Definitive Analysis
| Stable Growth | $25,422.85 - $91,921.66 | $80,589.61 |
| Multi-Stage | $11,921.69 - $13,027.89 | $12,464.72 |
| Blended Fair Value | $46,527.17 | |
| Current Price | $8,675.00 | |
| Upside | 436.34% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.34% | 27.21% | 277.51 | 212.51 | 155.01 | 111.40 | 110.60 | 71.00 | 52.00 | 42.00 | 35.00 | 30.60 |
| YoY Growth | - | - | 30.59% | 37.10% | 39.14% | 0.72% | 55.77% | 36.54% | 23.81% | 20.00% | 14.38% | 22.40% |
| Dividend Yield | - | - | 3.26% | 2.16% | 1.77% | 1.40% | 1.78% | 1.29% | 0.95% | 0.90% | 1.06% | 1.15% |
| Net Income To Common (M) | 56,976,535.00 |
| (-) Cash Dividends Paid (M) | 36,982,515.00 |
| (=) Cash Retained (M) | 19,994,020.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,395,307.00 | 7,122,066.88 | 4,273,240.13 |
| Cash Retained (M) | 19,994,020.00 | 19,994,020.00 | 19,994,020.00 |
| (-) Cash Required (M) | -11,395,307.00 | -7,122,066.88 | -4,273,240.13 |
| (=) Excess Retained (M) | 8,598,713.00 | 12,871,953.13 | 15,720,779.88 |
| (/) Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| (=) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| LTM Dividend per Share | 300.01 | 300.01 | 300.01 |
| (+) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| (=) Adjusted Dividend | 369.77 | 404.43 | 427.54 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $25,422.85 | $80,589.61 | $91,921.66 |
| Upside / Downside | 193.06% | 828.99% | 959.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 56,976,535.00 | 60,680,009.78 | 64,624,210.41 | 68,824,784.09 | 73,298,395.05 | 78,062,790.73 | 80,404,674.45 |
| Payout Ratio | 64.91% | 69.93% | 74.94% | 79.96% | 84.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,982,515.00 | 42,431,504.54 | 48,432,611.59 | 55,034,589.46 | 62,290,196.66 | 70,256,511.66 | 74,374,323.87 |
| 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) | 39,270,610.75 | 39,642,844.03 | 40,015,077.30 |
| Year 2 PV (M) | 41,485,500.73 | 42,275,683.00 | 43,073,319.81 |
| Year 3 PV (M) | 43,628,813.67 | 44,881,240.12 | 46,157,408.55 |
| Year 4 PV (M) | 45,702,146.62 | 47,459,722.21 | 49,267,510.49 |
| Year 5 PV (M) | 47,707,065.57 | 50,011,334.68 | 52,403,793.58 |
| PV of Terminal Value (M) | 1,251,796,118.09 | 1,312,258,338.67 | 1,375,034,590.74 |
| Equity Value (M) | 1,469,590,255.44 | 1,536,529,162.70 | 1,605,951,700.48 |
| Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| Fair Value | $11,921.69 | $12,464.72 | $13,027.89 |
| Upside / Downside | 37.43% | 43.69% | 50.18% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 8952.T | Japan Real Estate Investment Corporation | 5.59% | $7,312.35 | 70.16% |
| AEGN.AT | Aegean Airlines S.A. | 5.59% | $0.81 | 28.27% |
| KMDS.JK | PT Kurniamitra Duta Sentosa, Tbk | 5.59% | $38.00 | 52.57% |
| RECLTD.BO | REC Limited | 5.59% | $21.30 | 32.48% |
| 2488.HK | Launch Tech Company Limited | 5.58% | $0.49 | 31.82% |
| 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% |
| 003470.KS | Yuanta Securities Korea Co., Ltd. | 5.56% | $203.12 | 64.57% |
| 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% |
| 009180.KS | Hansol Logistics Co., Ltd. | 5.50% | $149.89 | 36.63% |
| 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% |
| 600713.SS | NanJing Pharmaceutical Company Limited | 5.49% | $0.30 | 78.15% |
| ATIC.JK | PT Anabatic Technologies Tbk | 5.49% | $35.41 | 44.79% |
| 000672.SZ | Gansu Shangfeng Cement Co.,Ltd | 5.48% | $0.71 | 91.94% |
| 069260.KS | TKG Huchems Co.,Ltd. | 5.47% | $998.90 | 65.46% |
| NCK.AX | Nick Scali Limited | 5.47% | $1.29 | 79.89% |
| 000270.KS | Kia Corporation | 5.46% | $6,584.28 | 32.69% |
| 002014.SZ | Huangshan Novel Co.,Ltd | 5.46% | $0.65 | 84.41% |