Definitive Analysis
| Stable Growth | $160,416.32 - $239,659.00 | $198,069.41 |
| Multi-Stage | $313,161.36 - $344,106.64 | $328,332.87 |
| Blended Fair Value | $263,201.14 | |
| Current Price | $129,000.00 | |
| Upside | 104.03% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -7.66% | 0.00% | 6,100.73 | 5,251.72 | 2,886.61 | 1,894.94 | 1,184.81 | 9,086.51 | 6,976.22 | 5,075.41 | 3,705.87 | 0.00 |
| YoY Growth | - | - | 16.17% | 81.93% | 52.33% | 59.94% | -86.96% | 30.25% | 37.45% | 36.96% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.73% | 4.56% | 2.66% | 2.00% | 1.30% | 16.25% | 5.63% | 3.63% | 3.32% | 0.00% |
| Net Income To Common (M) | 6,281.61 |
| (-) Cash Dividends Paid (M) | 3,260.96 |
| (=) Cash Retained (M) | 3,020.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,256.32 | 785.20 | 471.12 |
| Cash Retained (M) | 3,020.65 | 3,020.65 | 3,020.65 |
| (-) Cash Required (M) | -1,256.32 | -785.20 | -471.12 |
| (=) Excess Retained (M) | 1,764.33 | 2,235.45 | 2,549.53 |
| (/) Shares Outstanding (M) | 0.32 | 0.32 | 0.32 |
| (=) Excess Retained per Share | 5,466.38 | 6,926.05 | 7,899.16 |
| LTM Dividend per Share | 10,103.38 | 10,103.38 | 10,103.38 |
| (+) Excess Retained per Share | 5,466.38 | 6,926.05 | 7,899.16 |
| (=) Adjusted Dividend | 15,569.77 | 17,029.43 | 18,002.54 |
| WACC / Discount Rate | 7.51% | 7.51% | 7.51% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $160,416.32 | $198,069.41 | $239,659.00 |
| Upside / Downside | 24.35% | 53.54% | 85.78% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,281.61 | 6,218.80 | 6,156.61 | 6,095.04 | 6,034.09 | 5,973.75 | 6,152.96 |
| Payout Ratio | 51.91% | 59.53% | 67.15% | 74.77% | 82.38% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,260.96 | 3,702.07 | 4,134.02 | 4,556.97 | 4,971.04 | 5,376.38 | 5,691.49 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.51% | 7.51% | 7.51% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 3,408.62 | 3,443.41 | 3,478.19 |
| Year 2 PV (M) | 3,504.63 | 3,576.52 | 3,649.14 |
| Year 3 PV (M) | 3,556.98 | 3,666.98 | 3,779.22 |
| Year 4 PV (M) | 3,572.62 | 3,720.69 | 3,873.32 |
| Year 5 PV (M) | 3,557.66 | 3,742.92 | 3,935.81 |
| PV of Terminal Value (M) | 83,475.29 | 87,822.04 | 92,348.01 |
| Equity Value (M) | 101,075.80 | 105,972.55 | 111,063.69 |
| Shares Outstanding (M) | 0.32 | 0.32 | 0.32 |
| Fair Value | $313,161.36 | $328,332.87 | $344,106.64 |
| Upside / Downside | 142.76% | 154.52% | 166.75% |
| 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% |