Definitive Analysis
| Stable Growth | $37.35 - $108.95 | $102.10 |
| Multi-Stage | $15.56 - $16.99 | $16.26 |
| Blended Fair Value | $59.18 | |
| Current Price | $9.97 | |
| Upside | 493.61% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.46% | 18.02% | 0.89 | 0.60 | 0.60 | 0.50 | 0.50 | 0.50 | 0.38 | 0.30 | 0.22 | 0.17 |
| YoY Growth | - | - | 48.10% | -0.01% | 20.00% | 1.21% | 0.00% | 30.00% | 27.05% | 37.15% | 30.00% | -1.00% |
| Dividend Yield | - | - | 7.46% | 3.74% | 2.48% | 2.45% | 1.96% | 4.49% | 2.14% | 2.30% | 2.18% | 2.38% |
| Net Income To Common (M) | 868.30 |
| (-) Cash Dividends Paid (M) | 785.93 |
| (=) Cash Retained (M) | 82.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 173.66 | 108.54 | 65.12 |
| Cash Retained (M) | 82.36 | 82.36 | 82.36 |
| (-) Cash Required (M) | -173.66 | -108.54 | -65.12 |
| (=) Excess Retained (M) | -91.30 | -26.17 | 17.24 |
| (/) Shares Outstanding (M) | 1,584.98 | 1,584.98 | 1,584.98 |
| (=) Excess Retained per Share | -0.06 | -0.02 | 0.01 |
| LTM Dividend per Share | 0.50 | 0.50 | 0.50 |
| (+) Excess Retained per Share | -0.06 | -0.02 | 0.01 |
| (=) Adjusted Dividend | 0.44 | 0.48 | 0.51 |
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $37.35 | $102.10 | $108.95 |
| Upside / Downside | 274.66% | 924.09% | 992.77% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 868.30 | 924.74 | 984.85 | 1,048.86 | 1,117.04 | 1,189.64 | 1,225.33 |
| Payout Ratio | 90.51% | 90.41% | 90.31% | 90.21% | 90.10% | 90.00% | 92.50% |
| Projected Dividends (M) | 785.93 | 836.07 | 889.40 | 946.13 | 1,006.48 | 1,070.68 | 1,133.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 775.94 | 783.29 | 790.65 |
| Year 2 PV (M) | 766.07 | 780.66 | 795.39 |
| Year 3 PV (M) | 756.32 | 778.03 | 800.15 |
| Year 4 PV (M) | 746.70 | 775.41 | 804.95 |
| Year 5 PV (M) | 737.19 | 772.80 | 809.77 |
| PV of Terminal Value (M) | 20,878.47 | 21,886.90 | 22,933.94 |
| Equity Value (M) | 24,660.68 | 25,777.10 | 26,934.84 |
| Shares Outstanding (M) | 1,584.98 | 1,584.98 | 1,584.98 |
| Fair Value | $15.56 | $16.26 | $16.99 |
| Upside / Downside | 56.06% | 63.12% | 70.45% |
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|---|---|---|---|---|
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| 298540.KQ | The Nature Holdings Co., Ltd. | 6.02% | $521.44 | 76.58% |
| 6263.TWO | Planet Technology Corporation | 6.02% | $7.86 | 95.87% |
| NZX.NZ | NZX Limited | 6.02% | $0.09 | 77.46% |
| WLMM3.SA | WLM Participações e Comércio de Máquinas e Veículos S.A. | 6.02% | $1.23 | 40.06% |
| 1760.HK | Intron Technology Holdings Limited | 6.01% | $0.12 | 30.56% |
| 5209.KL | Gas Malaysia Berhad | 6.01% | $0.26 | 82.61% |
| ALLAN.PA | Lanson-BCC | 6.01% | $1.96 | 26.09% |
| QAMC.QA | Qatar Aluminium Manufacturing Company Q.P.S.C. | 6.00% | $0.10 | 74.36% |
| 0237.HK | Safety Godown Company, Limited | 5.99% | $0.12 | 71.07% |
| 8986.T | Daiwa Securities Living Investment Corporation | 5.99% | $6,829.90 | 63.32% |
| ASX.AX | ASX Limited | 5.99% | $3.08 | 67.16% |
| MKP.TO | MCAN Mortgage Corporation | 5.99% | $1.35 | 74.01% |
| 0QMU.L | Compagnie Financière Richemont S.A. | 5.98% | $6.91 | 67.79% |
| 8924.TWO | O-TA Precision Industry Co., Ltd. | 5.98% | $4.29 | 80.38% |
| FMTY14.MX | Fibra Mty, S.A.P.I. de C.V. | 5.98% | $0.93 | 46.45% |
| HUMAN.BK | Humanica Public Company Limited | 5.98% | $0.30 | 74.76% |
| 603368.SS | Guangxi LiuYao Group Co., Ltd | 5.97% | $1.06 | 53.83% |
| 6069.HK | SY Holdings Group Limited | 5.97% | $0.67 | 97.72% |
| ASII.JK | PT Astra International Tbk | 5.97% | $405.75 | 50.28% |
| PXT.TO | Parex Resources Inc. | 5.97% | $1.12 | 86.22% |
| SB | Safe Bulkers, Inc. | 5.97% | $0.29 | 64.01% |
| 1562.KL | Sports Toto Berhad | 5.96% | $0.08 | 49.23% |
| 8442.TW | WW Holding Inc. | 5.96% | $4.19 | 72.79% |
| NTV.BK | Nonthavej Hospital Public Company Limited | 5.96% | $1.37 | 66.11% |
| WLE.AX | WAM Leaders Limited | 5.96% | $0.08 | 8.04% |
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| O3P.DE | Österreichische Post AG | 5.95% | $1.88 | 98.14% |
| PWO.DE | PWO AG | 5.95% | $1.75 | 48.89% |
| 0898.HK | Multifield International Holdings Limited | 5.94% | $0.06 | 9.32% |
| 1155.KL | Malayan Banking Berhad | 5.94% | $0.62 | 72.18% |
| PORT3.SA | Wilson Sons S.A. | 5.94% | $1.11 | 73.49% |
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| 0GX2.L | Neurones S.A. | 5.92% | $2.49 | 61.25% |
| 4012.SR | Thob Al Aseel Company | 5.92% | $0.20 | 89.05% |
| 9585.SR | Mulkia Investment Co. | 5.92% | $2.01 | 37.97% |
| HEN.DE | Henkel AG & Co. KGaA | 5.92% | $3.87 | 41.88% |
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| 030000.KS | Cheil Worldwide Inc. | 5.91% | $1,232.93 | 68.46% |
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