Definitive Analysis
| Stable Growth | $859,167.25 - $3,107,447.47 | $2,721,980.40 |
| Multi-Stage | $390,148.84 - $427,050.18 | $408,260.72 |
| Blended Fair Value | $1,565,120.56 | |
| Current Price | $115,500.00 | |
| Upside | 1,255.08% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.18% | 22.64% | 4,002.68 | 3,100.71 | 3,870.17 | 2,643.04 | 2,317.91 | 2,062.61 | 2,063.90 | 1,340.44 | 1,019.19 | 811.19 |
| YoY Growth | - | - | 29.09% | -19.88% | 46.43% | 14.03% | 12.38% | -0.06% | 53.97% | 31.52% | 25.64% | 56.00% |
| Dividend Yield | - | - | 5.07% | 4.53% | 8.12% | 4.31% | 4.12% | 5.97% | 4.69% | 2.21% | 2.08% | 2.55% |
| Net Income To Common (M) | 5,804,665.00 |
| (-) Cash Dividends Paid (M) | 1,316,794.00 |
| (=) Cash Retained (M) | 4,487,871.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,160,933.00 | 725,583.13 | 435,349.88 |
| Cash Retained (M) | 4,487,871.00 | 4,487,871.00 | 4,487,871.00 |
| (-) Cash Required (M) | -1,160,933.00 | -725,583.13 | -435,349.88 |
| (=) Excess Retained (M) | 3,326,938.00 | 3,762,287.88 | 4,052,521.13 |
| (/) Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| (=) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| LTM Dividend per Share | 3,544.58 | 3,544.58 | 3,544.58 |
| (+) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| (=) Adjusted Dividend | 12,500.10 | 13,671.99 | 14,453.24 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $859,167.25 | $2,721,980.40 | $3,107,447.47 |
| Upside / Downside | 643.87% | 2,256.69% | 2,590.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,804,665.00 | 6,181,968.23 | 6,583,796.16 | 7,011,742.91 | 7,467,506.20 | 7,952,894.10 | 8,191,480.93 |
| Payout Ratio | 22.69% | 36.15% | 49.61% | 63.07% | 76.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,316,794.00 | 2,234,662.77 | 3,266,291.02 | 4,422,589.50 | 5,715,406.70 | 7,157,604.69 | 7,577,119.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,068,184.69 | 2,087,788.34 | 2,107,391.98 |
| Year 2 PV (M) | 2,797,754.02 | 2,851,043.38 | 2,904,835.47 |
| Year 3 PV (M) | 3,505,973.33 | 3,606,617.22 | 3,709,169.00 |
| Year 4 PV (M) | 4,193,304.91 | 4,354,567.59 | 4,520,437.42 |
| Year 5 PV (M) | 4,860,202.21 | 5,094,951.79 | 5,338,685.80 |
| PV of Terminal Value (M) | 127,513,120.11 | 133,672,051.49 | 140,066,699.67 |
| Equity Value (M) | 144,938,539.28 | 151,667,019.81 | 158,647,219.34 |
| Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| Fair Value | $390,148.84 | $408,260.72 | $427,050.18 |
| Upside / Downside | 237.79% | 253.47% | 269.74% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| INDF.JK | PT Indofood Sukses Makmur Tbk | 4.19% | $280.00 | 31.67% |
| RBD.AX | Restaurant Brands New Zealand Limited | 4.19% | $0.18 | 42.75% |
| 002091.SZ | Jiangsu Guotai International Group Co., Ltd. | 4.18% | $0.38 | 63.98% |
| 017390.KS | Seoul City Gas Co., Ltd. | 4.18% | $2,547.59 | 26.43% |
| ALITL.PA | IT Link S.A. | 4.18% | $0.92 | 22.65% |
| P9D.SI | Civmec Limited | 4.18% | $0.05 | 38.60% |
