Definitive Analysis
| Stable Growth | $29,944.55 - $57,030.03 | $53,445.49 |
| Multi-Stage | $8,978.88 - $9,825.80 | $9,394.56 |
| Blended Fair Value | $31,420.03 | |
| Current Price | $1,960.00 | |
| Upside | 1,503.06% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.11% | 22.64% | 70.43 | 49.97 | 62.35 | 42.05 | 22.22 | 54.89 | 99.41 | 46.09 | 20.61 | 0.00 |
| YoY Growth | - | - | 40.95% | -19.86% | 48.29% | 89.22% | -59.52% | -44.78% | 115.70% | 123.66% | 0.00% | -100.00% |
| Dividend Yield | - | - | 3.50% | 4.22% | 5.54% | 2.55% | 1.16% | 5.78% | 5.63% | 3.11% | 1.33% | 0.00% |
| Net Income To Common (M) | 3,334,388.00 |
| (-) Cash Dividends Paid (M) | 1,632,874.00 |
| (=) Cash Retained (M) | 1,701,514.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 666,877.60 | 416,798.50 | 250,079.10 |
| Cash Retained (M) | 1,701,514.00 | 1,701,514.00 | 1,701,514.00 |
| (-) Cash Required (M) | -666,877.60 | -416,798.50 | -250,079.10 |
| (=) Excess Retained (M) | 1,034,636.40 | 1,284,715.50 | 1,451,434.90 |
| (/) Shares Outstanding (M) | 11,627.67 | 11,627.67 | 11,627.67 |
| (=) Excess Retained per Share | 88.98 | 110.49 | 124.83 |
| LTM Dividend per Share | 140.43 | 140.43 | 140.43 |
| (+) Excess Retained per Share | 88.98 | 110.49 | 124.83 |
| (=) Adjusted Dividend | 229.41 | 250.92 | 265.26 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $29,944.55 | $53,445.49 | $57,030.03 |
| Upside / Downside | 1,427.78% | 2,626.81% | 2,809.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,334,388.00 | 3,551,123.22 | 3,781,946.23 | 4,027,772.73 | 4,289,577.96 | 4,568,400.53 | 4,705,452.55 |
| Payout Ratio | 48.97% | 57.18% | 65.38% | 73.59% | 81.79% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,632,874.00 | 2,030,410.83 | 2,472,728.55 | 2,963,969.09 | 3,508,623.62 | 4,111,560.48 | 4,352,543.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,891,994.13 | 1,909,927.73 | 1,927,861.32 |
| Year 2 PV (M) | 2,147,079.73 | 2,187,975.57 | 2,229,257.22 |
| Year 3 PV (M) | 2,398,177.17 | 2,467,020.21 | 2,537,168.31 |
| Year 4 PV (M) | 2,645,332.34 | 2,747,064.35 | 2,851,702.78 |
| Year 5 PV (M) | 2,888,590.67 | 3,028,110.68 | 3,172,970.45 |
| PV of Terminal Value (M) | 92,432,253.42 | 96,896,765.82 | 101,532,145.62 |
| Equity Value (M) | 104,403,427.46 | 109,236,864.37 | 114,251,105.70 |
| Shares Outstanding (M) | 11,627.67 | 11,627.67 | 11,627.67 |
| Fair Value | $8,978.88 | $9,394.56 | $9,825.80 |
| Upside / Downside | 358.11% | 379.31% | 401.32% |
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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% |
| 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% |
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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% |
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| 0QO1.L | Schindler Holding AG | 5.52% | $10.99 | 83.82% |
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| HGSB.OL | Haugesund Sparebank | 5.52% | $8.86 | 25.30% |
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| 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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