Definitive Analysis
| Stable Growth | $859,402.42 - $3,107,447.47 | $2,724,119.33 |
| Multi-Stage | $390,191.94 - $427,097.50 | $408,305.89 |
| Blended Fair Value | $1,566,212.61 | |
| Current Price | $115,500.00 | |
| Upside | 1,256.03% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.18% | 22.64% | 4,002.68 | 3,100.71 | 3,870.17 | 2,643.04 | 2,317.91 | 2,062.61 | 2,063.90 | 1,340.44 | 1,019.19 | 811.19 |
| YoY Growth | - | - | 29.09% | -19.88% | 46.43% | 14.03% | 12.38% | -0.06% | 53.97% | 31.52% | 25.64% | 56.00% |
| Dividend Yield | - | - | 5.07% | 4.53% | 8.12% | 4.31% | 4.12% | 5.97% | 4.69% | 2.21% | 2.08% | 2.55% |
| Net Income To Common (M) | 5,804,665.00 |
| (-) Cash Dividends Paid (M) | 1,316,794.00 |
| (=) Cash Retained (M) | 4,487,871.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,160,933.00 | 725,583.13 | 435,349.88 |
| Cash Retained (M) | 4,487,871.00 | 4,487,871.00 | 4,487,871.00 |
| (-) Cash Required (M) | -1,160,933.00 | -725,583.13 | -435,349.88 |
| (=) Excess Retained (M) | 3,326,938.00 | 3,762,287.88 | 4,052,521.13 |
| (/) Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| (=) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| LTM Dividend per Share | 3,544.58 | 3,544.58 | 3,544.58 |
| (+) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| (=) Adjusted Dividend | 12,500.10 | 13,671.99 | 14,453.24 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $859,402.42 | $2,724,119.33 | $3,107,447.47 |
| Upside / Downside | 644.07% | 2,258.54% | 2,590.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,804,665.00 | 6,181,968.23 | 6,583,796.16 | 7,011,742.91 | 7,467,506.20 | 7,952,894.10 | 8,191,480.93 |
| Payout Ratio | 22.69% | 36.15% | 49.61% | 63.07% | 76.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,316,794.00 | 2,234,662.77 | 3,266,291.02 | 4,422,589.50 | 5,715,406.70 | 7,157,604.69 | 7,577,119.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,068,192.81 | 2,087,796.53 | 2,107,400.25 |
| Year 2 PV (M) | 2,797,775.98 | 2,851,065.76 | 2,904,858.26 |
| Year 3 PV (M) | 3,506,014.60 | 3,606,659.68 | 3,709,212.67 |
| Year 4 PV (M) | 4,193,370.73 | 4,354,635.94 | 4,520,508.38 |
| Year 5 PV (M) | 4,860,297.57 | 5,095,051.76 | 5,338,790.55 |
| PV of Terminal Value (M) | 127,528,897.12 | 133,688,590.54 | 140,084,029.92 |
| Equity Value (M) | 144,954,548.82 | 151,683,800.21 | 158,664,800.03 |
| Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| Fair Value | $390,191.94 | $408,305.89 | $427,097.50 |
| Upside / Downside | 237.83% | 253.51% | 269.78% |
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| KMDS.JK | PT Kurniamitra Duta Sentosa, Tbk | 5.59% | $38.00 | 52.57% |
| RECLTD.BO | REC Limited | 5.59% | $21.30 | 32.48% |
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| ANIM3.SA | Anima Holding S.A. | 5.58% | $0.18 | 44.03% |
| PROF-B.ST | ProfilGruppen AB (publ) | 5.58% | $6.64 | 56.11% |
| SOL.AX | Washington H. Soul Pattinson and Company Limited | 5.58% | $2.09 | 79.15% |
| 1128.HK | Wynn Macau, Limited | 5.57% | $0.33 | 52.58% |
| 1585.HK | Yadea Group Holdings Ltd. | 5.57% | $0.64 | 44.68% |
| SBOK.ST | ScandBook Holding AB (publ) | 5.57% | $2.75 | 67.47% |
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| AEDAS.MC | Aedas Homes, S.A. | 5.56% | $1.33 | 44.89% |
| DTL.AX | Data#3 Limited | 5.56% | $0.50 | 85.44% |
| IMAS.JK | PT Indomobil Sukses Internasional Tbk | 5.56% | $63.43 | 61.82% |
| SFQ.DE | SAF-Holland SE | 5.56% | $0.84 | 75.48% |
| 058430.KS | POSCO STEELEON Co., Ltd. | 5.55% | $2,160.07 | 46.25% |
| 2192.HK | Medlive Technology Co., Ltd. | 5.55% | $0.55 | 65.76% |
| 8968.T | Fukuoka REIT Corporation | 5.55% | $10,438.66 | 63.61% |
| CY6U.SI | CapitaLand India Trust | 5.55% | $0.07 | 23.56% |
| INLIF.AT | Interlife General Insurance Company S.A. | 5.55% | $0.36 | 26.26% |
| 0A0C.L | Stadler Rail AG | 5.54% | $1.09 | 71.26% |
| 1289.HK | Wuxi Sunlit Science and Technology Company Limited | 5.54% | $0.16 | 22.04% |
| 2686.HK | AAG Energy Holdings Limited | 5.54% | $0.10 | 29.66% |
| SNK.WA | Sanok Rubber Company Spólka Akcyjna | 5.54% | $1.19 | 93.14% |
| 0IZM.L | ABG Sundal Collier Holding ASA | 5.53% | $0.45 | 84.38% |
| 600681.SS | Bestsun Energy Co., Ltd. | 5.53% | $0.24 | 95.34% |
| 605009.SS | Hangzhou Haoyue Personal Care Co., Ltd | 5.53% | $1.71 | 90.38% |
| KSB3.DE | KSB SE & Co. KGaA | 5.53% | $52.76 | 34.72% |
| 000581.SZ | Weifu High-Technology Group Co., Ltd. | 5.52% | $1.14 | 71.66% |
| 0QO1.L | Schindler Holding AG | 5.52% | $10.99 | 83.82% |
| 1061.HK | Essex Bio-Technology Limited | 5.52% | $0.21 | 20.70% |
| HGSB.OL | Haugesund Sparebank | 5.52% | $8.86 | 25.30% |
| 603408.SS | Runner (Xiamen) Corp. | 5.51% | $0.75 | 76.83% |
| PERR.PA | Gérard Perrier Industrie S.A. | 5.51% | $4.60 | 47.56% |
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| 601339.SS | Bros Eastern.,Ltd | 5.50% | $0.32 | 87.29% |
| 9905.TW | Great China Metal Ind. Co., Ltd. | 5.50% | $1.09 | 75.18% |
| FIQE3.SA | Unifique Telecomunicações S.A. | 5.50% | $0.27 | 48.37% |
| M-STOR.BK | MFC-Strategic Storage Fund | 5.50% | $0.44 | 82.25% |
| SYNTEC.BK | Syntec Construction Public Company Limited | 5.50% | $0.09 | 24.68% |
| TPAC.BK | Thai Plaspac Public Company Limited | 5.50% | $0.45 | 36.96% |
| WIK.WA | Wikana S.A. | 5.50% | $0.40 | 79.03% |
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