| PJW.BK | Panjawattana Plastic Public Company Limited | 4.18% | $0.09 | 33.50% |
| 123890.KS | Korea Asset In Trust Co., Ltd. | 4.17% | $100.08 | 20.69% |
| 2729.TWO | TTFB Company Limited | 4.17% | $7.33 | 93.07% |
| 6599.KL | Aeon Co. (M) Bhd. | 4.17% | $0.05 | 53.15% |
| 6967.TWO | Trans-Sun Materials Technology Company Limited | 4.17% | $2.85 | 79.87% |
| 9619.SR | Multi Business Group Co. | 4.17% | $0.43 | 15.41% |
| AMAR.JK | PT Bank Amar Indonesia Tbk | 4.17% | $9.16 | 71.61% |
| OLVAS.HE | Olvi Oyj | 4.17% | $1.29 | 49.21% |
| 003570.KS | Snt Dynamics Co.,Ltd. | 4.16% | $1,868.80 | 54.81% |
| 090350.KS | NOROO PAINT & COATINGS Co., Ltd. | 4.16% | $349.95 | 36.31% |
| 3613.HK | Beijing Tong Ren Tang Chinese Medicine Company Limited | 4.16% | $0.35 | 56.85% |
| ALVIV.PA | Visiativ S.A. | 4.16% | $1.54 | 33.81% |
| BCH-R.BK | Bangkok Chain Hospital Public Company Limited | 4.16% | $0.43 | 83.13% |
| CMRE | Costamare Inc. | 4.16% | $0.65 | 24.42% |
| 601336.SS | New China Life Insurance Company Ltd. | 4.15% | $2.90 | 23.52% |
| 005500.KS | Samjin Pharmaceuticals Co., Ltd. | 4.14% | $800.57 | 49.67% |
| 600710.SS | Sumec Corporation Limited | 4.14% | $0.45 | 46.72% |
| 603611.SS | Noblelift Intelligent Equipment Co.,Ltd. | 4.14% | $1.01 | 52.65% |
| 8463.TW | Ruentex Materials Co.,Ltd. | 4.14% | $1.10 | 51.49% |
| CEYE.BK | Chamni's Eye Public Company Limited | 4.14% | $0.08 | 64.18% |
| ORIA.PA | Fiducial Real Estate S.A. | 4.14% | $6.96 | 28.28% |
| SWA.DE | Schloss Wachenheim AG | 4.14% | $0.60 | 50.24% |
| 000686.SZ | Northeast Securities Co., Ltd. | 4.13% | $0.38 | 61.41% |
| 001680.KS | Daesang Corporation | 4.13% | $850.39 | 31.24% |
| 1931.HK | IVD Medical Holding Limited | 4.13% | $0.10 | 38.64% |
| 6183.T | BELLSYSTEM24 Holdings, Inc. | 4.13% | $59.55 | 54.01% |
| PSI.AX | PSC Insurance Group Limited | 4.13% | $0.26 | 83.22% |
| 0QOL.L | Kardex Holding AG | 4.12% | $11.39 | 58.10% |
| 600284.SS | Shanghai Pudong Construction Co.,Ltd. | 4.12% | $0.35 | 90.03% |
| 004450.KS | Samhwa Crown & Closure Co., Ltd | 4.11% | $1,204.01 | 40.73% |
| 0KGY.L | BTS Group AB (publ) | 4.11% | $5.90 | 33.91% |
| 3406.TW | Genius Electronic Optical Co., Ltd | 4.11% | $17.98 | 59.96% |
| ABS2.DE | PORR AG | 4.11% | $1.34 | 46.75% |
| CCU.SN | Compañía Cervecerías Unidas S.A. | 4.11% | $238.74 | 64.77% |
| 2858.HK | Yixin Group Limited | 4.10% | $0.10 | 43.79% |
| 4081.SR | Nayifat Finance Company | 4.10% | $0.50 | 62.31% |
| 688628.SS | Uni-Trend Technology (China) Co., Ltd. | 4.10% | $1.31 | 87.50% |
| 7994.T | Okamura Corporation | 4.10% | $94.03 | 41.44% |
| PKN.WA | Polski Koncern Naftowy ORLEN Spólka Akcyjna | 4.10% | $4.15 | 44.90% |
| TRSB.OL | Trøndelag Sparebank | 4.10% | $4.79 | 31.67% |
| 1409.TW | Shinkong Synthetic Fibers Corporation | 4.09% | $0.60 | 50.43% |
| 4904.TW | Far EasTone Telecommunications Co., Ltd. | 4.09% | $3.64 | 95.25% |
| 601872.SS | China Merchants Energy Shipping Co., Ltd. | 4.09% | $0.37 | 58.88% |
| UGPA3.SA | Ultrapar Participações S.A. | 4.09% | $0.86 | 32.00% |