Definitive Analysis
| Stable Growth | $1,620.59 - $4,215.70 | $3,950.73 |
| Multi-Stage | $606.41 - $663.45 | $634.41 |
| Blended Fair Value | $2,292.57 | |
| Current Price | $681.33 | |
| Upside | 236.48% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.77% | 12.58% | 7.11 | 5.66 | 4.82 | 4.50 | 4.34 | 4.26 | 4.22 | 5.33 | 2.89 | 2.66 |
| YoY Growth | - | - | 25.55% | 17.60% | 6.94% | 3.67% | 1.90% | 1.08% | -20.92% | 84.66% | 8.76% | 22.14% |
| Dividend Yield | - | - | 1.04% | 1.04% | 1.29% | 2.06% | 2.10% | 2.46% | 2.83% | 4.45% | 1.63% | 1.43% |
| Net Income To Common (M) | 94,721.00 |
| (-) Cash Dividends Paid (M) | 44,140.00 |
| (=) Cash Retained (M) | 50,581.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18,944.20 | 11,840.13 | 7,104.08 |
| Cash Retained (M) | 50,581.00 | 50,581.00 | 50,581.00 |
| (-) Cash Required (M) | -18,944.20 | -11,840.13 | -7,104.08 |
| (=) Excess Retained (M) | 31,636.80 | 38,740.88 | 43,476.93 |
| (/) Shares Outstanding (M) | 4,468.45 | 4,468.45 | 4,468.45 |
| (=) Excess Retained per Share | 7.08 | 8.67 | 9.73 |
| LTM Dividend per Share | 9.88 | 9.88 | 9.88 |
| (+) Excess Retained per Share | 7.08 | 8.67 | 9.73 |
| (=) Adjusted Dividend | 16.96 | 18.55 | 19.61 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,620.59 | $3,950.73 | $4,215.70 |
| Upside / Downside | 137.86% | 479.86% | 518.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 94,721.00 | 100,877.87 | 107,434.93 | 114,418.20 | 121,855.38 | 129,775.98 | 133,669.26 |
| Payout Ratio | 46.60% | 55.28% | 63.96% | 72.64% | 81.32% | 90.00% | 92.50% |
| Projected Dividends (M) | 44,140.00 | 55,765.30 | 68,715.39 | 83,113.38 | 99,092.80 | 116,798.38 | 123,644.06 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 51,819.53 | 52,310.71 | 52,801.89 |
| Year 2 PV (M) | 59,335.27 | 60,465.44 | 61,606.28 |
| Year 3 PV (M) | 66,689.80 | 68,604.22 | 70,554.94 |
| Year 4 PV (M) | 73,885.63 | 76,727.06 | 79,649.67 |
| Year 5 PV (M) | 80,925.27 | 84,834.00 | 88,892.31 |
| PV of Terminal Value (M) | 2,377,056.02 | 2,491,868.72 | 2,611,075.56 |
| Equity Value (M) | 2,709,711.53 | 2,834,810.15 | 2,964,580.65 |
| Shares Outstanding (M) | 4,468.45 | 4,468.45 | 4,468.45 |
| Fair Value | $606.41 | $634.41 | $663.45 |
| Upside / Downside | -11.00% | -6.89% | -2.62% |
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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% |
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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% |
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| PBP.AX | Probiotec Limited | 3.91% | $0.12 | 41.70% |
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