Definitive Analysis
| Stable Growth | $4,690.67 - $14,217.93 | $13,324.28 |
| Multi-Stage | $1,994.60 - $2,178.90 | $2,085.08 |
| Blended Fair Value | $7,704.68 | |
| Current Price | $1,035.00 | |
| Upside | 644.41% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.70% | 18.41% | 38.94 | 36.69 | 32.93 | 27.72 | 25.57 | 22.39 | 19.37 | 15.20 | 10.60 | 8.61 |
| YoY Growth | - | - | 6.13% | 11.41% | 18.82% | 8.39% | 14.20% | 15.62% | 27.40% | 43.38% | 23.19% | 19.74% |
| Dividend Yield | - | - | 3.17% | 3.02% | 4.03% | 1.83% | 2.46% | 2.52% | 3.28% | 2.28% | 2.22% | 2.38% |
| Net Income To Common (M) | 1,869.00 |
| (-) Cash Dividends Paid (M) | 1,563.95 |
| (=) Cash Retained (M) | 305.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 373.80 | 233.63 | 140.18 |
| Cash Retained (M) | 305.05 | 305.05 | 305.05 |
| (-) Cash Required (M) | -373.80 | -233.63 | -140.18 |
| (=) Excess Retained (M) | -68.75 | 71.43 | 164.88 |
| (/) Shares Outstanding (M) | 26.14 | 26.14 | 26.14 |
| (=) Excess Retained per Share | -2.63 | 2.73 | 6.31 |
| LTM Dividend per Share | 59.82 | 59.82 | 59.82 |
| (+) Excess Retained per Share | -2.63 | 2.73 | 6.31 |
| (=) Adjusted Dividend | 57.19 | 62.56 | 66.13 |
| WACC / Discount Rate | 6.79% | 6.79% | 6.79% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $4,690.67 | $13,324.28 | $14,217.93 |
| Upside / Downside | 353.21% | 1,187.37% | 1,273.71% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,869.00 | 1,990.49 | 2,119.87 | 2,257.66 | 2,404.41 | 2,560.69 | 2,637.51 |
| Payout Ratio | 83.68% | 84.94% | 86.21% | 87.47% | 88.74% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,563.95 | 1,690.77 | 1,827.47 | 1,974.80 | 2,133.57 | 2,304.62 | 2,439.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.79% | 6.79% | 6.79% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,568.46 | 1,583.32 | 1,598.19 |
| Year 2 PV (M) | 1,572.63 | 1,602.58 | 1,632.82 |
| Year 3 PV (M) | 1,576.47 | 1,621.72 | 1,667.84 |
| Year 4 PV (M) | 1,579.99 | 1,640.75 | 1,703.25 |
| Year 5 PV (M) | 1,583.20 | 1,659.67 | 1,739.06 |
| PV of Terminal Value (M) | 44,263.86 | 46,401.82 | 48,621.61 |
| Equity Value (M) | 52,144.60 | 54,509.87 | 56,962.76 |
| Shares Outstanding (M) | 26.14 | 26.14 | 26.14 |
| Fair Value | $1,994.60 | $2,085.08 | $2,178.90 |
| Upside / Downside | 92.72% | 101.46% | 110.52% |
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| 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% |
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| EGIE3.SA | Engie Brasil Energia S.A. | 4.74% | $1.48 | 39.71% |
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| 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% |
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| TD | The Toronto-Dominion Bank | 4.72% | $4.46 | 37.31% |
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| 111110.KS | Hojeon Limited | 4.71% | $377.81 | 20.16% |
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| BVG.BK | BlueVenture Group Public Company Limited | 4.71% | $0.08 | 58.67% |
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| 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% |
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| JHSF3.SA | JHSF Participações S.A. | 4.70% | $0.37 | 19.33% |
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