Definitive Analysis
| Stable Growth | $3,507.10 - $8,336.39 | $7,812.42 |
| Multi-Stage | $1,258.40 - $1,375.48 | $1,315.87 |
| Blended Fair Value | $4,564.14 | |
| Current Price | $179.00 | |
| Upside | 2,449.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 9.90 | 68.42 | 43.99 | 6.08 | 0.00 | 0.00 | 0.37 | 0.00 | 0.00 | 0.16 |
| YoY Growth | - | - | -85.53% | 55.56% | 623.91% | 0.00% | 0.00% | -100.00% | 0.00% | 0.00% | -100.00% | 0.00% |
| Dividend Yield | - | - | 4.49% | 40.85% | 27.75% | 1.80% | 0.00% | 0.00% | 1.26% | 0.00% | 0.00% | 0.58% |
| Net Income To Common (M) | 90,761.29 |
| (-) Cash Dividends Paid (M) | 70,363.90 |
| (=) Cash Retained (M) | 20,397.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18,152.26 | 11,345.16 | 6,807.10 |
| Cash Retained (M) | 20,397.39 | 20,397.39 | 20,397.39 |
| (-) Cash Required (M) | -18,152.26 | -11,345.16 | -6,807.10 |
| (=) Excess Retained (M) | 2,245.13 | 9,052.23 | 13,590.29 |
| (/) Shares Outstanding (M) | 2,165.22 | 2,165.22 | 2,165.22 |
| (=) Excess Retained per Share | 1.04 | 4.18 | 6.28 |
| LTM Dividend per Share | 32.50 | 32.50 | 32.50 |
| (+) Excess Retained per Share | 1.04 | 4.18 | 6.28 |
| (=) Adjusted Dividend | 33.53 | 36.68 | 38.77 |
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $3,507.10 | $7,812.42 | $8,336.39 |
| Upside / Downside | 1,859.28% | 4,264.48% | 4,557.20% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 90,761.29 | 96,660.77 | 102,943.72 | 109,635.06 | 116,761.34 | 124,350.83 | 128,081.35 |
| Payout Ratio | 77.53% | 80.02% | 82.52% | 85.01% | 87.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 70,363.90 | 77,348.98 | 84,944.83 | 93,201.35 | 102,172.32 | 111,915.75 | 118,475.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 71,940.27 | 72,622.17 | 73,304.07 |
| Year 2 PV (M) | 73,480.47 | 74,880.07 | 76,292.87 |
| Year 3 PV (M) | 74,985.05 | 77,137.60 | 79,330.95 |
| Year 4 PV (M) | 76,454.53 | 79,394.75 | 82,418.98 |
| Year 5 PV (M) | 77,889.45 | 81,651.54 | 85,557.61 |
| PV of Terminal Value (M) | 2,349,959.12 | 2,463,463.02 | 2,581,310.99 |
| Equity Value (M) | 2,724,708.89 | 2,849,149.15 | 2,978,215.47 |
| Shares Outstanding (M) | 2,165.22 | 2,165.22 | 2,165.22 |
| Fair Value | $1,258.40 | $1,315.87 | $1,375.48 |
| Upside / Downside | 603.01% | 635.12% | 668.42% |
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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% |
| 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% |