Definitive Analysis
| Stable Growth | $1,837,741.67 - $9,257,244.79 | $3,813,080.85 |
| Multi-Stage | $1,163,794.49 - $1,273,624.49 | $1,217,698.63 |
| Blended Fair Value | $2,515,389.74 | |
| Current Price | $451,500.00 | |
| Upside | 457.12% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.86% | 18.63% | 16,021.99 | 13,826.78 | 12,022.50 | 8,800.22 | 8,500.22 | 11,500.18 | 10,000.20 | 6,117.67 | 5,228.69 | 4,695.94 |
| YoY Growth | - | - | 15.88% | 15.01% | 36.62% | 3.53% | -26.09% | 15.00% | 63.46% | 17.00% | 11.35% | 61.80% |
| Dividend Yield | - | - | 4.48% | 4.53% | 5.84% | 4.02% | 4.47% | 7.47% | 3.24% | 2.26% | 1.95% | 1.59% |
| Net Income To Common (M) | 1,990,667.81 |
| (-) Cash Dividends Paid (M) | 809,299.28 |
| (=) Cash Retained (M) | 1,181,368.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 398,133.56 | 248,833.48 | 149,300.09 |
| Cash Retained (M) | 1,181,368.53 | 1,181,368.53 | 1,181,368.53 |
| (-) Cash Required (M) | -398,133.56 | -248,833.48 | -149,300.09 |
| (=) Excess Retained (M) | 783,234.97 | 932,535.06 | 1,032,068.45 |
| (/) Shares Outstanding (M) | 42.51 | 42.51 | 42.51 |
| (=) Excess Retained per Share | 18,424.72 | 21,936.84 | 24,278.25 |
| LTM Dividend per Share | 19,037.86 | 19,037.86 | 19,037.86 |
| (+) Excess Retained per Share | 18,424.72 | 21,936.84 | 24,278.25 |
| (=) Adjusted Dividend | 37,462.58 | 40,974.70 | 43,316.11 |
| WACC / Discount Rate | 6.99% | 6.99% | 6.99% |
| Growth Rate | 4.86% | 5.86% | 6.86% |
| Fair Value | $1,837,741.67 | $3,813,080.85 | $9,257,244.79 |
| Upside / Downside | 307.03% | 744.54% | 1,950.33% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,990,667.81 | 2,107,258.06 | 2,230,676.81 | 2,361,324.00 | 2,499,622.99 | 2,646,021.93 | 2,725,402.58 |
| Payout Ratio | 40.65% | 50.52% | 60.39% | 70.26% | 80.13% | 90.00% | 92.50% |
| Projected Dividends (M) | 809,299.28 | 1,064,665.37 | 1,347,168.13 | 1,659,110.28 | 2,002,971.21 | 2,381,419.73 | 2,520,997.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.99% | 6.99% | 6.99% |
| Growth Rate | 4.86% | 5.86% | 6.86% |
| Year 1 PV (M) | 985,666.70 | 995,066.82 | 1,004,466.93 |
| Year 2 PV (M) | 1,154,664.22 | 1,176,792.87 | 1,199,131.56 |
| Year 3 PV (M) | 1,316,515.94 | 1,354,542.39 | 1,393,294.12 |
| Year 4 PV (M) | 1,471,439.90 | 1,528,379.37 | 1,586,955.59 |
| Year 5 PV (M) | 1,619,648.32 | 1,698,366.93 | 1,780,116.94 |
| PV of Terminal Value (M) | 42,924,968.72 | 45,011,220.24 | 47,177,811.86 |
| Equity Value (M) | 49,472,903.80 | 51,764,368.63 | 54,141,777.00 |
| Shares Outstanding (M) | 42.51 | 42.51 | 42.51 |
| Fair Value | $1,163,794.49 | $1,217,698.63 | $1,273,624.49 |
| Upside / Downside | 157.76% | 169.70% | 182.09% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 3719.KL | Panasonic Manufacturing Malaysia Berhad | 8.56% | $0.63 | 85.80% |
| GNG.AX | GR Engineering Services Limited | 8.56% | $0.38 | 99.06% |
| 078930.KS | GS Holdings Corp. | 8.55% | $4,726.00 | 78.57% |
| 2388.HK | BOC Hong Kong (Holdings) Limited | 8.55% | $3.44 | 47.81% |
| CRTO.PA | Caisse Régionale de Crédit Agricole Mutuel de La Touraine et du Poitou Société Coopérative | 8.54% | $9.48 | 31.11% |
