Definitive Analysis
| Stable Growth | $1,041.78 - $1,957.66 | $1,414.10 |
| Multi-Stage | $1,627.66 - $1,784.43 | $1,704.56 |
| Blended Fair Value | $1,559.33 | |
| Current Price | $802.60 | |
| Upside | 94.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.55% | 18.30% | 32.75 | 30.39 | 26.47 | 22.66 | 16.53 | 18.95 | 15.94 | 12.34 | 9.39 | 7.17 |
| YoY Growth | - | - | 7.75% | 14.79% | 16.82% | 37.11% | -12.80% | 18.91% | 29.21% | 31.37% | 30.92% | 17.61% |
| Dividend Yield | - | - | 4.68% | 5.20% | 5.55% | 4.05% | 4.01% | 3.90% | 4.20% | 3.58% | 3.26% | 2.64% |
| Net Income To Common (M) | 1,991.50 |
| (-) Cash Dividends Paid (M) | 1,447.00 |
| (=) Cash Retained (M) | 544.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 398.30 | 248.94 | 149.36 |
| Cash Retained (M) | 544.50 | 544.50 | 544.50 |
| (-) Cash Required (M) | -398.30 | -248.94 | -149.36 |
| (=) Excess Retained (M) | 146.20 | 295.56 | 395.14 |
| (/) Shares Outstanding (M) | 28.86 | 28.86 | 28.86 |
| (=) Excess Retained per Share | 5.07 | 10.24 | 13.69 |
| LTM Dividend per Share | 50.14 | 50.14 | 50.14 |
| (+) Excess Retained per Share | 5.07 | 10.24 | 13.69 |
| (=) Adjusted Dividend | 55.21 | 60.38 | 63.83 |
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 1.30% | 2.30% | 3.30% |
| Fair Value | $1,041.78 | $1,414.10 | $1,957.66 |
| Upside / Downside | 29.80% | 76.19% | 143.92% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,991.50 | 2,037.40 | 2,084.36 | 2,132.41 | 2,181.56 | 2,231.84 | 2,298.79 |
| Payout Ratio | 72.66% | 76.13% | 79.60% | 83.06% | 86.53% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,447.00 | 1,551.01 | 1,659.05 | 1,771.25 | 1,887.74 | 2,008.66 | 2,126.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 1.30% | 2.30% | 3.30% |
| Year 1 PV (M) | 1,439.77 | 1,453.98 | 1,468.20 |
| Year 2 PV (M) | 1,429.61 | 1,457.97 | 1,486.61 |
| Year 3 PV (M) | 1,416.82 | 1,459.19 | 1,502.40 |
| Year 4 PV (M) | 1,401.70 | 1,457.87 | 1,515.71 |
| Year 5 PV (M) | 1,384.51 | 1,454.21 | 1,526.68 |
| PV of Terminal Value (M) | 39,899.94 | 41,908.50 | 43,997.15 |
| Equity Value (M) | 46,972.34 | 49,191.72 | 51,496.75 |
| Shares Outstanding (M) | 28.86 | 28.86 | 28.86 |
| Fair Value | $1,627.66 | $1,704.56 | $1,784.43 |
| Upside / Downside | 102.80% | 112.38% | 122.33% |
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|---|---|---|---|---|
| 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% |
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| 2891.TW | CTBC Financial Holding Co., Ltd. | 4.69% | $2.39 | 63.03% |
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| 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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| 1834.SR | Saudi Manpower Solutions Co. | 4.66% | $0.25 | 81.73% |