Definitive Analysis
| Stable Growth | $1,620.59 - $4,215.70 | $3,950.73 |
| Multi-Stage | $606.41 - $663.45 | $634.41 |
| Blended Fair Value | $2,292.57 | |
| Current Price | $681.33 | |
| Upside | 236.48% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.77% | 12.58% | 7.11 | 5.66 | 4.82 | 4.50 | 4.34 | 4.26 | 4.22 | 5.33 | 2.89 | 2.66 |
| YoY Growth | - | - | 25.55% | 17.60% | 6.94% | 3.67% | 1.90% | 1.08% | -20.92% | 84.66% | 8.76% | 22.14% |
| Dividend Yield | - | - | 1.04% | 1.04% | 1.29% | 2.06% | 2.10% | 2.46% | 2.83% | 4.45% | 1.63% | 1.43% |
| Net Income To Common (M) | 94,721.00 |
| (-) Cash Dividends Paid (M) | 44,140.00 |
| (=) Cash Retained (M) | 50,581.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18,944.20 | 11,840.13 | 7,104.08 |
| Cash Retained (M) | 50,581.00 | 50,581.00 | 50,581.00 |
| (-) Cash Required (M) | -18,944.20 | -11,840.13 | -7,104.08 |
| (=) Excess Retained (M) | 31,636.80 | 38,740.88 | 43,476.93 |
| (/) Shares Outstanding (M) | 4,468.45 | 4,468.45 | 4,468.45 |
| (=) Excess Retained per Share | 7.08 | 8.67 | 9.73 |
| LTM Dividend per Share | 9.88 | 9.88 | 9.88 |
| (+) Excess Retained per Share | 7.08 | 8.67 | 9.73 |
| (=) Adjusted Dividend | 16.96 | 18.55 | 19.61 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,620.59 | $3,950.73 | $4,215.70 |
| Upside / Downside | 137.86% | 479.86% | 518.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 94,721.00 | 100,877.87 | 107,434.93 | 114,418.20 | 121,855.38 | 129,775.98 | 133,669.26 |
| Payout Ratio | 46.60% | 55.28% | 63.96% | 72.64% | 81.32% | 90.00% | 92.50% |
| Projected Dividends (M) | 44,140.00 | 55,765.30 | 68,715.39 | 83,113.38 | 99,092.80 | 116,798.38 | 123,644.06 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 51,819.53 | 52,310.71 | 52,801.89 |
| Year 2 PV (M) | 59,335.27 | 60,465.44 | 61,606.28 |
| Year 3 PV (M) | 66,689.80 | 68,604.22 | 70,554.94 |
| Year 4 PV (M) | 73,885.63 | 76,727.06 | 79,649.67 |
| Year 5 PV (M) | 80,925.27 | 84,834.00 | 88,892.31 |
| PV of Terminal Value (M) | 2,377,056.02 | 2,491,868.72 | 2,611,075.56 |
| Equity Value (M) | 2,709,711.53 | 2,834,810.15 | 2,964,580.65 |
| Shares Outstanding (M) | 4,468.45 | 4,468.45 | 4,468.45 |
| Fair Value | $606.41 | $634.41 | $663.45 |
| Upside / Downside | -11.00% | -6.89% | -2.62% |
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|---|---|---|---|---|
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| 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% |
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| 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% |
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| 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% |
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| 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% |
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| ABRD.ME | PJSC Abrau-Durso | 4.67% | $7.73 | 35.43% |
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