Definitive Analysis
| Stable Growth | $68.83 - $172.17 | $103.33 |
| Multi-Stage | $90.92 - $99.70 | $95.23 |
| Blended Fair Value | $99.28 | |
| Current Price | $67.23 | |
| Upside | 47.67% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.82% | 8.10% | 1.91 | 1.77 | 1.66 | 1.57 | 1.46 | 1.31 | 1.21 | 1.12 | 1.04 | 0.96 |
| YoY Growth | - | - | 7.89% | 6.54% | 6.20% | 6.90% | 11.64% | 8.17% | 8.29% | 8.18% | 7.76% | 9.52% |
| Dividend Yield | - | - | 3.00% | 3.53% | 3.12% | 2.49% | 2.72% | 2.91% | 2.58% | 2.76% | 3.22% | 2.98% |
| Net Income To Common (M) | 818.00 |
| (-) Cash Dividends Paid (M) | 514.00 |
| (=) Cash Retained (M) | 304.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 163.60 | 102.25 | 61.35 |
| Cash Retained (M) | 304.00 | 304.00 | 304.00 |
| (-) Cash Required (M) | -163.60 | -102.25 | -61.35 |
| (=) Excess Retained (M) | 140.40 | 201.75 | 242.65 |
| (/) Shares Outstanding (M) | 257.38 | 257.38 | 257.38 |
| (=) Excess Retained per Share | 0.55 | 0.78 | 0.94 |
| LTM Dividend per Share | 2.00 | 2.00 | 2.00 |
| (+) Excess Retained per Share | 0.55 | 0.78 | 0.94 |
| (=) Adjusted Dividend | 2.54 | 2.78 | 2.94 |
| WACC / Discount Rate | 6.17% | 6.17% | 6.17% |
| Growth Rate | 2.39% | 3.39% | 4.39% |
| Fair Value | $68.83 | $103.33 | $172.17 |
| Upside / Downside | 2.37% | 53.70% | 156.09% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 818.00 | 845.71 | 874.35 | 903.97 | 934.59 | 966.25 | 995.24 |
| Payout Ratio | 62.84% | 68.27% | 73.70% | 79.13% | 84.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 514.00 | 577.36 | 644.41 | 715.35 | 790.36 | 869.62 | 920.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.17% | 6.17% | 6.17% |
| Growth Rate | 2.39% | 3.39% | 4.39% |
| Year 1 PV (M) | 538.54 | 543.80 | 549.06 |
| Year 2 PV (M) | 560.69 | 571.69 | 582.81 |
| Year 3 PV (M) | 580.57 | 597.75 | 615.26 |
| Year 4 PV (M) | 598.32 | 622.04 | 646.46 |
| Year 5 PV (M) | 614.08 | 644.66 | 676.44 |
| PV of Terminal Value (M) | 20,508.53 | 21,529.80 | 22,591.36 |
| Equity Value (M) | 23,400.73 | 24,509.75 | 25,661.40 |
| Shares Outstanding (M) | 257.38 | 257.38 | 257.38 |
| Fair Value | $90.92 | $95.23 | $99.70 |
| Upside / Downside | 35.24% | 41.65% | 48.30% |
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| 5434.TW | Topco Scientific Co.,Ltd. | 3.97% | $11.76 | 59.09% |
| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
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