Definitive Analysis
| Stable Growth | $13,568.43 - $52,521.63 | $22,970.72 |
| Multi-Stage | $8,862.45 - $9,669.18 | $9,258.54 |
| Blended Fair Value | $16,114.63 | |
| Current Price | $8,675.00 | |
| Upside | 85.76% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.34% | 27.21% | 277.51 | 212.51 | 155.01 | 111.40 | 110.60 | 71.00 | 52.00 | 42.00 | 35.00 | 30.60 |
| YoY Growth | - | - | 30.59% | 37.10% | 39.14% | 0.72% | 55.77% | 36.54% | 23.81% | 20.00% | 14.38% | 22.40% |
| Dividend Yield | - | - | 3.26% | 2.16% | 1.77% | 1.40% | 1.78% | 1.29% | 0.95% | 0.90% | 1.06% | 1.15% |
| Net Income To Common (M) | 56,976,535.00 |
| (-) Cash Dividends Paid (M) | 36,982,515.00 |
| (=) Cash Retained (M) | 19,994,020.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,395,307.00 | 7,122,066.88 | 4,273,240.13 |
| Cash Retained (M) | 19,994,020.00 | 19,994,020.00 | 19,994,020.00 |
| (-) Cash Required (M) | -11,395,307.00 | -7,122,066.88 | -4,273,240.13 |
| (=) Excess Retained (M) | 8,598,713.00 | 12,871,953.13 | 15,720,779.88 |
| (/) Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| (=) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| LTM Dividend per Share | 300.01 | 300.01 | 300.01 |
| (+) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| (=) Adjusted Dividend | 369.77 | 404.43 | 427.54 |
| WACC / Discount Rate | 8.38% | 8.38% | 8.38% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $13,568.43 | $22,970.72 | $52,521.63 |
| Upside / Downside | 56.41% | 164.79% | 505.44% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 56,976,535.00 | 60,680,009.78 | 64,624,210.41 | 68,824,784.09 | 73,298,395.05 | 78,062,790.73 | 80,404,674.45 |
| Payout Ratio | 64.91% | 69.93% | 74.94% | 79.96% | 84.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,982,515.00 | 42,431,504.54 | 48,432,611.59 | 55,034,589.46 | 62,290,196.66 | 70,256,511.66 | 74,374,323.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.38% | 8.38% | 8.38% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 38,784,825.04 | 39,152,453.72 | 39,520,082.39 |
| Year 2 PV (M) | 40,465,480.21 | 41,236,233.95 | 42,014,258.95 |
| Year 3 PV (M) | 42,029,666.83 | 43,236,187.52 | 44,465,579.97 |
| Year 4 PV (M) | 43,482,381.66 | 45,154,591.35 | 46,874,574.90 |
| Year 5 PV (M) | 44,828,438.32 | 46,993,668.65 | 49,241,767.45 |
| PV of Terminal Value (M) | 882,886,376.40 | 925,530,118.50 | 969,805,937.00 |
| Equity Value (M) | 1,092,477,168.47 | 1,141,303,253.70 | 1,191,922,200.65 |
| Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| Fair Value | $8,862.45 | $9,258.54 | $9,669.18 |
| Upside / Downside | 2.16% | 6.73% | 11.46% |
| 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% |