Definitive Analysis
| Stable Growth | $2,997.75 - $8,479.41 | $4,673.23 |
| Multi-Stage | $2,148.15 - $2,340.09 | $2,242.40 |
| Blended Fair Value | $3,457.82 | |
| Current Price | $1,210.00 | |
| Upside | 185.77% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 22.26% | 22.77% | 99.88 | 124.85 | 41.95 | 26.97 | 19.99 | 36.57 | 44.70 | 30.36 | 18.17 | 25.92 |
| YoY Growth | - | - | -20.00% | 197.62% | 55.56% | 34.90% | -45.33% | -18.18% | 47.20% | 67.08% | -29.88% | 101.86% |
| Dividend Yield | - | - | 9.12% | 7.30% | 2.71% | 2.96% | 3.10% | 9.26% | 4.70% | 2.68% | 1.45% | 1.86% |
| Net Income To Common (M) | 2,405,838.14 |
| (-) Cash Dividends Paid (M) | 1,977,629.46 |
| (=) Cash Retained (M) | 428,208.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 481,167.63 | 300,729.77 | 180,437.86 |
| Cash Retained (M) | 428,208.68 | 428,208.68 | 428,208.68 |
| (-) Cash Required (M) | -481,167.63 | -300,729.77 | -180,437.86 |
| (=) Excess Retained (M) | -52,958.95 | 127,478.91 | 247,770.82 |
| (/) Shares Outstanding (M) | 19,760.98 | 19,760.98 | 19,760.98 |
| (=) Excess Retained per Share | -2.68 | 6.45 | 12.54 |
| LTM Dividend per Share | 100.08 | 100.08 | 100.08 |
| (+) Excess Retained per Share | -2.68 | 6.45 | 12.54 |
| (=) Adjusted Dividend | 97.40 | 106.53 | 112.62 |
| WACC / Discount Rate | 8.93% | 8.93% | 8.93% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $2,997.75 | $4,673.23 | $8,479.41 |
| Upside / Downside | 147.75% | 286.22% | 600.78% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,405,838.14 | 2,562,217.61 | 2,728,761.76 | 2,906,131.27 | 3,095,029.81 | 3,296,206.74 | 3,395,092.95 |
| Payout Ratio | 82.20% | 83.76% | 85.32% | 86.88% | 88.44% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,977,629.46 | 2,146,139.47 | 2,328,200.30 | 2,524,861.59 | 2,737,252.21 | 2,966,586.07 | 3,140,460.98 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.93% | 8.93% | 8.93% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,951,741.91 | 1,970,241.83 | 1,988,741.76 |
| Year 2 PV (M) | 1,925,525.31 | 1,962,201.16 | 1,999,223.01 |
| Year 3 PV (M) | 1,899,026.01 | 1,953,540.22 | 2,009,087.85 |
| Year 4 PV (M) | 1,872,287.76 | 1,944,290.66 | 2,018,350.64 |
| Year 5 PV (M) | 1,845,351.84 | 1,934,483.02 | 2,027,025.46 |
| PV of Terminal Value (M) | 32,955,513.27 | 34,547,276.88 | 36,199,961.03 |
| Equity Value (M) | 42,449,446.09 | 44,312,033.78 | 46,242,389.75 |
| Shares Outstanding (M) | 19,760.98 | 19,760.98 | 19,760.98 |
| Fair Value | $2,148.15 | $2,242.40 | $2,340.09 |
| Upside / Downside | 77.53% | 85.32% | 93.40% |
| 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% |