Definitive Analysis
| Stable Growth | $2,713.96 - $8,022.12 | $7,517.85 |
| Multi-Stage | $1,169.40 - $1,277.06 | $1,222.25 |
| Blended Fair Value | $4,370.05 | |
| Current Price | $360.00 | |
| Upside | 1,113.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 15.49% | 30.01 | 20.14 | 50.34 | 50.50 | 30.30 | 0.00 | 0.00 | 8.08 | 0.00 | 6.71 |
| YoY Growth | - | - | 49.02% | -60.00% | -0.31% | 66.67% | 0.00% | 0.00% | -100.00% | 0.00% | -100.00% | -5.58% |
| Dividend Yield | - | - | 9.09% | 6.62% | 13.32% | 13.02% | 12.32% | 0.00% | 0.00% | 2.22% | 0.00% | 2.08% |
| Net Income To Common (M) | 199,903.65 |
| (-) Cash Dividends Paid (M) | 198,072.98 |
| (=) Cash Retained (M) | 1,830.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 39,980.73 | 24,987.96 | 14,992.77 |
| Cash Retained (M) | 1,830.67 | 1,830.67 | 1,830.67 |
| (-) Cash Required (M) | -39,980.73 | -24,987.96 | -14,992.77 |
| (=) Excess Retained (M) | -38,150.06 | -23,157.28 | -13,162.10 |
| (/) Shares Outstanding (M) | 4,952.04 | 4,952.04 | 4,952.04 |
| (=) Excess Retained per Share | -7.70 | -4.68 | -2.66 |
| LTM Dividend per Share | 40.00 | 40.00 | 40.00 |
| (+) Excess Retained per Share | -7.70 | -4.68 | -2.66 |
| (=) Adjusted Dividend | 32.29 | 35.32 | 37.34 |
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 5.42% | 6.42% | 7.42% |
| Fair Value | $2,713.96 | $7,517.85 | $8,022.12 |
| Upside / Downside | 653.88% | 1,988.29% | 2,128.37% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 199,903.65 | 212,735.30 | 226,390.60 | 240,922.43 | 256,387.05 | 272,844.32 | 281,029.65 |
| Payout Ratio | 99.08% | 97.27% | 95.45% | 93.63% | 91.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 198,072.98 | 206,922.05 | 216,091.04 | 225,584.56 | 235,406.50 | 245,559.89 | 259,952.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 5.42% | 6.42% | 7.42% |
| Year 1 PV (M) | 192,154.52 | 193,977.29 | 195,800.06 |
| Year 2 PV (M) | 186,347.88 | 189,900.02 | 193,485.71 |
| Year 3 PV (M) | 180,651.22 | 185,841.10 | 191,129.43 |
| Year 4 PV (M) | 175,062.78 | 181,800.45 | 188,730.76 |
| Year 5 PV (M) | 169,580.79 | 177,778.02 | 186,289.23 |
| PV of Terminal Value (M) | 4,887,115.54 | 5,123,350.05 | 5,368,632.82 |
| Equity Value (M) | 5,790,912.73 | 6,052,646.94 | 6,324,068.02 |
| Shares Outstanding (M) | 4,952.04 | 4,952.04 | 4,952.04 |
| Fair Value | $1,169.40 | $1,222.25 | $1,277.06 |
| Upside / Downside | 224.83% | 239.51% | 254.74% |
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|---|---|---|---|---|
| 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% |
| 82800.HK | Tracker Fund of Hong Kong | 3.92% | $0.93 | 12.85% |
| 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% |
| 234080.KS | JW Lifescience Corporation | 3.91% | $501.22 | 16.27% |
| 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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