Definitive Analysis
| Stable Growth | $8,995.02 - $25,251.09 | $23,663.97 |
| Multi-Stage | $3,539.26 - $3,871.99 | $3,702.58 |
| Blended Fair Value | $13,683.27 | |
| Current Price | $2,030.00 | |
| Upside | 574.05% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.66% | 19.58% | 55.09 | 35.05 | 21.03 | 52.08 | 30.05 | 29.05 | 27.04 | 21.03 | 12.32 | 6.68 |
| YoY Growth | - | - | 57.14% | 66.67% | -59.62% | 73.33% | 3.45% | 7.41% | 28.57% | 70.79% | 84.39% | -27.52% |
| Dividend Yield | - | - | 2.71% | 1.39% | 0.79% | 2.96% | 1.15% | 1.57% | 1.06% | 0.71% | 0.58% | 0.53% |
| Net Income To Common (M) | 2,834,439.77 |
| (-) Cash Dividends Paid (M) | 1,278,816.94 |
| (=) Cash Retained (M) | 1,555,622.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 566,887.95 | 354,304.97 | 212,582.98 |
| Cash Retained (M) | 1,555,622.83 | 1,555,622.83 | 1,555,622.83 |
| (-) Cash Required (M) | -566,887.95 | -354,304.97 | -212,582.98 |
| (=) Excess Retained (M) | 988,734.88 | 1,201,317.86 | 1,343,039.85 |
| (/) Shares Outstanding (M) | 22,323.76 | 22,323.76 | 22,323.76 |
| (=) Excess Retained per Share | 44.29 | 53.81 | 60.16 |
| LTM Dividend per Share | 57.29 | 57.29 | 57.29 |
| (+) Excess Retained per Share | 44.29 | 53.81 | 60.16 |
| (=) Adjusted Dividend | 101.58 | 111.10 | 117.45 |
| WACC / Discount Rate | 6.69% | 6.69% | 6.69% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $8,995.02 | $23,663.97 | $25,251.09 |
| Upside / Downside | 343.10% | 1,065.71% | 1,143.90% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,834,439.77 | 3,018,678.35 | 3,214,892.44 | 3,423,860.45 | 3,646,411.38 | 3,883,428.12 | 3,999,930.97 |
| Payout Ratio | 45.12% | 54.09% | 63.07% | 72.05% | 81.02% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,278,816.94 | 1,632,914.13 | 2,027,640.96 | 2,466,783.22 | 2,954,447.19 | 3,495,085.31 | 3,699,936.14 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.69% | 6.69% | 6.69% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,516,131.88 | 1,530,502.80 | 1,544,873.72 |
| Year 2 PV (M) | 1,747,987.49 | 1,781,281.74 | 1,814,890.09 |
| Year 3 PV (M) | 1,974,476.10 | 2,031,156.22 | 2,088,910.80 |
| Year 4 PV (M) | 2,195,688.66 | 2,280,128.65 | 2,366,981.03 |
| Year 5 PV (M) | 2,411,714.76 | 2,528,201.48 | 2,649,146.43 |
| PV of Terminal Value (M) | 69,163,489.23 | 72,504,111.62 | 75,972,587.49 |
| Equity Value (M) | 79,009,488.12 | 82,655,382.51 | 86,437,389.56 |
| Shares Outstanding (M) | 22,323.76 | 22,323.76 | 22,323.76 |
| Fair Value | $3,539.26 | $3,702.58 | $3,871.99 |
| Upside / Downside | 74.35% | 82.39% | 90.74% |
| 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% |
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| 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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