Definitive Analysis
| Stable Growth | $431,535.20 - $508,421.58 | $476,465.47 |
| Multi-Stage | $120,984.95 - $132,617.47 | $126,693.39 |
| Blended Fair Value | $301,579.43 | |
| Current Price | $22,750.00 | |
| Upside | 1,225.62% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 61.60% | 34.78% | 750.30 | 760.65 | 12.30 | 49.02 | 164.49 | 68.09 | 181.97 | 90.67 | 62.93 | 37.91 |
| YoY Growth | - | - | -1.36% | 6,085.63% | -74.91% | -70.20% | 141.57% | -62.58% | 100.70% | 44.08% | 66.00% | -0.03% |
| Dividend Yield | - | - | 3.52% | 3.45% | 0.05% | 0.16% | 0.60% | 0.54% | 0.82% | 0.40% | 0.29% | 0.19% |
| Net Income To Common (M) | 948,002.04 |
| (-) Cash Dividends Paid (M) | 281,569.10 |
| (=) Cash Retained (M) | 666,432.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 189,600.41 | 118,500.25 | 71,100.15 |
| Cash Retained (M) | 666,432.94 | 666,432.94 | 666,432.94 |
| (-) Cash Required (M) | -189,600.41 | -118,500.25 | -71,100.15 |
| (=) Excess Retained (M) | 476,832.54 | 547,932.69 | 595,332.79 |
| (/) Shares Outstanding (M) | 370.82 | 370.82 | 370.82 |
| (=) Excess Retained per Share | 1,285.88 | 1,477.62 | 1,605.44 |
| LTM Dividend per Share | 759.31 | 759.31 | 759.31 |
| (+) Excess Retained per Share | 1,285.88 | 1,477.62 | 1,605.44 |
| (=) Adjusted Dividend | 2,045.19 | 2,236.93 | 2,364.75 |
| WACC / Discount Rate | 5.20% | 5.20% | 5.20% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $431,535.20 | $476,465.47 | $508,421.58 |
| Upside / Downside | 1,796.86% | 1,994.35% | 2,134.82% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 948,002.04 | 1,009,622.17 | 1,075,247.61 | 1,145,138.71 | 1,219,572.72 | 1,298,844.95 | 1,337,810.30 |
| Payout Ratio | 29.70% | 41.76% | 53.82% | 65.88% | 77.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 281,569.10 | 421,628.86 | 578,706.76 | 754,423.42 | 950,538.19 | 1,168,960.46 | 1,237,474.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 5.20% | 5.20% | 5.20% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 397,036.70 | 400,800.09 | 404,563.47 |
| Year 2 PV (M) | 513,167.58 | 522,941.98 | 532,808.60 |
| Year 3 PV (M) | 629,964.59 | 648,048.61 | 666,475.45 |
| Year 4 PV (M) | 747,430.61 | 776,174.69 | 805,739.96 |
| Year 5 PV (M) | 865,568.53 | 907,375.81 | 950,783.16 |
| PV of Terminal Value (M) | 41,710,712.89 | 43,725,355.92 | 45,817,104.07 |
| Equity Value (M) | 44,863,880.91 | 46,980,697.10 | 49,177,474.70 |
| Shares Outstanding (M) | 370.82 | 370.82 | 370.82 |
| Fair Value | $120,984.95 | $126,693.39 | $132,617.47 |
| Upside / Downside | 431.80% | 456.89% | 482.93% |
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|---|---|---|---|---|
| 688009.SS | China Railway Signal & Communication Corporation Limited | 3.25% | $0.18 | 55.08% |
| ALMB.CO | Alm. Brand A/S | 3.25% | $0.60 | 69.79% |
| BUDI.JK | PT Budi Starch & Sweetener Tbk | 3.25% | $7.01 | 35.52% |
| 0398.HK | Oriental Watch Holdings Limited | 3.24% | $0.12 | 19.25% |
