Definitive Analysis
| Stable Growth | $3,205.86 - $5,198.43 | $4,100.58 |
| Multi-Stage | $6,158.12 - $6,763.84 | $6,455.13 |
| Blended Fair Value | $5,277.86 | |
| Current Price | $1,320.00 | |
| Upside | 299.84% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 75.00 | 50.00 | 25.00 | 25.00 | 50.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 50.00% | 100.00% | 0.00% | -50.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.41% | 3.85% | 2.65% | 2.28% | 4.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 104,442.50 |
| (-) Cash Dividends Paid (M) | 61,813.64 |
| (=) Cash Retained (M) | 42,628.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20,888.50 | 13,055.31 | 7,833.19 |
| Cash Retained (M) | 42,628.87 | 42,628.87 | 42,628.87 |
| (-) Cash Required (M) | -20,888.50 | -13,055.31 | -7,833.19 |
| (=) Excess Retained (M) | 21,740.37 | 29,573.55 | 34,795.68 |
| (/) Shares Outstanding (M) | 353.22 | 353.22 | 353.22 |
| (=) Excess Retained per Share | 61.55 | 83.73 | 98.51 |
| LTM Dividend per Share | 175.00 | 175.00 | 175.00 |
| (+) Excess Retained per Share | 61.55 | 83.73 | 98.51 |
| (=) Adjusted Dividend | 236.55 | 258.73 | 273.51 |
| WACC / Discount Rate | 6.77% | 6.77% | 6.77% |
| Growth Rate | -0.57% | 0.43% | 1.43% |
| Fair Value | $3,205.86 | $4,100.58 | $5,198.43 |
| Upside / Downside | 142.87% | 210.65% | 293.82% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 104,442.50 | 104,893.62 | 105,346.69 | 105,801.72 | 106,258.71 | 106,717.67 | 109,919.20 |
| Payout Ratio | 59.18% | 65.35% | 71.51% | 77.67% | 83.84% | 90.00% | 92.50% |
| Projected Dividends (M) | 61,813.64 | 68,545.35 | 75,334.07 | 82,180.16 | 89,083.98 | 96,045.90 | 101,675.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.77% | 6.77% | 6.77% |
| Growth Rate | -0.57% | 0.43% | 1.43% |
| Year 1 PV (M) | 63,560.64 | 64,199.88 | 64,839.12 |
| Year 2 PV (M) | 64,775.68 | 66,085.15 | 67,407.72 |
| Year 3 PV (M) | 65,523.60 | 67,520.49 | 69,557.54 |
| Year 4 PV (M) | 65,862.87 | 68,552.68 | 71,324.04 |
| Year 5 PV (M) | 65,846.12 | 69,224.51 | 72,740.16 |
| PV of Terminal Value (M) | 1,849,607.44 | 1,944,505.88 | 2,043,260.14 |
| Equity Value (M) | 2,175,176.36 | 2,280,088.58 | 2,389,128.72 |
| Shares Outstanding (M) | 353.22 | 353.22 | 353.22 |
| Fair Value | $6,158.12 | $6,455.13 | $6,763.84 |
| Upside / Downside | 366.52% | 389.03% | 412.41% |
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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% |
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| 1686.HK | SUNeVision Holdings Ltd. | 4.66% | $0.22 | 47.87% |
| 1834.SR | Saudi Manpower Solutions Co. | 4.66% | $0.25 | 81.73% |