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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| 601989.SS | 601989.SS | 1.06% | $0.05 | 48.46% |
| 603823.SS | 603823.SS | 1.06% | $0.16 | 39.52% |
| 603856.SS | 603856.SS | 1.06% | $0.13 | 21.43% |
| 603909.SS | 603909.SS | 1.06% | $0.12 | 28.69% |
| 688015.SS | 688015.SS | 1.06% | $0.24 | 32.90% |
| SPLTN.ST | SPLTN.ST | 1.06% | $2.19 | 7.20% |
| 002452.SZ | 002452.SZ | 1.05% | $0.09 | 19.43% |
| 002632.SZ | 002632.SZ | 1.05% | $0.13 | 39.58% |
| 002864.SZ | 002864.SZ | 1.05% | $0.32 | 28.23% |
| 006800.KS | 006800.KS | 1.05% | $257.65 | 12.18% |
| 090430.KS | 090430.KS | 1.05% | $1,336.43 | 58.38% |
| 1230.HK | 1230.HK | 1.05% | $0.01 | 30.51% |
| 136490.KS | 136490.KS | 1.05% | $100.04 | 3.41% |
| 300543.SZ | 300543.SZ | 1.05% | $0.12 | 99.57% |
| 301580.SZ | 301580.SZ | 1.05% | $0.47 | 27.41% |
| 484870.KS | 484870.KS | 1.05% | $1,480.27 | 35.83% |
| 603017.SS | 603017.SS | 1.05% | $0.12 | 79.10% |
| 603067.SS | 603067.SS | 1.05% | $0.30 | 31.09% |
| 603358.SS | 603358.SS | 1.05% | $0.53 | 59.33% |
| 603929.SS | 603929.SS | 1.05% | $1.00 | 33.37% |
| BRIS.JK | BRIS.JK | 1.05% | $22.78 | 14.07% |
| EREGL.IS | EREGL.IS | 1.05% | $0.26 | 33.82% |
| TECK | TECK | 1.05% | $0.51 | 19.75% |
| 002957.SZ | 002957.SZ | 1.04% | $0.22 | 42.63% |
| 006280.KS | 006280.KS | 1.04% | $1,649.85 | 33.43% |
| 0N08.L | 0N08.L | 1.04% | $0.21 | 68.53% |
| 3733.T | 3733.T | 1.04% | $140.01 | 11.99% |
| 4307.T | 4307.T | 1.04% | $62.89 | 35.46% |
| 600100.SS | 600100.SS | 1.04% | $0.09 | 78.90% |
| 600863.SS | 600863.SS | 1.04% | $0.05 | 14.74% |
| 603989.SS | 603989.SS | 1.04% | $0.17 | 31.43% |
| 605118.SS | 605118.SS | 1.04% | $0.31 | 46.29% |
| 6720.TWO | 6720.TWO | 1.04% | $1.27 | 20.76% |
| 6808.HK | 6808.HK | 1.04% | $0.02 | 42.72% |
| SSC.BK | SSC.BK | 1.04% | $0.52 | 34.17% |
| 000779.SZ | 000779.SZ | 1.03% | $0.08 | 18.98% |
| 0A0H.IL | 0A0H.IL | 1.03% | $1.38 | 28.57% |
| 103590.KS | 103590.KS | 1.03% | $600.42 | 33.30% |
| 2614.TW | 2614.TW | 1.03% | $0.23 | 11.71% |
| 2GB.DE | 2GB.DE | 1.03% | $0.37 | 15.61% |
| 300888.SZ | 300888.SZ | 1.03% | $0.39 | 25.98% |
| 301149.SZ | 301149.SZ | 1.03% | $0.11 | 34.91% |
| 319660.KQ | 319660.KQ | 1.03% | $400.00 | 14.97% |