Definitive Analysis
| Stable Growth | $16,217.21 - $22,997.60 | $19,561.83 |
| Multi-Stage | $25,315.92 - $27,743.45 | $26,506.46 |
| Blended Fair Value | $23,034.15 | |
| Current Price | $20,750.00 | |
| Upside | 11.01% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2018 | 2017 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 31,459.77 |
| (-) Cash Dividends Paid (M) | 13,953.28 |
| (=) Cash Retained (M) | 17,506.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,291.95 | 3,932.47 | 2,359.48 |
| Cash Retained (M) | 17,506.50 | 17,506.50 | 17,506.50 |
| (-) Cash Required (M) | -6,291.95 | -3,932.47 | -2,359.48 |
| (=) Excess Retained (M) | 11,214.54 | 13,574.02 | 15,147.01 |
| (/) Shares Outstanding (M) | 12.78 | 12.78 | 12.78 |
| (=) Excess Retained per Share | 877.78 | 1,062.46 | 1,185.58 |
| LTM Dividend per Share | 1,092.15 | 1,092.15 | 1,092.15 |
| (+) Excess Retained per Share | 877.78 | 1,062.46 | 1,185.58 |
| (=) Adjusted Dividend | 1,969.93 | 2,154.61 | 2,277.73 |
| WACC / Discount Rate | 9.90% | 9.90% | 9.90% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $16,217.21 | $19,561.83 | $22,997.60 |
| Upside / Downside | -21.84% | -5.73% | 10.83% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 31,459.77 | 31,145.17 | 30,833.72 | 30,525.39 | 30,220.13 | 29,917.93 | 30,815.47 |
| Payout Ratio | 44.35% | 53.48% | 62.61% | 71.74% | 80.87% | 90.00% | 92.50% |
| Projected Dividends (M) | 13,953.28 | 16,657.13 | 19,305.50 | 21,899.25 | 24,439.19 | 26,926.14 | 28,504.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.90% | 9.90% | 9.90% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 15,002.95 | 15,156.04 | 15,309.13 |
| Year 2 PV (M) | 15,661.53 | 15,982.79 | 16,307.30 |
| Year 3 PV (M) | 16,001.43 | 16,496.29 | 17,001.24 |
| Year 4 PV (M) | 16,083.96 | 16,750.56 | 17,437.68 |
| Year 5 PV (M) | 15,960.88 | 16,792.00 | 17,657.38 |
| PV of Terminal Value (M) | 244,725.38 | 257,468.80 | 270,737.64 |
| Equity Value (M) | 323,436.13 | 338,646.47 | 354,450.37 |
| Shares Outstanding (M) | 12.78 | 12.78 | 12.78 |
| Fair Value | $25,315.92 | $26,506.46 | $27,743.45 |
| Upside / Downside | 22.00% | 27.74% | 33.70% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| DIFI.TA | Direct Finance of Direct Group (2006) Ltd | 0.05% | $27.76 | 72.89% |
| DOHOL.IS | Dogan Sirketler Grubu Holding A.S. | 0.05% | $0.01 | 1.12% |
| DSW.L | DSW Capital plc | 0.05% | $0.04 | 71.47% |
| EDIN.L | The Edinburgh Investment Trust plc | 0.05% | $0.43 | 23.09% |
| EKF.L | EKF Diagnostics Holdings plc | 0.05% | $0.01 | 49.97% |
| FNTL.L | Fintel Plc | 0.05% | $0.10 | 86.78% |
| FSTA.L | Fuller, Smith & Turner PLC | 0.05% | $0.38 | 57.02% |
