Definitive Analysis
| Stable Growth | $11,202.39 - $26,836.25 | $25,149.49 |
| Multi-Stage | $4,007.09 - $4,381.76 | $4,191.00 |
| Blended Fair Value | $14,670.25 | |
| Current Price | $1,010.00 | |
| Upside | 1,352.50% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.08% | 0.00% | 108.51 | 62.26 | 23.12 | 0.00 | 55.81 | 56.15 | 57.26 | 43.27 | 37.71 | 16.57 |
| YoY Growth | - | - | 74.29% | 169.29% | 0.00% | -100.00% | -0.61% | -1.94% | 32.33% | 14.75% | 127.60% | 0.00% |
| Dividend Yield | - | - | 14.00% | 8.96% | 3.70% | 0.00% | 9.62% | 20.20% | 4.31% | 2.52% | 2.20% | 0.00% |
| Net Income To Common (M) | 245,375.26 |
| (-) Cash Dividends Paid (M) | 158,119.54 |
| (=) Cash Retained (M) | 87,255.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 49,075.05 | 30,671.91 | 18,403.14 |
| Cash Retained (M) | 87,255.71 | 87,255.71 | 87,255.71 |
| (-) Cash Required (M) | -49,075.05 | -30,671.91 | -18,403.14 |
| (=) Excess Retained (M) | 38,180.66 | 56,583.81 | 68,852.57 |
| (/) Shares Outstanding (M) | 1,818.40 | 1,818.40 | 1,818.40 |
| (=) Excess Retained per Share | 21.00 | 31.12 | 37.86 |
| LTM Dividend per Share | 86.96 | 86.96 | 86.96 |
| (+) Excess Retained per Share | 21.00 | 31.12 | 37.86 |
| (=) Adjusted Dividend | 107.95 | 118.07 | 124.82 |
| WACC / Discount Rate | 6.52% | 6.52% | 6.52% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $11,202.39 | $25,149.49 | $26,836.25 |
| Upside / Downside | 1,009.15% | 2,390.05% | 2,557.05% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 245,375.26 | 261,324.65 | 278,310.75 | 296,400.95 | 315,667.01 | 336,185.37 | 346,270.93 |
| Payout Ratio | 64.44% | 69.55% | 74.66% | 79.78% | 84.89% | 90.00% | 92.50% |
| Projected Dividends (M) | 158,119.54 | 181,756.29 | 207,797.75 | 236,456.69 | 267,963.34 | 302,566.83 | 320,300.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.52% | 6.52% | 6.52% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 169,034.28 | 170,636.50 | 172,238.72 |
| Year 2 PV (M) | 179,726.25 | 183,149.53 | 186,605.11 |
| Year 3 PV (M) | 190,198.73 | 195,658.65 | 201,222.07 |
| Year 4 PV (M) | 200,454.92 | 208,163.85 | 216,093.02 |
| Year 5 PV (M) | 210,498.01 | 220,665.14 | 231,221.39 |
| PV of Terminal Value (M) | 6,336,577.30 | 6,642,636.36 | 6,960,409.01 |
| Equity Value (M) | 7,286,489.49 | 7,620,910.03 | 7,967,789.32 |
| Shares Outstanding (M) | 1,818.40 | 1,818.40 | 1,818.40 |
| Fair Value | $4,007.09 | $4,191.00 | $4,381.76 |
| Upside / Downside | 296.74% | 314.95% | 333.84% |
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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% |