Definitive Analysis
| Stable Growth | $25,472.95 - $91,921.66 | $81,047.33 |
| Multi-Stage | $11,930.88 - $13,037.98 | $12,474.35 |
| Blended Fair Value | $46,760.84 | |
| Current Price | $8,675.00 | |
| Upside | 439.03% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.34% | 27.21% | 277.51 | 212.51 | 155.01 | 111.40 | 110.60 | 71.00 | 52.00 | 42.00 | 35.00 | 30.60 |
| YoY Growth | - | - | 30.59% | 37.10% | 39.14% | 0.72% | 55.77% | 36.54% | 23.81% | 20.00% | 14.38% | 22.40% |
| Dividend Yield | - | - | 3.26% | 2.16% | 1.77% | 1.40% | 1.78% | 1.29% | 0.95% | 0.90% | 1.06% | 1.15% |
| Net Income To Common (M) | 56,976,535.00 |
| (-) Cash Dividends Paid (M) | 36,982,515.00 |
| (=) Cash Retained (M) | 19,994,020.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,395,307.00 | 7,122,066.88 | 4,273,240.13 |
| Cash Retained (M) | 19,994,020.00 | 19,994,020.00 | 19,994,020.00 |
| (-) Cash Required (M) | -11,395,307.00 | -7,122,066.88 | -4,273,240.13 |
| (=) Excess Retained (M) | 8,598,713.00 | 12,871,953.13 | 15,720,779.88 |
| (/) Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| (=) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| LTM Dividend per Share | 300.01 | 300.01 | 300.01 |
| (+) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| (=) Adjusted Dividend | 369.77 | 404.43 | 427.54 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $25,472.95 | $81,047.33 | $91,921.66 |
| Upside / Downside | 193.64% | 834.26% | 959.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 56,976,535.00 | 60,680,009.78 | 64,624,210.41 | 68,824,784.09 | 73,298,395.05 | 78,062,790.73 | 80,404,674.45 |
| Payout Ratio | 64.91% | 69.93% | 74.94% | 79.96% | 84.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,982,515.00 | 42,431,504.54 | 48,432,611.59 | 55,034,589.46 | 62,290,196.66 | 70,256,511.66 | 74,374,323.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 39,271,718.21 | 39,643,961.98 | 40,016,205.76 |
| Year 2 PV (M) | 41,487,840.61 | 42,278,067.44 | 43,075,749.25 |
| Year 3 PV (M) | 43,632,504.87 | 44,885,037.28 | 46,161,313.68 |
| Year 4 PV (M) | 45,707,302.18 | 47,465,076.03 | 49,273,068.25 |
| Year 5 PV (M) | 47,713,792.82 | 50,018,386.86 | 52,411,183.13 |
| PV of Terminal Value (M) | 1,252,909,995.42 | 1,313,426,016.69 | 1,376,258,128.53 |
| Equity Value (M) | 1,470,723,154.11 | 1,537,716,546.29 | 1,607,195,648.60 |
| Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| Fair Value | $11,930.88 | $12,474.35 | $13,037.98 |
| Upside / Downside | 37.53% | 43.80% | 50.29% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ATOM3.SA | Atom Empreendimentos e Participações S.A. | 19.90% | $0.58 | 71.92% |
| 3698.HK | Huishang Bank Corporation Limited | 19.56% | $0.64 | 28.80% |
| SVAV.ME | Sollers Public Joint Stock Company | 19.34% | $110.64 | 40.44% |
| 0536.HK | Tradelink Electronic Commerce Limited | 19.33% | $0.20 | 86.09% |
| 3658.HK | New Hope Service Holdings Limited | 19.28% | $0.37 | 66.51% |
| 0123.HK | Yuexiu Property Company Limited | 19.19% | $0.77 | 90.88% |
