Definitive Analysis
| Stable Growth | $30,774.64 - $109,727.12 | $100,194.39 |
| Multi-Stage | $14,518.82 - $15,854.94 | $15,174.76 |
| Blended Fair Value | $57,684.57 | |
| Current Price | $4,400.00 | |
| Upside | 1,211.01% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 24.03% | 19.72% | 353.96 | 264.67 | 180.18 | 110.05 | 177.49 | 120.61 | 99.51 | 66.57 | 65.36 | 53.23 |
| YoY Growth | - | - | 33.74% | 46.89% | 63.72% | -38.00% | 47.17% | 21.20% | 49.49% | 1.84% | 22.80% | -9.03% |
| Dividend Yield | - | - | 6.81% | 3.84% | 3.49% | 2.79% | 5.77% | 5.15% | 2.68% | 1.73% | 2.23% | 2.07% |
| Net Income To Common (M) | 51,495,530.00 |
| (-) Cash Dividends Paid (M) | 43,510,539.00 |
| (=) Cash Retained (M) | 7,984,991.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 10,299,106.00 | 6,436,941.25 | 3,862,164.75 |
| Cash Retained (M) | 7,984,991.00 | 7,984,991.00 | 7,984,991.00 |
| (-) Cash Required (M) | -10,299,106.00 | -6,436,941.25 | -3,862,164.75 |
| (=) Excess Retained (M) | -2,314,115.00 | 1,548,049.75 | 4,122,826.25 |
| (/) Shares Outstanding (M) | 93,333.11 | 93,333.11 | 93,333.11 |
| (=) Excess Retained per Share | -24.79 | 16.59 | 44.17 |
| LTM Dividend per Share | 466.19 | 466.19 | 466.19 |
| (+) Excess Retained per Share | -24.79 | 16.59 | 44.17 |
| (=) Adjusted Dividend | 441.39 | 482.77 | 510.36 |
| WACC / Discount Rate | 7.01% | 7.01% | 7.01% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $30,774.64 | $100,194.39 | $109,727.12 |
| Upside / Downside | 599.42% | 2,177.15% | 2,393.80% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 51,495,530.00 | 54,842,739.45 | 58,407,517.51 | 62,204,006.15 | 66,247,266.55 | 70,553,338.88 | 72,669,939.04 |
| Payout Ratio | 84.49% | 85.60% | 86.70% | 87.80% | 88.90% | 90.00% | 92.50% |
| Projected Dividends (M) | 43,510,539.00 | 46,942,672.33 | 50,637,150.96 | 54,613,579.03 | 58,893,000.78 | 63,498,004.99 | 67,219,693.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.01% | 7.01% | 7.01% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 43,454,373.74 | 43,866,263.54 | 44,278,153.33 |
| Year 2 PV (M) | 43,391,097.47 | 44,217,576.00 | 45,051,851.50 |
| Year 3 PV (M) | 43,320,922.52 | 44,564,510.53 | 45,831,672.96 |
| Year 4 PV (M) | 43,244,056.65 | 44,907,101.03 | 46,617,657.42 |
| Year 5 PV (M) | 43,160,703.08 | 45,245,381.18 | 47,409,844.81 |
| PV of Terminal Value (M) | 1,138,515,871.49 | 1,193,506,613.79 | 1,250,601,981.24 |
| Equity Value (M) | 1,355,087,024.95 | 1,416,307,446.06 | 1,479,791,161.27 |
| Shares Outstanding (M) | 93,333.11 | 93,333.11 | 93,333.11 |
| Fair Value | $14,518.82 | $15,174.76 | $15,854.94 |
| Upside / Downside | 229.97% | 244.88% | 260.34% |
| 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% |