Definitive Analysis
| Stable Growth | $12.52 - $65.61 | $25.14 |
| Multi-Stage | $8.23 - $9.00 | $8.61 |
| Blended Fair Value | $16.87 | |
| Current Price | $3.75 | |
| Upside | 349.98% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 10.68% | 0.20 | 0.15 | 0.08 | 0.00 | 0.09 | 0.00 | 0.10 | 0.07 | 0.09 | 0.09 |
| YoY Growth | - | - | 33.33% | 76.47% | 0.00% | -100.00% | 0.00% | -100.00% | 42.86% | -22.22% | 0.00% | 24.14% |
| Dividend Yield | - | - | 6.45% | 5.36% | 4.01% | 0.00% | 7.14% | 0.00% | 10.64% | 6.03% | 8.49% | 7.32% |
| Net Income To Common (M) | 1,548.29 |
| (-) Cash Dividends Paid (M) | 1,166.68 |
| (=) Cash Retained (M) | 381.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 309.66 | 193.54 | 116.12 |
| Cash Retained (M) | 381.62 | 381.62 | 381.62 |
| (-) Cash Required (M) | -309.66 | -193.54 | -116.12 |
| (=) Excess Retained (M) | 71.96 | 188.08 | 265.50 |
| (/) Shares Outstanding (M) | 4,666.70 | 4,666.70 | 4,666.70 |
| (=) Excess Retained per Share | 0.02 | 0.04 | 0.06 |
| LTM Dividend per Share | 0.25 | 0.25 | 0.25 |
| (+) Excess Retained per Share | 0.02 | 0.04 | 0.06 |
| (=) Adjusted Dividend | 0.27 | 0.29 | 0.31 |
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 4.89% | 5.89% | 6.89% |
| Fair Value | $12.52 | $25.14 | $65.61 |
| Upside / Downside | 233.99% | 570.39% | 1,649.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,548.29 | 1,639.45 | 1,735.97 | 1,838.18 | 1,946.41 | 2,061.00 | 2,122.83 |
| Payout Ratio | 75.35% | 78.28% | 81.21% | 84.14% | 87.07% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,166.68 | 1,283.39 | 1,409.81 | 1,546.66 | 1,694.75 | 1,854.90 | 1,963.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 4.89% | 5.89% | 6.89% |
| Year 1 PV (M) | 1,186.88 | 1,198.20 | 1,209.51 |
| Year 2 PV (M) | 1,205.75 | 1,228.85 | 1,252.17 |
| Year 3 PV (M) | 1,223.32 | 1,258.64 | 1,294.64 |
| Year 4 PV (M) | 1,239.64 | 1,287.59 | 1,336.93 |
| Year 5 PV (M) | 1,254.76 | 1,315.72 | 1,379.03 |
| PV of Terminal Value (M) | 32,315.89 | 33,886.05 | 35,516.65 |
| Equity Value (M) | 38,426.22 | 40,175.04 | 41,988.93 |
| Shares Outstanding (M) | 4,666.70 | 4,666.70 | 4,666.70 |
| Fair Value | $8.23 | $8.61 | $9.00 |
| Upside / Downside | 119.58% | 129.57% | 139.94% |
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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% |
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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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