Definitive Analysis
| Stable Growth | $65,590.43 - $160,490.57 | $150,403.16 |
| Multi-Stage | $23,588.44 - $25,805.68 | $24,676.74 |
| Blended Fair Value | $87,539.95 | |
| Current Price | $5,775.00 | |
| Upside | 1,415.84% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.71% | 9.16% | 518.68 | 649.57 | 281.82 | 131.91 | 183.90 | 211.00 | 189.88 | 167.92 | 167.89 | 215.86 |
| YoY Growth | - | - | -20.15% | 130.49% | 113.65% | -28.27% | -12.84% | 11.12% | 13.08% | 0.01% | -22.22% | 0.00% |
| Dividend Yield | - | - | 10.54% | 12.49% | 4.70% | 2.01% | 3.49% | 5.41% | 2.61% | 2.30% | 1.95% | 2.98% |
| Net Income To Common (M) | 32,670,000.00 |
| (-) Cash Dividends Paid (M) | 16,426,000.00 |
| (=) Cash Retained (M) | 16,244,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,534,000.00 | 4,083,750.00 | 2,450,250.00 |
| Cash Retained (M) | 16,244,000.00 | 16,244,000.00 | 16,244,000.00 |
| (-) Cash Required (M) | -6,534,000.00 | -4,083,750.00 | -2,450,250.00 |
| (=) Excess Retained (M) | 9,710,000.00 | 12,160,250.00 | 13,793,750.00 |
| (/) Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| (=) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| LTM Dividend per Share | 405.74 | 405.74 | 405.74 |
| (+) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| (=) Adjusted Dividend | 645.59 | 706.12 | 746.47 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $65,590.43 | $150,403.16 | $160,490.57 |
| Upside / Downside | 1,035.77% | 2,504.38% | 2,679.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32,670,000.00 | 34,793,550.00 | 37,055,130.75 | 39,463,714.25 | 42,028,855.67 | 44,760,731.29 | 46,103,553.23 |
| Payout Ratio | 50.28% | 58.22% | 66.17% | 74.11% | 82.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,426,000.00 | 20,257,791.00 | 24,518,314.98 | 29,247,117.91 | 34,487,075.34 | 40,284,658.16 | 42,645,786.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 18,836,000.94 | 19,014,541.23 | 19,193,081.52 |
| Year 2 PV (M) | 21,197,461.46 | 21,601,213.56 | 22,008,774.65 |
| Year 3 PV (M) | 23,511,098.86 | 24,186,018.01 | 24,873,731.46 |
| Year 4 PV (M) | 25,777,621.03 | 26,768,955.58 | 27,788,611.88 |
| Year 5 PV (M) | 27,997,726.63 | 29,350,027.29 | 30,754,083.69 |
| PV of Terminal Value (M) | 837,626,387.30 | 878,084,055.01 | 920,090,132.89 |
| Equity Value (M) | 954,946,296.21 | 999,004,810.69 | 1,044,708,416.09 |
| Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| Fair Value | $23,588.44 | $24,676.74 | $25,805.68 |
| Upside / Downside | 308.46% | 327.30% | 346.85% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| CU-X.TO | Canadian Utilities Limited | 6.70% | $2.31 | 96.15% |
| NAC | Nuveen California Quality Municipal Income Fund | 6.70% | $0.79 | 58.10% |
| SMIT.BK | Sahamit Machinery Public Company Limited | 6.70% | $0.24 | 80.77% |
| FNTN.DE | freenet AG | 6.69% | $1.99 | 86.99% |
| 2319.HK | China Mengniu Dairy Company Limited | 6.68% | $1.00 | 99.41% |
| 8963.T | Invincible Investment Corporation | 6.68% | $4,300.61 | 61.53% |
