Definitive Analysis
| Stable Growth | $9,688.04 - $14,428.90 | $11,945.86 |
| Multi-Stage | $24,444.12 - $26,999.41 | $25,696.06 |
| Blended Fair Value | $18,820.96 | |
| Current Price | $10,415.00 | |
| Upside | 80.71% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.39% | 3.03% | 44.30 | 44.54 | 48.61 | 52.49 | 60.04 | 47.51 | 33.16 | 33.16 | 32.02 | 32.68 |
| YoY Growth | - | - | -0.52% | -8.38% | -7.39% | -12.58% | 26.36% | 43.28% | 0.00% | 3.55% | -2.00% | -0.63% |
| Dividend Yield | - | - | 0.43% | 0.42% | 0.72% | 1.00% | 0.76% | 0.86% | 0.63% | 0.83% | 0.68% | 0.69% |
| Net Income To Common (M) | 1,745,189.00 |
| (-) Cash Dividends Paid (M) | 72,825.00 |
| (=) Cash Retained (M) | 1,672,364.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 349,037.80 | 218,148.63 | 130,889.18 |
| Cash Retained (M) | 1,672,364.00 | 1,672,364.00 | 1,672,364.00 |
| (-) Cash Required (M) | -349,037.80 | -218,148.63 | -130,889.18 |
| (=) Excess Retained (M) | 1,323,326.20 | 1,454,215.38 | 1,541,474.83 |
| (/) Shares Outstanding (M) | 1,445.06 | 1,445.06 | 1,445.06 |
| (=) Excess Retained per Share | 915.76 | 1,006.33 | 1,066.72 |
| LTM Dividend per Share | 50.40 | 50.40 | 50.40 |
| (+) Excess Retained per Share | 915.76 | 1,006.33 | 1,066.72 |
| (=) Adjusted Dividend | 966.15 | 1,056.73 | 1,117.12 |
| WACC / Discount Rate | 6.25% | 6.25% | 6.25% |
| Growth Rate | -3.39% | -2.39% | -1.39% |
| Fair Value | $9,688.04 | $11,945.86 | $14,428.90 |
| Upside / Downside | -6.98% | 14.70% | 38.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,745,189.00 | 1,703,489.60 | 1,662,786.57 | 1,623,056.09 | 1,584,274.93 | 1,546,420.40 | 1,592,813.01 |
| Payout Ratio | 4.17% | 21.34% | 38.50% | 55.67% | 72.83% | 90.00% | 92.50% |
| Projected Dividends (M) | 72,825.00 | 363,496.07 | 640,235.02 | 903,541.70 | 1,153,899.99 | 1,391,778.36 | 1,473,352.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.25% | 6.25% | 6.25% |
| Growth Rate | -3.39% | -2.39% | -1.39% |
| Year 1 PV (M) | 338,624.22 | 342,129.26 | 345,634.30 |
| Year 2 PV (M) | 555,617.64 | 567,179.37 | 578,860.17 |
| Year 3 PV (M) | 730,471.19 | 753,389.74 | 776,782.72 |
| Year 4 PV (M) | 869,043.19 | 905,586.98 | 943,271.35 |
| Year 5 PV (M) | 976,475.99 | 1,028,069.75 | 1,081,821.66 |
| PV of Terminal Value (M) | 31,853,019.33 | 33,536,027.59 | 35,289,435.49 |
| Equity Value (M) | 35,323,251.55 | 37,132,382.69 | 39,015,805.69 |
| Shares Outstanding (M) | 1,445.06 | 1,445.06 | 1,445.06 |
| Fair Value | $24,444.12 | $25,696.06 | $26,999.41 |
| Upside / Downside | 134.70% | 146.72% | 159.24% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 3269.T | Advance Residence Investment Corporation | 3.39% | $5,804.05 | 52.10% |
| CTZ.V | NamSys Inc. | 3.39% | $0.05 | 56.26% |
| FILTRA.BO | Filtra Consultants and Engineers Limited | 3.39% | $2.44 | 84.66% |
| INWI.ST | Inwido AB (publ) | 3.39% | $5.48 | 60.02% |
| 000422.SZ | Hubei Yihua Chemical Industry Co., Ltd. | 3.38% | $0.48 | 72.32% |
