Definitive Analysis
| Stable Growth | $2,402.96 - $3,641.18 | $2,985.51 |
| Multi-Stage | $5,017.49 - $5,515.63 | $5,261.70 |
| Blended Fair Value | $4,123.61 | |
| Current Price | $1,695.00 | |
| Upside | 143.28% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 34.85% | 0.00% | 123.55 | 114.24 | 93.31 | 43.70 | 55.38 | 27.70 | 23.68 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 8.15% | 22.43% | 113.52% | -21.09% | 99.88% | 16.97% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 7.29% | 5.34% | 7.35% | 3.92% | 5.57% | 4.50% | 2.21% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 6,961,315.00 |
| (-) Cash Dividends Paid (M) | 3,965,061.00 |
| (=) Cash Retained (M) | 2,996,254.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,392,263.00 | 870,164.38 | 522,098.63 |
| Cash Retained (M) | 2,996,254.00 | 2,996,254.00 | 2,996,254.00 |
| (-) Cash Required (M) | -1,392,263.00 | -870,164.38 | -522,098.63 |
| (=) Excess Retained (M) | 1,603,991.00 | 2,126,089.63 | 2,474,155.38 |
| (/) Shares Outstanding (M) | 25,139.51 | 25,139.51 | 25,139.51 |
| (=) Excess Retained per Share | 63.80 | 84.57 | 98.42 |
| LTM Dividend per Share | 157.72 | 157.72 | 157.72 |
| (+) Excess Retained per Share | 63.80 | 84.57 | 98.42 |
| (=) Adjusted Dividend | 221.53 | 242.29 | 256.14 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $2,402.96 | $2,985.51 | $3,641.18 |
| Upside / Downside | 41.77% | 76.14% | 114.82% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,961,315.00 | 6,891,701.85 | 6,822,784.83 | 6,754,556.98 | 6,687,011.41 | 6,620,141.30 | 6,818,745.54 |
| Payout Ratio | 56.96% | 63.57% | 70.18% | 76.78% | 83.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,965,061.00 | 4,380,834.65 | 4,787,896.31 | 5,186,378.66 | 5,576,412.57 | 5,958,127.17 | 6,307,339.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 4,051,575.35 | 4,092,917.96 | 4,134,260.56 |
| Year 2 PV (M) | 4,095,235.25 | 4,179,237.89 | 4,264,093.35 |
| Year 3 PV (M) | 4,102,658.80 | 4,229,536.30 | 4,359,003.05 |
| Year 4 PV (M) | 4,079,652.15 | 4,248,734.67 | 4,423,019.28 |
| Year 5 PV (M) | 4,031,299.51 | 4,241,218.62 | 4,459,792.85 |
| PV of Terminal Value (M) | 105,776,893.80 | 111,284,942.07 | 117,020,090.89 |
| Equity Value (M) | 126,137,314.86 | 132,276,587.52 | 138,660,259.98 |
| Shares Outstanding (M) | 25,139.51 | 25,139.51 | 25,139.51 |
| Fair Value | $5,017.49 | $5,261.70 | $5,515.63 |
| Upside / Downside | 196.02% | 210.42% | 225.41% |
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| 265520.KQ | Advanced Process Systems Corporation | 2.68% | $538.10 | 30.22% |
| 300896.SZ | Imeik Technology Development Co.,Ltd. | 2.68% | $3.80 | 78.17% |
| 3123.T | Saibo Co., Ltd. | 2.68% | $16.14 | 26.87% |
| 9057.T | Enshu Truck Co.,Ltd. | 2.68% | $96.08 | 31.06% |
| CHC.AX | Charter Hall Group | 2.68% | $0.65 | 53.83% |
| IFT.AX | Infratil Limited | 2.68% | $0.26 | 47.86% |
| KRZ.IR | Kerry Group plc | 2.68% | $2.04 | 27.68% |
| MGH.AX | MAAS Group Holdings Limited | 2.68% | $0.15 | 37.02% |
| NOA | North American Construction Group Ltd. | 2.68% | $0.39 | 32.95% |
| U06.SI | Singapore Land Group Limited | 2.68% | $0.09 | 24.45% |
| 000089.SZ | Shenzhen Airport Co., Ltd. | 2.67% | $0.19 | 65.57% |
| 000830.SZ | Luxi Chemical Group Co., Ltd. | 2.67% | $0.44 | 57.18% |
| 005820.KS | Wonlim Corporation | 2.67% | $399.88 | 22.01% |
| 007980.KS | TP Inc. | 2.67% | $51.62 | 7.46% |
| 049800.KS | Woojin Plaimm Co., Ltd. | 2.67% | $50.67 | 26.03% |
| 300009.SZ | Anhui Anke Biotechnology (Group) Co., Ltd. | 2.67% | $0.26 | 62.51% |
| 6220.TWO | YFC-Boneagle Electric Co., Ltd. | 2.67% | $0.69 | 89.25% |
| 002753.SZ | Shanxi Yongdong Chemistry Industry Co., Ltd. | 2.66% | $0.19 | 90.03% |
| 011200.KS | HMM Co.,Ltd | 2.66% | $537.67 | 22.84% |
| 014830.KS | UNID Company Ltd. | 2.66% | $1,782.26 | 16.95% |
| 023450.KS | Dongnam Chemical Co., Ltd. | 2.66% | $914.85 | 45.96% |
| 210540.KS | DY Power Corporation | 2.66% | $350.13 | 14.53% |
| 600729.SS | Chongqing Department Store Co.,Ltd. | 2.66% | $0.69 | 21.76% |
| 7282.T | Toyoda Gosei Co., Ltd. | 2.66% | $104.88 | 29.11% |
| 7989.T | Tachikawa Corporation | 2.66% | $52.44 | 33.02% |
| 9699.T | Nishio Rent All Co., Ltd. | 2.66% | $125.96 | 28.89% |
| 069730.KS | DSR Wire Corp | 2.65% | $99.93 | 6.22% |
| 118990.KQ | Motrex Co., Ltd | 2.65% | $249.25 | 35.67% |
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| 0DH7.L | AF Gruppen ASA | 2.64% | $4.97 | 52.35% |
| 1504.TW | TECO Electric & Machinery Co., Ltd. | 2.64% | $2.23 | 87.91% |
| 2587.T | Suntory Beverage & Food Limited | 2.64% | $125.00 | 45.12% |
| 6922.TWO | Neousys Technology Inc. | 2.64% | $4.54 | 61.30% |
| SHR.BK | S Hotels and Resorts Public Company Limited | 2.64% | $0.05 | 33.96% |
| 002871.SZ | Qingdao Weflo Valve Co., Ltd. | 2.63% | $0.47 | 79.89% |
| 600918.SS | Zhongtai Securities Co., Ltd. | 2.63% | $0.17 | 68.20% |
| 8572.T | Acom Co., Ltd. | 2.63% | $13.00 | 38.71% |
| LIAB.ST | Lindab International AB (publ) | 2.63% | $5.40 | 76.19% |
| MYOR.JK | PT Mayora Indah Tbk | 2.63% | $57.38 | 45.12% |
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| AFK.OL | Arendals Fossekompani ASA | 2.62% | $3.52 | 5.05% |
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