% |
| BMEB3.SA | BMEB3.SA | 2.02% | $1.25 | 23.03% |
| COGN3.SA | COGN3.SA | 2.02% | $0.06 | 9.04% |
| CZG.PR | CZG.PR | 2.02% | $15.00 | 50.93% |
| PINFRA.MX | PINFRA.MX | 2.02% | $5.33 | 12.11% |
| 002138.SZ | 002138.SZ | 2.01% | $0.72 | 56.61% |
| 012630.KS | 012630.KS | 2.01% | $351.07 | 6.96% |
| 0303.HK | 0303.HK | 2.01% | $1.24 | 97.00% |
| 300519.SZ | 300519.SZ | 2.01% | $0.30 | 82.84% |
| 6096.T | 6096.T | 2.01% | $6.40 | 30.88% |
| AKRN.ME | AKRN.ME | 2.01% | $363.01 | 28.13% |
| CGY.TO | CGY.TO | 2.01% | $1.13 | 63.09% |
| FORUS.SN | FORUS.SN | 2.01% | $46.85 | 42.68% |
| INDU-A.ST | INDU-A.ST | 2.01% | $8.25 | 25.83% |
| 002773.SZ | 002773.SZ | 2.00% | $0.60 | 44.20% |
| 004080.KS | 004080.KS | 2.00% | $279.35 | 56.15% |
| 600388.SS | 600388.SS | 2.00% | $0.33 | 42.78% |
| 7199.T | 7199.T | 2.00% | $38.80 | 33.41% |
| EVANS.BO | EVANS.BO | 2.00% | $2.50 | 14.08% |
| PFV.DE | PFV.DE | 2.00% | $3.16 | 99.27% |
| 002996.SZ | 002996.SZ | 1.99% | $0.15 | 68.38% |
| 0285.HK | 0285.HK | 1.99% | $0.70 | 22.65% |
| 1948.HK | 1948.HK | 1.99% | $0.08 | 23.66% |
| 301119.SZ | 301119.SZ | 1.99% | $1.05 | 94.30% |
| 3391.T | 3391.T | 1.99% | $57.38 | 49.48% |
| 3545.TW | 3545.TW | 1.99% | $1.02 | 36.23% |
| 601579.SS | 601579.SS | 1.99% | $0.40 | 94.73% |
| 603025.SS | 603025.SS | 1.99% | $0.36 | 57.13% |
| 603313.SS | 603313.SS | 1.99% | $0.18 | 60.06% |
| 000554.SZ | 000554.SZ | 1.98% | $0.13 | 38.84% |
| 000997.SZ | 000997.SZ | 1.98% | $0.56 | 50.65% |
| 1381.HK | 1381.HK | 1.98% | $0.10 | 12.54% |
| 300795.SZ | 300795.SZ | 1.98% | $0.27 | 65.37% |
| 600482.SS | 600482.SS | 1.98% | $0.41 | 49.72% |
| 6005.T | 6005.T | 1.98% | $60.26 | 27.67% |
| 603197.SS | 603197.SS | 1.98% | $0.73 | 61.39% |
| 605058.SS | 605058.SS | 1.98% | $0.60 | 58.36% |
| BLA-R.BK | BLA-R.BK | 1.98% | $0.40 | 13.92% |
| LAS-A.TO | LAS-A.TO | 1.98% | $4.30 | 23.88% |
| NREST.ST | NREST.ST | 1.98% | $4.90 | 45.35% |
| SGER.JK | SGER.JK | 1.98% | $8.27 | 46.12% |