Definitive Analysis
| Stable Growth | $370.92 - $715.42 | $670.45 |
| Multi-Stage | $113.34 - $123.97 | $118.56 |
| Blended Fair Value | $394.51 | |
| Current Price | $20.05 | |
| Upside | 1,867.62% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.19% | 18.03% | 1.26 | 1.05 | 1.27 | 0.93 | 0.87 | 0.74 | 0.53 | 0.43 | 0.36 | 0.29 |
| YoY Growth | - | - | 19.70% | -17.32% | 36.56% | 6.90% | 17.65% | 40.00% | 22.22% | 18.54% | 26.74% | 20.11% |
| Dividend Yield | - | - | 4.08% | 4.06% | 4.33% | 2.11% | 2.11% | 1.73% | 1.70% | 1.54% | 1.67% | 1.24% |
| Net Income To Common (M) | 8,169.37 |
| (-) Cash Dividends Paid (M) | 5,232.55 |
| (=) Cash Retained (M) | 2,936.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,633.87 | 1,021.17 | 612.70 |
| Cash Retained (M) | 2,936.83 | 2,936.83 | 2,936.83 |
| (-) Cash Required (M) | -1,633.87 | -1,021.17 | -612.70 |
| (=) Excess Retained (M) | 1,302.95 | 1,915.65 | 2,324.12 |
| (/) Shares Outstanding (M) | 2,270.95 | 2,270.95 | 2,270.95 |
| (=) Excess Retained per Share | 0.57 | 0.84 | 1.02 |
| LTM Dividend per Share | 2.30 | 2.30 | 2.30 |
| (+) Excess Retained per Share | 0.57 | 0.84 | 1.02 |
| (=) Adjusted Dividend | 2.88 | 3.15 | 3.33 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $370.92 | $670.45 | $715.42 |
| Upside / Downside | 1,749.98% | 3,243.90% | 3,468.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8,169.37 | 8,700.38 | 9,265.90 | 9,868.19 | 10,509.62 | 11,192.75 | 11,528.53 |
| Payout Ratio | 64.05% | 69.24% | 74.43% | 79.62% | 84.81% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,232.55 | 6,024.20 | 6,896.66 | 7,857.08 | 8,913.23 | 10,073.47 | 10,663.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 5,612.97 | 5,666.18 | 5,719.38 |
| Year 2 PV (M) | 5,987.23 | 6,101.27 | 6,216.39 |
| Year 3 PV (M) | 6,355.40 | 6,537.84 | 6,723.74 |
| Year 4 PV (M) | 6,717.54 | 6,975.88 | 7,241.60 |
| Year 5 PV (M) | 7,073.73 | 7,415.39 | 7,770.13 |
| PV of Terminal Value (M) | 225,651.04 | 236,550.07 | 247,866.24 |
| Equity Value (M) | 257,397.92 | 269,246.64 | 281,537.47 |
| Shares Outstanding (M) | 2,270.95 | 2,270.95 | 2,270.95 |
| Fair Value | $113.34 | $118.56 | $123.97 |
| Upside / Downside | 465.30% | 491.33% | 518.32% |
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| LREN3.SA | Lojas Renner S.A. | 4.75% | $0.64 | 45.84% |
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| 0DTK.L | Savencia S.A. | 4.74% | $2.97 | 20.78% |
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| 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% |
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| 601598.SS | Sinotrans Limited | 4.72% | $0.29 | 56.81% |
| 6393.T | Yuken Kogyo Co., Ltd. | 4.72% | $152.08 | 45.60% |
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| TD | The Toronto-Dominion Bank | 4.72% | $4.46 | 37.31% |
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