Definitive Analysis
| Stable Growth | $1,086,406.92 - $2,162,256.70 | $2,026,351.19 |
| Multi-Stage | $337,062.63 - $368,814.57 | $352,647.29 |
| Blended Fair Value | $1,189,499.24 | |
| Current Price | $72,800.00 | |
| Upside | 1,533.93% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 38.39% | 9.41% | 2,201.60 | 1,927.00 | 695.94 | 704.36 | 775.62 | 433.68 | 217.17 | 1,011.39 | 1,264.12 | 861.35 |
| YoY Growth | - | - | 14.25% | 176.89% | -1.19% | -9.19% | 78.85% | 99.69% | -78.53% | -19.99% | 46.76% | -3.83% |
| Dividend Yield | - | - | 6.91% | 8.25% | 4.49% | 4.23% | 4.18% | 3.34% | 1.65% | 7.28% | 8.11% | 3.58% |
| Net Income To Common (M) | 158,127.86 |
| (-) Cash Dividends Paid (M) | 80,884.32 |
| (=) Cash Retained (M) | 77,243.55 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 31,625.57 | 19,765.98 | 11,859.59 |
| Cash Retained (M) | 77,243.55 | 77,243.55 | 77,243.55 |
| (-) Cash Required (M) | -31,625.57 | -19,765.98 | -11,859.59 |
| (=) Excess Retained (M) | 45,617.97 | 57,477.56 | 65,383.96 |
| (/) Shares Outstanding (M) | 14.54 | 14.54 | 14.54 |
| (=) Excess Retained per Share | 3,136.57 | 3,952.00 | 4,495.62 |
| LTM Dividend per Share | 5,561.39 | 5,561.39 | 5,561.39 |
| (+) Excess Retained per Share | 3,136.57 | 3,952.00 | 4,495.62 |
| (=) Adjusted Dividend | 8,697.95 | 9,513.39 | 10,057.01 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,086,406.92 | $2,026,351.19 | $2,162,256.70 |
| Upside / Downside | 1,392.32% | 2,683.45% | 2,870.13% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 158,127.86 | 168,406.17 | 179,352.58 | 191,010.49 | 203,426.17 | 216,648.88 | 223,148.34 |
| Payout Ratio | 51.15% | 58.92% | 66.69% | 74.46% | 82.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 80,884.32 | 99,226.55 | 119,611.54 | 142,227.34 | 167,277.84 | 194,983.99 | 206,412.22 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 92,430.46 | 93,306.57 | 94,182.69 |
| Year 2 PV (M) | 103,788.08 | 105,764.95 | 107,760.47 |
| Year 3 PV (M) | 114,959.45 | 118,259.53 | 121,622.16 |
| Year 4 PV (M) | 125,946.82 | 130,790.38 | 135,772.32 |
| Year 5 PV (M) | 136,752.40 | 143,357.60 | 150,215.58 |
| PV of Terminal Value (M) | 4,328,333.24 | 4,537,393.36 | 4,754,454.70 |
| Equity Value (M) | 4,902,210.46 | 5,128,872.39 | 5,364,007.92 |
| Shares Outstanding (M) | 14.54 | 14.54 | 14.54 |
| Fair Value | $337,062.63 | $352,647.29 | $368,814.57 |
| Upside / Downside | 363.00% | 384.41% | 406.61% |
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|---|---|---|---|---|
| EMTK.JK | PT Elang Mahkota Teknologi Tbk | 3.98% | $43.78 | 48.47% |
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| 3217.TWO | Argosy Research Inc. | 3.97% | $6.40 | 54.14% |
| 5434.TW | Topco Scientific Co.,Ltd. | 3.97% | $11.76 | 59.09% |
| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
| MND.AX | Monadelphous Group Limited | 3.97% | $1.05 | 72.16% |
| MXI.AX | MaxiPARTS Limited | 3.97% | $0.09 | 46.30% |
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| CNT.BK | Christiani & Nielsen (Thai) Public Company Limited | 3.96% | $0.04 | 56.47% |
| UCID.JK | PT Uni-Charm Indonesia Tbk | 3.96% | $16.86 | 78.76% |
| 002758.SZ | ZJAMP Group Co., Ltd. | 3.95% | $0.40 | 46.30% |
| 4065.KL | PPB Group Berhad | 3.95% | $0.42 | 72.75% |
| 600585.SS | Anhui Conch Cement Company Limited | 3.95% | $0.86 | 51.83% |
| 8464.TW | Nien Made Enterprise Co., Ltd. | 3.95% | $14.49 | 64.65% |
| BRFS3.SA | BRF S.A. | 3.95% | $0.71 | 31.92% |
| F34.SI | Wilmar International Limited | 3.95% | $0.12 | 63.66% |
| 000848.SZ | Cheng De Lolo Company Limited | 3.94% | $0.33 | 55.15% |
| 6412.T | Heiwa Corporation | 3.94% | $80.00 | 63.34% |
| DSFIR.AS | DSM-Firmenich AG | 3.94% | $2.71 | 99.44% |
| NDT.MI | Neodecortech S.p.A. | 3.94% | $0.15 | 28.43% |
| TCSG.ME | TCS Group Holding PLC | 3.94% | $129.27 | 21.76% |
| 001720.KS | Shinyoung Securities Co., Ltd. | 3.93% | $5,219.58 | 32.99% |
| 0UKH.L | Bank of Montreal | 3.93% | $7.04 | 57.77% |
| 282330.KS | BGF retail Co. Ltd. | 3.93% | $4,100.00 | 37.49% |
| 4953.TWO | WITS Corp. | 3.93% | $4.91 | 84.65% |
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| 601789.SS | Ningbo Construction Co., Ltd. | 3.93% | $0.20 | 78.65% |
| EMA | Emera Incorporated | 3.93% | $1.93 | 49.45% |
| TSPC.JK | PT Tempo Scan Pacific Tbk | 3.93% | $111.90 | 33.61% |
| TTALO.HE | Terveystalo Oyj | 3.93% | $0.38 | 55.32% |
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| 300181.SZ | Zhejiang Jolly Pharmaceutical Co.,LTD | 3.92% | $0.63 | 73.60% |
| 6491.TW | Pegavision Corporation | 3.92% | $11.02 | 53.82% |
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| DR0.DE | Deutsche Rohstoff AG | 3.92% | $1.96 | 26.92% |
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| SJR | Shaw Communications Inc. | 3.92% | $1.18 | 80.43% |
| 1437.TW | GTM Holdings Corporation | 3.91% | $1.35 | 64.33% |
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| 3693.TWO | AIC Inc. | 3.91% | $10.92 | 61.94% |
| 4863.KL | Telekom Malaysia Berhad | 3.91% | $0.31 | 59.49% |
| PBP.AX | Probiotec Limited | 3.91% | $0.12 | 41.70% |
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