Definitive Analysis
| Stable Growth | $22.29 - $30.98 | $26.65 |
| Multi-Stage | $53.87 - $59.44 | $56.60 |
| Blended Fair Value | $41.62 | |
| Current Price | $59.06 | |
| Upside | -29.52% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.97% | 0.00% | 3.31 | 4.42 | 3.88 | 3.94 | 5.19 | 4.05 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -25.23% | 13.92% | -1.38% | -24.13% | 28.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 7.14% | 9.49% | 6.13% | 9.93% | 5.34% | 2.63% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 854.39 |
| (-) Cash Dividends Paid (M) | 346.18 |
| (=) Cash Retained (M) | 508.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 170.88 | 106.80 | 64.08 |
| Cash Retained (M) | 508.21 | 508.21 | 508.21 |
| (-) Cash Required (M) | -170.88 | -106.80 | -64.08 |
| (=) Excess Retained (M) | 337.33 | 401.41 | 444.13 |
| (/) Shares Outstanding (M) | 216.64 | 216.64 | 216.64 |
| (=) Excess Retained per Share | 1.56 | 1.85 | 2.05 |
| LTM Dividend per Share | 1.60 | 1.60 | 1.60 |
| (+) Excess Retained per Share | 1.56 | 1.85 | 2.05 |
| (=) Adjusted Dividend | 3.16 | 3.45 | 3.65 |
| WACC / Discount Rate | 7.33% | 7.33% | 7.33% |
| Growth Rate | -5.97% | -4.97% | -3.97% |
| Fair Value | $22.29 | $26.65 | $30.98 |
| Upside / Downside | -62.25% | -54.88% | -47.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 854.39 | 811.89 | 771.50 | 733.12 | 696.65 | 661.99 | 681.85 |
| Payout Ratio | 40.52% | 50.41% | 60.31% | 70.21% | 80.10% | 90.00% | 92.50% |
| Projected Dividends (M) | 346.18 | 409.31 | 465.30 | 514.70 | 558.04 | 595.79 | 630.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.33% | 7.33% | 7.33% |
| Growth Rate | -5.97% | -4.97% | -3.97% |
| Year 1 PV (M) | 377.34 | 381.35 | 385.36 |
| Year 2 PV (M) | 395.44 | 403.90 | 412.45 |
| Year 3 PV (M) | 403.26 | 416.27 | 429.55 |
| Year 4 PV (M) | 403.06 | 420.49 | 438.47 |
| Year 5 PV (M) | 396.72 | 418.27 | 440.74 |
| PV of Terminal Value (M) | 9,695.19 | 10,221.84 | 10,771.12 |
| Equity Value (M) | 11,671.01 | 12,262.10 | 12,877.69 |
| Shares Outstanding (M) | 216.64 | 216.64 | 216.64 |
| Fair Value | $53.87 | $56.60 | $59.44 |
| Upside / Downside | -8.78% | -4.16% | 0.65% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
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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% |
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