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 % ⇵ |
|---|---|---|---|---|
| PRN.AX | Perenti Limited | 3.11% | $0.09 | 39.25% |
| S11.BK | S 11 Group Public Company Limited | 3.11% | $0.10 | 17.73% |
| SPKSJF.CO | Sparekassen Sjælland-Fyn A/S | 3.11% | $11.82 | 30.81% |
| 0QQT.L | Edisun Power Europe AG | 3.10% | $1.61 | 8.38% |
| 117580.KS | Daesung Energy Co., Ltd. | 3.10% | $248.58 | 25.96% |
| 5851.T | Ryobi Limited | 3.10% | $84.87 | 41.68% |
| 601952.SS | Jiangsu Provincial Agricultural Reclamation and Development Co.,Ltd. | 3.10% | $0.28 | 67.42% |
| 7242.T | KYB Corporation | 3.10% | $138.54 | 23.69% |
| 8206.KL | Eco World Development Group Berhad | 3.10% | $0.07 | 55.27% |
| EGR1T.TL | Enefit Green AS | 3.10% | $0.11 | 47.44% |
| ROU.BR | Roularta Media Group N.V. | 3.10% | $0.37 | 63.60% |
| 021240.KS | COWAY Co., Ltd. | 3.09% | $2,641.43 | 32.91% |
| 032830.KS | Samsung Life Insurance Co., Ltd. | 3.09% | $4,826.37 | 39.72% |
| 4809.T | Paraca Inc. | 3.09% | $62.83 | 32.24% |
| ACKB.BR | Ackermans & Van Haaren N.V. | 3.09% | $7.19 | 24.51% |
| BRCR11.SA | Fundo de Investimento Imobiliário - FII BTG Pactual Corporate Office Fund | 3.09% | $1.43 | 81.27% |
| ICL | ICL Group Ltd | 3.09% | $0.18 | 62.52% |
| LPP.WA | LPP S.A. | 3.09% | $654.92 | 67.31% |
| MINT-R.BK | Minor International Public Company Limited | 3.09% | $0.75 | 58.46% |
| SSMS.JK | PT Sawit Sumbermas Sarana Tbk. | 3.09% | $47.90 | 37.66% |
| TKNO4.SA | Tekno S.A. Indústria e Comércio | 3.09% | $6.28 | 52.08% |
| 002772.SZ | Tianshui Zhongxing Bio-technology Co.,Ltd. | 3.08% | $0.45 | 69.10% |
| 008490.KS | Suheung Co., Ltd. | 3.08% | $663.13 | 17.93% |
| 015750.KQ | Sungwoo Hitech Co., Ltd. | 3.08% | $209.43 | 9.11% |
| 0KIZ.L | New Wave Group AB (publ) | 3.08% | $3.50 | 56.51% |
| 3696.T | Ceres Inc. | 3.08% | $59.86 | 29.20% |
| 9535.SR | Ladun Investment Company | 3.08% | $0.08 | 33.54% |
| BAMNB.AS | Koninklijke BAM Groep nv | 3.08% | $0.30 | 26.44% |
| 002500.SZ | Shanxi Securities Co., Ltd. | 3.07% | $0.18 | 72.43% |
| 1734.TW | Sinphar Pharmaceutical Co.,Ltd. | 3.07% | $0.94 | 54.13% |
| 603035.SS | Jiangsu Changshu Automotive Trim Group Co., Ltd. | 3.07% | $0.47 | 44.81% |
| 688029.SS | Micro-Tech (Nanjing) Co., Ltd. | 3.07% | $2.50 | 76.50% |
| 9622.SR | Shmoh Almadi Co. | 3.07% | $0.27 | 53.61% |
| 4423.T | ARTERIA Networks Corporation | 3.06% | $60.53 | 52.12% |
| COH.AX | Cochlear Limited | 3.06% | $7.99 | 70.26% |
| GEBKA.AT | General Commercial & Industrial S.A. | 3.06% | $0.08 | 62.96% |
| KAT.AX | Katana Capital Limited | 3.06% | $0.04 | 26.99% |
| KBSPIF.BK | Khonburi Sugar Power Plant Infrastructure Fund | 3.06% | $0.25 | 19.88% |
| 002001.SZ | Zhejiang NHU Company Ltd. | 3.05% | $0.77 | 32.74% |
| 008560.KS | Meritz Securities Co., Ltd. | 3.05% | $185.97 | 14.12% |
| 0826.HK | Tiangong International Company Limited | 3.05% | $0.10 | 37.07% |
| 339770.KS | Kyochon Food&Beverage Co., Ltd. | 3.05% | $130.85 | 48.67% |
| 600511.SS | China National Medicines Corporation Ltd. | 3.05% | $0.88 | 32.88% |
| 6902.T | DENSO Corporation | 3.05% | $65.90 | 45.39% |
| BGRIM-R.BK | B.Grimm Power Public Company Limited | 3.05% | $0.43 | 56.94% |
| CSMG3.SA | Companhia de Saneamento de Minas Gerais | 3.05% | $1.33 | 37.21% |
| PIHLIS.HE | Pihlajalinna Oyj | 3.05% | $0.44 | 24.32% |
| 0EXG.IL | Jerónimo Martins, SGPS, S.A. | 3.04% | $0.62 | 63.09% |
| 0NX2.L | ABB Ltd | 3.04% | $1.05 | 43.06% |
| 4204.T | Sekisui Chemical Co., Ltd. | 3.04% | $80.02 | 46.81% |