Definitive Analysis
| Stable Growth | $183,288.94 - $662,740.45 | $580,986.19 |
| Multi-Stage | $84,112.48 - $92,017.65 | $87,992.68 |
| Blended Fair Value | $334,489.43 | |
| Current Price | $19,460.00 | |
| Upside | 1,618.86% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.91% | 11.95% | 968.78 | 1,125.39 | 929.29 | 613.98 | 610.43 | 632.19 | 612.48 | 473.63 | 456.02 | 425.26 |
| YoY Growth | - | - | -13.92% | 21.10% | 51.36% | 0.58% | -3.44% | 3.22% | 29.32% | 3.86% | 7.23% | 35.73% |
| Dividend Yield | - | - | 6.81% | 8.46% | 9.20% | 5.66% | 6.66% | 8.43% | 4.27% | 3.09% | 3.74% | 3.47% |
| Net Income To Common (M) | 2,702,818.00 |
| (-) Cash Dividends Paid (M) | 986,410.00 |
| (=) Cash Retained (M) | 1,716,408.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 540,563.60 | 337,852.25 | 202,711.35 |
| Cash Retained (M) | 1,716,408.00 | 1,716,408.00 | 1,716,408.00 |
| (-) Cash Required (M) | -540,563.60 | -337,852.25 | -202,711.35 |
| (=) Excess Retained (M) | 1,175,844.40 | 1,378,555.75 | 1,513,696.65 |
| (/) Shares Outstanding (M) | 811.06 | 811.06 | 811.06 |
| (=) Excess Retained per Share | 1,449.76 | 1,699.69 | 1,866.32 |
| LTM Dividend per Share | 1,216.20 | 1,216.20 | 1,216.20 |
| (+) Excess Retained per Share | 1,449.76 | 1,699.69 | 1,866.32 |
| (=) Adjusted Dividend | 2,665.96 | 2,915.89 | 3,082.51 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $183,288.94 | $580,986.19 | $662,740.45 |
| Upside / Downside | 841.88% | 2,885.54% | 3,305.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,702,818.00 | 2,878,501.17 | 3,065,603.75 | 3,264,867.99 | 3,477,084.41 | 3,703,094.90 | 3,814,187.74 |
| Payout Ratio | 36.50% | 47.20% | 57.90% | 68.60% | 79.30% | 90.00% | 92.50% |
| Projected Dividends (M) | 986,410.00 | 1,358,551.53 | 1,774,903.88 | 2,239,642.15 | 2,757,297.43 | 3,332,785.41 | 3,528,123.66 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,257,346.99 | 1,269,264.97 | 1,281,182.95 |
| Year 2 PV (M) | 1,520,312.61 | 1,549,270.30 | 1,578,501.17 |
| Year 3 PV (M) | 1,775,479.75 | 1,826,447.39 | 1,878,381.22 |
| Year 4 PV (M) | 2,023,017.95 | 2,100,817.51 | 2,180,839.75 |
| Year 5 PV (M) | 2,263,093.52 | 2,372,401.79 | 2,485,893.53 |
| PV of Terminal Value (M) | 59,381,101.00 | 62,249,230.39 | 65,227,129.83 |
| Equity Value (M) | 68,220,351.83 | 71,367,432.34 | 74,631,928.45 |
| Shares Outstanding (M) | 811.06 | 811.06 | 811.06 |
| Fair Value | $84,112.48 | $87,992.68 | $92,017.65 |
| Upside / Downside | 332.23% | 352.17% | 372.86% |
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|---|---|---|---|---|
| 603600.SS | UE Furniture Co., Ltd. | 3.04% | $0.36 | 45.42% |
| 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% |
| SANT.DE | Kontron AG | 3.00% | $0.58 | 26.01% |
| 000932.SZ | Hunan Valin Steel Co., Ltd. | 2.99% | $0.17 | 41.58% |
| 002039.SZ | GuiZhou QianYuan Power Co., Ltd. | 2.99% | $0.54 | 52.04% |
| 028100.KS | Dong-Ah Geological Engineering Company Ltd. | 2.99% | $509.71 | 41.84% |
| 0R6S.L | Zehnder Group AG | 2.99% | $2.44 | 66.50% |
| 2658.KL | Ajinomoto (Malaysia) Bhd | 2.99% | $0.41 | 44.56% |
| 3486.T | Global Link Management Inc. | 2.99% | $63.66 | 16.66% |
| 4002.SR | Mouwasat Medical Services Company | 2.99% | $2.00 | 52.94% |