Definitive Analysis
| Stable Growth | $146.39 - $243.20 | $227.92 |
| Multi-Stage | $39.75 - $43.49 | $41.59 |
| Blended Fair Value | $134.75 | |
| Current Price | $5.43 | |
| Upside | 2,381.61% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -10.83% | 0.00% | 0.21 | 0.48 | 0.78 | 0.10 | 0.00 | 0.38 | 0.57 | 0.23 | 0.00 | 0.00 |
| YoY Growth | - | - | -55.10% | -38.64% | 700.56% | 0.00% | -100.00% | -32.84% | 147.19% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.95% | 5.87% | 11.60% | 2.01% | 0.00% | 26.59% | 15.51% | 3.96% | 0.00% | 0.00% |
| Net Income To Common (M) | 1,004.00 |
| (-) Cash Dividends Paid (M) | 568.00 |
| (=) Cash Retained (M) | 436.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 200.80 | 125.50 | 75.30 |
| Cash Retained (M) | 436.00 | 436.00 | 436.00 |
| (-) Cash Required (M) | -200.80 | -125.50 | -75.30 |
| (=) Excess Retained (M) | 235.20 | 310.50 | 360.70 |
| (/) Shares Outstanding (M) | 821.01 | 821.01 | 821.01 |
| (=) Excess Retained per Share | 0.29 | 0.38 | 0.44 |
| LTM Dividend per Share | 0.69 | 0.69 | 0.69 |
| (+) Excess Retained per Share | 0.29 | 0.38 | 0.44 |
| (=) Adjusted Dividend | 0.98 | 1.07 | 1.13 |
| WACC / Discount Rate | 6.21% | 6.21% | 6.21% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $146.39 | $227.92 | $243.20 |
| Upside / Downside | 2,595.97% | 4,097.35% | 4,378.86% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,004.00 | 1,069.26 | 1,138.76 | 1,212.78 | 1,291.61 | 1,375.57 | 1,416.83 |
| Payout Ratio | 56.57% | 63.26% | 69.94% | 76.63% | 83.31% | 90.00% | 92.50% |
| Projected Dividends (M) | 568.00 | 676.40 | 796.50 | 929.35 | 1,076.10 | 1,238.01 | 1,310.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.21% | 6.21% | 6.21% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 630.90 | 636.88 | 642.86 |
| Year 2 PV (M) | 692.95 | 706.15 | 719.47 |
| Year 3 PV (M) | 754.14 | 775.79 | 797.85 |
| Year 4 PV (M) | 814.49 | 845.81 | 878.03 |
| Year 5 PV (M) | 874.00 | 916.22 | 960.05 |
| PV of Terminal Value (M) | 28,867.91 | 30,262.24 | 31,709.94 |
| Equity Value (M) | 32,634.39 | 34,143.09 | 35,708.19 |
| Shares Outstanding (M) | 821.01 | 821.01 | 821.01 |
| Fair Value | $39.75 | $41.59 | $43.49 |
| Upside / Downside | 632.03% | 665.87% | 700.98% |
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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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