| 002318.SZ | Zhejiang Jiuli Hi-Tech Metals Co., Ltd. | 3.38% | $0.98 | 54.31% |
| 002533.SZ | Gold cup Electric Apparatus Co.,Ltd. | 3.38% | $0.42 | 50.59% |
| 003490.KS | Korean Air Lines Co., Ltd. | 3.38% | $750.26 | 29.70% |
| 600578.SS | Beijing Jingneng Power Co., Ltd. | 3.38% | $0.17 | 33.20% |
| 601811.SS | Xinhua Winshare Publishing and Media Co., Ltd. | 3.38% | $0.45 | 34.30% |
| 7270.T | Subaru Corporation | 3.38% | $114.78 | 27.17% |
| JHG | Janus Henderson Group plc | 3.38% | $1.61 | 46.72% |
| 002714.SZ | Muyuan Foods Co., Ltd. | 3.37% | $1.70 | 41.84% |
| 019210.KQ | YG-1 Co., Ltd. | 3.37% | $174.88 | 33.83% |
| 1954.T | Nippon Koei Co., Ltd. | 3.37% | $126.04 | 37.37% |
| 7TEC.BO | Saven Technologies Limited | 3.37% | $1.50 | 48.59% |
| 8252.T | Marui Group Co., Ltd. | 3.37% | $108.41 | 66.71% |
| 9739.T | NSW Inc. | 3.37% | $85.10 | 35.17% |
| 0JMU.L | technotrans SE | 3.36% | $1.15 | 52.64% |
| 4321.SR | Arabian Centres Company | 3.36% | $0.64 | 24.31% |
| 600141.SS | Hubei Xingfa Chemicals Group Co., Ltd. | 3.36% | $1.16 | 83.90% |
| 601825.SS | Shanghai Rural Commercial Bank Co., Ltd. | 3.36% | $0.31 | 24.33% |
| KC4.DE | KONE Oyj | 3.36% | $1.80 | 95.42% |
| OTEX | Open Text Corporation | 3.36% | $1.07 | 55.28% |
| 294870.KS | HDC Hyundai Development Company | 3.35% | $700.00 | 23.41% |
| 4212.T | Sekisui Jushi Corporation | 3.35% | $71.29 | 59.28% |
| B61.SI | Bukit Sembawang Estates Limited | 3.35% | $0.16 | 36.24% |
| CAMB.BR | Campine N.V. | 3.35% | $7.63 | 18.23% |
| ELIS.PA | Elis S.A. | 3.35% | $0.80 | 33.62% |
| KREATE.HE | Kreate Group Oyj | 3.35% | $0.43 | 79.17% |
| M12.DE | M1 Kliniken AG | 3.35% | $0.61 | 32.73% |
| XGR2.DE | Compass Group PLC | 3.35% | $0.90 | 61.67% |
| 004430.KS | Songwon Industrial Co., Ltd. | 3.34% | $301.24 | 33.59% |
| 0N66.L | ATOSS Software AG | 3.34% | $3.82 | 80.44% |
| 6219.TWO | Full Wang International Development Co., Ltd. | 3.34% | $0.67 | 77.89% |
| 9537.SR | Amwaj International Company | 3.34% | $1.00 | 94.38% |
| AMATAV.BK | Amata VN Public Company Limited | 3.34% | $0.06 | 21.41% |
| EOAN.DE | E.on Se | 3.34% | $0.55 | 47.88% |
| 030190.KQ | NICE Information Service Co., Ltd. | 3.33% | $331.95 | 38.71% |
| 089470.KS | HDC Hyundai Engineering Plastics Co., Ltd. | 3.33% | $140.01 | 11.49% |
| 2373.HK | Beauty Farm Medical and Health Industry Inc. | 3.33% | $0.88 | 41.42% |
| 600258.SS | BTG Hotels (Group) Co., Ltd. | 3.33% | $0.56 | 74.23% |
| 601518.SS | Jilin Expressway Co., Ltd. | 3.33% | $0.09 | 32.60% |
| 6584.T | Sanoh Industrial Co., Ltd. | 3.33% | $28.57 | 39.95% |
| 6843.TWO | JDV Control Valves Co., Ltd. | 3.33% | $1.90 | 85.01% |
| ARASE.IS | Dogu Aras Enerji Yatirimlari AS | 3.33% | $2.38 | 41.72% |
| AZA.ST | Avanza Bank Holding AB (publ) | 3.33% | $11.70 | 70.53% |
| BAY-R.BK | Bank of Ayudhya Public Company Limited | 3.33% | $0.87 | 20.61% |
| SL.MI | Sanlorenzo S.p.A. | 3.33% | $1.01 | 33.16% |
| STNG | Scorpio Tankers Inc. | 3.33% | $1.65 | 28.37% |