Definitive Analysis
| Stable Growth | $858,451.01 - $3,107,447.47 | $2,715,479.42 |
| Multi-Stage | $390,017.50 - $426,905.95 | $408,123.05 |
| Blended Fair Value | $1,561,801.24 | |
| Current Price | $115,500.00 | |
| Upside | 1,252.21% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.18% | 22.64% | 4,002.68 | 3,100.71 | 3,870.17 | 2,643.04 | 2,317.91 | 2,062.61 | 2,063.90 | 1,340.44 | 1,019.19 | 811.19 |
| YoY Growth | - | - | 29.09% | -19.88% | 46.43% | 14.03% | 12.38% | -0.06% | 53.97% | 31.52% | 25.64% | 56.00% |
| Dividend Yield | - | - | 5.07% | 4.53% | 8.12% | 4.31% | 4.12% | 5.97% | 4.69% | 2.21% | 2.08% | 2.55% |
| Net Income To Common (M) | 5,804,665.00 |
| (-) Cash Dividends Paid (M) | 1,316,794.00 |
| (=) Cash Retained (M) | 4,487,871.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,160,933.00 | 725,583.13 | 435,349.88 |
| Cash Retained (M) | 4,487,871.00 | 4,487,871.00 | 4,487,871.00 |
| (-) Cash Required (M) | -1,160,933.00 | -725,583.13 | -435,349.88 |
| (=) Excess Retained (M) | 3,326,938.00 | 3,762,287.88 | 4,052,521.13 |
| (/) Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| (=) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| LTM Dividend per Share | 3,544.58 | 3,544.58 | 3,544.58 |
| (+) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| (=) Adjusted Dividend | 12,500.10 | 13,671.99 | 14,453.24 |
| WACC / Discount Rate | 7.04% | 7.04% | 7.04% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $858,451.01 | $2,715,479.42 | $3,107,447.47 |
| Upside / Downside | 643.25% | 2,251.06% | 2,590.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,804,665.00 | 6,181,968.23 | 6,583,796.16 | 7,011,742.91 | 7,467,506.20 | 7,952,894.10 | 8,191,480.93 |
| Payout Ratio | 22.69% | 36.15% | 49.61% | 63.07% | 76.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,316,794.00 | 2,234,662.77 | 3,266,291.02 | 4,422,589.50 | 5,715,406.70 | 7,157,604.69 | 7,577,119.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.04% | 7.04% | 7.04% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,068,159.95 | 2,087,763.36 | 2,107,366.77 |
| Year 2 PV (M) | 2,797,687.08 | 2,850,975.16 | 2,904,765.96 |
| Year 3 PV (M) | 3,505,847.49 | 3,606,487.77 | 3,709,035.87 |
| Year 4 PV (M) | 4,193,104.23 | 4,354,359.19 | 4,520,221.08 |
| Year 5 PV (M) | 4,859,911.46 | 5,094,647.01 | 5,338,366.43 |
| PV of Terminal Value (M) | 127,465,035.98 | 133,621,644.88 | 140,013,881.69 |
| Equity Value (M) | 144,889,746.19 | 151,615,877.36 | 158,593,637.80 |
| Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| Fair Value | $390,017.50 | $408,123.05 | $426,905.95 |
| Upside / Downside | 237.68% | 253.35% | 269.62% |
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|---|---|---|---|---|
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| 6371.T | Tsubakimoto Chain Co. | 3.60% | $83.27 | 37.31% |
| FSMART.BK | Forth Smart Service Public Company Limited | 3.60% | $0.23 | 31.86% |
| KABE-B.ST | KABE Group AB (publ.) | 3.60% | $8.00 | 76.60% |
| SKLT.JK | PT Sekar Laut Tbk | 3.60% | $9.00 | 42.24% |
| TFMAMA.BK | Thai President Foods Public Company Limited | 3.60% | $6.93 | 57.58% |
| 002469.SZ | Shandong Sunway Chemical Group Co., Ltd. | 3.59% | $0.30 | 72.05% |
| 216050.KQ | Incross Co., Ltd. | 3.59% | $241.94 | 26.78% |
| 2845.TW | Far Eastern International Bank Ltd. | 3.59% | $0.46 | 54.51% |
| 6461.T | Nippon Piston Ring Co., Ltd. | 3.59% | $68.27 | 25.12% |
| 7751.T | Canon Inc. | 3.59% | $166.45 | 91.69% |
| E4C.DE | Ecotel Communication Ag | 3.59% | $0.42 | 82.27% |
| LHA.DE | Deutsche Lufthansa AG | 3.59% | $0.31 | 22.46% |
| NTB | The Bank of N.T. Butterfield & Son Limited | 3.59% | $1.78 | 33.40% |
| SVOA.BK | SVOA Public Company Limited | 3.59% | $0.05 | 21.40% |
| TRAC-B.ST | AB Traction | 3.59% | $9.00 | 82.36% |
| 0IX0.L | GL Events S.A. | 3.58% | $1.04 | 20.20% |
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| 3231.T | Nomura Real Estate Holdings, Inc. | 3.58% | $34.64 | 40.45% |
| 4106.TW | Wellell Inc. | 3.58% | $0.80 | 58.20% |
| EIK.IC | Eik fasteignafélag hf. | 3.58% | $0.50 | 24.04% |
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| 601158.SS | Chongqing Water Group Co.,Ltd. | 3.57% | $0.16 | 91.61% |
| ILC.SN | Inversiones La Construcción S.A. | 3.57% | $650.41 | 28.71% |
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| 1294.TWO | Hantech Bio-Technology Co., Ltd. | 3.56% | $2.81 | 66.03% |
| 3283.T | Nippon Prologis REIT, Inc. | 3.56% | $3,304.88 | 53.00% |
| 688121.SS | Shanghai Supezet Engineering Technology Corp., Ltd. | 3.56% | $0.39 | 73.41% |
| EMIRATESNBD.AE | Emirates NBD Bank PJSC | 3.56% | $1.02 | 28.25% |
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| 2715.T | Elematec Corporation | 3.55% | $84.99 | 64.74% |
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| 600958.SS | Orient Securities Company Limited | 3.55% | $0.39 | 63.25% |
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| ISAT.JK | PT Indosat Ooredoo Hutchison Tbk | 3.55% | $83.79 | 58.49% |
| PBSA.JK | PT Paramita Bangun Sarana Tbk | 3.55% | $55.00 | 71.03% |
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