Definitive Analysis
| Stable Growth | $1,716.35 - $3,956.46 | $2,508.17 |
| Multi-Stage | $1,311.88 - $1,428.14 | $1,368.98 |
| Blended Fair Value | $1,938.57 | |
| Current Price | $468.00 | |
| Upside | 314.23% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 23.84% | 5.29% | 27.57 | 25.90 | 7.45 | 10.24 | 12.21 | 9.46 | 5.08 | 4.34 | 10.45 | 39.75 |
| YoY Growth | - | - | 6.45% | 247.65% | -27.23% | -16.15% | 29.01% | 86.34% | 16.99% | -58.44% | -73.72% | 141.32% |
| Dividend Yield | - | - | 6.53% | 6.82% | 2.39% | 3.48% | 3.55% | 6.27% | 1.34% | 0.93% | 2.69% | 11.94% |
| Net Income To Common (M) | 607,166.00 |
| (-) Cash Dividends Paid (M) | 480,141.00 |
| (=) Cash Retained (M) | 127,025.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 121,433.20 | 75,895.75 | 45,537.45 |
| Cash Retained (M) | 127,025.00 | 127,025.00 | 127,025.00 |
| (-) Cash Required (M) | -121,433.20 | -75,895.75 | -45,537.45 |
| (=) Excess Retained (M) | 5,591.80 | 51,129.25 | 81,487.55 |
| (/) Shares Outstanding (M) | 7,298.50 | 7,298.50 | 7,298.50 |
| (=) Excess Retained per Share | 0.77 | 7.01 | 11.16 |
| LTM Dividend per Share | 65.79 | 65.79 | 65.79 |
| (+) Excess Retained per Share | 0.77 | 7.01 | 11.16 |
| (=) Adjusted Dividend | 66.55 | 72.79 | 76.95 |
| WACC / Discount Rate | 9.59% | 9.59% | 9.59% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,716.35 | $2,508.17 | $3,956.46 |
| Upside / Downside | 266.74% | 435.93% | 745.40% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 607,166.00 | 646,631.79 | 688,662.86 | 733,425.94 | 781,098.63 | 831,870.04 | 856,826.14 |
| Payout Ratio | 79.08% | 81.26% | 83.45% | 85.63% | 87.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 480,141.00 | 525,473.85 | 574,671.38 | 628,044.47 | 685,928.06 | 748,683.04 | 792,564.18 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.59% | 9.59% | 9.59% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 474,984.87 | 479,487.10 | 483,989.32 |
| Year 2 PV (M) | 469,544.65 | 478,488.16 | 487,516.04 |
| Year 3 PV (M) | 463,848.74 | 477,164.17 | 490,732.02 |
| Year 4 PV (M) | 457,923.81 | 475,534.26 | 493,647.84 |
| Year 5 PV (M) | 451,794.88 | 473,616.74 | 496,273.78 |
| PV of Terminal Value (M) | 7,256,682.13 | 7,607,182.59 | 7,971,097.53 |
| Equity Value (M) | 9,574,779.08 | 9,991,473.03 | 10,423,256.53 |
| Shares Outstanding (M) | 7,298.50 | 7,298.50 | 7,298.50 |
| Fair Value | $1,311.88 | $1,368.98 | $1,428.14 |
| Upside / Downside | 180.32% | 192.52% | 205.16% |
| 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% |