Definitive Analysis
| Stable Growth | $25,422.85 - $91,921.66 | $80,589.61 |
| Multi-Stage | $11,921.69 - $13,027.89 | $12,464.72 |
| Blended Fair Value | $46,527.17 | |
| Current Price | $8,675.00 | |
| Upside | 436.34% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.34% | 27.21% | 277.51 | 212.51 | 155.01 | 111.40 | 110.60 | 71.00 | 52.00 | 42.00 | 35.00 | 30.60 |
| YoY Growth | - | - | 30.59% | 37.10% | 39.14% | 0.72% | 55.77% | 36.54% | 23.81% | 20.00% | 14.38% | 22.40% |
| Dividend Yield | - | - | 3.26% | 2.16% | 1.77% | 1.40% | 1.78% | 1.29% | 0.95% | 0.90% | 1.06% | 1.15% |
| Net Income To Common (M) | 56,976,535.00 |
| (-) Cash Dividends Paid (M) | 36,982,515.00 |
| (=) Cash Retained (M) | 19,994,020.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,395,307.00 | 7,122,066.88 | 4,273,240.13 |
| Cash Retained (M) | 19,994,020.00 | 19,994,020.00 | 19,994,020.00 |
| (-) Cash Required (M) | -11,395,307.00 | -7,122,066.88 | -4,273,240.13 |
| (=) Excess Retained (M) | 8,598,713.00 | 12,871,953.13 | 15,720,779.88 |
| (/) Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| (=) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| LTM Dividend per Share | 300.01 | 300.01 | 300.01 |
| (+) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| (=) Adjusted Dividend | 369.77 | 404.43 | 427.54 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $25,422.85 | $80,589.61 | $91,921.66 |
| Upside / Downside | 193.06% | 828.99% | 959.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 56,976,535.00 | 60,680,009.78 | 64,624,210.41 | 68,824,784.09 | 73,298,395.05 | 78,062,790.73 | 80,404,674.45 |
| Payout Ratio | 64.91% | 69.93% | 74.94% | 79.96% | 84.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,982,515.00 | 42,431,504.54 | 48,432,611.59 | 55,034,589.46 | 62,290,196.66 | 70,256,511.66 | 74,374,323.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 39,270,610.75 | 39,642,844.03 | 40,015,077.30 |
| Year 2 PV (M) | 41,485,500.73 | 42,275,683.00 | 43,073,319.81 |
| Year 3 PV (M) | 43,628,813.67 | 44,881,240.12 | 46,157,408.55 |
| Year 4 PV (M) | 45,702,146.62 | 47,459,722.21 | 49,267,510.49 |
| Year 5 PV (M) | 47,707,065.57 | 50,011,334.68 | 52,403,793.58 |
| PV of Terminal Value (M) | 1,251,796,118.09 | 1,312,258,338.67 | 1,375,034,590.74 |
| Equity Value (M) | 1,469,590,255.44 | 1,536,529,162.70 | 1,605,951,700.48 |
| Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| Fair Value | $11,921.69 | $12,464.72 | $13,027.89 |
| Upside / Downside | 37.43% | 43.69% | 50.18% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| DIB.AE | Dubai Islamic Bank P.J.S.C. | 4.96% | $0.47 | 41.66% |
| 002701.SZ | ORG Technology Co.,Ltd. | 4.95% | $0.29 | 68.18% |
| 3702.TW | WPG Holdings Limited | 4.95% | $2.93 | 81.01% |
| 5353.TWO | Tailyn Technologies, Inc. | 4.95% | $1.29 | 92.09% |
| 8966.T | Heiwa Real Estate REIT, Inc. | 4.95% | $7,784.94 | 62.25% |
| BOBA.JK | PT Formosa Ingredient Factory Tbk | 4.95% | $9.00 | 50.69% |
