Definitive Analysis
| Stable Growth | $11,494.85 - $28,104.42 | $26,337.95 |
| Multi-Stage | $4,118.12 - $4,505.97 | $4,308.49 |
| Blended Fair Value | $15,323.22 | |
| Current Price | $1,950.50 | |
| Upside | 685.60% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.72% | 7.98% | 63.15 | 51.09 | 46.46 | 40.54 | 37.96 | 37.96 | 36.86 | 34.23 | 33.24 | 34.28 |
| YoY Growth | - | - | 23.59% | 9.98% | 14.60% | 6.80% | 0.00% | 2.98% | 7.68% | 2.99% | -3.04% | 17.02% |
| Dividend Yield | - | - | 3.24% | 2.02% | 1.93% | 2.25% | 2.00% | 3.61% | 3.18% | 2.53% | 2.80% | 3.83% |
| Net Income To Common (M) | 403,890.00 |
| (-) Cash Dividends Paid (M) | 183,308.00 |
| (=) Cash Retained (M) | 220,582.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 80,778.00 | 50,486.25 | 30,291.75 |
| Cash Retained (M) | 220,582.00 | 220,582.00 | 220,582.00 |
| (-) Cash Required (M) | -80,778.00 | -50,486.25 | -30,291.75 |
| (=) Excess Retained (M) | 139,804.00 | 170,095.75 | 190,290.25 |
| (/) Shares Outstanding (M) | 2,858.04 | 2,858.04 | 2,858.04 |
| (=) Excess Retained per Share | 48.92 | 59.51 | 66.58 |
| LTM Dividend per Share | 64.14 | 64.14 | 64.14 |
| (+) Excess Retained per Share | 48.92 | 59.51 | 66.58 |
| (=) Adjusted Dividend | 113.05 | 123.65 | 130.72 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $11,494.85 | $26,337.95 | $28,104.42 |
| Upside / Downside | 489.33% | 1,250.32% | 1,340.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 403,890.00 | 430,142.85 | 458,102.14 | 487,878.77 | 519,590.89 | 553,364.30 | 569,965.23 |
| Payout Ratio | 45.39% | 54.31% | 63.23% | 72.15% | 81.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 183,308.00 | 233,604.13 | 289,664.28 | 352,025.27 | 421,269.36 | 498,027.87 | 527,217.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 217,210.30 | 219,269.17 | 221,328.04 |
| Year 2 PV (M) | 250,434.85 | 255,204.93 | 260,020.01 |
| Year 3 PV (M) | 282,991.62 | 291,115.29 | 299,392.96 |
| Year 4 PV (M) | 314,890.47 | 327,000.26 | 339,456.03 |
| Year 5 PV (M) | 346,141.12 | 362,859.87 | 380,218.48 |
| PV of Terminal Value (M) | 10,358,095.98 | 10,858,395.89 | 11,377,843.45 |
| Equity Value (M) | 11,769,764.33 | 12,313,845.41 | 12,878,258.97 |
| Shares Outstanding (M) | 2,858.04 | 2,858.04 | 2,858.04 |
| Fair Value | $4,118.12 | $4,308.49 | $4,505.97 |
| Upside / Downside | 111.13% | 120.89% | 131.02% |
| 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% |