Definitive Analysis
| Stable Growth | $291.41 - $566.39 | $400.69 |
| Multi-Stage | $479.03 - $525.36 | $501.76 |
| Blended Fair Value | $451.22 | |
| Current Price | $149.00 | |
| Upside | 202.83% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.37% | 0.24% | 11.86 | 9.41 | 9.00 | 9.63 | 4.88 | 8.71 | 9.18 | 13.16 | 11.58 | 11.58 |
| YoY Growth | - | - | 26.05% | 4.55% | -6.57% | 97.54% | -44.02% | -5.16% | -30.22% | 13.69% | 0.01% | -0.01% |
| Dividend Yield | - | - | 7.46% | 6.75% | 6.45% | 6.28% | 2.94% | 7.32% | 4.12% | 5.04% | 4.05% | 3.91% |
| Net Income To Common (M) | 5,452.39 |
| (-) Cash Dividends Paid (M) | 4,299.69 |
| (=) Cash Retained (M) | 1,152.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,090.48 | 681.55 | 408.93 |
| Cash Retained (M) | 1,152.70 | 1,152.70 | 1,152.70 |
| (-) Cash Required (M) | -1,090.48 | -681.55 | -408.93 |
| (=) Excess Retained (M) | 62.22 | 471.15 | 743.77 |
| (/) Shares Outstanding (M) | 298.00 | 298.00 | 298.00 |
| (=) Excess Retained per Share | 0.21 | 1.58 | 2.50 |
| LTM Dividend per Share | 14.43 | 14.43 | 14.43 |
| (+) Excess Retained per Share | 0.21 | 1.58 | 2.50 |
| (=) Adjusted Dividend | 14.64 | 16.01 | 16.92 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 1.23% | 2.23% | 3.23% |
| Fair Value | $291.41 | $400.69 | $566.39 |
| Upside / Downside | 95.58% | 168.92% | 280.12% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,452.39 | 5,574.03 | 5,698.39 | 5,825.53 | 5,955.50 | 6,088.37 | 6,271.02 |
| Payout Ratio | 78.86% | 81.09% | 83.32% | 85.54% | 87.77% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,299.69 | 4,519.82 | 4,747.63 | 4,983.36 | 5,227.25 | 5,479.53 | 5,800.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 1.23% | 2.23% | 3.23% |
| Year 1 PV (M) | 4,209.73 | 4,251.32 | 4,292.90 |
| Year 2 PV (M) | 4,118.55 | 4,200.32 | 4,282.89 |
| Year 3 PV (M) | 4,026.45 | 4,146.96 | 4,269.85 |
| Year 4 PV (M) | 3,933.75 | 4,091.50 | 4,253.95 |
| Year 5 PV (M) | 3,840.70 | 4,034.18 | 4,235.39 |
| PV of Terminal Value (M) | 122,621.61 | 128,798.97 | 135,222.83 |
| Equity Value (M) | 142,750.79 | 149,523.26 | 156,557.82 |
| Shares Outstanding (M) | 298.00 | 298.00 | 298.00 |
| Fair Value | $479.03 | $501.76 | $525.36 |
| Upside / Downside | 221.50% | 236.75% | 252.59% |
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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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