Definitive Analysis
| Stable Growth | $52.02 - $85.06 | $66.77 |
| Multi-Stage | $100.66 - $110.58 | $105.53 |
| Blended Fair Value | $86.15 | |
| Current Price | $43.25 | |
| Upside | 99.19% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.35% | 3.73% | 2.66 | 2.61 | 2.56 | 2.47 | 2.42 | 2.37 | 2.31 | 2.24 | 2.19 | 2.02 |
| YoY Growth | - | - | 2.03% | 2.04% | 3.45% | 2.08% | 2.16% | 2.50% | 3.17% | 2.27% | 8.48% | 9.42% |
| Dividend Yield | - | - | 5.87% | 6.17% | 6.57% | 4.85% | 4.16% | 4.41% | 3.91% | 4.69% | 4.49% | 3.73% |
| Net Income To Common (M) | 19,837.00 |
| (-) Cash Dividends Paid (M) | 11,419.00 |
| (=) Cash Retained (M) | 8,418.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,967.40 | 2,479.63 | 1,487.78 |
| Cash Retained (M) | 8,418.00 | 8,418.00 | 8,418.00 |
| (-) Cash Required (M) | -3,967.40 | -2,479.63 | -1,487.78 |
| (=) Excess Retained (M) | 4,450.60 | 5,938.38 | 6,930.23 |
| (/) Shares Outstanding (M) | 4,227.13 | 4,227.13 | 4,227.13 |
| (=) Excess Retained per Share | 1.05 | 1.40 | 1.64 |
| LTM Dividend per Share | 2.70 | 2.70 | 2.70 |
| (+) Excess Retained per Share | 1.05 | 1.40 | 1.64 |
| (=) Adjusted Dividend | 3.75 | 4.11 | 4.34 |
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | -0.51% | 0.49% | 1.49% |
| Fair Value | $52.02 | $66.77 | $85.06 |
| Upside / Downside | 20.29% | 54.39% | 96.66% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 19,837.00 | 19,933.42 | 20,030.30 | 20,127.65 | 20,225.48 | 20,323.78 | 20,933.50 |
| Payout Ratio | 57.56% | 64.05% | 70.54% | 77.03% | 83.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 11,419.00 | 12,767.62 | 14,129.07 | 15,503.46 | 16,890.87 | 18,291.41 | 19,363.49 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | -0.51% | 0.49% | 1.49% |
| Year 1 PV (M) | 11,850.68 | 11,969.80 | 12,088.91 |
| Year 2 PV (M) | 12,172.51 | 12,418.45 | 12,666.85 |
| Year 3 PV (M) | 12,397.34 | 12,774.95 | 13,160.16 |
| Year 4 PV (M) | 12,536.76 | 13,048.48 | 13,575.70 |
| Year 5 PV (M) | 12,601.26 | 13,247.43 | 13,919.85 |
| PV of Terminal Value (M) | 363,951.35 | 382,614.37 | 402,035.27 |
| Equity Value (M) | 425,509.90 | 446,073.48 | 467,446.73 |
| Shares Outstanding (M) | 4,227.13 | 4,227.13 | 4,227.13 |
| Fair Value | $100.66 | $105.53 | $110.58 |
| Upside / Downside | 132.74% | 143.99% | 155.68% |
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|---|---|---|---|---|
| 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% |
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| 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% |
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