Definitive Analysis
| Stable Growth | $65,590.43 - $160,490.57 | $150,403.16 |
| Multi-Stage | $23,588.44 - $25,805.68 | $24,676.74 |
| Blended Fair Value | $87,539.95 | |
| Current Price | $5,775.00 | |
| Upside | 1,415.84% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.71% | 9.16% | 518.68 | 649.57 | 281.82 | 131.91 | 183.90 | 211.00 | 189.88 | 167.92 | 167.89 | 215.86 |
| YoY Growth | - | - | -20.15% | 130.49% | 113.65% | -28.27% | -12.84% | 11.12% | 13.08% | 0.01% | -22.22% | 0.00% |
| Dividend Yield | - | - | 10.54% | 12.49% | 4.70% | 2.01% | 3.49% | 5.41% | 2.61% | 2.30% | 1.95% | 2.98% |
| Net Income To Common (M) | 32,670,000.00 |
| (-) Cash Dividends Paid (M) | 16,426,000.00 |
| (=) Cash Retained (M) | 16,244,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,534,000.00 | 4,083,750.00 | 2,450,250.00 |
| Cash Retained (M) | 16,244,000.00 | 16,244,000.00 | 16,244,000.00 |
| (-) Cash Required (M) | -6,534,000.00 | -4,083,750.00 | -2,450,250.00 |
| (=) Excess Retained (M) | 9,710,000.00 | 12,160,250.00 | 13,793,750.00 |
| (/) Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| (=) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| LTM Dividend per Share | 405.74 | 405.74 | 405.74 |
| (+) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| (=) Adjusted Dividend | 645.59 | 706.12 | 746.47 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $65,590.43 | $150,403.16 | $160,490.57 |
| Upside / Downside | 1,035.77% | 2,504.38% | 2,679.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32,670,000.00 | 34,793,550.00 | 37,055,130.75 | 39,463,714.25 | 42,028,855.67 | 44,760,731.29 | 46,103,553.23 |
| Payout Ratio | 50.28% | 58.22% | 66.17% | 74.11% | 82.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,426,000.00 | 20,257,791.00 | 24,518,314.98 | 29,247,117.91 | 34,487,075.34 | 40,284,658.16 | 42,645,786.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 18,836,000.94 | 19,014,541.23 | 19,193,081.52 |
| Year 2 PV (M) | 21,197,461.46 | 21,601,213.56 | 22,008,774.65 |
| Year 3 PV (M) | 23,511,098.86 | 24,186,018.01 | 24,873,731.46 |
| Year 4 PV (M) | 25,777,621.03 | 26,768,955.58 | 27,788,611.88 |
| Year 5 PV (M) | 27,997,726.63 | 29,350,027.29 | 30,754,083.69 |
| PV of Terminal Value (M) | 837,626,387.30 | 878,084,055.01 | 920,090,132.89 |
| Equity Value (M) | 954,946,296.21 | 999,004,810.69 | 1,044,708,416.09 |
| Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| Fair Value | $23,588.44 | $24,676.74 | $25,805.68 |
| Upside / Downside | 308.46% | 327.30% | 346.85% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 600036.SS | China Merchants Bank Co., Ltd. | 5.46% | $2.30 | 39.04% |
| 7296.T | F.C.C. Co., Ltd. | 5.46% | $202.40 | 61.47% |
| BPF-UN.TO | Boston Pizza Royalties Income Fund | 5.46% | $1.25 | 81.66% |
| SONDA.SN | Sonda S.A. | 5.46% | $18.78 | 57.64% |
| 0062.HK | Transport International Holdings Limited | 5.45% | $0.58 | 45.75% |
| AGN.AS | Aegon N.V. | 5.45% | $0.36 | 45.01% |
