Definitive Analysis
| Stable Growth | $858.86 - $1,582.07 | $1,482.63 |
| Multi-Stage | $249.44 - $273.07 | $261.04 |
| Blended Fair Value | $871.84 | |
| Current Price | $37.49 | |
| Upside | 2,225.52% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -7.83% | 48.78% | 2.71 | 4.45 | 6.39 | 6.53 | 0.43 | 4.08 | 1.23 | 0.03 | 0.47 | 1.14 |
| YoY Growth | - | - | -39.02% | -30.35% | -2.16% | 1,427.68% | -89.52% | 232.82% | 3,984.04% | -93.62% | -58.80% | 2,136.97% |
| Dividend Yield | - | - | 7.04% | 11.41% | 16.59% | 17.65% | 1.07% | 10.47% | 4.15% | 0.12% | 2.10% | 4.63% |
| Net Income To Common (M) | 2,085.00 |
| (-) Cash Dividends Paid (M) | 792.00 |
| (=) Cash Retained (M) | 1,293.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 417.00 | 260.63 | 156.38 |
| Cash Retained (M) | 1,293.00 | 1,293.00 | 1,293.00 |
| (-) Cash Required (M) | -417.00 | -260.63 | -156.38 |
| (=) Excess Retained (M) | 876.00 | 1,032.38 | 1,136.63 |
| (/) Shares Outstanding (M) | 262.10 | 262.10 | 262.10 |
| (=) Excess Retained per Share | 3.34 | 3.94 | 4.34 |
| LTM Dividend per Share | 3.02 | 3.02 | 3.02 |
| (+) Excess Retained per Share | 3.34 | 3.94 | 4.34 |
| (=) Adjusted Dividend | 6.36 | 6.96 | 7.36 |
| WACC / Discount Rate | 6.28% | 6.28% | 6.28% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $858.86 | $1,482.63 | $1,582.07 |
| Upside / Downside | 2,190.90% | 3,854.74% | 4,119.98% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,085.00 | 2,220.53 | 2,364.86 | 2,518.57 | 2,682.28 | 2,856.63 | 2,942.33 |
| Payout Ratio | 37.99% | 48.39% | 58.79% | 69.19% | 79.60% | 90.00% | 92.50% |
| Projected Dividends (M) | 792.00 | 1,074.48 | 1,390.33 | 1,742.71 | 2,135.02 | 2,570.97 | 2,721.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.28% | 6.28% | 6.28% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,001.48 | 1,010.97 | 1,020.46 |
| Year 2 PV (M) | 1,207.83 | 1,230.84 | 1,254.06 |
| Year 3 PV (M) | 1,411.10 | 1,451.61 | 1,492.88 |
| Year 4 PV (M) | 1,611.31 | 1,673.27 | 1,737.01 |
| Year 5 PV (M) | 1,808.50 | 1,895.85 | 1,986.54 |
| PV of Terminal Value (M) | 58,337.62 | 61,155.34 | 64,080.91 |
| Equity Value (M) | 65,377.83 | 68,417.88 | 71,571.87 |
| Shares Outstanding (M) | 262.10 | 262.10 | 262.10 |
| Fair Value | $249.44 | $261.04 | $273.07 |
| Upside / Downside | 565.36% | 596.30% | 628.39% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| EMTK.JK | PT Elang Mahkota Teknologi Tbk | 3.98% | $43.78 | 48.47% |
| HOLN.SW | Holcim Ltd | 3.98% | $3.10 | 11.12% |
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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% |
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| 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% |
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| 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% |
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| 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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