Definitive Analysis
| Stable Growth | $65,639.37 - $160,490.57 | $150,403.16 |
| Multi-Stage | $23,593.78 - $25,811.55 | $24,682.34 |
| Blended Fair Value | $87,542.75 | |
| Current Price | $5,775.00 | |
| Upside | 1,415.89% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.71% | 9.16% | 518.68 | 649.57 | 281.82 | 131.91 | 183.90 | 211.00 | 189.88 | 167.92 | 167.89 | 215.86 |
| YoY Growth | - | - | -20.15% | 130.49% | 113.65% | -28.27% | -12.84% | 11.12% | 13.08% | 0.01% | -22.22% | 0.00% |
| Dividend Yield | - | - | 10.54% | 12.49% | 4.70% | 2.01% | 3.49% | 5.41% | 2.61% | 2.30% | 1.95% | 2.98% |
| Net Income To Common (M) | 32,670,000.00 |
| (-) Cash Dividends Paid (M) | 16,426,000.00 |
| (=) Cash Retained (M) | 16,244,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,534,000.00 | 4,083,750.00 | 2,450,250.00 |
| Cash Retained (M) | 16,244,000.00 | 16,244,000.00 | 16,244,000.00 |
| (-) Cash Required (M) | -6,534,000.00 | -4,083,750.00 | -2,450,250.00 |
| (=) Excess Retained (M) | 9,710,000.00 | 12,160,250.00 | 13,793,750.00 |
| (/) Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| (=) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| LTM Dividend per Share | 405.74 | 405.74 | 405.74 |
| (+) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| (=) Adjusted Dividend | 645.59 | 706.12 | 746.47 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $65,639.37 | $150,403.16 | $160,490.57 |
| Upside / Downside | 1,036.61% | 2,504.38% | 2,679.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32,670,000.00 | 34,793,550.00 | 37,055,130.75 | 39,463,714.25 | 42,028,855.67 | 44,760,731.29 | 46,103,553.23 |
| Payout Ratio | 50.28% | 58.22% | 66.17% | 74.11% | 82.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,426,000.00 | 20,257,791.00 | 24,518,314.98 | 29,247,117.91 | 34,487,075.34 | 40,284,658.16 | 42,645,786.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 18,836,137.83 | 19,014,679.42 | 19,193,221.01 |
| Year 2 PV (M) | 21,197,769.57 | 21,601,527.54 | 22,009,094.55 |
| Year 3 PV (M) | 23,511,611.47 | 24,186,545.34 | 24,874,273.78 |
| Year 4 PV (M) | 25,778,370.40 | 26,769,733.77 | 27,789,419.71 |
| Year 5 PV (M) | 27,998,744.02 | 29,351,093.83 | 30,755,201.24 |
| PV of Terminal Value (M) | 837,840,160.32 | 878,308,153.35 | 920,324,951.72 |
| Equity Value (M) | 955,162,793.61 | 999,231,733.25 | 1,044,946,162.02 |
| Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| Fair Value | $23,593.78 | $24,682.34 | $25,811.55 |
| Upside / Downside | 308.55% | 327.40% | 346.95% |
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|---|---|---|---|---|
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| 023800.KS | INZI Controls Co.,Ltd. | 2.61% | $170.34 | 14.79% |
| 0O2W.L | GFT Technologies SE | 2.61% | $0.50 | 37.28% |
| 4332.SR | Jadwa REIT Al Haramain Fund | 2.61% | $0.13 | 13.56% |
| 603713.SS | Milkyway Chemical Supply Chain Service Co., Ltd. | 2.61% | $1.45 | 40.70% |
| 7743.T | SEED Co.,Ltd. | 2.61% | $14.99 | 32.99% |
