Definitive Analysis
| Stable Growth | $12,378.99 - $28,688.32 | $18,124.25 |
| Multi-Stage | $15,819.33 - $17,338.05 | $16,564.42 |
| Blended Fair Value | $17,344.34 | |
| Current Price | $3,220.00 | |
| Upside | 438.64% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.90% | 15.35% | 244.42 | 252.54 | 219.49 | 206.14 | 227.79 | 222.49 | 307.22 | 144.50 | 102.54 | 58.23 |
| YoY Growth | - | - | -3.22% | 15.06% | 6.48% | -9.50% | 2.38% | -27.58% | 112.60% | 40.93% | 76.09% | -0.62% |
| Dividend Yield | - | - | 8.23% | 7.97% | 7.36% | 5.21% | 5.41% | 5.11% | 5.12% | 2.05% | 1.53% | 0.86% |
| Net Income To Common (M) | 43,186.21 |
| (-) Cash Dividends Paid (M) | 27,238.20 |
| (=) Cash Retained (M) | 15,948.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8,637.24 | 5,398.28 | 3,238.97 |
| Cash Retained (M) | 15,948.01 | 15,948.01 | 15,948.01 |
| (-) Cash Required (M) | -8,637.24 | -5,398.28 | -3,238.97 |
| (=) Excess Retained (M) | 7,310.77 | 10,549.73 | 12,709.05 |
| (/) Shares Outstanding (M) | 70.25 | 70.25 | 70.25 |
| (=) Excess Retained per Share | 104.07 | 150.17 | 180.91 |
| LTM Dividend per Share | 387.73 | 387.73 | 387.73 |
| (+) Excess Retained per Share | 104.07 | 150.17 | 180.91 |
| (=) Adjusted Dividend | 491.80 | 537.90 | 568.64 |
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 2.46% | 3.46% | 4.46% |
| Fair Value | $12,378.99 | $18,124.25 | $28,688.32 |
| Upside / Downside | 284.44% | 462.87% | 790.94% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 43,186.21 | 44,679.61 | 46,224.66 | 47,823.14 | 49,476.89 | 51,187.83 | 52,723.47 |
| Payout Ratio | 63.07% | 68.46% | 73.84% | 79.23% | 84.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 27,238.20 | 30,586.42 | 34,133.64 | 37,889.61 | 41,864.53 | 46,069.05 | 48,769.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 2.46% | 3.46% | 4.46% |
| Year 1 PV (M) | 28,434.42 | 28,711.94 | 28,989.46 |
| Year 2 PV (M) | 29,499.46 | 30,078.10 | 30,662.37 |
| Year 3 PV (M) | 30,441.59 | 31,341.65 | 32,259.29 |
| Year 4 PV (M) | 31,268.65 | 32,507.38 | 33,782.55 |
| Year 5 PV (M) | 31,988.06 | 33,579.86 | 35,234.41 |
| PV of Terminal Value (M) | 959,679.92 | 1,007,435.88 | 1,057,074.37 |
| Equity Value (M) | 1,111,312.09 | 1,163,654.82 | 1,218,002.45 |
| Shares Outstanding (M) | 70.25 | 70.25 | 70.25 |
| Fair Value | $15,819.33 | $16,564.42 | $17,338.05 |
| Upside / Downside | 391.28% | 414.42% | 438.45% |
| 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% |
| 1015.KL | AMMB Holdings Berhad | 4.66% | $0.30 | 48.65% |
| 1686.HK | SUNeVision Holdings Ltd. | 4.66% | $0.22 | 47.87% |
| 1834.SR | Saudi Manpower Solutions Co. | 4.66% | $0.25 | 81.73% |