| EPG-R.BK | Eastern Polymer Group Public Company Limited | 4.95% | $0.14 | 39.44% |
| MMP-UN.TO | Precious Metals and Mining Trust | 4.95% | $0.19 | 37.80% |
| VFQS.QA | Vodafone Qatar P.Q.S.C. | 4.95% | $0.12 | 80.20% |
| WJX.TO | Wajax Corporation | 4.95% | $1.37 | 65.74% |
| 0RI3.L | Pareto Bank ASA | 4.94% | $4.49 | 50.07% |
| 3226.T | Mitsui Fudosan Accommodations Fund Inc. | 4.94% | $6,633.11 | 72.65% |
| 600987.SS | Zhejiang Hangmin Co.,Ltd | 4.94% | $0.34 | 47.75% |
| 6596.TWO | Kuang Hong Arts Management Incorporation | 4.94% | $6.99 | 37.90% |
| ALLUX.PA | Installux S.A. | 4.94% | $15.31 | 29.71% |
| 5110.SR | Saudi Electricity Company | 4.93% | $0.70 | 51.64% |
| HYPE3.SA | Hypera S.A. | 4.93% | $1.15 | 88.85% |
| 0966.HK | China Taiping Insurance Holdings Company Limited | 4.92% | $0.95 | 21.78% |
| 5213.TWO | YeaShin International Development Co., Ltd. | 4.92% | $1.18 | 37.56% |
| 600295.SS | Inner Mongolia Erdos Resources Co.,ltd. | 4.92% | $0.61 | 92.93% |
| 6192.TW | Lumax International Corp., Ltd. | 4.92% | $5.48 | 52.55% |
| E3G1.SG | Evolution AB (publ) | 4.92% | $2.84 | 50.73% |
| XO.BK | Exotic Food Public Company Limited | 4.92% | $0.72 | 57.45% |
| 059090.KQ | MiCo Ltd. | 4.91% | $674.36 | 69.83% |
| 0662.HK | Asia Financial Holdings Limited | 4.91% | $0.24 | 19.50% |
| 4928.T | Noevir Holdings Co., Ltd. | 4.91% | $224.94 | 95.68% |
| 600970.SS | Sinoma International Engineering Co.Ltd | 4.91% | $0.51 | 44.22% |
| 601319.SS | The People's Insurance Company (Group) of China Limited | 4.91% | $0.44 | 42.28% |
| EVLI.HE | Evli Oyj | 4.91% | $1.14 | 92.58% |
| MRX | Marex Group plc Ordinary Shares | 4.91% | $1.86 | 38.69% |
| SPMA.JK | PT Suparma Tbk | 4.91% | $11.97 | 34.68% |
| TABREED.AE | National Central Cooling Company PJSC | 4.91% | $0.16 | 77.99% |
| 081660.KS | Misto Holdings Corp. | 4.90% | $2,010.62 | 62.73% |
| 300770.SZ | Guangdong South New Media Co.,Ltd. | 4.90% | $2.08 | 63.80% |
| 7944.T | Roland Corporation | 4.90% | $174.95 | 64.69% |
| IGT | International Game Technology PLC | 4.90% | $0.80 | 83.51% |
| SYDB.CO | Sydbank A/S | 4.90% | $27.57 | 61.30% |
| 7246.KL | Signature International Berhad | 4.89% | $0.07 | 48.72% |
| 9917.TW | Taiwan Secom Co., Ltd. | 4.89% | $5.28 | 80.23% |
| QBE.AX | QBE Insurance Group Limited | 4.89% | $0.97 | 39.27% |
| TRIS3.SA | Trisul S.A. | 4.89% | $0.30 | 25.32% |
| 000877.SZ | Tianshan Material Co., Ltd. | 4.88% | $0.26 | 93.74% |
| 0236.HK | San Miguel Brewery Hong Kong Limited | 4.88% | $0.06 | 33.49% |
| 4007.SR | Al Hammadi Holding Company | 4.88% | $1.38 | 84.27% |
| 600901.SS | Jiangsu Financial Leasing Co., Ltd. | 4.88% | $0.30 | 54.72% |
| 601098.SS | China South Publishing & Media Group Co., Ltd | 4.88% | $0.55 | 62.37% |
| SPIE.PA | SPIE S.a. | 4.88% | $2.40 | 95.87% |
| TOTO.JK | PT Surya Toto Indonesia Tbk | 4.88% | $13.17 | 36.11% |
| 002035.SZ | Vatti Corporation Limited | 4.87% | $0.30 | 57.45% |
| 002807.SZ | Jiangsu Jiangyin Rural Commercial Bank Co.,LTD. | 4.87% | $0.22 | 25.03% |