| MARK.JK | PT Mark Dynamics Indonesia Tbk | 8.54% | $70.00 | 98.69% |
| TWEKA.AS | TKH Group N.V. | 8.54% | $3.18 | 70.93% |
| 0DTI.L | Bonheur ASA | 8.53% | $23.26 | 42.29% |
| 1502.HK | Financial Street Property Co., Limited | 8.52% | $0.17 | 58.63% |
| FOYRK.AT | Fourlis Holdings S.A. | 8.52% | $0.37 | 65.80% |
| 2491.T | ValueCommerce Co., Ltd. | 8.51% | $56.61 | 40.75% |
| 6355.T | Sumitomo Precision Products Co., Ltd. | 8.51% | $310.08 | 8.45% |
| DREIT.BK | Dusit Thani Freehold and Leasehold Real Estate Investment Trust | 8.50% | $0.42 | 98.66% |
| 6862.HK | Haidilao International Holding Ltd. | 8.49% | $1.22 | 76.09% |
| 015890.KS | Taekyung Industry.Co., Ltd. | 8.48% | $416.78 | 45.41% |
| 3983.HK | China BlueChemical Ltd. | 8.48% | $0.21 | 40.13% |
| 3292.T | AEON REIT Investment Corporation | 8.45% | $11,596.49 | 88.85% |
| CIEL3.SA | Cielo S.A. | 8.44% | $0.49 | 73.05% |
| ASGR.JK | PT Astra Graphia Tbk | 8.43% | $99.00 | 56.73% |
| JWW.WA | JWW Invest S.A. | 8.43% | $0.25 | 43.64% |
| 3488.T | CENTRAL REIT Investment Corporation | 8.42% | $9,789.77 | 72.08% |
| GUNKUL-R.BK | Gunkul Engineering Public Company Limited | 8.42% | $0.16 | 78.57% |
| 1333.HK | Breton Technology Co. Ltd. | 8.41% | $2.35 | 74.43% |
| DRM.TO | Dream Unlimited Corp. | 8.41% | $1.64 | 84.81% |
| ALEXA.PA | Exacompta Clairefontaine S.A. | 8.40% | $14.20 | 37.48% |
| RANI3.SA | Irani Papel e Embalagem S.A. | 8.40% | $0.73 | 43.32% |
| SPALI-R.BK | Supalai Public Company Limited | 8.39% | $1.43 | 57.89% |
| 5141.KL | Dayang Enterprise Holdings Bhd | 8.38% | $0.14 | 87.12% |
| 600020.SS | Henan Zhongyuan Expressway Company Limited | 8.37% | $0.36 | 78.65% |
| MASQ.AE | Mashreqbank PSC | 8.37% | $21.42 | 52.51% |
| PROX.BR | Proximus PLC | 8.37% | $0.60 | 33.92% |
| 0R9T.L | Equasens S.A. | 8.36% | $3.75 | 71.00% |
| 6212.TWO | Li Ming Development Construction Co., Ltd. | 8.34% | $3.45 | 47.85% |
| SNNP.BK | Srinanaporn Marketing Public Company Limited | 8.33% | $0.61 | 92.23% |
| VLK.AS | Van Lanschot Kempen N.V. | 8.32% | $4.42 | 68.64% |
| 600894.SS | Guangzhou Guangri Stock Co.,Ltd. | 8.31% | $0.77 | 98.07% |
| ORC-B.V | Orca Energy Group Inc. | 8.31% | $0.29 | 35.79% |
| ADMF.JK | PT Adira Dinamika Multi Finance Tbk | 8.30% | $703.11 | 57.11% |
| 0QPJ.L | Cembra Money Bank AG | 8.29% | $8.23 | 71.08% |
| QDT.PA | Quadient S.A. | 8.29% | $1.20 | 35.65% |
| VPK.AS | Koninklijke Vopak N.V. | 8.29% | $3.16 | 39.83% |
| DP4B.DE | A.P. Møller - Mærsk A/S | 8.27% | $165.16 | 37.01% |
| ECP.AX | ECP Emerging Growth Limited | 8.27% | $0.09 | 24.35% |
| PHOL.BK | Phol Dhanya Public Company Limited | 8.27% | $0.23 | 71.53% |
| ASDM.JK | PT Asuransi Dayin Mitra Tbk | 8.26% | $50.00 | 60.31% |
| 000320.KS | NOROO Holdings Co., Ltd. | 8.25% | $1,700.37 | 53.43% |
| IMCD.AS | IMCD N.V. | 8.25% | $6.46 | 69.83% |
| NELY.JK | PT Pelayaran Nelly Dwi Putri Tbk | 8.25% | $38.30 | 52.05% |
| WGB.AX | WAM Global Limited | 8.25% | $0.20 | 14.48% |
| HM1.AX | Hearts and Minds Investments Limited | 8.24% | $0.26 | 43.45% |