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 % ⇵ |
|---|---|---|---|---|
| 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% |