Definitive Analysis
| Stable Growth | $5,304,383.37 - $29,666,887.29 | $9,675,509.13 |
| Multi-Stage | $3,432,058.39 - $3,759,607.76 | $3,592,807.88 |
| Blended Fair Value | $6,634,158.50 | |
| Current Price | $384,000.00 | |
| Upside | 1,627.65% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -7.84% | -2.88% | 8,000.19 | 8,000.19 | 7,248.18 | 6,248.15 | 6,804.49 | 12,034.29 | 12,034.41 | 12,059.64 | 12,069.50 | 11,989.72 |
| YoY Growth | - | - | 0.00% | 10.38% | 16.01% | -8.18% | -43.46% | 0.00% | -0.21% | -0.08% | 0.67% | 11.84% |
| Dividend Yield | - | - | 3.17% | 3.11% | 3.26% | 1.83% | 2.87% | 9.29% | 3.85% | 3.49% | 3.41% | 2.88% |
| Net Income To Common (M) | 1,177,191.38 |
| (-) Cash Dividends Paid (M) | 73,541.71 |
| (=) Cash Retained (M) | 1,103,649.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 235,438.28 | 147,148.92 | 88,289.35 |
| Cash Retained (M) | 1,103,649.67 | 1,103,649.67 | 1,103,649.67 |
| (-) Cash Required (M) | -235,438.28 | -147,148.92 | -88,289.35 |
| (=) Excess Retained (M) | 868,211.40 | 956,500.75 | 1,015,360.32 |
| (/) Shares Outstanding (M) | 7.35 | 7.35 | 7.35 |
| (=) Excess Retained per Share | 118,059.75 | 130,065.37 | 138,069.12 |
| LTM Dividend per Share | 10,000.23 | 10,000.23 | 10,000.23 |
| (+) Excess Retained per Share | 118,059.75 | 130,065.37 | 138,069.12 |
| (=) Adjusted Dividend | 128,059.98 | 140,065.61 | 148,069.35 |
| WACC / Discount Rate | 7.49% | 7.49% | 7.49% |
| Growth Rate | 4.95% | 5.95% | 6.95% |
| Fair Value | $5,304,383.37 | $9,675,509.13 | $29,666,887.29 |
| Upside / Downside | 1,281.35% | 2,419.66% | 7,625.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,177,191.38 | 1,247,271.54 | 1,321,523.69 | 1,400,196.19 | 1,483,552.20 | 1,571,870.53 | 1,619,026.64 |
| Payout Ratio | 6.25% | 23.00% | 39.75% | 56.50% | 73.25% | 90.00% | 92.50% |
| Projected Dividends (M) | 73,541.71 | 286,844.69 | 525,283.61 | 791,095.27 | 1,086,693.73 | 1,414,683.47 | 1,497,599.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.49% | 7.49% | 7.49% |
| Growth Rate | 4.95% | 5.95% | 6.95% |
| Year 1 PV (M) | 264,345.90 | 266,864.60 | 269,383.31 |
| Year 2 PV (M) | 446,113.50 | 454,655.19 | 463,277.88 |
| Year 3 PV (M) | 619,164.52 | 637,032.00 | 655,239.95 |
| Year 4 PV (M) | 783,808.91 | 814,111.29 | 845,283.91 |
| Year 5 PV (M) | 940,346.85 | 986,007.11 | 1,033,424.09 |
| PV of Terminal Value (M) | 22,185,577.68 | 23,262,838.94 | 24,381,546.35 |
| Equity Value (M) | 25,239,357.37 | 26,421,509.14 | 27,648,155.49 |
| Shares Outstanding (M) | 7.35 | 7.35 | 7.35 |
| Fair Value | $3,432,058.39 | $3,592,807.88 | $3,759,607.76 |
| Upside / Downside | 793.77% | 835.63% | 879.06% |
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|---|---|---|---|---|
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| BBCA.JK | PT Bank Central Asia Tbk | 3.74% | $300.05 | 64.91% |
| BKGI.BK | Bangkok Genomics Innovation Public Company Limited | 3.74% | $0.05 | 88.71% |
| DAC | Danaos Corporation | 3.74% | $3.56 | 14.02% |
