Definitive Analysis
| Stable Growth | $99.26 - $132.32 | $116.37 |
| Multi-Stage | $349.83 - $387.30 | $368.17 |
| Blended Fair Value | $242.27 | |
| Current Price | $377.00 | |
| Upside | -35.74% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -17.79% | -9.33% | 14.96 | 19.91 | 39.88 | 39.88 | 39.88 | 39.86 | 44.84 | 39.86 | 39.87 | 39.85 |
| YoY Growth | - | - | -24.83% | -50.09% | 0.00% | 0.00% | 0.05% | -11.10% | 12.50% | -0.03% | 0.04% | 0.03% |
| Dividend Yield | - | - | 3.62% | 3.84% | 5.42% | 2.95% | 2.73% | 3.25% | 5.15% | 3.15% | 3.47% | 4.70% |
| Net Income To Common (M) | 35.55 |
| (-) Cash Dividends Paid (M) | 32.25 |
| (=) Cash Retained (M) | 3.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 7.11 | 4.44 | 2.67 |
| Cash Retained (M) | 3.30 | 3.30 | 3.30 |
| (-) Cash Required (M) | -7.11 | -4.44 | -2.67 |
| (=) Excess Retained (M) | -3.81 | -1.14 | 0.63 |
| (/) Shares Outstanding (M) | 1.44 | 1.44 | 1.44 |
| (=) Excess Retained per Share | -2.65 | -0.80 | 0.44 |
| LTM Dividend per Share | 22.45 | 22.45 | 22.45 |
| (+) Excess Retained per Share | -2.65 | -0.80 | 0.44 |
| (=) Adjusted Dividend | 19.80 | 21.65 | 22.89 |
| WACC / Discount Rate | 6.36% | 6.36% | 6.36% |
| Growth Rate | -11.33% | -10.33% | -9.33% |
| Fair Value | $99.26 | $116.37 | $132.32 |
| Upside / Downside | -73.67% | -69.13% | -64.90% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 35.55 | 31.88 | 28.59 | 25.63 | 22.99 | 20.61 | 21.23 |
| Payout Ratio | 90.72% | 90.57% | 90.43% | 90.29% | 90.14% | 90.00% | 92.50% |
| Projected Dividends (M) | 32.25 | 28.87 | 25.85 | 23.14 | 20.72 | 18.55 | 19.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.36% | 6.36% | 6.36% |
| Growth Rate | -11.33% | -10.33% | -9.33% |
| Year 1 PV (M) | 26.85 | 27.15 | 27.45 |
| Year 2 PV (M) | 22.35 | 22.85 | 23.37 |
| Year 3 PV (M) | 18.60 | 19.24 | 19.89 |
| Year 4 PV (M) | 15.48 | 16.19 | 16.93 |
| Year 5 PV (M) | 12.89 | 13.63 | 14.41 |
| PV of Terminal Value (M) | 406.44 | 429.88 | 454.39 |
| Equity Value (M) | 502.60 | 528.94 | 556.43 |
| Shares Outstanding (M) | 1.44 | 1.44 | 1.44 |
| Fair Value | $349.83 | $368.17 | $387.30 |
| Upside / Downside | -7.21% | -2.34% | 2.73% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| EMTK.JK | PT Elang Mahkota Teknologi Tbk | 3.98% | $43.78 | 48.47% |
| HOLN.SW | Holcim Ltd | 3.98% | $3.10 | 11.12% |
| TQ5.SI | Frasers Property Limited | 3.98% | $0.05 | 60.69% |
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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% |
| 027410.KS | BGF Co., Ltd. | 3.96% | $152.83 | 25.29% |
| 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% |
| 601528.SS | Zhejiang Shaoxing RuiFeng Rural Commercial Bank Co.,Ltd | 3.93% | $0.22 | 21.93% |
| 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% |
| SIRIP.BK | Siri Prime Office Property Fund | 3.92% | $0.28 | 44.51% |
| 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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