Definitive Analysis
| Stable Growth | $33.07 - $51.13 | $41.45 |
| Multi-Stage | $75.48 - $83.07 | $79.20 |
| Blended Fair Value | $60.33 | |
| Current Price | $15.58 | |
| Upside | 287.20% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.51% | 0.00% | 1.32 | 1.21 | 1.13 | 1.15 | 1.35 | 1.11 | 1.14 | 1.56 | 1.56 | 1.96 |
| YoY Growth | - | - | 9.08% | 6.82% | -1.45% | -15.16% | 21.99% | -3.01% | -26.57% | -0.15% | -20.51% | 0.00% |
| Dividend Yield | - | - | 8.46% | 7.64% | 7.76% | 7.94% | 6.86% | 5.82% | 5.52% | 7.58% | 0.00% | 0.00% |
| Net Income To Common (M) | 66.13 |
| (-) Cash Dividends Paid (M) | 34.41 |
| (=) Cash Retained (M) | 31.72 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 13.23 | 8.27 | 4.96 |
| Cash Retained (M) | 31.72 | 31.72 | 31.72 |
| (-) Cash Required (M) | -13.23 | -8.27 | -4.96 |
| (=) Excess Retained (M) | 18.49 | 23.45 | 26.76 |
| (/) Shares Outstanding (M) | 18.57 | 18.57 | 18.57 |
| (=) Excess Retained per Share | 1.00 | 1.26 | 1.44 |
| LTM Dividend per Share | 1.85 | 1.85 | 1.85 |
| (+) Excess Retained per Share | 1.00 | 1.26 | 1.44 |
| (=) Adjusted Dividend | 2.85 | 3.12 | 3.29 |
| WACC / Discount Rate | 6.44% | 6.44% | 6.44% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $33.07 | $41.45 | $51.13 |
| Upside / Downside | 112.27% | 166.05% | 228.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 66.13 | 65.47 | 64.82 | 64.17 | 63.53 | 62.89 | 64.78 |
| Payout Ratio | 52.03% | 59.63% | 67.22% | 74.81% | 82.41% | 90.00% | 92.50% |
| Projected Dividends (M) | 34.41 | 39.04 | 43.57 | 48.01 | 52.35 | 56.60 | 59.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.44% | 6.44% | 6.44% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 36.31 | 36.68 | 37.05 |
| Year 2 PV (M) | 37.68 | 38.46 | 39.24 |
| Year 3 PV (M) | 38.61 | 39.81 | 41.03 |
| Year 4 PV (M) | 39.16 | 40.78 | 42.45 |
| Year 5 PV (M) | 39.37 | 41.42 | 43.56 |
| PV of Terminal Value (M) | 1,210.38 | 1,273.41 | 1,339.04 |
| Equity Value (M) | 1,401.52 | 1,470.55 | 1,542.36 |
| Shares Outstanding (M) | 18.57 | 18.57 | 18.57 |
| Fair Value | $75.48 | $79.20 | $83.07 |
| Upside / Downside | 384.48% | 408.34% | 433.16% |
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|---|---|---|---|---|
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| 097520.KS | MCNEX Co., Ltd | 2.84% | $823.52 | 19.44% |
| 6187.TWO | All Ring Tech Co., Ltd. | 2.84% | $10.58 | 64.87% |
| CBAV3.SA | Companhia Brasileira de Alumínio | 2.84% | $0.20 | 55.55% |
| CWB.TO | Canadian Western Bank | 2.84% | $1.61 | 52.64% |
| GEPA3.SA | Rio Paranapanema Energia S.A. | 2.84% | $0.85 | 18.05% |
| VRANDA.BK | Veranda Resort Public Company Limited | 2.84% | $0.13 | 60.80% |
