Definitive Analysis
| Stable Growth | $1,837,741.67 - $9,257,244.79 | $3,813,080.85 |
| Multi-Stage | $1,163,794.49 - $1,273,624.49 | $1,217,698.63 |
| Blended Fair Value | $2,515,389.74 | |
| Current Price | $451,500.00 | |
| Upside | 457.12% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.86% | 18.63% | 16,021.99 | 13,826.78 | 12,022.50 | 8,800.22 | 8,500.22 | 11,500.18 | 10,000.20 | 6,117.67 | 5,228.69 | 4,695.94 |
| YoY Growth | - | - | 15.88% | 15.01% | 36.62% | 3.53% | -26.09% | 15.00% | 63.46% | 17.00% | 11.35% | 61.80% |
| Dividend Yield | - | - | 4.48% | 4.53% | 5.84% | 4.02% | 4.47% | 7.47% | 3.24% | 2.26% | 1.95% | 1.59% |
| Net Income To Common (M) | 1,990,667.81 |
| (-) Cash Dividends Paid (M) | 809,299.28 |
| (=) Cash Retained (M) | 1,181,368.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 398,133.56 | 248,833.48 | 149,300.09 |
| Cash Retained (M) | 1,181,368.53 | 1,181,368.53 | 1,181,368.53 |
| (-) Cash Required (M) | -398,133.56 | -248,833.48 | -149,300.09 |
| (=) Excess Retained (M) | 783,234.97 | 932,535.06 | 1,032,068.45 |
| (/) Shares Outstanding (M) | 42.51 | 42.51 | 42.51 |
| (=) Excess Retained per Share | 18,424.72 | 21,936.84 | 24,278.25 |
| LTM Dividend per Share | 19,037.86 | 19,037.86 | 19,037.86 |
| (+) Excess Retained per Share | 18,424.72 | 21,936.84 | 24,278.25 |
| (=) Adjusted Dividend | 37,462.58 | 40,974.70 | 43,316.11 |
| WACC / Discount Rate | 6.99% | 6.99% | 6.99% |
| Growth Rate | 4.86% | 5.86% | 6.86% |
| Fair Value | $1,837,741.67 | $3,813,080.85 | $9,257,244.79 |
| Upside / Downside | 307.03% | 744.54% | 1,950.33% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,990,667.81 | 2,107,258.06 | 2,230,676.81 | 2,361,324.00 | 2,499,622.99 | 2,646,021.93 | 2,725,402.58 |
| Payout Ratio | 40.65% | 50.52% | 60.39% | 70.26% | 80.13% | 90.00% | 92.50% |
| Projected Dividends (M) | 809,299.28 | 1,064,665.37 | 1,347,168.13 | 1,659,110.28 | 2,002,971.21 | 2,381,419.73 | 2,520,997.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.99% | 6.99% | 6.99% |
| Growth Rate | 4.86% | 5.86% | 6.86% |
| Year 1 PV (M) | 985,666.70 | 995,066.82 | 1,004,466.93 |
| Year 2 PV (M) | 1,154,664.22 | 1,176,792.87 | 1,199,131.56 |
| Year 3 PV (M) | 1,316,515.94 | 1,354,542.39 | 1,393,294.12 |
| Year 4 PV (M) | 1,471,439.90 | 1,528,379.37 | 1,586,955.59 |
| Year 5 PV (M) | 1,619,648.32 | 1,698,366.93 | 1,780,116.94 |
| PV of Terminal Value (M) | 42,924,968.72 | 45,011,220.24 | 47,177,811.86 |
| Equity Value (M) | 49,472,903.80 | 51,764,368.63 | 54,141,777.00 |
| Shares Outstanding (M) | 42.51 | 42.51 | 42.51 |
| Fair Value | $1,163,794.49 | $1,217,698.63 | $1,273,624.49 |
| Upside / Downside | 157.76% | 169.70% | 182.09% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 2979.T | SOSiLA Logistics REIT, Inc. | 6.51% | $8,225.45 | 81.63% |
| 5135.KL | Sarawak Plantation Berhad | 6.51% | $0.20 | 57.64% |
| TOTB.DE | TotalEnergies SE | 6.51% | $3.65 | 56.75% |
| 0QNK.L | Warteck Invest AG | 6.49% | $126.00 | 80.72% |
| 6605.TW | Depo Auto Parts Industrial Co., Ltd. | 6.49% | $8.93 | 65.56% |
| INCLU.BR | Inclusio S.A. | 6.49% | $1.16 | 17.79% |
