Definitive Analysis
| Stable Growth | $97,267.38 - $148,108.77 | $121,100.06 |
| Multi-Stage | $120,467.64 - $131,546.10 | $125,904.80 |
| Blended Fair Value | $123,502.43 | |
| Current Price | $133,600.00 | |
| Upside | -7.56% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.04% | 3.83% | 5,442.73 | 7,203.84 | 5,343.30 | 5,525.89 | 5,167.46 | 4,686.01 | 4,686.01 | 4,217.41 | 3,973.67 | 3,971.55 |
| YoY Growth | - | - | -24.45% | 34.82% | -3.30% | 6.94% | 10.27% | 0.00% | 11.11% | 6.13% | 0.05% | 6.25% |
| Dividend Yield | - | - | 5.38% | 7.87% | 6.37% | 6.85% | 6.35% | 6.27% | 4.46% | 4.22% | 4.08% | 3.61% |
| Net Income To Common (M) | 1,143,499.00 |
| (-) Cash Dividends Paid (M) | 602,969.00 |
| (=) Cash Retained (M) | 540,530.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 228,699.80 | 142,937.38 | 85,762.43 |
| Cash Retained (M) | 540,530.00 | 540,530.00 | 540,530.00 |
| (-) Cash Required (M) | -228,699.80 | -142,937.38 | -85,762.43 |
| (=) Excess Retained (M) | 311,830.20 | 397,592.63 | 454,767.58 |
| (/) Shares Outstanding (M) | 107.78 | 107.78 | 107.78 |
| (=) Excess Retained per Share | 2,893.20 | 3,688.91 | 4,219.39 |
| LTM Dividend per Share | 5,594.42 | 5,594.42 | 5,594.42 |
| (+) Excess Retained per Share | 2,893.20 | 3,688.91 | 4,219.39 |
| (=) Adjusted Dividend | 8,487.61 | 9,283.33 | 9,813.80 |
| WACC / Discount Rate | 10.41% | 10.41% | 10.41% |
| Growth Rate | 1.55% | 2.55% | 3.55% |
| Fair Value | $97,267.38 | $121,100.06 | $148,108.77 |
| Upside / Downside | -27.20% | -9.36% | 10.86% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,143,499.00 | 1,172,650.70 | 1,202,545.59 | 1,233,202.59 | 1,264,641.15 | 1,296,881.18 | 1,335,787.61 |
| Payout Ratio | 52.73% | 60.18% | 67.64% | 75.09% | 82.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 602,969.00 | 705,749.72 | 813,379.03 | 926,037.34 | 1,043,911.12 | 1,167,193.06 | 1,235,603.54 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 10.41% | 10.41% | 10.41% |
| Growth Rate | 1.55% | 2.55% | 3.55% |
| Year 1 PV (M) | 632,971.52 | 639,204.66 | 645,437.81 |
| Year 2 PV (M) | 654,274.33 | 667,223.62 | 680,299.80 |
| Year 3 PV (M) | 668,080.61 | 688,012.23 | 708,336.39 |
| Year 4 PV (M) | 675,456.44 | 702,458.06 | 730,261.26 |
| Year 5 PV (M) | 677,345.07 | 711,358.94 | 746,725.74 |
| PV of Terminal Value (M) | 9,675,934.04 | 10,161,825.22 | 10,667,043.06 |
| Equity Value (M) | 12,984,062.01 | 13,570,082.74 | 14,178,104.06 |
| Shares Outstanding (M) | 107.78 | 107.78 | 107.78 |
| Fair Value | $120,467.64 | $125,904.80 | $131,546.10 |
| Upside / Downside | -9.83% | -5.76% | -1.54% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 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% |
| 688799.SS | Hunan Warrant Pharmaceutical Co.,Ltd | 3.20% | $1.53 | 67.14% |
| 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% |