Definitive Analysis
| Stable Growth | $41.70 - $74.09 | $55.37 |
| Multi-Stage | $61.01 - $66.76 | $63.83 |
| Blended Fair Value | $59.60 | |
| Current Price | $56.32 | |
| Upside | 5.82% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.47% | 19.29% | 2.70 | 2.51 | 2.62 | 2.38 | 2.37 | 2.27 | 2.14 | 1.34 | 0.60 | 0.51 |
| YoY Growth | - | - | 7.54% | -4.33% | 10.03% | 0.43% | 4.31% | 6.09% | 59.67% | 122.51% | 19.39% | 9.29% |
| Dividend Yield | - | - | 4.68% | 5.23% | 5.98% | 5.07% | 6.54% | 8.60% | 4.31% | 3.33% | 1.43% | 1.44% |
| Net Income To Common (M) | 1,777.00 |
| (-) Cash Dividends Paid (M) | 1,536.63 |
| (=) Cash Retained (M) | 240.37 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 355.40 | 222.13 | 133.28 |
| Cash Retained (M) | 240.37 | 240.37 | 240.37 |
| (-) Cash Required (M) | -355.40 | -222.13 | -133.28 |
| (=) Excess Retained (M) | -115.03 | 18.24 | 107.09 |
| (/) Shares Outstanding (M) | 582.00 | 582.00 | 582.00 |
| (=) Excess Retained per Share | -0.20 | 0.03 | 0.18 |
| LTM Dividend per Share | 2.64 | 2.64 | 2.64 |
| (+) Excess Retained per Share | -0.20 | 0.03 | 0.18 |
| (=) Adjusted Dividend | 2.44 | 2.67 | 2.82 |
| WACC / Discount Rate | 7.41% | 7.41% | 7.41% |
| Growth Rate | 1.47% | 2.47% | 3.47% |
| Fair Value | $41.70 | $55.37 | $74.09 |
| Upside / Downside | -25.97% | -1.69% | 31.55% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,777.00 | 1,820.88 | 1,865.85 | 1,911.93 | 1,959.15 | 2,007.53 | 2,067.76 |
| Payout Ratio | 86.47% | 87.18% | 87.88% | 88.59% | 89.29% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,536.63 | 1,587.42 | 1,639.79 | 1,693.77 | 1,749.41 | 1,806.78 | 1,912.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.41% | 7.41% | 7.41% |
| Growth Rate | 1.47% | 2.47% | 3.47% |
| Year 1 PV (M) | 1,463.43 | 1,477.86 | 1,492.28 |
| Year 2 PV (M) | 1,393.63 | 1,421.24 | 1,449.11 |
| Year 3 PV (M) | 1,327.08 | 1,366.70 | 1,407.10 |
| Year 4 PV (M) | 1,263.62 | 1,314.17 | 1,366.23 |
| Year 5 PV (M) | 1,203.12 | 1,263.58 | 1,326.45 |
| PV of Terminal Value (M) | 28,855.46 | 30,305.64 | 31,813.55 |
| Equity Value (M) | 35,506.34 | 37,149.19 | 38,854.72 |
| Shares Outstanding (M) | 582.00 | 582.00 | 582.00 |
| Fair Value | $61.01 | $63.83 | $66.76 |
| Upside / Downside | 8.32% | 13.33% | 18.54% |
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|---|---|---|---|---|
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| 003460.KS | Yuhwa Securities co.,ltd. | 6.02% | $162.45 | 83.00% |
| 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% |
| 094280.KS | Hyosung ITX Co. Ltd. | 5.95% | $751.76 | 70.97% |
| 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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| PGW.NZ | PGG Wrightson Limited | 5.93% | $0.13 | 70.38% |
| 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% |
| KKP.BK | Kiatnakin Phatra Bank Public Company Limited | 5.92% | $4.02 | 63.80% |
| 030000.KS | Cheil Worldwide Inc. | 5.91% | $1,232.93 | 68.46% |
| 0RCW.L | Kid ASA | 5.91% | $8.00 | 99.60% |
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| DBM.TO | Doman Building Materials Group Ltd. | 5.91% | $0.56 | 65.99% |
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