| 002823.SZ | Shenzhen Kaizhong Precision Technology Co., Ltd. | 2.83% | $0.45 | 63.43% |
| 002831.SZ | ShenZhen YUTO Packaging Technology Co., Ltd. | 2.83% | $0.81 | 49.61% |
| 006360.KS | GS Engineering & Construction Corporation | 2.83% | $532.69 | 91.52% |
| AEFES.IS | Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi | 2.83% | $0.45 | 25.40% |
| BTPN.JK | PT Bank SMBC Indonesia Tbk | 2.83% | $60.33 | 24.97% |
| NHY.OL | Norsk Hydro ASA | 2.83% | $2.25 | 46.34% |
| OSP2.DE | USU Software AG | 2.83% | $0.52 | 91.56% |
| 000850.KS | Hwacheon Machine Tool Co. Ltd | 2.82% | $1,050.00 | 33.65% |
| 2205.HK | Kangqiao Service Group Limited | 2.82% | $0.04 | 36.89% |
| 2458.HK | Gala Technology Holding Limited | 2.82% | $0.18 | 14.30% |
| 688526.SS | Wuhan Keqian Biology Co.,Ltd | 2.82% | $0.43 | 43.47% |
| 7148.KL | Duopharma Biotech Berhad | 2.82% | $0.04 | 40.32% |
| 8438.TW | Amia Co.,Ltd | 2.82% | $1.30 | 78.73% |
| 9304.T | The Shibusawa Warehouse Co., Ltd. | 2.82% | $35.90 | 36.66% |
| SANOFI.BO | Sanofi India Limited | 2.82% | $117.02 | 81.35% |
| 9742.T | INES Corporation | 2.81% | $54.87 | 87.98% |
| CNH | CNH Industrial N.V. | 2.81% | $0.26 | 55.11% |
| FLUG-B.CO | Flügger group A/S | 2.81% | $8.95 | 46.55% |
| LNF.TO | Leon's Furniture Limited | 2.81% | $0.79 | 31.40% |
| 2071.TWO | Chen Nan Iron Wire Co.,Ltd | 2.80% | $0.43 | 12.28% |
| 298690.KS | Air Busan Co., Ltd. | 2.80% | $49.26 | 10.96% |
| 6004.SR | CATRION Catering Holding Company | 2.80% | $2.29 | 55.90% |
| 603105.SS | Zhejiang Sunoren Solar Technology Co.,Ltd. | 2.80% | $0.26 | 66.36% |
| 6953.TWO | Gudeng Equipment Co., Ltd. | 2.80% | $5.99 | 78.26% |
| 7752.T | Ricoh Company, Ltd. | 2.80% | $38.53 | 35.99% |
| 8058.T | Mitsubishi Corporation | 2.80% | $100.52 | 49.75% |
| 9433.T | KDDI Corporation | 2.80% | $75.80 | 40.77% |
| MTEL.JK | PT Dayamitra Telekomunikasi Tbk. | 2.80% | $18.45 | 70.48% |
| 2027.TW | Ta Chen Stainless Pipe Co., Ltd. | 2.79% | $1.00 | 38.56% |
| 5032.KL | Bintulu Port Holdings Berhad | 2.79% | $0.15 | 50.65% |
| 600801.SS | Huaxin Cement Co., Ltd. | 2.79% | $0.68 | 48.06% |
| 6750.T | Elecom Co., Ltd. | 2.79% | $47.98 | 38.00% |
| 9607.SR | ASG Plastic Factory Co. | 2.79% | $1.20 | 28.09% |
| BNII.JK | PT Bank Maybank Indonesia Tbk | 2.79% | $5.86 | 28.55% |
| BTPS.JK | PT Bank BTPN Syariah Tbk | 2.79% | $33.70 | 22.52% |
| GLOBAL-R.BK | Siam Global House Public Company Limited | 2.79% | $0.18 | 46.58% |
| JST.DE | JOST Werke AG | 2.79% | $1.50 | 76.92% |
| KMDA | Kamada Ltd. | 2.79% | $0.20 | 56.42% |
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| 001338.SZ | GDH Supertime Group Company Limited | 2.78% | $0.34 | 50.86% |
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