| GAW.L | Games Workshop Group PLC | 0.05% | $9.37 | 89.20% |
| GCC.MX | GCC, S.A.B. de C.V. | 0.05% | $0.09 | 9.95% |
| GPE.L | Great Portland Estates Plc | 0.05% | $0.16 | 17.61% |
| HAT.L | H&T Group plc | 0.05% | $0.34 | 34.09% |
| HEFT.L | Henderson European Focus Trust plc | 0.05% | $0.09 | 64.95% |
| HWDN.L | Howden Joinery Group Plc | 0.05% | $0.42 | 45.53% |
| I3E.L | i3 Energy Plc | 0.05% | $0.01 | 15.40% |
| ISRS.TA | Isras Investment Company Ltd | 0.05% | $45.21 | 56.32% |
| IX.L | i(x) Net Zero Plc | 0.05% | $0.00 | 0.12% |
| JSE.JO | JSE Limited | 0.05% | $7.95 | 36.38% |
| JSG.L | Johnson Service Group PLC | 0.05% | $0.07 | 41.78% |
| KGH.L | Knights Group Holdings plc | 0.05% | $0.08 | 42.63% |
| KNOS.L | Kainos Group plc | 0.05% | $0.53 | 78.52% |
| LMP.L | LondonMetric Property Plc | 0.05% | $0.10 | 43.71% |
| MDTR.TA | Mediterranean Towers Ltd. | 0.05% | $0.65 | 32.16% |
| MGNS.L | Morgan Sindall Group plc | 0.05% | $2.35 | 41.65% |
| MLRN.TA | M.L.R.N Projects and Trade Ltd. | 0.05% | $0.71 | 41.84% |
| NIOX.L | NIOX Group Plc | 0.05% | $0.03 | 82.72% |
| NTBR.L | Northern Bear PLC | 0.05% | $0.07 | 24.02% |
| NWOR.L | National World Plc | 0.05% | $0.01 | 65.38% |
| PTBL.TA | Property & Building Corp. Ltd. | 0.05% | $18.00 | 65.50% |
| ROR.L | Rotork plc | 0.05% | $0.15 | 58.18% |
| SAIN.L | The Scottish American Investment Company PLC | 0.05% | $0.26 | 46.12% |
| SHRS.L | Shires Income Plc | 0.05% | $0.17 | 8.90% |
| SLARL.TA | Sella Capital Real Estate Ltd. | 0.05% | $0.55 | 43.38% |
| SMJ.L | J. Smart & Co. (Contractors) PLC | 0.05% | $0.07 | 37.45% |
| SOLI.L | Solid State plc | 0.05% | $0.08 | 47.33% |
| SSE.L | SSE plc | 0.05% | $1.03 | 39.40% |
| STB.L | Secure Trust Bank PLC | 0.05% | $0.63 | 25.00% |
| THRG.L | BlackRock Throgmorton Trust plc | 0.05% | $0.29 | 39.74% |
| TIFS.L | TI Fluid Systems plc | 0.05% | $0.11 | 47.06% |
| TMPL.L | Temple Bar Investment Trust PLC | 0.05% | $0.20 | 17.86% |
| TSTL.L | Tristel PLC | 0.05% | $0.24 | 93.73% |
| TUNE.L | Focusrite plc | 0.05% | $0.13 | 97.00% |
| UPGS.L | UP Global Sourcing Holdings plc | 0.05% | $0.07 | 25.06% |
| VOF.L | VinaCapital Vietnam Opportunity Fund Limited | 0.05% | $0.25 | 16.06% |
| WTM | White Mountains Insurance Group, Ltd. | 0.05% | $1.02 | 1.85% |
| 000230.KS | Ildong Holdings Co., Ltd. | 0.04% | $5.33 | 0.12% |
| 000729.SZ | Beijing Yanjing Brewery Co.,Ltd. | 0.04% | $0.00 | 0.84% |
| 001515.KS | SK Securities Co., Ltd. | 0.04% | $1.06 | 11.94% |
| 002159.SZ | Wuhan Sante Cableway Group Co., Ltd. | 0.04% | $0.01 | 0.86% |
| 002252.SZ | Shanghai RAAS Blood Products Co., Ltd. | 0.04% | $0.00 | 1.00% |
| 002316.SZ | Jilin Asia Link Technology Development Co.,Ltd. | 0.04% | $0.00 | 16.75% |