Definitive Analysis
| Stable Growth | $5,167.38 - $7,823.89 | $6,417.96 |
| Multi-Stage | $12,693.62 - $13,986.15 | $13,327.07 |
| Blended Fair Value | $9,872.51 | |
| Current Price | $6,525.00 | |
| Upside | 51.30% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -31.36% | -21.13% | 92.15 | 163.96 | 519.80 | 552.47 | 794.40 | 604.71 | 769.64 | 1,021.42 | 456.30 | 1,484.30 |
| YoY Growth | - | - | -43.80% | -68.46% | -5.91% | -30.45% | 31.37% | -21.43% | -24.65% | 123.85% | -69.26% | 50.00% |
| Dividend Yield | - | - | 1.77% | 1.84% | 4.94% | 5.13% | 6.50% | 4.84% | 3.47% | 6.38% | 2.75% | 7.52% |
| Net Income To Common (M) | 2,015,120.00 |
| (-) Cash Dividends Paid (M) | 867,318.00 |
| (=) Cash Retained (M) | 1,147,802.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 403,024.00 | 251,890.00 | 151,134.00 |
| Cash Retained (M) | 1,147,802.00 | 1,147,802.00 | 1,147,802.00 |
| (-) Cash Required (M) | -403,024.00 | -251,890.00 | -151,134.00 |
| (=) Excess Retained (M) | 744,778.00 | 895,912.00 | 996,668.00 |
| (/) Shares Outstanding (M) | 3,347.06 | 3,347.06 | 3,347.06 |
| (=) Excess Retained per Share | 222.52 | 267.67 | 297.77 |
| LTM Dividend per Share | 259.13 | 259.13 | 259.13 |
| (+) Excess Retained per Share | 222.52 | 267.67 | 297.77 |
| (=) Adjusted Dividend | 481.65 | 526.80 | 556.90 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | -2.75% | -1.75% | -0.75% |
| Fair Value | $5,167.38 | $6,417.96 | $7,823.89 |
| Upside / Downside | -20.81% | -1.64% | 19.91% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,015,120.00 | 1,979,883.15 | 1,945,262.46 | 1,911,247.15 | 1,877,826.65 | 1,844,990.54 | 1,900,340.26 |
| Payout Ratio | 43.04% | 52.43% | 61.82% | 71.22% | 80.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 867,318.00 | 1,038,100.47 | 1,202,645.06 | 1,361,117.70 | 1,513,680.43 | 1,660,491.49 | 1,757,814.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | -2.75% | -1.75% | -0.75% |
| Year 1 PV (M) | 966,490.52 | 976,428.59 | 986,366.65 |
| Year 2 PV (M) | 1,042,446.79 | 1,063,995.20 | 1,085,764.06 |
| Year 3 PV (M) | 1,098,424.78 | 1,132,658.48 | 1,167,596.18 |
| Year 4 PV (M) | 1,137,279.08 | 1,184,782.40 | 1,233,758.55 |
| Year 5 PV (M) | 1,161,522.74 | 1,222,481.09 | 1,285,972.33 |
| PV of Terminal Value (M) | 37,080,101.96 | 39,026,117.87 | 41,052,993.19 |
| Equity Value (M) | 42,486,265.87 | 44,606,463.63 | 46,812,450.96 |
| Shares Outstanding (M) | 3,347.06 | 3,347.06 | 3,347.06 |
| Fair Value | $12,693.62 | $13,327.07 | $13,986.15 |
| Upside / Downside | 94.54% | 104.25% | 114.35% |
| 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% |