Definitive Analysis
| Stable Growth | $25.71 - $65.04 | $38.74 |
| Multi-Stage | $18.76 - $20.47 | $19.60 |
| Blended Fair Value | $29.17 | |
| Current Price | $17.46 | |
| Upside | 67.06% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.59 | 0.59 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 2.15% | 2.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 125.85 |
| (-) Cash Dividends Paid (M) | 62.50 |
| (=) Cash Retained (M) | 63.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 25.17 | 15.73 | 9.44 |
| Cash Retained (M) | 63.35 | 63.35 | 63.35 |
| (-) Cash Required (M) | -25.17 | -15.73 | -9.44 |
| (=) Excess Retained (M) | 38.18 | 47.62 | 53.91 |
| (/) Shares Outstanding (M) | 110.18 | 110.18 | 110.18 |
| (=) Excess Retained per Share | 0.35 | 0.43 | 0.49 |
| LTM Dividend per Share | 0.57 | 0.57 | 0.57 |
| (+) Excess Retained per Share | 0.35 | 0.43 | 0.49 |
| (=) Adjusted Dividend | 0.91 | 1.00 | 1.06 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.35% | 6.35% | 7.35% |
| Fair Value | $25.71 | $38.74 | $65.04 |
| Upside / Downside | 47.27% | 121.86% | 272.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 125.85 | 133.84 | 142.35 | 151.39 | 161.01 | 171.24 | 176.38 |
| Payout Ratio | 49.66% | 57.73% | 65.80% | 73.87% | 81.93% | 90.00% | 92.50% |
| Projected Dividends (M) | 62.50 | 77.27 | 93.66 | 111.83 | 131.92 | 154.12 | 163.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.35% | 6.35% | 7.35% |
| Year 1 PV (M) | 70.16 | 70.83 | 71.49 |
| Year 2 PV (M) | 77.22 | 78.69 | 80.18 |
| Year 3 PV (M) | 83.71 | 86.12 | 88.57 |
| Year 4 PV (M) | 89.67 | 93.12 | 96.67 |
| Year 5 PV (M) | 95.12 | 99.72 | 104.50 |
| PV of Terminal Value (M) | 1,651.24 | 1,731.10 | 1,814.03 |
| Equity Value (M) | 2,067.11 | 2,159.58 | 2,255.44 |
| Shares Outstanding (M) | 110.18 | 110.18 | 110.18 |
| Fair Value | $18.76 | $19.60 | $20.47 |
| Upside / Downside | 7.45% | 12.26% | 17.24% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| EMTK.JK | PT Elang Mahkota Teknologi Tbk | 3.98% | $43.78 | 48.47% |
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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% |
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