Definitive Analysis
| Stable Growth | $6,201.30 - $8,907.26 | $7,523.93 |
| Multi-Stage | $17,106.15 - $18,886.26 | $17,978.17 |
| Blended Fair Value | $12,751.05 | |
| Current Price | $4,420.00 | |
| Upside | 188.49% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -12.94% | -6.70% | 50.05 | 50.05 | 100.11 | 75.08 | 103.70 | 100.11 | 100.11 | 100.38 | 100.11 | 100.11 |
| YoY Growth | - | - | 0.00% | -50.00% | 33.33% | -27.60% | 3.59% | 0.00% | -0.28% | 0.28% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.16% | 1.37% | 2.81% | 1.54% | 2.48% | 4.51% | 2.62% | 2.10% | 1.95% | 2.20% |
| Net Income To Common (M) | 17,827.51 |
| (-) Cash Dividends Paid (M) | 6,825.64 |
| (=) Cash Retained (M) | 11,001.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,565.50 | 2,228.44 | 1,337.06 |
| Cash Retained (M) | 11,001.87 | 11,001.87 | 11,001.87 |
| (-) Cash Required (M) | -3,565.50 | -2,228.44 | -1,337.06 |
| (=) Excess Retained (M) | 7,436.37 | 8,773.44 | 9,664.81 |
| (/) Shares Outstanding (M) | 19.48 | 19.48 | 19.48 |
| (=) Excess Retained per Share | 381.75 | 450.39 | 496.15 |
| LTM Dividend per Share | 350.40 | 350.40 | 350.40 |
| (+) Excess Retained per Share | 381.75 | 450.39 | 496.15 |
| (=) Adjusted Dividend | 732.15 | 800.79 | 846.55 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | -4.88% | -3.88% | -2.88% |
| Fair Value | $6,201.30 | $7,523.93 | $8,907.26 |
| Upside / Downside | 40.30% | 70.22% | 101.52% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 17,827.51 | 17,136.22 | 16,471.73 | 15,833.01 | 15,219.06 | 14,628.91 | 15,067.78 |
| Payout Ratio | 38.29% | 48.63% | 58.97% | 69.31% | 79.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 6,825.64 | 8,333.29 | 9,713.75 | 10,974.62 | 12,123.11 | 13,166.02 | 13,937.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | -4.88% | -3.88% | -2.88% |
| Year 1 PV (M) | 7,753.99 | 7,835.50 | 7,917.02 |
| Year 2 PV (M) | 8,410.17 | 8,587.92 | 8,767.54 |
| Year 3 PV (M) | 8,841.30 | 9,123.08 | 9,410.79 |
| Year 4 PV (M) | 9,087.60 | 9,475.81 | 9,876.33 |
| Year 5 PV (M) | 9,183.29 | 9,676.26 | 10,190.17 |
| PV of Terminal Value (M) | 289,942.82 | 305,507.17 | 321,732.86 |
| Equity Value (M) | 333,219.16 | 350,205.74 | 367,894.71 |
| Shares Outstanding (M) | 19.48 | 19.48 | 19.48 |
| Fair Value | $17,106.15 | $17,978.17 | $18,886.26 |
| Upside / Downside | 287.02% | 306.75% | 327.29% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 603551.SS | AUPU Intelligent Technology Corporation Limited | 4.75% | $0.55 | 70.57% |
| ABCB4.SA | Banco ABC Brasil S.A. | 4.75% | $1.12 | 27.47% |
| ASSA.JK | PT Adi Sarana Armada Tbk | 4.75% | $55.37 | 53.84% |
| CHMF.ME | PJSC Severstal | 4.75% | $45.69 | 47.39% |
| LMN.SW | lastminute.com N.V. | 4.75% | $0.62 | 39.82% |
| LREN3.SA | Lojas Renner S.A. | 4.75% | $0.64 | 45.84% |