| CGCBV.HE | Cargotec Corporation | 5.45% | $2.13 | 13.30% |
| LEVE3.SA | MAHLE Metal Leve S.A. | 5.45% | $1.83 | 42.42% |
| RATCH-R.BK | Ratch Group Public Company Limited | 5.45% | $1.61 | 62.39% |
| 071320.KS | Korea District Heating Corp. | 5.44% | $5,144.29 | 19.59% |
| 3051.TW | Optimax Technology Corporation | 5.44% | $1.01 | 72.99% |
| LSIP.JK | PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | 5.44% | $64.99 | 23.07% |
| 4580.TWO | Value Valves Co., Ltd. | 5.43% | $4.43 | 79.29% |
| BNBR3.SA | Banco do Nordeste do Brasil S.A. | 5.43% | $5.98 | 20.89% |
| 1866.HK | China XLX Fertiliser Ltd. | 5.42% | $0.50 | 22.65% |
| 4207.TWO | Taiwan Fructose Co., Ltd. | 5.42% | $1.00 | 61.33% |
| 8955.T | Japan Prime Realty Investment Corporation | 5.42% | $5,726.89 | 66.85% |
| 8TRA.DE | Traton SE | 5.42% | $1.70 | 47.75% |
| AMATA.BK | Amata Corporation Public Company Limited | 5.42% | $0.90 | 33.06% |
| CREC | Crescera Capital Acquisition Corp. | 5.42% | $0.59 | 40.15% |
| 9907.TW | Ton Yi Industrial Corp. | 5.41% | $0.97 | 70.39% |
| 004970.KS | Silla Co.,Ltd | 5.40% | $499.34 | 56.25% |
| JDE.DE | JDE Peet's N.V. | 5.40% | $1.72 | 74.35% |
| 0QU6.L | HIAG Immobilien Holding AG | 5.39% | $6.39 | 44.68% |
| 3022.TW | IEI Integration Corp. | 5.39% | $3.51 | 69.75% |
| 4105.TWO | TTY Biopharm Company Limited | 5.39% | $4.35 | 68.65% |
| BNORDIK-CSE.CO | P/F BankNordik | 5.39% | $8.36 | 24.49% |
| 003550.KS | LG Corp. | 5.38% | $4,358.83 | 94.91% |
| 2414.TW | Unitech Computer Co., Ltd. | 5.38% | $2.19 | 71.08% |
| 9627.SR | Twareat Medical Care Co. | 5.38% | $0.66 | 71.63% |
| AMARC.BK | Asia Medical and Agricultural Laboratory and Research Center Public Company Limited | 5.38% | $0.14 | 38.50% |
| MDNE3.SA | Moura Dubeux Engenharia S.A. | 5.38% | $1.24 | 29.60% |
| 001286.SZ | Shaanxi Energy Investment | 5.37% | $0.50 | 64.09% |
| 82020.HK | ANTA Sports-r | 5.37% | $3.89 | 40.14% |
| CCN.PA | Caisse Régionale de Crédit Agricole Mutuel de Normandie-Seine Société coopérative | 5.37% | $7.01 | 26.05% |
| ENGH.TO | Enghouse Systems Limited | 5.37% | $1.08 | 79.39% |
| G07.SI | Great Eastern Holdings Limited | 5.37% | $0.82 | 40.54% |
| GEMA.JK | PT Gema Grahasarana Tbk | 5.37% | $5.15 | 29.14% |
| HNK1.DE | Heineken N.V. | 5.37% | $3.71 | 83.13% |
| SELER.PA | Selectirente | 5.37% | $4.40 | 33.09% |
| 600750.SS | Jiang Zhong Pharmaceutical Co.,Ltd | 5.36% | $1.24 | 93.11% |
| 000883.SZ | Hubei Energy Group Co., Ltd. | 5.35% | $0.24 | 93.11% |
| 039570.KS | HDC I-Controls Co., Ltd. | 5.35% | $448.00 | 48.81% |
| AB9.DE | ABO Energy GmbH & Co. KGaA | 5.35% | $0.65 | 11.20% |
| CUP.AX | Count Limited | 5.35% | $0.06 | 8.76% |
| RB.SW | Reckitt Benckiser Group plc | 5.35% | $2.89 | 67.01% |
| 0411.HK | Lam Soon (Hong Kong) Limited | 5.34% | $0.60 | 27.98% |
| 1342.TW | Cathay Consolidated, Inc. | 5.34% | $4.76 | 87.76% |
| 9612.SR | Sama Healthy Water Factory Co. | 5.34% | $0.10 | 39.45% |
| 000521.SZ | Changhong Meiling Co., Ltd. | 5.33% | $0.35 | 54.63% |