Definitive Analysis
| Stable Growth | $34.18 - $65.89 | $46.85 |
| Multi-Stage | $51.23 - $56.11 | $53.63 |
| Blended Fair Value | $50.24 | |
| Current Price | $11.82 | |
| Upside | 325.03% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 57.73% | 16.68% | 2.84 | 3.05 | 5.85 | 2.03 | 0.21 | 0.29 | 0.10 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -6.83% | -47.83% | 188.28% | 856.69% | -27.17% | 200.32% | 0.00% | 0.00% | 0.00% | -100.00% |
| Dividend Yield | - | - | 21.81% | 20.50% | 63.04% | 14.52% | 2.48% | 5.40% | 0.67% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 13,955.00 |
| (-) Cash Dividends Paid (M) | 12,074.00 |
| (=) Cash Retained (M) | 1,881.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,791.00 | 1,744.38 | 1,046.63 |
| Cash Retained (M) | 1,881.00 | 1,881.00 | 1,881.00 |
| (-) Cash Required (M) | -2,791.00 | -1,744.38 | -1,046.63 |
| (=) Excess Retained (M) | -910.00 | 136.63 | 834.38 |
| (/) Shares Outstanding (M) | 6,444.37 | 6,444.37 | 6,444.37 |
| (=) Excess Retained per Share | -0.14 | 0.02 | 0.13 |
| LTM Dividend per Share | 1.87 | 1.87 | 1.87 |
| (+) Excess Retained per Share | -0.14 | 0.02 | 0.13 |
| (=) Adjusted Dividend | 1.73 | 1.89 | 2.00 |
| WACC / Discount Rate | 6.75% | 6.75% | 6.75% |
| Growth Rate | 1.60% | 2.60% | 3.60% |
| Fair Value | $34.18 | $46.85 | $65.89 |
| Upside / Downside | 189.18% | 296.39% | 457.47% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 13,955.00 | 14,318.21 | 14,690.87 | 15,073.24 | 15,465.55 | 15,868.07 | 16,344.12 |
| Payout Ratio | 86.52% | 87.22% | 87.91% | 88.61% | 89.30% | 90.00% | 92.50% |
| Projected Dividends (M) | 12,074.00 | 12,487.88 | 12,915.12 | 13,356.15 | 13,811.38 | 14,281.27 | 15,118.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.75% | 6.75% | 6.75% |
| Growth Rate | 1.60% | 2.60% | 3.60% |
| Year 1 PV (M) | 11,584.01 | 11,698.02 | 11,812.03 |
| Year 2 PV (M) | 11,113.19 | 11,333.03 | 11,555.01 |
| Year 3 PV (M) | 10,660.84 | 10,978.73 | 11,302.88 |
| Year 4 PV (M) | 10,226.28 | 10,634.86 | 11,055.56 |
| Year 5 PV (M) | 9,808.83 | 10,301.13 | 10,813.00 |
| PV of Terminal Value (M) | 276,745.89 | 290,635.65 | 305,077.58 |
| Equity Value (M) | 330,139.04 | 345,581.42 | 361,616.07 |
| Shares Outstanding (M) | 6,444.37 | 6,444.37 | 6,444.37 |
| Fair Value | $51.23 | $53.63 | $56.11 |
| Upside / Downside | 333.41% | 353.68% | 374.73% |
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| LREN3.SA | Lojas Renner S.A. | 4.75% | $0.64 | 45.84% |
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| 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% |
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| 601598.SS | Sinotrans Limited | 4.72% | $0.29 | 56.81% |
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