Definitive Analysis
| Stable Growth | $957,529.76 - $3,949,959.84 | $2,465,612.98 |
| Multi-Stage | $473,075.69 - $517,508.86 | $494,885.66 |
| Blended Fair Value | $1,480,249.32 | |
| Current Price | $100,700.00 | |
| Upside | 1,369.96% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 43.48% | 22.71% | 5,567.30 | 3,560.33 | 3,051.71 | 1,017.24 | 1,169.82 | 915.51 | 813.79 | 1,118.96 | 1,118.96 | 1,025.17 |
| YoY Growth | - | - | 56.37% | 16.67% | 200.00% | -13.04% | 27.78% | 12.50% | -27.27% | 0.00% | 9.15% | 42.53% |
| Dividend Yield | - | - | 6.03% | 3.28% | 3.77% | 1.37% | 1.41% | 3.52% | 2.30% | 3.61% | 3.02% | 2.12% |
| Net Income To Common (M) | 7,828,160.00 |
| (-) Cash Dividends Paid (M) | 2,559,045.00 |
| (=) Cash Retained (M) | 5,269,115.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,565,632.00 | 978,520.00 | 587,112.00 |
| Cash Retained (M) | 5,269,115.00 | 5,269,115.00 | 5,269,115.00 |
| (-) Cash Required (M) | -1,565,632.00 | -978,520.00 | -587,112.00 |
| (=) Excess Retained (M) | 3,703,483.00 | 4,290,595.00 | 4,682,003.00 |
| (/) Shares Outstanding (M) | 394.14 | 394.14 | 394.14 |
| (=) Excess Retained per Share | 9,396.44 | 10,886.05 | 11,879.13 |
| LTM Dividend per Share | 6,492.78 | 6,492.78 | 6,492.78 |
| (+) Excess Retained per Share | 9,396.44 | 10,886.05 | 11,879.13 |
| (=) Adjusted Dividend | 15,889.22 | 17,378.83 | 18,371.91 |
| WACC / Discount Rate | 7.25% | 7.25% | 7.25% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $957,529.76 | $2,465,612.98 | $3,949,959.84 |
| Upside / Downside | 850.87% | 2,348.47% | 3,822.50% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7,828,160.00 | 8,336,990.40 | 8,878,894.78 | 9,456,022.94 | 10,070,664.43 | 10,725,257.62 | 11,047,015.34 |
| Payout Ratio | 32.69% | 44.15% | 55.61% | 67.08% | 78.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,559,045.00 | 3,680,964.61 | 4,937,921.81 | 6,342,731.36 | 7,909,303.44 | 9,652,731.85 | 10,218,489.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.25% | 7.25% | 7.25% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 3,399,887.19 | 3,432,113.61 | 3,464,340.03 |
| Year 2 PV (M) | 4,212,597.23 | 4,292,835.38 | 4,373,830.48 |
| Year 3 PV (M) | 4,997,869.50 | 5,141,340.37 | 5,287,530.99 |
| Year 4 PV (M) | 5,756,383.19 | 5,977,757.45 | 6,205,456.21 |
| Year 5 PV (M) | 6,488,802.64 | 6,802,214.24 | 7,127,620.83 |
| PV of Terminal Value (M) | 161,601,094.57 | 169,406,487.86 | 177,510,611.93 |
| Equity Value (M) | 186,456,634.33 | 195,052,748.90 | 203,969,390.47 |
| Shares Outstanding (M) | 394.14 | 394.14 | 394.14 |
| Fair Value | $473,075.69 | $494,885.66 | $517,508.86 |
| Upside / Downside | 369.79% | 391.45% | 413.91% |
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| 6725.TWO | Cica-Huntek Chemical Technology Taiwan Co., Ltd. | 3.04% | $8.66 | 29.24% |
