Definitive Analysis
| Stable Growth | $55.31 - $143.05 | $134.06 |
| Multi-Stage | $20.31 - $22.24 | $21.25 |
| Blended Fair Value | $77.66 | |
| Current Price | $1.59 | |
| Upside | 4,784.18% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.00% | 0.00% | 0.10 | 0.07 | 0.10 | 0.07 | 0.10 | 0.09 | 0.08 | 0.06 | 0.00 | 0.01 |
| YoY Growth | - | - | 38.81% | -28.72% | 43.83% | -25.84% | 9.83% | 15.89% | 38.56% | 0.00% | -100.00% | 0.00% |
| Dividend Yield | - | - | 7.90% | 5.91% | 11.17% | 7.56% | 10.13% | 6.66% | 4.37% | 3.68% | 0.00% | 0.76% |
| Net Income To Common (M) | 9,093.92 |
| (-) Cash Dividends Paid (M) | 2,249.72 |
| (=) Cash Retained (M) | 6,844.20 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,818.78 | 1,136.74 | 682.04 |
| Cash Retained (M) | 6,844.20 | 6,844.20 | 6,844.20 |
| (-) Cash Required (M) | -1,818.78 | -1,136.74 | -682.04 |
| (=) Excess Retained (M) | 5,025.42 | 5,707.46 | 6,162.16 |
| (/) Shares Outstanding (M) | 12,642.38 | 12,642.38 | 12,642.38 |
| (=) Excess Retained per Share | 0.40 | 0.45 | 0.49 |
| LTM Dividend per Share | 0.18 | 0.18 | 0.18 |
| (+) Excess Retained per Share | 0.40 | 0.45 | 0.49 |
| (=) Adjusted Dividend | 0.58 | 0.63 | 0.67 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $55.31 | $134.06 | $143.05 |
| Upside / Downside | 3,378.80% | 8,331.65% | 8,897.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 9,093.92 | 9,685.02 | 10,314.55 | 10,984.99 | 11,699.02 | 12,459.46 | 12,833.24 |
| Payout Ratio | 24.74% | 37.79% | 50.84% | 63.90% | 76.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,249.72 | 3,660.06 | 5,244.25 | 7,018.91 | 9,002.13 | 11,213.51 | 11,870.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 3,401.29 | 3,433.53 | 3,465.77 |
| Year 2 PV (M) | 4,528.91 | 4,615.18 | 4,702.25 |
| Year 3 PV (M) | 5,632.96 | 5,794.66 | 5,959.43 |
| Year 4 PV (M) | 6,713.78 | 6,971.98 | 7,237.55 |
| Year 5 PV (M) | 7,771.75 | 8,147.13 | 8,536.88 |
| PV of Terminal Value (M) | 228,688.58 | 239,734.32 | 251,202.81 |
| Equity Value (M) | 256,737.28 | 268,696.80 | 281,104.69 |
| Shares Outstanding (M) | 12,642.38 | 12,642.38 | 12,642.38 |
| Fair Value | $20.31 | $21.25 | $22.24 |
| Upside / Downside | 1,177.21% | 1,236.71% | 1,298.43% |
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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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| 8464.TW | Nien Made Enterprise Co., Ltd. | 3.95% | $14.49 | 64.65% |
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