Definitive Analysis
| Stable Growth | $60.67 - $117.11 | $83.20 |
| Multi-Stage | $80.70 - $88.60 | $84.58 |
| Blended Fair Value | $83.89 | |
| Current Price | $31.37 | |
| Upside | 167.42% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.52% | 0.57% | 0.92 | 0.92 | 0.91 | 0.90 | 0.90 | 0.89 | 0.89 | 0.89 | 0.88 | 0.87 |
| YoY Growth | - | - | -0.25% | 1.12% | 1.17% | -0.07% | 0.66% | 0.58% | 0.09% | 0.70% | 1.22% | 0.45% |
| Dividend Yield | - | - | 2.55% | 3.08% | 3.78% | 4.03% | 4.03% | 3.82% | 3.45% | 3.50% | 3.61% | 2.90% |
| Net Income To Common (M) | 55.58 |
| (-) Cash Dividends Paid (M) | 11.35 |
| (=) Cash Retained (M) | 44.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11.12 | 6.95 | 4.17 |
| Cash Retained (M) | 44.23 | 44.23 | 44.23 |
| (-) Cash Required (M) | -11.12 | -6.95 | -4.17 |
| (=) Excess Retained (M) | 33.12 | 37.28 | 40.06 |
| (/) Shares Outstanding (M) | 14.53 | 14.53 | 14.53 |
| (=) Excess Retained per Share | 2.28 | 2.57 | 2.76 |
| LTM Dividend per Share | 0.78 | 0.78 | 0.78 |
| (+) Excess Retained per Share | 2.28 | 2.57 | 2.76 |
| (=) Adjusted Dividend | 3.06 | 3.35 | 3.54 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 1.89% | 2.89% | 3.89% |
| Fair Value | $60.67 | $83.20 | $117.11 |
| Upside / Downside | 93.40% | 165.23% | 273.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 55.58 | 57.19 | 58.84 | 60.55 | 62.30 | 64.10 | 66.02 |
| Payout Ratio | 20.42% | 34.33% | 48.25% | 62.17% | 76.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 11.35 | 19.63 | 28.39 | 37.64 | 47.40 | 57.69 | 61.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 1.89% | 2.89% | 3.89% |
| Year 1 PV (M) | 18.17 | 18.34 | 18.52 |
| Year 2 PV (M) | 24.30 | 24.78 | 25.27 |
| Year 3 PV (M) | 29.81 | 30.70 | 31.60 |
| Year 4 PV (M) | 34.73 | 36.12 | 37.54 |
| Year 5 PV (M) | 39.11 | 41.07 | 43.11 |
| PV of Terminal Value (M) | 1,026.78 | 1,078.16 | 1,131.58 |
| Equity Value (M) | 1,172.90 | 1,229.17 | 1,287.62 |
| Shares Outstanding (M) | 14.53 | 14.53 | 14.53 |
| Fair Value | $80.70 | $84.58 | $88.60 |
| Upside / Downside | 157.27% | 169.61% | 182.43% |
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|---|---|---|---|---|
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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% |
| MND.AX | Monadelphous Group Limited | 3.97% | $1.05 | 72.16% |
| MXI.AX | MaxiPARTS Limited | 3.97% | $0.09 | 46.30% |
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| 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% |
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| 4065.KL | PPB Group Berhad | 3.95% | $0.42 | 72.75% |
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| 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% |
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