| GBF.DE | Bilfinger SE | 2.61% | $2.87 | 57.97% |
| SMTO3.SA | São Martinho S.A. | 2.61% | $0.39 | 25.61% |
| TURSG.IS | Türkiye Sigorta Anonim Sirketi | 2.61% | $0.30 | 17.12% |
| 015230.KS | Daechang Forging Co., Ltd. | 2.60% | $159.78 | 12.73% |
| 300761.SZ | Jiangsu Lihua Animal Husbandry Co., Ltd. | 2.60% | $0.54 | 69.75% |
| 3257.TW | Champion Microelectronic Corporation | 2.60% | $1.80 | 83.24% |
| 000028.SZ | China National Accord Medicines Corporation Ltd. | 2.59% | $0.63 | 66.16% |
| 000423.SZ | Dong-E-E-Jiao Co.,Ltd. | 2.59% | $1.27 | 48.72% |
| 002375.SZ | Zhejiang Yasha Decoration Co.,Ltd | 2.59% | $0.10 | 39.98% |
| 002508.SZ | Hangzhou Robam Appliances Co., Ltd. | 2.59% | $0.50 | 30.91% |
| 035510.KS | SHINSEGAE Information & Communication Co., Ltd. | 2.59% | $430.09 | 12.26% |
| 4732.T | USS Co., Ltd. | 2.59% | $44.46 | 52.49% |
| 600623.SS | Shanghai Huayi Group Corporation Limited | 2.59% | $0.20 | 60.15% |
| 603367.SS | Cisen Pharmaceutical Co., Ltd. | 2.59% | $0.45 | 41.25% |
| 6794.T | Foster Electric Company, Limited | 2.59% | $70.19 | 37.70% |
| ORNAV.HE | Orion Oyj | 2.59% | $1.63 | 73.31% |
| 0027.HK | Galaxy Entertainment Group Limited | 2.58% | $1.00 | 24.37% |
| 0MKP.L | Strabag SE | 2.58% | $2.08 | 29.10% |
| 1586.HK | China Leon Inspection Holding Limited | 2.58% | $0.06 | 21.58% |
| 3612.T | World Co., Ltd. | 2.58% | $79.81 | 24.01% |
| 5334.T | Niterra Co., Ltd. | 2.58% | $178.09 | 36.87% |
| 601137.SS | Ningbo Boway Alloy Material Company Limited | 2.58% | $0.55 | 43.16% |
| 688355.SS | Suzhou Mingzhi Technology Co., Ltd. | 2.58% | $0.46 | 98.88% |
| ASAI.L | ASA International Group PLC | 2.58% | $5.05 | 31.55% |
| DEK.WA | Dekpol S.A. | 2.58% | $2.39 | 17.66% |
| PNGO.JK | PT PINAGO UTAMA Tbk | 2.58% | $80.26 | 21.28% |
| 600999.SS | China Merchants Securities Co., Ltd. | 2.57% | $0.43 | 30.69% |
| 605338.SS | Zhongyin Babi Food Co., Ltd. | 2.57% | $0.80 | 67.91% |
| ARB.AX | ARB Corporation Limited | 2.57% | $0.82 | 34.10% |
| ERWPF.BK | Erawan Hotel Growth Property Fund | 2.57% | $0.23 | 22.08% |
| HLUN-A.CO | H. Lundbeck A/S | 2.57% | $0.95 | 24.76% |
| KVT.WA | Krynica Vitamin S.A. | 2.57% | $0.27 | 25.50% |
| UNIQ.BK | Unique Engineering and Construction Public Company Limited | 2.57% | $0.07 | 7.66% |
| 004710.KS | Hansol Technics Co., Ltd. | 2.56% | $150.48 | 26.54% |
| 1714.TW | Ho Tung Chemical Corp. | 2.56% | $0.21 | 47.53% |
| 300880.SZ | Ningbo Jianan Electronics Co.,Ltd | 2.56% | $0.45 | 98.75% |
| 383220.KS | F&F Co., Ltd | 2.56% | $1,700.27 | 19.00% |
| 603227.SS | Xinjiang Xuefeng Sci-Tech(Group)Co.,Ltd | 2.56% | $0.21 | 49.65% |
| 605507.SS | Guobang Pharma Ltd. | 2.56% | $0.63 | 40.20% |
| 9319.T | Chuo Warehouse Co.,Ltd. | 2.56% | $36.64 | 36.47% |
| ANA.MC | Acciona, S.A. | 2.56% | $4.88 | 31.97% |
| GGAL.BA | Grupo Financiero Galicia S.A. | 2.56% | $213.91 | 37.51% |
| HOFI.ST | Hoist Finance AB (publ) | 2.56% | $2.93 | 25.50% |
| P52.SI | Pan-United Corporation Ltd | 2.56% | $0.03 | 48.81% |