| 0N7I.L | Cairo Communication S.p.A. | 19.19% | $0.36 | 54.94% |
| 1798.HK | China Datang Corporation Renewable Power Co., Limited | 19.01% | $0.40 | 63.00% |
| LBS.TO | Life & Banc Split Corp. | 19.00% | $2.25 | 40.31% |
| HMSB.DE | H & M Hennes & Mauritz AB (publ) | 18.98% | $3.26 | 47.98% |
| 0608.HK | High Fashion International Limited | 18.79% | $0.31 | 50.08% |
| 0U8N.L | Credicorp Ltd. | 18.72% | $53.82 | 66.14% |
| CAAS | China Automotive Systems, Inc. | 18.61% | $0.80 | 72.30% |
| KRSB.ME | PJSC Krasnoyarskenergosbyt | 18.38% | $4.07 | 82.55% |
| 1127.HK | Lion Rock Group Limited | 18.37% | $0.25 | 47.23% |
| HAVAS.AS | Havas S.A. | 18.35% | $3.14 | 90.23% |
| 1480.HK | Yan Tat Group Holdings Limited | 18.33% | $0.22 | 49.33% |
| NA-PC.TO | National Bank of Canada | 18.32% | $4.93 | 48.59% |
| 1412.HK | Q P Group Holdings Limited | 18.24% | $0.29 | 73.74% |
| FVJ.F | Fortescue Metals Group Limited | 18.16% | $2.27 | 76.64% |
| YATO.MC | Atom Hoteles SOCIMI, S.A. | 18.06% | $2.85 | 68.99% |
| 0327.HK | PAX Global Technology Limited | 17.98% | $0.92 | 61.66% |
| 1MO.F | Hello Group Inc. | 17.92% | $1.04 | 40.52% |
| PIN.BK | Pinthong Industrial Park Public Company Limited | 17.92% | $0.76 | 80.79% |
| 1883.HK | CITIC Telecom International Holdings Limited | 17.86% | $0.44 | 87.51% |
| 6896.HK | Golden Throat Holdings Group Company Limited | 17.79% | $0.55 | 76.14% |
| VOT.WA | Votum S.A. | 17.65% | $8.15 | 59.83% |
| ALTUR.PA | Altur Investissement SCA, SCR | 17.58% | $1.93 | 37.11% |
| O7F1.F | Odfjell SE | 17.55% | $1.78 | 73.02% |
| 2219.HK | Chaoju Eye Care Holdings Limited | 17.38% | $0.47 | 84.16% |
| 001390.KS | KG Chemical Corporation | 17.24% | $884.51 | 97.69% |
| 2360.HK | Best Mart 360 Holdings Limited | 17.23% | $0.35 | 82.20% |
| ALSAS.PA | Stradim Espace Finances S.A. | 17.16% | $0.80 | 55.65% |
| 9615.SR | Mufeed Company | 17.11% | $5.39 | 35.54% |
| LPPF.JK | PT Matahari Department Store Tbk | 17.09% | $300.00 | 82.85% |
| 0LNT.L | Fugro N.V. | 17.06% | $1.52 | 39.50% |
| 0458.HK | Tristate Holdings Limited | 17.02% | $0.31 | 33.15% |
| 2283.HK | TK Group (Holdings) Limited | 16.99% | $0.43 | 72.10% |
| 1263.HK | PC Partner Group Limited | 16.85% | $0.90 | 63.10% |
| 2603.TW | Evergreen Marine Corporation (Taiwan) Ltd. | 16.83% | $32.49 | 77.53% |
| ALHRG.PA | Herige | 16.78% | $3.66 | 97.55% |
| TD-PFJ.TO | The Toronto-Dominion Bank NCUM 5Y PFD SR18 | 16.67% | $4.38 | 36.07% |
| S7MB.BE | Securitas AB (publ) | 16.59% | $2.25 | 23.09% |
| 1184.HK | S.A.S. Dragon Holdings Limited | 16.56% | $0.75 | 52.32% |
| PBR-A | Petróleo Brasileiro S.A. - Petrobras | 16.54% | $1.87 | 86.52% |
| VRLA.PA | Verallia S.A. | 16.47% | $3.83 | 97.79% |
| 6668.HK | E-Star Commercial Management Company Limited | 16.42% | $0.23 | 72.71% |
| 0098.HK | Xingfa Aluminium Holdings Limited | 16.13% | $1.17 | 29.94% |
| ING.AX | Inghams Group Limited | 16.09% | $0.41 | 79.67% |
| 1234.HK | China Lilang Limited | 16.04% | $0.54 | 66.61% |