Definitive Analysis
| Stable Growth | $7,044.40 - $10,618.01 | $8,731.91 |
| Multi-Stage | $14,323.76 - $15,744.43 | $15,020.25 |
| Blended Fair Value | $11,876.08 | |
| Current Price | $4,000.00 | |
| Upside | 196.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 117.00 | 10.00 | 55.00 | 91.00 | 93.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 1,070.00% | -81.82% | -39.56% | -2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.95% | 0.44% | 1.51% | 3.01% | 3.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 3,276,000.15 |
| (-) Cash Dividends Paid (M) | 1,762,360.76 |
| (=) Cash Retained (M) | 1,513,639.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 655,200.03 | 409,500.02 | 245,700.01 |
| Cash Retained (M) | 1,513,639.39 | 1,513,639.39 | 1,513,639.39 |
| (-) Cash Required (M) | -655,200.03 | -409,500.02 | -245,700.01 |
| (=) Excess Retained (M) | 858,439.36 | 1,104,139.37 | 1,267,939.38 |
| (/) Shares Outstanding (M) | 3,960.36 | 3,960.36 | 3,960.36 |
| (=) Excess Retained per Share | 216.76 | 278.80 | 320.16 |
| LTM Dividend per Share | 445.00 | 445.00 | 445.00 |
| (+) Excess Retained per Share | 216.76 | 278.80 | 320.16 |
| (=) Adjusted Dividend | 661.76 | 723.80 | 765.16 |
| WACC / Discount Rate | 7.21% | 7.21% | 7.21% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $7,044.40 | $8,731.91 | $10,618.01 |
| Upside / Downside | 76.11% | 118.30% | 165.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,276,000.15 | 3,243,240.15 | 3,210,807.75 | 3,178,699.67 | 3,146,912.67 | 3,115,443.54 | 3,208,906.85 |
| Payout Ratio | 53.80% | 61.04% | 68.28% | 75.52% | 82.76% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,762,360.76 | 1,979,572.95 | 2,192,264.65 | 2,400,504.57 | 2,604,360.47 | 2,803,899.19 | 2,968,238.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.21% | 7.21% | 7.21% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 1,827,857.75 | 1,846,509.36 | 1,865,160.97 |
| Year 2 PV (M) | 1,869,109.53 | 1,907,449.24 | 1,946,178.19 |
| Year 3 PV (M) | 1,889,797.16 | 1,948,240.42 | 2,007,876.36 |
| Year 4 PV (M) | 1,893,148.29 | 1,971,610.44 | 2,052,486.60 |
| Year 5 PV (M) | 1,881,987.87 | 1,979,987.35 | 2,082,027.41 |
| PV of Terminal Value (M) | 47,365,373.03 | 49,831,797.90 | 52,399,915.12 |
| Equity Value (M) | 56,727,273.64 | 59,485,594.71 | 62,353,644.64 |
| Shares Outstanding (M) | 3,960.36 | 3,960.36 | 3,960.36 |
| Fair Value | $14,323.76 | $15,020.25 | $15,744.43 |
| Upside / Downside | 258.09% | 275.51% | 293.61% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| U96.SI | Sembcorp Industries Ltd | 5.19% | $0.32 | 29.05% |
| CIN.AX | Carlton Investments Limited | 5.18% | $1.79 | 61.04% |
| MERK.JK | PT Merck Tbk | 5.18% | $170.31 | 42.74% |
| 0QQ2.L | Geberit AG | 5.17% | $25.42 | 71.02% |
| 2640.TWO | Taiwan Taxi Co.,Ltd. | 5.17% | $7.01 | 77.56% |
| 603508.SS | Henan Thinker Automatic Equipment Co., Ltd. | 5.17% | $1.44 | 88.86% |
