Definitive Analysis
| Stable Growth | $25,422.05 - $91,921.66 | $80,582.40 |
| Multi-Stage | $11,921.55 - $13,027.73 | $12,464.56 |
| Blended Fair Value | $46,523.48 | |
| Current Price | $8,675.00 | |
| Upside | 436.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.34% | 27.21% | 277.51 | 212.51 | 155.01 | 111.40 | 110.60 | 71.00 | 52.00 | 42.00 | 35.00 | 30.60 |
| YoY Growth | - | - | 30.59% | 37.10% | 39.14% | 0.72% | 55.77% | 36.54% | 23.81% | 20.00% | 14.38% | 22.40% |
| Dividend Yield | - | - | 3.26% | 2.16% | 1.77% | 1.40% | 1.78% | 1.29% | 0.95% | 0.90% | 1.06% | 1.15% |
| Net Income To Common (M) | 56,976,535.00 |
| (-) Cash Dividends Paid (M) | 36,982,515.00 |
| (=) Cash Retained (M) | 19,994,020.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,395,307.00 | 7,122,066.88 | 4,273,240.13 |
| Cash Retained (M) | 19,994,020.00 | 19,994,020.00 | 19,994,020.00 |
| (-) Cash Required (M) | -11,395,307.00 | -7,122,066.88 | -4,273,240.13 |
| (=) Excess Retained (M) | 8,598,713.00 | 12,871,953.13 | 15,720,779.88 |
| (/) Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| (=) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| LTM Dividend per Share | 300.01 | 300.01 | 300.01 |
| (+) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| (=) Adjusted Dividend | 369.77 | 404.43 | 427.54 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $25,422.05 | $80,582.40 | $91,921.66 |
| Upside / Downside | 193.05% | 828.90% | 959.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 56,976,535.00 | 60,680,009.78 | 64,624,210.41 | 68,824,784.09 | 73,298,395.05 | 78,062,790.73 | 80,404,674.45 |
| Payout Ratio | 64.91% | 69.93% | 74.94% | 79.96% | 84.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,982,515.00 | 42,431,504.54 | 48,432,611.59 | 55,034,589.46 | 62,290,196.66 | 70,256,511.66 | 74,374,323.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 39,270,593.19 | 39,642,826.30 | 40,015,059.41 |
| Year 2 PV (M) | 41,485,463.63 | 42,275,645.19 | 43,073,281.29 |
| Year 3 PV (M) | 43,628,755.15 | 44,881,179.92 | 46,157,346.63 |
| Year 4 PV (M) | 45,702,064.88 | 47,459,637.32 | 49,267,422.37 |
| Year 5 PV (M) | 47,706,958.91 | 50,011,222.86 | 52,403,676.42 |
| PV of Terminal Value (M) | 1,251,778,469.63 | 1,312,239,837.78 | 1,375,015,204.80 |
| Equity Value (M) | 1,469,572,305.39 | 1,536,510,349.37 | 1,605,931,990.93 |
| Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| Fair Value | $11,921.55 | $12,464.56 | $13,027.73 |
| Upside / Downside | 37.42% | 43.68% | 50.18% |
| 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% |