Definitive Analysis
| Stable Growth | $101.68 - $188.54 | $137.30 |
| Multi-Stage | $131.34 - $143.80 | $137.45 |
| Blended Fair Value | $137.38 | |
| Current Price | $151.26 | |
| Upside | -9.18% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.15% | 0.00% | 4.09 | 3.65 | 3.29 | 3.20 | 3.21 | 3.18 | 3.12 | 2.24 | 1.76 | 1.35 |
| YoY Growth | - | - | 11.93% | 11.25% | 2.57% | -0.35% | 1.02% | 2.06% | 39.39% | 26.98% | 30.42% | 0.00% |
| Dividend Yield | - | - | 2.29% | 1.46% | 1.35% | 1.30% | 1.35% | 1.84% | 1.77% | 1.00% | 0.96% | 0.88% |
| Net Income To Common (M) | 1,222.70 |
| (-) Cash Dividends Paid (M) | 724.30 |
| (=) Cash Retained (M) | 498.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 244.54 | 152.84 | 91.70 |
| Cash Retained (M) | 498.40 | 498.40 | 498.40 |
| (-) Cash Required (M) | -244.54 | -152.84 | -91.70 |
| (=) Excess Retained (M) | 253.86 | 345.56 | 406.70 |
| (/) Shares Outstanding (M) | 178.90 | 178.90 | 178.90 |
| (=) Excess Retained per Share | 1.42 | 1.93 | 2.27 |
| LTM Dividend per Share | 4.05 | 4.05 | 4.05 |
| (+) Excess Retained per Share | 1.42 | 1.93 | 2.27 |
| (=) Adjusted Dividend | 5.47 | 5.98 | 6.32 |
| WACC / Discount Rate | 7.61% | 7.61% | 7.61% |
| Growth Rate | 2.12% | 3.12% | 4.12% |
| Fair Value | $101.68 | $137.30 | $188.54 |
| Upside / Downside | -32.78% | -9.23% | 24.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,222.70 | 1,260.80 | 1,300.09 | 1,340.60 | 1,382.37 | 1,425.45 | 1,468.21 |
| Payout Ratio | 59.24% | 65.39% | 71.54% | 77.70% | 83.85% | 90.00% | 92.50% |
| Projected Dividends (M) | 724.30 | 824.44 | 930.12 | 1,041.58 | 1,159.08 | 1,282.90 | 1,358.09 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.61% | 7.61% | 7.61% |
| Growth Rate | 2.12% | 3.12% | 4.12% |
| Year 1 PV (M) | 758.73 | 766.16 | 773.59 |
| Year 2 PV (M) | 787.75 | 803.26 | 818.91 |
| Year 3 PV (M) | 811.84 | 835.93 | 860.48 |
| Year 4 PV (M) | 831.42 | 864.47 | 898.49 |
| Year 5 PV (M) | 846.89 | 889.17 | 933.13 |
| PV of Terminal Value (M) | 19,459.11 | 20,430.75 | 21,440.82 |
| Equity Value (M) | 23,495.73 | 24,589.73 | 25,725.42 |
| Shares Outstanding (M) | 178.90 | 178.90 | 178.90 |
| Fair Value | $131.34 | $137.45 | $143.80 |
| Upside / Downside | -13.17% | -9.13% | -4.93% |
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| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
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| 8464.TW | Nien Made Enterprise Co., Ltd. | 3.95% | $14.49 | 64.65% |
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