| JKON.JK | PT Jaya Konstruksi Manggala Pratama Tbk | 3.74% | $3.25 | 45.42% |
| MDKI.JK | PT Emdeki Utama Tbk | 3.74% | $8.00 | 62.54% |
| NORCO.OL | Norconsult ASA | 3.74% | $1.66 | 72.73% |
| SLCE3.SA | SLC Agrícola S.A. | 3.74% | $0.55 | 41.84% |
| 3948.HK | Inner Mongolia Yitai Coal Co., Ltd. | 3.73% | $0.65 | 24.32% |
| IDPR.JK | PT Indonesia Pondasi Raya Tbk | 3.73% | $10.00 | 75.77% |
| KIMBERA.MX | Kimberly-Clark de México, S. A. B. de C. V. | 3.73% | $1.43 | 57.51% |
| PGMN3.SA | Empreendimentos Pague Menos S.A. | 3.73% | $0.23 | 74.59% |
| QIBK.QA | Qatar Islamic Bank (Q.P.S.C.) | 3.73% | $0.89 | 44.73% |
| 002367.SZ | Canny Elevator Co., Ltd. | 3.72% | $0.30 | 60.41% |
| 600300.SS | V V Food & Beverage Co.,Ltd | 3.72% | $0.13 | 51.92% |
| 603899.SS | Shanghai M&G Stationery Inc. | 3.72% | $1.01 | 69.72% |
| RHC.AX | Ramsay Health Care Limited | 3.72% | $1.29 | 32.49% |
| 000999.SZ | China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. | 3.71% | $1.06 | 63.26% |
| 214180.KQ | Hecto Innovation Co., Ltd. | 3.71% | $602.87 | 23.75% |
| 603948.SS | Zhejiang Jianye Chemical Co., Ltd. | 3.71% | $1.01 | 75.31% |
| 6089.T | Will Group, Inc. | 3.71% | $44.42 | 74.52% |
| QNNS.QA | Qatar Navigation Q.P.S.C. | 3.71% | $0.40 | 38.98% |
| 016610.KS | DB Securities Co., Ltd. | 3.70% | $404.34 | 30.24% |
| 2471.T | S-Pool, Inc. | 3.70% | $10.10 | 43.62% |
| 3430.TWO | Chitec Technology Co., Ltd. | 3.70% | $2.50 | 75.20% |
| 4560.TW | Strong H Machinery Technology (Cayman) Incorporation | 3.70% | $1.20 | 42.07% |
| 5347.KL | Tenaga Nasional Berhad | 3.70% | $0.51 | 62.35% |
| LOOMIS.ST | Loomis AB (publ) | 3.70% | $14.10 | 53.46% |
| MIDW-A.ST | Midway Holding AB (publ) | 3.70% | $0.91 | 65.00% |
| PNDORA.CO | Pandora A/S | 3.70% | $25.72 | 37.06% |
| SPVI.BK | S P V I Public Company Limited | 3.70% | $0.08 | 37.67% |
| 3401.T | Teijin Limited | 3.69% | $49.97 | 35.81% |
| BZU.MI | Buzzi Unicem S.p.A. | 3.69% | $1.90 | 18.48% |
| CWP.AX | Cedar Woods Properties Limited | 3.69% | $0.31 | 15.67% |
| CX.ST | CombinedX AB (publ) | 3.69% | $1.37 | 55.29% |
| REH.AX | Reece Limited | 3.69% | $0.49 | 43.22% |
| 000783.SZ | Changjiang Securities Company Limited | 3.68% | $0.30 | 43.98% |
| 014820.KS | Dongwon Systems Corporation | 3.68% | $916.77 | 45.73% |
| 2245.HK | Lygend Resources & Technology Co., Ltd. | 3.68% | $0.91 | 36.29% |
| 5DD.SI | Micro-Mechanics (Holdings) Ltd. | 3.68% | $0.06 | 66.85% |
| 600598.SS | Heilongjiang Agriculture Company Limited | 3.68% | $0.55 | 89.21% |
| 601156.SS | Eastern Air Logistics Co., Ltd. | 3.68% | $0.68 | 41.00% |
| NICL.JK | PT PAM Mineral Tbk | 3.68% | $51.00 | 99.38% |
| PNBN.JK | P.T. Bank Pan Indonesia Tbk | 3.68% | $42.00 | 37.86% |
| 3617.TW | Cyber Power Systems, Inc. | 3.67% | $7.64 | 45.54% |
| 5296.KL | Mr D.I.Y. Group (M) Berhad | 3.67% | $0.06 | 87.61% |
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| 9937.TW | National Petroleum Co., Ltd. | 3.67% | $2.10 | 88.32% |
| KEMIRA.HE | Kemira Oyj | 3.67% | $0.72 | 49.87% |