Definitive Analysis
| Stable Growth | $5,355.55 - $15,405.34 | $8,390.66 |
| Multi-Stage | $5,787.61 - $6,330.40 | $6,053.98 |
| Blended Fair Value | $7,222.32 | |
| Current Price | $2,780.00 | |
| Upside | 159.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.32% | 8.51% | 178.50 | 167.60 | 149.97 | 126.00 | 113.03 | 109.22 | 134.13 | 97.84 | 97.56 | 73.88 |
| YoY Growth | - | - | 6.50% | 11.76% | 19.02% | 11.48% | 3.49% | -18.57% | 37.09% | 0.29% | 32.04% | -6.31% |
| Dividend Yield | - | - | 7.41% | 4.77% | 3.69% | 2.75% | 3.30% | 3.46% | 3.41% | 2.72% | 2.36% | 2.22% |
| Net Income To Common (M) | 21,758,000.00 |
| (-) Cash Dividends Paid (M) | 21,047,000.00 |
| (=) Cash Retained (M) | 711,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,351,600.00 | 2,719,750.00 | 1,631,850.00 |
| Cash Retained (M) | 711,000.00 | 711,000.00 | 711,000.00 |
| (-) Cash Required (M) | -4,351,600.00 | -2,719,750.00 | -1,631,850.00 |
| (=) Excess Retained (M) | -3,640,600.00 | -2,008,750.00 | -920,850.00 |
| (/) Shares Outstanding (M) | 99,061.78 | 99,061.78 | 99,061.78 |
| (=) Excess Retained per Share | -36.75 | -20.28 | -9.30 |
| LTM Dividend per Share | 212.46 | 212.46 | 212.46 |
| (+) Excess Retained per Share | -36.75 | -20.28 | -9.30 |
| (=) Adjusted Dividend | 175.71 | 192.19 | 203.17 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 3.27% | 4.27% | 5.27% |
| Fair Value | $5,355.55 | $8,390.66 | $15,405.34 |
| Upside / Downside | 92.65% | 201.82% | 454.15% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 21,758,000.00 | 22,687,996.94 | 23,657,744.52 | 24,668,941.78 | 25,723,360.41 | 26,822,847.79 | 27,627,533.22 |
| Payout Ratio | 96.73% | 95.39% | 94.04% | 92.69% | 91.35% | 90.00% | 92.50% |
| Projected Dividends (M) | 21,047,000.00 | 21,641,124.92 | 22,247,587.24 | 22,866,356.20 | 23,497,375.85 | 24,140,563.01 | 25,555,468.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 3.27% | 4.27% | 5.27% |
| Year 1 PV (M) | 20,094,742.71 | 20,289,319.16 | 20,483,895.62 |
| Year 2 PV (M) | 19,181,746.81 | 19,555,017.20 | 19,931,884.54 |
| Year 3 PV (M) | 18,306,478.84 | 18,843,427.03 | 19,390,773.38 |
| Year 4 PV (M) | 17,467,463.13 | 18,153,899.69 | 18,860,371.91 |
| Year 5 PV (M) | 16,663,279.69 | 17,485,803.93 | 18,340,493.00 |
| PV of Terminal Value (M) | 481,617,037.93 | 505,390,370.40 | 530,093,359.48 |
| Equity Value (M) | 573,330,749.11 | 599,717,837.42 | 627,100,777.94 |
| Shares Outstanding (M) | 99,061.78 | 99,061.78 | 99,061.78 |
| Fair Value | $5,787.61 | $6,053.98 | $6,330.40 |
| Upside / Downside | 108.19% | 117.77% | 127.71% |
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|---|---|---|---|---|
| 8952.T | Japan Real Estate Investment Corporation | 5.59% | $7,312.35 | 70.16% |
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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% |
| 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% |
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| 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% |