Definitive Analysis
| Stable Growth | $331.83 - $1,280.25 | $941.23 |
| Multi-Stage | $154.64 - $169.35 | $161.86 |
| Blended Fair Value | $551.54 | |
| Current Price | $18.26 | |
| Upside | 2,920.49% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.96% | -2.46% | 0.66 | 0.66 | 0.55 | 0.45 | 0.38 | 0.33 | 0.38 | 0.37 | 0.33 | 0.76 |
| YoY Growth | - | - | -0.48% | 19.81% | 22.33% | 18.58% | 16.08% | -14.30% | 3.00% | 12.25% | -56.46% | -9.99% |
| Dividend Yield | - | - | 3.69% | 3.30% | 2.98% | 2.05% | 1.47% | 1.27% | 1.48% | 1.43% | 1.28% | 2.93% |
| Net Income To Common (M) | 6,000.01 |
| (-) Cash Dividends Paid (M) | 456.76 |
| (=) Cash Retained (M) | 5,543.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,200.00 | 750.00 | 450.00 |
| Cash Retained (M) | 5,543.25 | 5,543.25 | 5,543.25 |
| (-) Cash Required (M) | -1,200.00 | -750.00 | -450.00 |
| (=) Excess Retained (M) | 4,343.25 | 4,793.25 | 5,093.25 |
| (/) Shares Outstanding (M) | 932.05 | 932.05 | 932.05 |
| (=) Excess Retained per Share | 4.66 | 5.14 | 5.46 |
| LTM Dividend per Share | 0.49 | 0.49 | 0.49 |
| (+) Excess Retained per Share | 4.66 | 5.14 | 5.46 |
| (=) Adjusted Dividend | 5.15 | 5.63 | 5.95 |
| WACC / Discount Rate | 7.14% | 7.14% | 7.14% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $331.83 | $941.23 | $1,280.25 |
| Upside / Downside | 1,717.25% | 5,054.57% | 6,911.23% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,000.01 | 6,390.01 | 6,805.36 | 7,247.71 | 7,718.81 | 8,220.54 | 8,467.15 |
| Payout Ratio | 7.61% | 24.09% | 40.57% | 57.05% | 73.52% | 90.00% | 92.50% |
| Projected Dividends (M) | 456.76 | 1,539.36 | 2,760.77 | 4,134.46 | 5,675.07 | 7,398.48 | 7,832.12 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.14% | 7.14% | 7.14% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,423.32 | 1,436.81 | 1,450.31 |
| Year 2 PV (M) | 2,360.23 | 2,405.19 | 2,450.57 |
| Year 3 PV (M) | 3,268.17 | 3,361.99 | 3,457.59 |
| Year 4 PV (M) | 4,147.81 | 4,307.32 | 4,471.39 |
| Year 5 PV (M) | 4,999.80 | 5,241.29 | 5,492.02 |
| PV of Terminal Value (M) | 127,928.28 | 134,107.26 | 140,522.73 |
| Equity Value (M) | 144,127.61 | 150,859.87 | 157,844.61 |
| Shares Outstanding (M) | 932.05 | 932.05 | 932.05 |
| Fair Value | $154.64 | $161.86 | $169.35 |
| Upside / Downside | 746.85% | 786.41% | 827.45% |
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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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