Definitive Analysis
| Stable Growth | $120.11 - $258.27 | $171.35 |
| Multi-Stage | $101.29 - $110.56 | $105.84 |
| Blended Fair Value | $138.59 | |
| Current Price | $220.83 | |
| Upside | -37.24% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.67% | 5.73% | 2.99 | 2.81 | 2.67 | 2.40 | 2.29 | 2.17 | 1.99 | 1.86 | 1.80 | 1.72 |
| YoY Growth | - | - | 6.51% | 5.48% | 11.03% | 4.64% | 5.82% | 9.23% | 6.93% | 3.31% | 4.46% | 0.29% |
| Dividend Yield | - | - | 1.29% | 1.32% | 1.63% | 1.51% | 1.78% | 2.34% | 1.91% | 2.21% | 2.46% | 2.92% |
| Net Income To Common (M) | 2,564.00 |
| (-) Cash Dividends Paid (M) | 1,302.00 |
| (=) Cash Retained (M) | 1,262.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 512.80 | 320.50 | 192.30 |
| Cash Retained (M) | 1,262.00 | 1,262.00 | 1,262.00 |
| (-) Cash Required (M) | -512.80 | -320.50 | -192.30 |
| (=) Excess Retained (M) | 749.20 | 941.50 | 1,069.70 |
| (/) Shares Outstanding (M) | 404.03 | 404.03 | 404.03 |
| (=) Excess Retained per Share | 1.85 | 2.33 | 2.65 |
| LTM Dividend per Share | 3.22 | 3.22 | 3.22 |
| (+) Excess Retained per Share | 1.85 | 2.33 | 2.65 |
| (=) Adjusted Dividend | 5.08 | 5.55 | 5.87 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.67% | 5.67% | 6.67% |
| Fair Value | $120.11 | $171.35 | $258.27 |
| Upside / Downside | -45.61% | -22.41% | 16.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,564.00 | 2,709.47 | 2,863.19 | 3,025.63 | 3,197.28 | 3,378.68 | 3,480.04 |
| Payout Ratio | 50.78% | 58.62% | 66.47% | 74.31% | 82.16% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,302.00 | 1,588.40 | 1,903.10 | 2,248.40 | 2,626.76 | 3,040.81 | 3,219.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.67% | 5.67% | 6.67% |
| Year 1 PV (M) | 1,442.16 | 1,455.94 | 1,469.71 |
| Year 2 PV (M) | 1,568.81 | 1,598.93 | 1,629.33 |
| Year 3 PV (M) | 1,682.81 | 1,731.51 | 1,781.13 |
| Year 4 PV (M) | 1,784.99 | 1,854.19 | 1,925.37 |
| Year 5 PV (M) | 1,876.11 | 1,967.46 | 2,062.33 |
| PV of Terminal Value (M) | 32,569.26 | 34,155.02 | 35,801.97 |
| Equity Value (M) | 40,924.14 | 42,763.04 | 44,669.85 |
| Shares Outstanding (M) | 404.03 | 404.03 | 404.03 |
| Fair Value | $101.29 | $105.84 | $110.56 |
| Upside / Downside | -54.13% | -52.07% | -49.93% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| MORG.OL | Sparebanken Møre | 8.24% | $9.79 | 48.31% |
| TCL-A.TO | Transcontinental Inc. | 8.23% | $1.90 | 90.45% |
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| 025000.KS | KPX Chemical Co.,Ltd. | 8.20% | $3,780.40 | 27.09% |
| 3249.T | Industrial & Infrastructure Fund Investment Corporation | 8.19% | $12,629.62 | 94.12% |
| MERC3.SA | Mercantil do Brasil Financeira S.A. | 8.19% | $1.25 | 23.03% |
| VOW.DE | Volkswagen AG | 8.19% | $8.80 | 61.96% |
| ACES.JK | PT Aspirasi Hidup Indonesia Tbk | 8.17% | $33.50 | 70.02% |
| ADH.AX | Adairs Limited | 8.14% | $0.15 | 48.18% |
| 0DZJ.L | Groupe CRIT S.A. | 8.13% | $4.75 | 37.37% |
| WAR.AX | WAM Strategic Value Limited | 8.12% | $0.09 | 49.55% |
| PCSGH.BK | P.C.S. Machine Group Holding Public Company Limited | 8.10% | $0.25 | 61.11% |
| C52.SI | ComfortDelGro Corporation Limited | 8.08% | $0.12 | 61.96% |
| 6601.HK | Cheerwin Group Limited | 8.07% | $0.18 | 58.02% |
| ABA.AX | Auswide Bank Ltd | 8.07% | $0.41 | 53.00% |
| FILA.MI | F.I.L.A. - Fabbrica Italiana Lapis ed Affini S.p.A. | 8.06% | $0.78 | 60.66% |
| AIQ.AX | Alternative Investment Trust | 8.04% | $0.12 | 50.93% |
| LIGHT.AS | Signify N.V. | 8.04% | $1.74 | 69.87% |
| NER.BK | North East Rubber Public Company Limited | 8.04% | $0.36 | 35.33% |
| 1361.HK | 361 Degrees International Limited | 8.03% | $0.43 | 39.44% |
| STO.AX | Santos Limited | 8.03% | $0.49 | 70.12% |
| UTP.BK | United Paper Public Company Limited | 8.00% | $0.60 | 73.40% |
| 0P2J.L | Ascencio S.A. | 7.99% | $4.30 | 73.74% |
| 0QQE.L | DKSH Holding AG | 7.99% | $4.59 | 77.54% |
| RPL.AX | Regal Partners Limited | 7.99% | $0.26 | 96.18% |
| 1983.HK | Luzhou Bank Co., Ltd. | 7.96% | $0.17 | 23.39% |
| 2166.HK | Smart-Core Holdings Limited | 7.96% | $0.17 | 38.03% |
| 3014.TW | ITE Tech. Inc | 7.96% | $9.11 | 95.86% |
| BSD.PA | Bourse Direct S.A. | 7.96% | $0.36 | 51.14% |
| OIZ.IR | Origin Enterprises plc | 7.96% | $0.33 | 39.03% |
| FVI.MI | Fervi S.p.A. | 7.95% | $1.29 | 58.52% |
| MSTI.JK | Mastersystem Infotama Tbk. | 7.95% | $118.00 | 70.08% |
| 0012.HK | Henderson Land Development Company Limited | 7.94% | $2.30 | 89.03% |
| 057050.KS | Hyundai Home Shopping Network Corporation | 7.93% | $4,290.73 | 58.03% |
| IB.MI | Iniziative Bresciane S.p.A. | 7.93% | $0.93 | 91.62% |
| SSSC.BK | Siam Steel Service Center Public Company Limited | 7.93% | $0.17 | 48.86% |
| 0868.HK | Xinyi Glass Holdings Limited | 7.92% | $0.67 | 37.03% |
| 0E1L.L | CapMan Oyj | 7.90% | $0.15 | 36.88% |
| BBAS3.SA | Banco do Brasil S.A. | 7.90% | $1.71 | 76.22% |
| 002060.SZ | Guangdong Construction Engineering Group Co., Ltd. | 7.89% | $0.28 | 98.50% |
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| 0F2S.L | Linedata Services S.A. | 7.87% | $3.60 | 32.69% |
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| 5199.KL | Hibiscus Petroleum Berhad | 7.86% | $0.12 | 74.47% |
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