Definitive Analysis
| Stable Growth | $767.91 - $4,065.90 | $1,527.75 |
| Multi-Stage | $431.49 - $471.89 | $451.32 |
| Blended Fair Value | $989.54 | |
| Current Price | $763.00 | |
| Upside | 29.69% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.20% | 8.34% | 5.20 | 4.52 | 3.93 | 3.43 | 2.98 | 2.68 | 2.57 | 2.43 | 2.40 | 2.36 |
| YoY Growth | - | - | 15.02% | 15.09% | 14.55% | 14.87% | 11.51% | 4.24% | 5.46% | 1.56% | 1.47% | 1.24% |
| Dividend Yield | - | - | 0.63% | 0.59% | 1.14% | 1.20% | 1.60% | 1.93% | 1.99% | 3.15% | 2.85% | 3.28% |
| Net Income To Common (M) | 18,412.10 |
| (-) Cash Dividends Paid (M) | 5,206.80 |
| (=) Cash Retained (M) | 13,205.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,682.42 | 2,301.51 | 1,380.91 |
| Cash Retained (M) | 13,205.30 | 13,205.30 | 13,205.30 |
| (-) Cash Required (M) | -3,682.42 | -2,301.51 | -1,380.91 |
| (=) Excess Retained (M) | 9,522.88 | 10,903.79 | 11,824.39 |
| (/) Shares Outstanding (M) | 900.59 | 900.59 | 900.59 |
| (=) Excess Retained per Share | 10.57 | 12.11 | 13.13 |
| LTM Dividend per Share | 5.78 | 5.78 | 5.78 |
| (+) Excess Retained per Share | 10.57 | 12.11 | 13.13 |
| (=) Adjusted Dividend | 16.36 | 17.89 | 18.91 |
| WACC / Discount Rate | 7.75% | 7.75% | 7.75% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $767.91 | $1,527.75 | $4,065.90 |
| Upside / Downside | 0.64% | 100.23% | 432.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 18,412.10 | 19,608.89 | 20,883.46 | 22,240.89 | 23,686.55 | 25,226.17 | 25,982.96 |
| Payout Ratio | 28.28% | 40.62% | 52.97% | 65.31% | 77.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,206.80 | 7,965.79 | 11,061.46 | 14,525.90 | 18,393.99 | 22,703.56 | 24,034.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.75% | 7.75% | 7.75% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 7,323.63 | 7,393.05 | 7,462.47 |
| Year 2 PV (M) | 9,349.91 | 9,528.00 | 9,707.77 |
| Year 3 PV (M) | 11,288.48 | 11,612.53 | 11,942.73 |
| Year 4 PV (M) | 13,142.13 | 13,647.54 | 14,167.39 |
| Year 5 PV (M) | 14,913.56 | 15,633.89 | 16,381.79 |
| PV of Terminal Value (M) | 332,578.99 | 348,642.67 | 365,321.16 |
| Equity Value (M) | 388,596.70 | 406,457.69 | 424,983.31 |
| Shares Outstanding (M) | 900.59 | 900.59 | 900.59 |
| Fair Value | $431.49 | $451.32 | $471.89 |
| Upside / Downside | -43.45% | -40.85% | -38.15% |
| 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% |