| 7736.TWO | Hushan | 3.04% | $2.73 | 34.63% |
| 9631.SR | Hedab Alkhaleej Trading Co. | 3.04% | $0.93 | 15.05% |
| EMBELL.ST | Embellence Group AB (publ) | 3.04% | $1.23 | 45.31% |
| HBH.DE | HORNBACH Holding AG & Co. KGaA | 3.04% | $2.50 | 26.39% |
| S68.SI | Singapore Exchange Limited | 3.04% | $0.52 | 44.77% |
| 000563.SZ | Shaanxi International Trust Co.,Ltd. | 3.03% | $0.10 | 37.59% |
| 000651.SZ | Gree Electric Appliances, Inc. of Zhuhai | 3.03% | $1.22 | 21.25% |
| 002588.SZ | Stanley Agriculture Group Co.,Ltd. | 3.03% | $0.30 | 35.63% |
| 2890.TW | SinoPac Financial Holdings Company Limited | 3.03% | $0.87 | 47.46% |
| 300146.SZ | By-health Co., Ltd. | 3.03% | $0.36 | 88.13% |
| AN3PJ.AX | ANZ Group Holdings Limited | 3.03% | $3.14 | 74.08% |
| SBMA.JK | PT Surya Biru Murni Acetylene Tbk | 3.03% | $4.00 | 26.88% |
| 003008.SZ | Xuchang KETOP Testing Research Institute Co.,Ltd | 3.02% | $0.65 | 77.32% |
| 350520.KS | IGIS RESIDENCE REIT Co., Ltd. | 3.02% | $115.51 | 29.71% |
| 5249.KL | IOI Properties Group Berhad | 3.02% | $0.08 | 26.55% |
| 601609.SS | Ningbo Jintian Copper(Group) Co., Ltd. | 3.02% | $0.33 | 65.77% |
| 6667.TWO | Trusval Technology Co., Ltd. | 3.02% | $8.12 | 65.45% |
| 9202.T | ANA Holdings Inc. | 3.02% | $89.92 | 31.71% |
| AXFO.ST | Axfood AB (publ) | 3.02% | $8.71 | 88.81% |
| EQTL3.SA | Equatorial Energia S.A. | 3.02% | $1.16 | 43.16% |
| GARAN.IS | Turkiye Garanti Bankasi A.S. | 3.02% | $4.52 | 17.50% |
| IMO | Imperial Oil Limited | 3.02% | $2.69 | 33.94% |
| JEN.BR | Jensen-Group N.V. | 3.02% | $1.79 | 19.29% |
| 002116.SZ | China Haisum Engineering Co., Ltd. | 3.01% | $0.31 | 40.43% |
| 007210.KS | Byucksan Corporation | 3.01% | $52.24 | 17.82% |
| 0QO7.L | Barry Callebaut AG | 3.01% | $57.90 | 84.65% |
| 0R8X.L | Plazza AG | 3.01% | $12.50 | 35.89% |
| 1837.HK | Natural Food International Holding Limited | 3.01% | $0.03 | 22.72% |
| 280360.KS | Lotte Wellfood Co.,Ltd | 3.01% | $3,368.64 | 47.78% |
| 7236.T | T.RAD Co., Ltd. | 3.01% | $247.29 | 25.88% |
| ARJO-B.ST | Arjo AB (publ) | 3.01% | $0.95 | 59.13% |
| FAE.MC | Faes Farma, S.A. | 3.01% | $0.16 | 38.53% |
| 000582.SZ | Beibu Gulf Port Co., Ltd. | 3.00% | $0.28 | 61.06% |
| 5227.KL | IGB Real Estate Investment Trust | 3.00% | $0.08 | 49.35% |
| 600989.SS | Ningxia Baofeng Energy Group Co., Ltd. | 3.00% | $0.59 | 39.72% |
| 601058.SS | Sailun Group Co., Ltd. | 3.00% | $0.49 | 42.76% |
| 9147.T | Nippon Express Holdings,Inc. | 3.00% | $100.57 | 80.85% |
| EUROB.AT | Eurobank Ergasias Services and Holdings S.A. | 3.00% | $0.11 | 28.68% |
| KLBF.JK | PT Kalbe Farma Tbk. | 3.00% | $36.10 | 46.82% |
| KNOP | KNOT Offshore Partners LP | 3.00% | $0.31 | 31.19% |
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