Definitive Analysis
| Stable Growth | $865.11 - $2,294.90 | $1,322.84 |
| Multi-Stage | $624.51 - $680.55 | $652.03 |
| Blended Fair Value | $987.44 | |
| Current Price | $600.08 | |
| Upside | 64.55% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 104.68% | 44.58% | 26.27 | 21.50 | 17.23 | 19.38 | 0.89 | 0.73 | 0.71 | 0.60 | 0.62 | 0.64 |
| YoY Growth | - | - | 22.20% | 24.81% | -11.11% | 2,084.03% | 21.32% | 3.71% | 17.87% | -3.71% | -2.21% | -3.46% |
| Dividend Yield | - | - | 7.23% | 4.95% | 5.77% | 6.38% | 0.90% | 2.58% | 1.03% | 0.82% | 1.12% | 0.90% |
| Net Income To Common (M) | 580.86 |
| (-) Cash Dividends Paid (M) | 413.42 |
| (=) Cash Retained (M) | 167.44 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 116.17 | 72.61 | 43.56 |
| Cash Retained (M) | 167.44 | 167.44 | 167.44 |
| (-) Cash Required (M) | -116.17 | -72.61 | -43.56 |
| (=) Excess Retained (M) | 51.26 | 94.83 | 123.87 |
| (/) Shares Outstanding (M) | 15.75 | 15.75 | 15.75 |
| (=) Excess Retained per Share | 3.25 | 6.02 | 7.86 |
| LTM Dividend per Share | 26.25 | 26.25 | 26.25 |
| (+) Excess Retained per Share | 3.25 | 6.02 | 7.86 |
| (=) Adjusted Dividend | 29.50 | 32.27 | 34.11 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $865.11 | $1,322.84 | $2,294.90 |
| Upside / Downside | 44.17% | 120.44% | 282.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 580.86 | 618.61 | 658.82 | 701.65 | 747.26 | 795.83 | 819.70 |
| Payout Ratio | 71.17% | 74.94% | 78.70% | 82.47% | 86.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 413.42 | 463.59 | 518.53 | 578.65 | 644.39 | 716.24 | 758.22 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 420.94 | 424.93 | 428.92 |
| Year 2 PV (M) | 427.51 | 435.65 | 443.87 |
| Year 3 PV (M) | 433.18 | 445.62 | 458.29 |
| Year 4 PV (M) | 438.02 | 454.87 | 472.19 |
| Year 5 PV (M) | 442.07 | 463.42 | 485.59 |
| PV of Terminal Value (M) | 7,674.33 | 8,045.01 | 8,429.87 |
| Equity Value (M) | 9,836.05 | 10,269.49 | 10,718.73 |
| Shares Outstanding (M) | 15.75 | 15.75 | 15.75 |
| Fair Value | $624.51 | $652.03 | $680.55 |
| Upside / Downside | 4.07% | 8.66% | 13.41% |
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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% |
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