| 044820.KS | Cosmax BTI, Inc. | 3.24% | $449.62 | 35.33% |
| 8017.HK | TradeGo FinTech Limited | 3.24% | $0.05 | 45.22% |
| ALPM.PA | Precia S.A. | 3.24% | $0.86 | 32.45% |
| DGV.MI | Digital Value S.p.A. | 3.24% | $0.93 | 15.10% |
| ULTJ.JK | PT Ultrajaya Milk Industry & Trading Company Tbk | 3.24% | $46.50 | 39.75% |
| 004890.KS | Dongil Industries Co.,Ltd. | 3.23% | $1,262.87 | 23.13% |
| 5297.TWO | 3s Silicon Tech., Inc. | 3.23% | $0.92 | 61.02% |
| 600219.SS | Shandong Nanshan Aluminium Co.,Ltd. | 3.23% | $0.17 | 39.17% |
| 601018.SS | Ningbo Zhoushan Port Company Limited | 3.23% | $0.12 | 48.88% |
| 6448.T | Brother Industries, Ltd. | 3.23% | $100.95 | 46.67% |
| AZE.BR | Azelis Group N.V. | 3.23% | $0.30 | 24.74% |
| FDP | Fresh Del Monte Produce Inc. | 3.23% | $1.14 | 68.58% |
| FMM-B.ST | FM Mattsson Mora Group AB (publ) | 3.23% | $2.25 | 87.42% |
| ITECH.ST | I-Tech AB | 3.23% | $1.74 | 50.69% |
| MTY.TO | MTY Food Group Inc. | 3.23% | $1.24 | 73.76% |
| SKA-B.ST | Skanska AB (publ) | 3.23% | $8.31 | 55.80% |
| 1179.HK | H World Group Limited | 3.22% | $1.20 | 98.76% |
| 2745.TWO | Life Travel & Tourist Service Co., Ltd. | 3.22% | $3.48 | 41.20% |
| 3533.TW | Lotes Co., Ltd | 3.22% | $41.68 | 56.60% |
| 5908.KL | DKSH Holdings (Malaysia) Berhad | 3.22% | $0.19 | 20.93% |
| 600886.SS | SDIC Power Holdings Co., Ltd. | 3.22% | $0.42 | 51.34% |
| 603566.SS | Pulike Biological Engineering, Inc. | 3.22% | $0.40 | 95.20% |
| 9583.SR | United Mining Industries Co. | 3.22% | $1.45 | 81.04% |
| CBG-R.BK | Carabao Group Public Company Limited | 3.22% | $1.40 | 47.30% |
| ESF.VI | Eurofins Scientific SE | 3.22% | $2.01 | 62.22% |
| ETE.AT | National Bank of Greece S.A. | 3.22% | $0.44 | 36.82% |
| MOTV3.SA | Motiva S.A. | 3.22% | $0.48 | 33.62% |
| NCKL.JK | PT Trimegah Bangun Persada Tbk | 3.22% | $37.57 | 29.64% |
| TEA.AX | Tasmea Ltd | 3.22% | $0.13 | 38.34% |
| 002283.SZ | Tianrun Industry Technology Co., Ltd. | 3.21% | $0.20 | 65.38% |
| 004840.KS | DRB Holding Co., Ltd. | 3.21% | $160.40 | 26.30% |
| 241560.KS | Doosan Bobcat Inc. | 3.21% | $1,824.89 | 39.43% |
| 300406.SZ | Beijing Strong Biotechnologies, Inc. | 3.21% | $0.42 | 56.93% |
| 4088.T | Air Water Inc. | 3.21% | $72.44 | 32.93% |
| 603187.SS | Qingdao Hiron Commercial Cold Chain Co., Ltd. | 3.21% | $0.50 | 50.00% |
| 6250.T | Yamabiko Corporation | 3.21% | $95.31 | 27.60% |
| SKF-A.ST | AB SKF (publ) | 3.21% | $7.93 | 74.23% |
| 002441.SZ | Zhongyeda Electric Co., Ltd. | 3.20% | $0.30 | 77.91% |
| 002991.SZ | Ganyuan Foods Co., Ltd. | 3.20% | $1.82 | 65.31% |
| 300833.SZ | Guangzhou Haoyang Electronic Co.,Ltd. | 3.20% | $1.30 | 92.60% |
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| 029530.KS | sindoh Co.,Ltd. | 3.19% | $1,500.14 | 29.67% |
| 0RL4.L | Catella AB (publ) | 3.19% | $0.91 | 47.34% |
| 5889.T | Japan Eyewear Holdings Co., Ltd. | 3.19% | $64.74 | 39.09% |
| DAPS.BO | DAPS Advertising Ltd. | 3.19% | $0.65 | 14.79% |
| PTPS.JK | PT Pulau Subur Tbk | 3.19% | $6.00 | 38.20% |