| TUGU.JK | PT Asuransi Tugu Pratama Indonesia Tbk | 6.49% | $76.89 | 36.75% |
| 014580.KS | Taekyung Bk Co., Ltd | 6.48% | $298.23 | 30.77% |
| 3485.TWO | Eclat Forever Machinery Co., Ltd. | 6.48% | $8.87 | 69.07% |
| 3933.HK | The United Laboratories International Holdings Limited | 6.48% | $0.76 | 23.13% |
| JBH.AX | JB Hi-Fi Limited | 6.48% | $6.24 | 75.94% |
| SGLLV.AX | Ricegrowers Limited | 6.48% | $1.07 | 54.55% |
| SJOVA.IC | Sjóvá-Almennar tryggingar hf. | 6.48% | $2.83 | 90.10% |
| 010960.KS | Samho Development Co., Ltd. | 6.47% | $239.21 | 28.41% |
| FIBRAMQ12.MX | FIBRA Macquarie México | 6.47% | $2.19 | 39.90% |
| FWD.AX | Fleetwood Limited | 6.47% | $0.18 | 94.88% |
| VLID3.SA | Valid Soluções S.A. | 6.46% | $1.36 | 44.64% |
| 214320.KS | Innocean Worldwide Inc. | 6.45% | $1,180.09 | 56.54% |
| 3481.T | Mitsubishi Estate Logistics REIT Investment Corporation | 6.45% | $8,568.43 | 74.88% |
| TMW.BK | Thai Mitsuwa Public Company Limited | 6.45% | $3.61 | 27.20% |
| IMPACT.BK | Impact Growth Real Estate Investment Trust | 6.44% | $0.67 | 90.64% |
| 1969.HK | China Chunlai Education Group Co., Ltd. | 6.43% | $0.23 | 18.54% |
| ALICA.PA | Icape Holding S.A. | 6.43% | $0.38 | 45.20% |
| KBANK-R.BK | Kasikornbank Public Company Limited | 6.43% | $12.50 | 59.49% |
| KUMWEL.BK | Kumwell Corporation Public Company Limited | 6.43% | $0.07 | 45.73% |
| SLL.DE | SBO AG | 6.42% | $1.75 | 84.82% |
| TFF.PA | TFF Group | 6.42% | $1.23 | 30.40% |
| 8958.T | Global One Real Estate Investment Corp. | 6.41% | $8,838.24 | 59.36% |
| AALLON.HE | Aallon Group Oyj | 6.41% | $0.68 | 63.85% |
| PL8.AX | Plato Income Maximiser Limited | 6.41% | $0.09 | 47.21% |
| PTT-R.BK | PTT Public Company Limited | 6.41% | $2.05 | 78.59% |
| 461300.KQ | i-Scream Media Co. Ltd. | 6.39% | $1,098.51 | 44.35% |
| FLRY3.SA | Fleury S.A. | 6.39% | $0.95 | 86.00% |
| 000666.SZ | Jingwei Textile Machinery Company Limited | 6.38% | $0.57 | 40.17% |
| 013870.KS | GMB Korea Corp. | 6.38% | $256.35 | 27.15% |
| 2669.HK | China Overseas Property Holdings Limited | 6.38% | $0.29 | 29.88% |
| NRP.AS | NEPI Rockcastle S.A. | 6.38% | $0.47 | 30.96% |
| 2247.TW | Pan German Universal Motors Ltd. | 6.37% | $17.96 | 78.50% |
| MSC.BK | Metro Systems Corporation Public Company Limited | 6.37% | $0.50 | 73.61% |
| 017800.KS | Hyundai Elevator Co., Ltd | 6.36% | $5,588.04 | 85.50% |
| 035250.KS | Kangwon Land, Inc. | 6.36% | $1,169.57 | 64.65% |
| 5108.T | Bridgestone Corporation | 6.36% | $223.54 | 63.02% |
| FSHOP13.MX | Fibra Shop | 6.36% | $0.58 | 14.91% |
| FTREIT.BK | Frasers Property Thailand Industrial Freehold & Leasehold REIT | 6.36% | $0.75 | 82.90% |
| 0RG6.L | Flughafen Zürich AG | 6.35% | $11.00 | 51.63% |
| 0ZQ7.L | Instone Real Estate Group SE | 6.35% | $0.50 | 79.32% |
| ENEL.MI | Enel S.p.A. | 6.35% | $0.57 | 90.97% |
| STANLY.BK | Thai Stanley Electric Public Company Limited | 6.35% | $12.00 | 52.87% |
| TASCO-R.BK | Tipco Asphalt Public Company Limited | 6.35% | $0.87 | 88.88% |
| 603279.SS | Jingjin Equipment Inc. | 6.34% | $1.07 | 99.67% |