Definitive Analysis
| Stable Growth | $65,511.13 - $160,490.57 | $150,403.16 |
| Multi-Stage | $23,579.76 - $25,796.15 | $24,667.64 |
| Blended Fair Value | $87,535.40 | |
| Current Price | $5,775.00 | |
| Upside | 1,415.76% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.71% | 9.16% | 518.68 | 649.57 | 281.82 | 131.91 | 183.90 | 211.00 | 189.88 | 167.92 | 167.89 | 215.86 |
| YoY Growth | - | - | -20.15% | 130.49% | 113.65% | -28.27% | -12.84% | 11.12% | 13.08% | 0.01% | -22.22% | 0.00% |
| Dividend Yield | - | - | 10.54% | 12.49% | 4.70% | 2.01% | 3.49% | 5.41% | 2.61% | 2.30% | 1.95% | 2.98% |
| Net Income To Common (M) | 32,670,000.00 |
| (-) Cash Dividends Paid (M) | 16,426,000.00 |
| (=) Cash Retained (M) | 16,244,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,534,000.00 | 4,083,750.00 | 2,450,250.00 |
| Cash Retained (M) | 16,244,000.00 | 16,244,000.00 | 16,244,000.00 |
| (-) Cash Required (M) | -6,534,000.00 | -4,083,750.00 | -2,450,250.00 |
| (=) Excess Retained (M) | 9,710,000.00 | 12,160,250.00 | 13,793,750.00 |
| (/) Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| (=) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| LTM Dividend per Share | 405.74 | 405.74 | 405.74 |
| (+) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| (=) Adjusted Dividend | 645.59 | 706.12 | 746.47 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $65,511.13 | $150,403.16 | $160,490.57 |
| Upside / Downside | 1,034.39% | 2,504.38% | 2,679.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32,670,000.00 | 34,793,550.00 | 37,055,130.75 | 39,463,714.25 | 42,028,855.67 | 44,760,731.29 | 46,103,553.23 |
| Payout Ratio | 50.28% | 58.22% | 66.17% | 74.11% | 82.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,426,000.00 | 20,257,791.00 | 24,518,314.98 | 29,247,117.91 | 34,487,075.34 | 40,284,658.16 | 42,645,786.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 18,835,778.70 | 19,014,316.88 | 19,192,855.07 |
| Year 2 PV (M) | 21,196,961.26 | 21,600,703.83 | 22,008,255.30 |
| Year 3 PV (M) | 23,510,266.66 | 24,185,161.93 | 24,872,851.04 |
| Year 4 PV (M) | 25,776,404.47 | 26,767,692.25 | 27,787,300.42 |
| Year 5 PV (M) | 27,996,074.98 | 29,348,295.87 | 30,752,269.43 |
| PV of Terminal Value (M) | 837,279,527.47 | 877,720,441.72 | 919,709,124.95 |
| Equity Value (M) | 954,595,013.53 | 998,636,612.47 | 1,044,322,656.20 |
| Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| Fair Value | $23,579.76 | $24,667.64 | $25,796.15 |
| Upside / Downside | 308.31% | 327.15% | 346.69% |
| 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% |