Definitive Analysis
| Stable Growth | $680.72 - $1,236.18 | $911.77 |
| Multi-Stage | $996.44 - $1,091.61 | $1,043.13 |
| Blended Fair Value | $977.45 | |
| Current Price | $496.00 | |
| Upside | 97.07% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.47% | 18.82% | 33.48 | 31.04 | 20.58 | 32.13 | 18.05 | 28.23 | 22.73 | 16.41 | 15.34 | 15.92 |
| YoY Growth | - | - | 7.86% | 50.85% | -35.96% | 77.96% | -36.04% | 24.20% | 38.49% | 6.95% | -3.59% | 166.67% |
| Dividend Yield | - | - | 6.70% | 3.41% | 4.30% | 3.13% | 1.18% | 2.17% | 1.26% | 1.23% | 1.86% | 1.78% |
| Net Income To Common (M) | 819,151.31 |
| (-) Cash Dividends Paid (M) | 573,533.06 |
| (=) Cash Retained (M) | 245,618.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 163,830.26 | 102,393.91 | 61,436.35 |
| Cash Retained (M) | 245,618.26 | 245,618.26 | 245,618.26 |
| (-) Cash Required (M) | -163,830.26 | -102,393.91 | -61,436.35 |
| (=) Excess Retained (M) | 81,788.00 | 143,224.34 | 184,181.91 |
| (/) Shares Outstanding (M) | 17,131.49 | 17,131.49 | 17,131.49 |
| (=) Excess Retained per Share | 4.77 | 8.36 | 10.75 |
| LTM Dividend per Share | 33.48 | 33.48 | 33.48 |
| (+) Excess Retained per Share | 4.77 | 8.36 | 10.75 |
| (=) Adjusted Dividend | 38.25 | 41.84 | 44.23 |
| WACC / Discount Rate | 7.17% | 7.17% | 7.17% |
| Growth Rate | 1.47% | 2.47% | 3.47% |
| Fair Value | $680.72 | $911.77 | $1,236.18 |
| Upside / Downside | 37.24% | 83.83% | 149.23% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 819,151.31 | 839,397.55 | 860,144.19 | 881,403.61 | 903,188.48 | 925,511.78 | 953,277.14 |
| Payout Ratio | 70.02% | 74.01% | 78.01% | 82.01% | 86.00% | 90.00% | 92.50% |
| Projected Dividends (M) | 573,533.06 | 621,258.41 | 670,992.57 | 722,805.68 | 776,770.13 | 832,960.61 | 881,781.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.17% | 7.17% | 7.17% |
| Growth Rate | 1.47% | 2.47% | 3.47% |
| Year 1 PV (M) | 574,017.20 | 579,674.13 | 585,331.05 |
| Year 2 PV (M) | 572,826.33 | 584,172.34 | 595,629.61 |
| Year 3 PV (M) | 570,137.29 | 587,160.01 | 604,518.24 |
| Year 4 PV (M) | 566,112.88 | 588,761.05 | 612,082.07 |
| Year 5 PV (M) | 560,902.81 | 589,091.36 | 618,402.01 |
| PV of Terminal Value (M) | 14,226,540.61 | 14,941,505.21 | 15,684,930.01 |
| Equity Value (M) | 17,070,537.11 | 17,870,364.10 | 18,700,892.99 |
| Shares Outstanding (M) | 17,131.49 | 17,131.49 | 17,131.49 |
| Fair Value | $996.44 | $1,043.13 | $1,091.61 |
| Upside / Downside | 100.90% | 110.31% | 120.08% |
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| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
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