| POT.NZ | Port of Tauranga Limited | 4.75% | $0.37 | 93.98% |
| 005720.KS | Nexen Corporation | 4.74% | $283.16 | 21.67% |
| 0DTK.L | Savencia S.A. | 4.74% | $2.97 | 20.78% |
| 1368.HK | Xtep International Holdings Limited | 4.74% | $0.25 | 35.82% |
| 3030.SR | Saudi Cement Company | 4.74% | $1.64 | 59.10% |
| EGIE3.SA | Engie Brasil Energia S.A. | 4.74% | $1.48 | 39.71% |
| 3570.TWO | Otsuka Information Technology Corp. | 4.73% | $7.97 | 55.25% |
| 600096.SS | Yunnan Yuntianhua Co., Ltd. | 4.73% | $1.58 | 51.07% |
| CHE-UN.TO | Chemtrade Logistics Income Fund | 4.73% | $0.70 | 71.01% |
| GVH | Globavend Holdings Limited | 4.73% | $0.07 | 61.06% |
| MOUR.BR | Moury Construct S.A. | 4.73% | $27.35 | 20.85% |
| 1578.HK | Bank of Tianjin Co., Ltd. | 4.72% | $0.12 | 10.90% |
| 601598.SS | Sinotrans Limited | 4.72% | $0.29 | 56.81% |
| 6393.T | Yuken Kogyo Co., Ltd. | 4.72% | $152.08 | 45.60% |
| 7278.T | EXEDY Corporation | 4.72% | $264.78 | 76.11% |
| SHURB.XD | Shurgard Self Storage Ltd | 4.72% | $1.38 | 21.77% |
| TD | The Toronto-Dominion Bank | 4.72% | $4.46 | 37.31% |
| 0QLW.L | ALSO Holding AG | 4.71% | $10.07 | 55.86% |
| 111110.KS | Hojeon Limited | 4.71% | $377.81 | 20.16% |
| 3413.TW | Foxsemicon Integrated Technology Inc. | 4.71% | $13.29 | 62.47% |
| BVG.BK | BlueVenture Group Public Company Limited | 4.71% | $0.08 | 58.67% |
| DUNI.ST | Duni AB (publ) | 4.71% | $5.00 | 71.87% |
| 002810.KS | Samyung Trading Co., Ltd. | 4.70% | $746.82 | 22.45% |
| 013520.KS | Hwaseung Corporation Co.,Ltd. | 4.70% | $101.24 | 13.31% |
| 2S.BK | 2S Metal Public Company Limited | 4.70% | $0.11 | 76.54% |
| COLOR.BK | Salee Colour Public Company Limited | 4.70% | $0.05 | 65.65% |
| GJTL.JK | PT. Gajah Tunggal Tbk | 4.70% | $49.82 | 16.37% |
| JHSF3.SA | JHSF Participações S.A. | 4.70% | $0.37 | 19.33% |
| 0QLN.L | Tecan Group AG | 4.69% | $6.01 | 46.42% |
| 2891.TW | CTBC Financial Holding Co., Ltd. | 4.69% | $2.39 | 63.03% |
| 9536.SR | Arabian Food & Dairy Factories Company | 4.69% | $2.77 | 42.88% |
| KAMART.BK | Karmarts Public Company Limited | 4.69% | $0.42 | 80.09% |
| SNW.DE | Sanofi | 4.69% | $3.87 | 51.33% |
| WWL.WA | Wawel S.A. | 4.69% | $35.00 | 61.86% |
| 603299.SS | Jiang Su Suyan Jingshen Co.,Ltd. | 4.68% | $0.49 | 72.35% |
| 001790.KS | TS Corporation | 4.67% | $129.85 | 23.71% |
| 6049.HK | Poly Property Services Co., Ltd. | 4.67% | $1.51 | 27.86% |
| ABRD.ME | PJSC Abrau-Durso | 4.67% | $7.73 | 35.43% |
| CURY3.SA | Cury Construtora e Incorporadora S.A. | 4.67% | $1.47 | 49.28% |
| INCI.JK | PT Intanwijaya Internasional Tbk | 4.67% | $34.76 | 31.60% |
| NTGY.MC | Naturgy Energy Group, S.A. | 4.67% | $1.20 | 57.49% |
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| 1686.HK | SUNeVision Holdings Ltd. | 4.66% | $0.22 | 47.87% |
| 1834.SR | Saudi Manpower Solutions Co. | 4.66% | $0.25 | 81.73% |