Definitive Analysis
| Stable Growth | $68.04 - $224.50 | $110.72 |
| Multi-Stage | $67.67 - $74.18 | $70.87 |
| Blended Fair Value | $90.79 | |
| Current Price | $7.15 | |
| Upside | 1,169.85% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.37% | 4.10% | 0.54 | 0.42 | 0.32 | 0.60 | 0.32 | 0.33 | 0.35 | 0.35 | 0.35 | 0.36 |
| YoY Growth | - | - | 28.57% | 31.25% | -46.65% | 87.63% | -3.05% | -4.64% | -1.31% | 0.00% | -3.03% | 0.00% |
| Dividend Yield | - | - | 5.96% | 6.27% | 4.78% | 10.69% | 7.15% | 5.00% | 5.18% | 5.73% | 4.45% | 4.37% |
| Net Income To Common (M) | 1,932.76 |
| (-) Cash Dividends Paid (M) | 762.95 |
| (=) Cash Retained (M) | 1,169.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 386.55 | 241.60 | 144.96 |
| Cash Retained (M) | 1,169.81 | 1,169.81 | 1,169.81 |
| (-) Cash Required (M) | -386.55 | -241.60 | -144.96 |
| (=) Excess Retained (M) | 783.25 | 928.21 | 1,024.85 |
| (/) Shares Outstanding (M) | 755.40 | 755.40 | 755.40 |
| (=) Excess Retained per Share | 1.04 | 1.23 | 1.36 |
| LTM Dividend per Share | 1.01 | 1.01 | 1.01 |
| (+) Excess Retained per Share | 1.04 | 1.23 | 1.36 |
| (=) Adjusted Dividend | 2.05 | 2.24 | 2.37 |
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 3.42% | 4.42% | 5.42% |
| Fair Value | $68.04 | $110.72 | $224.50 |
| Upside / Downside | 851.56% | 1,448.56% | 3,039.93% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,932.76 | 2,018.14 | 2,107.28 | 2,200.37 | 2,297.56 | 2,399.05 | 2,471.02 |
| Payout Ratio | 39.47% | 49.58% | 59.68% | 69.79% | 79.89% | 90.00% | 92.50% |
| Projected Dividends (M) | 762.95 | 1,000.59 | 1,257.73 | 1,535.63 | 1,835.64 | 2,159.15 | 2,285.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 3.42% | 4.42% | 5.42% |
| Year 1 PV (M) | 930.27 | 939.27 | 948.26 |
| Year 2 PV (M) | 1,087.17 | 1,108.29 | 1,129.62 |
| Year 3 PV (M) | 1,234.10 | 1,270.25 | 1,307.10 |
| Year 4 PV (M) | 1,371.53 | 1,425.35 | 1,480.74 |
| Year 5 PV (M) | 1,499.88 | 1,573.81 | 1,650.63 |
| PV of Terminal Value (M) | 44,998.08 | 47,216.12 | 49,520.77 |
| Equity Value (M) | 51,121.03 | 53,533.09 | 56,037.13 |
| Shares Outstanding (M) | 755.40 | 755.40 | 755.40 |
| Fair Value | $67.67 | $70.87 | $74.18 |
| Upside / Downside | 846.49% | 891.15% | 937.51% |
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|---|---|---|---|---|
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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% |
| 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% |
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| 4065.KL | PPB Group Berhad | 3.95% | $0.42 | 72.75% |
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