| PLAKR.AT | Plastika Kritis S.A. | 6.67% | $0.97 | 34.18% |
| 000540.KS | Heungkuk Fire&Marine Insurance Co., Ltd. | 6.66% | $237.38 | 27.99% |
| 2314.HK | Lee & Man Paper Manufacturing Limited | 6.66% | $0.19 | 28.93% |
| 298020.KS | Hyosung TNC Corporation | 6.66% | $14,250.78 | 88.73% |
| CPTGF.BK | C.P. Tower Growth Leasehold Property Fund | 6.66% | $0.34 | 63.33% |
| 0QQG.L | Romande Energie Holding S.A. | 6.65% | $2.88 | 54.24% |
| 9924.TW | Taiwan Fu Hsing Industrial Co.,Ltd. | 6.65% | $3.48 | 97.31% |
| AYUD.BK | Allianz Ayudhya Capital Public Company Limited | 6.65% | $2.34 | 38.16% |
| BEES3.SA | Banestes S.A. - Banco do Estado do Espírito Santo | 6.65% | $0.54 | 47.77% |
| DHT | DHT Holdings, Inc. | 6.65% | $0.78 | 62.76% |
| DVLA.JK | PT Darya-Varia Laboratoria Tbk | 6.65% | $110.00 | 71.18% |
| BTB-UN.TO | BTB Real Estate Investment Trust | 6.64% | $0.27 | 63.41% |
| 0297.HK | Sinofert Holdings Limited | 6.63% | $0.10 | 40.38% |
| 0QQ0.L | BKW AG | 6.63% | $11.16 | 61.27% |
| TTW-R.BK | TTW Public Company Limited | 6.63% | $0.60 | 76.46% |
| 000001.SZ | Ping An Bank Co., Ltd. | 6.62% | $0.75 | 33.97% |
| 5519.TW | LongDa Construction & Development Corporation | 6.62% | $2.17 | 73.27% |
| AKHI.QA | Al Khaleej Takaful Insurance Company Q.P.S.C. | 6.62% | $0.15 | 62.13% |
| DEXP3.SA | Dexxos Participações S.A. | 6.61% | $0.52 | 35.77% |
| PLZ-UN.TO | Plaza Retail REIT | 6.60% | $0.28 | 87.93% |
| 0900.HK | AEON Credit Service (Asia) Company Limited | 6.59% | $0.48 | 47.12% |
| 4001.SR | Abdullah Al-Othaim Markets Company | 6.59% | $0.41 | 69.57% |
| 9942.TW | NAK Sealing Technologies Corporation | 6.59% | $6.99 | 83.55% |
| QFLS.QA | Qatar Fuel Company Q.P.S.C.("WOQOD") | 6.59% | $1.00 | 96.27% |
| AD-UN.TO | Alaris Equity Partners Income Trust | 6.58% | $1.36 | 46.26% |
| ARF.AX | Arena REIT | 6.58% | $0.23 | 67.19% |
| BVI.PA | Bureau Veritas S.A. | 6.58% | $1.77 | 68.58% |
| 9677.HK | Weihai Bank Co., Ltd. Class H | 6.57% | $0.18 | 37.27% |
| LI.PA | Klépierre | 6.57% | $2.19 | 40.55% |
| SIME.KL | Sime Darby Berhad | 6.57% | $0.14 | 45.15% |
| KER.PA | Kering S.A. | 6.56% | $19.99 | 87.42% |
| MING.OL | SpareBank 1 SMN | 6.56% | $13.29 | 42.26% |
| 024090.KS | DCM Corp. | 6.55% | $791.65 | 75.82% |
| EMSN.SW | Ems-Chemie Holding AG | 6.55% | $36.01 | 91.24% |
| HVN.AX | Harvey Norman Holdings Limited | 6.55% | $0.46 | 65.85% |
| LALIN.BK | Lalin Property Public Company Limited | 6.54% | $0.32 | 61.45% |
| 0636.HK | KLN Logistics Group Limited | 6.53% | $0.47 | 28.09% |
| 0JSU.L | Sipef N.V. | 6.53% | $5.38 | 34.04% |
| 0QF8.L | Aktia Pankki Oyj | 6.53% | $0.82 | 92.48% |
| INTR | Inter & Co, Inc. | 6.53% | $0.55 | 20.40% |
| 0028.HK | Tian An China Investments Company Limited | 6.52% | $0.30 | 15.83% |
| 4190.SR | Jarir Marketing Company | 6.52% | $0.84 | 99.34% |
| ONEE.BK | The ONE Enterprise Public Company Limited | 6.52% | $0.14 | 89.05% |
| 0119.HK | Poly Property Group Co., Limited | 6.51% | $0.13 | 38.03% |