Definitive Analysis
| Stable Growth | $293,366.60 - $748,956.83 | $443,261.73 |
| Multi-Stage | $199,263.53 - $217,897.74 | $208,410.90 |
| Blended Fair Value | $325,836.32 | |
| Current Price | $262,500.00 | |
| Upside | 24.13% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 20.49% | 18.46% | 772.68 | 405.21 | 1,385.58 | 388.24 | 356.84 | 304.32 | 275.80 | 211.58 | 208.66 | 149.64 |
| YoY Growth | - | - | 90.69% | -70.76% | 256.89% | 8.80% | 17.26% | 10.34% | 30.35% | 1.40% | 39.44% | 5.36% |
| Dividend Yield | - | - | 0.40% | 0.21% | 0.69% | 0.11% | 0.09% | 0.18% | 0.22% | 0.13% | 0.12% | 0.12% |
| Net Income To Common (M) | 1,987,895.58 |
| (-) Cash Dividends Paid (M) | 168,436.67 |
| (=) Cash Retained (M) | 1,819,458.91 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 397,579.12 | 248,486.95 | 149,092.17 |
| Cash Retained (M) | 1,819,458.91 | 1,819,458.91 | 1,819,458.91 |
| (-) Cash Required (M) | -397,579.12 | -248,486.95 | -149,092.17 |
| (=) Excess Retained (M) | 1,421,879.80 | 1,570,971.96 | 1,670,366.74 |
| (/) Shares Outstanding (M) | 153.99 | 153.99 | 153.99 |
| (=) Excess Retained per Share | 9,233.65 | 10,201.85 | 10,847.31 |
| LTM Dividend per Share | 1,093.82 | 1,093.82 | 1,093.82 |
| (+) Excess Retained per Share | 9,233.65 | 10,201.85 | 10,847.31 |
| (=) Adjusted Dividend | 10,327.47 | 11,295.67 | 11,941.13 |
| WACC / Discount Rate | 9.21% | 9.21% | 9.21% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $293,366.60 | $443,261.73 | $748,956.83 |
| Upside / Downside | 11.76% | 68.86% | 185.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,987,895.58 | 2,117,108.79 | 2,254,720.86 | 2,401,277.72 | 2,557,360.77 | 2,723,589.22 | 2,805,296.90 |
| Payout Ratio | 8.47% | 24.78% | 41.08% | 57.39% | 73.69% | 90.00% | 92.50% |
| Projected Dividends (M) | 168,436.67 | 524,587.62 | 926,326.56 | 1,378,075.17 | 1,884,637.38 | 2,451,230.30 | 2,594,899.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.21% | 9.21% | 9.21% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 475,820.11 | 480,330.25 | 484,840.39 |
| Year 2 PV (M) | 762,102.90 | 776,618.82 | 791,271.69 |
| Year 3 PV (M) | 1,028,364.70 | 1,057,885.36 | 1,087,965.63 |
| Year 4 PV (M) | 1,275,636.10 | 1,324,693.47 | 1,375,152.37 |
| Year 5 PV (M) | 1,504,900.79 | 1,577,588.06 | 1,653,057.24 |
| PV of Terminal Value (M) | 25,637,566.69 | 26,875,870.75 | 28,161,567.62 |
| Equity Value (M) | 30,684,391.30 | 32,092,986.71 | 33,553,854.94 |
| Shares Outstanding (M) | 153.99 | 153.99 | 153.99 |
| Fair Value | $199,263.53 | $208,410.90 | $217,897.74 |
| Upside / Downside | -24.09% | -20.61% | -16.99% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 002293.SZ | Luolai Lifestyle Technology Co., Ltd. | 5.90% | $0.61 | 98.42% |
| KLBN11.SA | Klabin S.A. | 5.90% | $1.13 | 79.59% |
| T9Z.DE | Zumtobel Group AG | 5.89% | $0.25 | 68.81% |
| 4006.KL | Oriental Holdings Berhad | 5.88% | $0.40 | 91.37% |
| 7231.KL | Wellcall Holdings Berhad | 5.88% | $0.08 | 98.90% |
| ALBAV.HE | Ålandsbanken Abp | 5.88% | $2.83 | 80.11% |
