DDM Analysis: 9937.TW

Valuation Snapshot

Stable Growth	$25.22 - $40.61	$32.16
Multi-Stage	$54.15 - $59.45	$56.75
Blended Fair Value	$44.45
Current Price	$61.80
Upside	-28.07%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.98%	5.76%	2.10	2.10	2.10	2.31	2.00	2.00	2.00	2.00	1.40	1.20
YoY Growth	-	-	0.00%	0.00%	-8.70%	15.00%	0.00%	-0.02%	0.02%	42.86%	16.67%	0.00%
Dividend Yield	-	-	3.42%	3.18%	3.41%	4.68%	3.97%	4.80%	4.84%	4.93%	3.52%	3.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	734.84
(-) Cash Dividends Paid (M)	648.99
(=) Cash Retained (M)	85.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	146.97	91.85	55.11
Cash Retained (M)	85.85	85.85	85.85
(-) Cash Required (M)	-146.97	-91.85	-55.11
(=) Excess Retained (M)	-61.12	-6.01	30.73
(/) Shares Outstanding (M)	308.35	308.35	308.35
(=) Excess Retained per Share	-0.20	-0.02	0.10
LTM Dividend per Share	2.10	2.10	2.10
(+) Excess Retained per Share	-0.20	-0.02	0.10
(=) Adjusted Dividend	1.91	2.09	2.20
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	-1.02%	-0.02%	0.98%
Fair Value	$25.22	$32.16	$40.61
Upside / Downside	-59.19%	-47.96%	-34.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	734.84	734.69	734.55	734.41	734.26	734.12	756.14
Payout Ratio	88.32%	88.65%	88.99%	89.33%	89.66%	90.00%	92.50%
Projected Dividends (M)	648.99	651.34	653.68	656.02	658.37	660.71	699.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	-1.02%	-0.02%	0.98%
Year 1 PV (M)	605.68	611.80	617.92
Year 2 PV (M)	565.25	576.73	588.32
Year 3 PV (M)	527.51	543.66	560.14
Year 4 PV (M)	492.29	512.48	533.30
Year 5 PV (M)	459.41	483.09	507.74
PV of Terminal Value (M)	14,045.75	14,769.75	15,523.31
Equity Value (M)	16,695.88	17,497.51	18,330.72
Shares Outstanding (M)	308.35	308.35	308.35
Fair Value	$54.15	$56.75	$59.45
Upside / Downside	-12.39%	-8.18%	-3.81%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 25 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
FOXA	Fox Corporation	0.85%	$0.62	13.96%
LMST	Limestone Bancorp, Inc.	0.85%	$0.20	8.06%
RCL	Royal Caribbean Cruises Ltd.	0.85%	$2.41	16.19%
AZZ	AZZ Inc.	0.84%	$0.92	8.89%
HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
MSFT	Microsoft Corporation	0.70%	$3.31	23.52%
NCR	NCR Corporation	0.70%	$0.11	1.70%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Ticker

Industry

Sector

National Petroleum Co., Ltd. (9937.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener