Definitive Analysis
| Stable Growth | $3,205.49 - $5,197.61 | $4,100.04 |
| Multi-Stage | $6,156.72 - $6,762.29 | $6,453.66 |
| Blended Fair Value | $5,276.85 | |
| Current Price | $1,320.00 | |
| Upside | 299.76% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 75.00 | 50.00 | 25.00 | 25.00 | 50.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 50.00% | 100.00% | 0.00% | -50.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.41% | 3.85% | 2.65% | 2.28% | 4.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 104,442.50 |
| (-) Cash Dividends Paid (M) | 61,813.64 |
| (=) Cash Retained (M) | 42,628.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20,888.50 | 13,055.31 | 7,833.19 |
| Cash Retained (M) | 42,628.87 | 42,628.87 | 42,628.87 |
| (-) Cash Required (M) | -20,888.50 | -13,055.31 | -7,833.19 |
| (=) Excess Retained (M) | 21,740.37 | 29,573.55 | 34,795.68 |
| (/) Shares Outstanding (M) | 353.22 | 353.22 | 353.22 |
| (=) Excess Retained per Share | 61.55 | 83.73 | 98.51 |
| LTM Dividend per Share | 175.00 | 175.00 | 175.00 |
| (+) Excess Retained per Share | 61.55 | 83.73 | 98.51 |
| (=) Adjusted Dividend | 236.55 | 258.73 | 273.51 |
| WACC / Discount Rate | 6.77% | 6.77% | 6.77% |
| Growth Rate | -0.57% | 0.43% | 1.43% |
| Fair Value | $3,205.49 | $4,100.04 | $5,197.61 |
| Upside / Downside | 142.84% | 210.61% | 293.76% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 104,442.50 | 104,893.62 | 105,346.69 | 105,801.72 | 106,258.71 | 106,717.67 | 109,919.20 |
| Payout Ratio | 59.18% | 65.35% | 71.51% | 77.67% | 83.84% | 90.00% | 92.50% |
| Projected Dividends (M) | 61,813.64 | 68,545.35 | 75,334.07 | 82,180.16 | 89,083.98 | 96,045.90 | 101,675.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.77% | 6.77% | 6.77% |
| Growth Rate | -0.57% | 0.43% | 1.43% |
| Year 1 PV (M) | 63,560.14 | 64,199.37 | 64,838.61 |
| Year 2 PV (M) | 64,774.66 | 66,084.10 | 67,406.65 |
| Year 3 PV (M) | 65,522.05 | 67,518.89 | 69,555.89 |
| Year 4 PV (M) | 65,860.79 | 68,550.51 | 71,321.79 |
| Year 5 PV (M) | 65,843.52 | 69,221.77 | 72,737.29 |
| PV of Terminal Value (M) | 1,849,120.40 | 1,943,993.84 | 2,042,722.10 |
| Equity Value (M) | 2,174,681.55 | 2,279,568.49 | 2,388,582.33 |
| Shares Outstanding (M) | 353.22 | 353.22 | 353.22 |
| Fair Value | $6,156.72 | $6,453.66 | $6,762.29 |
| Upside / Downside | 366.42% | 388.91% | 412.29% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ATCOL | Atlas Corp. | 3.53% | $0.89 | 30.47% |
| AWC-R.BK | Asset World Corp Public Company Limited | 3.53% | $0.07 | 37.62% |
| CCRO3.SA | CCR S.A. | 3.53% | $0.48 | 66.57% |
| HMU.DE | HMS Bergbau AG | 3.53% | $1.69 | 29.89% |
| RAUTE.HE | Raute Oyj | 3.53% | $0.52 | 26.97% |
| RWE.DE | RWE AG | 3.53% | $1.66 | 46.76% |
| SNL.AX | Supply Network Limited | 3.53% | $1.13 | 67.28% |
| 0NHS.L | Nutrien Ltd. | 3.52% | $2.18 | 58.76% |
| CELL.MI | Cellularline S.p.A. | 3.52% | $0.09 | 34.70% |
| INFREA.ST | Infrea AB | 3.52% | $0.50 | 67.57% |
| ISSP.JK | PT Steel Pipe Industry of Indonesia Tbk | 3.52% | $15.00 | 19.85% |
| MGA | Magna International Inc. | 3.52% | $1.92 | 52.47% |
| PARP.PA | Groupe Partouche S.A. | 3.52% | $0.64 | 38.61% |
| PKI.TO | Parkland Corporation | 3.52% | $1.40 | 73.81% |
| SMU.SN | SMU S.A. | 3.52% | $5.49 | 46.99% |
| 161390.KS | Hankook Tire & Technology Co., Ltd. | 3.51% | $2,000.00 | 25.86% |
| 300360.SZ | Hangzhou Sunrise Technology Co., Ltd. | 3.51% | $0.61 | 52.03% |
| 5106.KL | Axis Real Estate Investment Trust | 3.51% | $0.07 | 56.99% |
| 601128.SS | Jiangsu Changshu Rural Commercial Bank Co., Ltd. | 3.51% | $0.25 | 19.56% |
| INTP.JK | PT Indocement Tunggal Prakarsa Tbk | 3.51% | $259.81 | 43.04% |
| RATO-A.ST | Ratos AB (publ) | 3.51% | $1.35 | 12.15% |
| 002887.SZ | Tianjin LVYIN Landscape and Ecology Construction Co., Ltd | 3.50% | $0.33 | 84.50% |
| 603062.SS | MEGA P&C Advanced Materials (Shanghai) Company Limited | 3.50% | $1.66 | 74.27% |
| CMCL | Caledonia Mining Corporation Plc | 3.50% | $0.92 | 35.87% |
| DLO | DLocal Limited | 3.50% | $0.49 | 87.74% |
| LAZ | Lazard Ltd | 3.50% | $1.74 | 67.48% |
| TWL.MI | TraWell Co S.p.A. | 3.50% | $0.21 | 28.69% |
| WJP.SI | VICOM Ltd | 3.50% | $0.06 | 66.95% |
| 005610.KS | SPC Samlip Co., Ltd. | 3.49% | $1,803.39 | 45.19% |
| 0RFL.L | VAT Group AG | 3.49% | $12.50 | 88.50% |
| 2030.HK | Cabbeen Fashion Limited | 3.49% | $0.05 | 63.92% |
| 5206.TWO | Kunyue Development Co., Ltd. | 3.49% | $1.18 | 21.91% |
| 5246.KL | Westports Holdings Berhad | 3.49% | $0.20 | 71.36% |
| 5989.T | H-One Co.,Ltd. | 3.49% | $49.44 | 14.49% |
| ACO-X.TO | ATCO Ltd. | 3.49% | $1.98 | 50.80% |
| CNI | Canadian National Railway Company | 3.49% | $3.50 | 50.64% |
| PEAB3.SA | Companhia de Participações Aliança da Bahia | 3.49% | $1.36 | 78.68% |
| 026960.KS | Dong Suh Companies Inc. | 3.48% | $905.33 | 62.72% |
| 055550.KS | Shinhan Financial Group Co., Ltd. | 3.48% | $2,668.74 | 26.55% |
| 0QK5.L | INFICON Holding AG | 3.48% | $3.44 | 43.54% |
| 6722.TWO | Whetron Electronics Co.,Ltd. | 3.48% | $1.99 | 24.71% |
| HOLM-A.ST | Holmen AB (publ) | 3.48% | $12.23 | 66.11% |
| 002206.SZ | Zhejiang Hailide New Material Co.,Ltd | 3.47% | $0.20 | 43.30% |
| 3004.SR | Northern Region Cement Company | 3.47% | $0.25 | 79.89% |
| 4129.TWO | United Orthopedic Corporation | 3.47% | $3.80 | 69.70% |
| 600133.SS | Wuhan East Lake High Technology Group Co., Ltd. | 3.47% | $0.32 | 87.27% |
| 601995.SS | China International Capital Corporation Limited | 3.47% | $1.21 | 62.35% |
| 6471.T | NSK Ltd. | 3.47% | $33.82 | 92.34% |
| CSED3.SA | Cruzeiro do Sul Educacional S.A. | 3.47% | $0.21 | 30.49% |
| GPRA.JK | PT Perdana Gapuraprima Tbk | 3.47% | $5.00 | 18.12% |