| HSPG.OL | Høland og Setskog Sparebank | 5.88% | $9.00 | 9.64% |
| TAEE3.SA | Transmissora Aliança de Energia Elétrica S.A. | 5.88% | $0.82 | 49.16% |
| 095570.KS | AJ Networks Co.,Ltd. | 5.87% | $269.89 | 46.78% |
| CONSTI.HE | Consti Oyj | 5.87% | $0.63 | 79.88% |
| DEDI.ST | Dedicare AB (publ) | 5.87% | $2.50 | 59.86% |
| SUC.BK | Saha-Union Public Company Limited | 5.87% | $1.60 | 26.76% |
| 0QQF.L | Mikron Holding AG | 5.85% | $1.20 | 32.60% |
| 0RNX.L | Ambea AB (publ) | 5.85% | $2.19 | 27.21% |
| 3459.T | Samty Residential Investment Corporation | 5.85% | $6,816.28 | 84.59% |
| PLAT.AT | Thrace Plastics Holding Company S.A. | 5.85% | $0.24 | 85.91% |
| 7229.KL | Favelle Favco Berhad | 5.84% | $0.09 | 31.57% |
| M-II.BK | MFC Industrial Investment Property and Leasehold Fund | 5.83% | $0.35 | 44.44% |
| NOHO.HE | NoHo Partners Oyj | 5.83% | $0.48 | 29.48% |
| 0QN7.L | Vaudoise Assurances Holding S.A. | 5.82% | $42.41 | 42.05% |
| 4164.SR | Nahdi Medical Company | 5.81% | $5.60 | 89.58% |
| 5511.TWO | Te Chang Construction Co., Ltd. | 5.81% | $3.79 | 46.23% |
| PPA.AT | Piraeus Port Authority S.A. | 5.81% | $2.38 | 38.50% |
| WHA-R.BK | WHA Corporation Public Company Limited | 5.81% | $0.19 | 57.71% |
| MULTI.OL | Multiconsult ASA | 5.80% | $10.18 | 91.58% |
| QIMD.QA | Qatar Industrial Manufacturing Company Q.P.S.C. | 5.80% | $0.14 | 48.99% |
| 000791.SZ | GEPIC Energy Development Co., Ltd. | 5.79% | $0.37 | 46.47% |
| 0NFS.L | Esprinet S.p.A. | 5.79% | $0.36 | 93.72% |
| MYS.AX | MyState Limited | 5.79% | $0.26 | 70.40% |
| 5299.TWO | Excelliance MOS Corporation | 5.78% | $4.14 | 93.57% |
| 8987.T | Japan Excellent, Inc. | 5.78% | $8,618.11 | 68.54% |
| 9528.SR | Gas Arabian Services Company | 5.78% | $0.98 | 77.70% |
| PLS.AX | PLS Group Limited | 5.78% | $0.25 | 56.17% |
| 1104.HK | APAC Resources Limited | 5.77% | $0.15 | 33.87% |
| 9525.SR | Alwasail Industrial Company | 5.77% | $0.20 | 85.38% |
| CBA.AX | Commonwealth Bank of Australia | 5.77% | $9.30 | 79.76% |
| GSL | Global Ship Lease, Inc. | 5.77% | $2.01 | 17.72% |
| 5138.KL | Hap Seng Plantations Holdings Berhad | 5.76% | $0.13 | 55.68% |
| 601088.SS | China Shenhua Energy Company Limited | 5.76% | $2.33 | 81.35% |
| ALI.AX | Argo Global Listed Infrastructure Limited | 5.76% | $0.15 | 10.56% |
| 000755.SZ | Shanxi Hi-speed Group Co., Ltd. | 5.75% | $0.29 | 89.22% |
| EELT.ME | European Eltech Public Joint Stock Company | 5.75% | $0.52 | 36.41% |
| 1846.HK | EuroEyes International Eye Clinic Limited | 5.74% | $0.17 | 29.90% |
| 9296.KL | RCE Capital Berhad | 5.74% | $0.06 | 92.92% |
| BELA.AT | Jumbo S.A. | 5.74% | $1.60 | 68.01% |
| GRP-UN | Granite Real Estate Investment Trust | 5.74% | $3.40 | 71.71% |
| 6199.HK | Bank of Guizhou Co., Ltd. | 5.73% | $0.06 | 24.27% |
| 6581.TW | Taiwan Steel Union Co., Ltd | 5.73% | $5.99 | 88.31% |
| HAIS.JK | PT Hasnur Internasional Shipping Tbk | 5.73% | $15.37 | 40.52% |
| HTSC.L | Huatai Securities Co., Ltd. | 5.73% | $1.26 | 68.65% |