| RICHT.BD | Chemical Works | 5.17% | $509.83 | 41.05% |
| FPT.BK | Frasers Property (Thailand) Public Company Limited | 5.16% | $0.31 | 40.49% |
| YSON.F | Sonae, SGPS, S.A. | 5.16% | $0.09 | 60.40% |
| 0QS5.L | Bossard Holding AG | 5.15% | $7.90 | 44.91% |
| 2341.HK | EcoGreen International Group Limited | 5.15% | $0.10 | 9.70% |
| 4942.TW | Chia Chang Co., Ltd | 5.15% | $1.99 | 67.15% |
| 601555.SS | Soochow Securities Co., Ltd. | 5.15% | $0.47 | 66.76% |
| 601686.SS | Tianjin You Fa Steel Pipe Group Stock Co., Ltd. | 5.15% | $0.32 | 56.09% |
| 6979.HK | ZJLD Group Inc | 5.15% | $0.45 | 56.09% |
| 3118.TWO | Level Biotechnology Inc. | 5.14% | $1.70 | 80.08% |
| ALTOU.PA | Touax | 5.14% | $0.22 | 20.71% |
| BE8.BK | Beryl 8 Plus Public Company Limited | 5.14% | $0.24 | 75.69% |
| KEG-UN.TO | The Keg Royalties Income Fund | 5.14% | $0.96 | 84.63% |
| QEWS.QA | Qatar Electricity & Water Company Q.P.S.C. | 5.14% | $0.77 | 67.87% |
| 6805.HK | Kimou Environmental Holding Limited | 5.13% | $0.13 | 60.10% |
| 9521.SR | Inmar Company for Real Estate Development and Investment | 5.13% | $1.00 | 24.60% |
| MTI.BK | Muang Thai Insurance Public Company Limited | 5.13% | $0.80 | 45.07% |
| 3218.TWO | Universal Vision Biotechnology Co., Ltd. | 5.12% | $7.47 | 71.57% |
| 600694.SS | Dashang Co., Ltd. | 5.12% | $0.92 | 63.22% |
| 601877.SS | Zhejiang Chint Electrics Co., Ltd. | 5.12% | $1.43 | 67.03% |
| GL9.IR | Glanbia plc | 5.12% | $0.74 | 50.22% |
| STBP3.SA | Santos Brasil Participações S.A. | 5.12% | $0.74 | 78.31% |
| WSU.DE | WashTec AG | 5.12% | $2.40 | 92.47% |
| 0RUJ.L | Delta Plus Group | 5.11% | $2.48 | 29.42% |
| 2887.TW | TS Financial Holding Co., Ltd. | 5.11% | $1.04 | 93.64% |
| 3003.SR | City Cement Company | 5.11% | $0.65 | 66.06% |
| ALVU.PA | Vente-Unique.com S.A. | 5.11% | $0.79 | 45.95% |
| CAML3.SA | Camil Alimentos S.A. | 5.11% | $0.28 | 60.82% |
| RECT | Rectitude Holdings Ltd Ordinary Shares | 5.11% | $0.09 | 26.70% |
| 603518.SS | Jinhong Fashion Group Co.,Ltd. | 5.10% | $0.49 | 66.21% |
| 6242.TWO | Li Kang Biomedical Co., Ltd. | 5.10% | $2.00 | 77.54% |
| ECMPA.AS | Eurocommercial Properties N.V. | 5.10% | $1.33 | 55.30% |
| NOMD | Nomad Foods Limited | 5.09% | $0.62 | 46.03% |
| 2249.TWO | Young Shine Electric Co., Ltd. | 5.08% | $4.71 | 21.31% |
| ARZZ3.SA | Arezzo Indústria e Comércio S.A. | 5.08% | $2.67 | 67.63% |
| CMAN.BK | Chememan Public Company Limited | 5.08% | $0.12 | 31.80% |
| LST.BK | Lam Soon (Thailand) Public Company Limited | 5.08% | $0.24 | 36.51% |
| VEI.OL | Veidekke ASA | 5.08% | $8.90 | 90.00% |
| 013570.KS | DY Corporation | 5.07% | $230.54 | 20.72% |
| 086790.KS | Hana Financial Group Inc. | 5.07% | $4,736.72 | 33.98% |
| 129260.KS | Intergis Co., Ltd | 5.07% | $121.38 | 22.66% |
| CUP-U.TO | Caribbean Utilities Company, Ltd. | 5.07% | $0.69 | 64.16% |
| MMAQ3.SA | Minasmaquinas S.A. | 5.07% | $129.21 | 12.04% |
| QATI.QA | Qatar Insurance Company Q.S.P.C. | 5.07% | $0.10 | 45.46% |