Definitive Analysis
| Stable Growth | $11.95 - $18.45 | $14.96 |
| Multi-Stage | $27.99 - $30.75 | $29.35 |
| Blended Fair Value | $22.16 | |
| Current Price | $9.11 | |
| Upside | 143.20% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.83% | 0.00% | 0.67 | 0.66 | 0.66 | 0.64 | 0.40 | 0.73 | 0.49 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 1.52% | 0.01% | 3.12% | 60.39% | -45.70% | 49.96% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.82% | 6.73% | 7.13% | 6.56% | 4.49% | 7.47% | 5.85% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 210.51 |
| (-) Cash Dividends Paid (M) | 196.27 |
| (=) Cash Retained (M) | 14.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 42.10 | 26.31 | 15.79 |
| Cash Retained (M) | 14.24 | 14.24 | 14.24 |
| (-) Cash Required (M) | -42.10 | -26.31 | -15.79 |
| (=) Excess Retained (M) | -27.87 | -12.08 | -1.55 |
| (/) Shares Outstanding (M) | 162.88 | 162.88 | 162.88 |
| (=) Excess Retained per Share | -0.17 | -0.07 | -0.01 |
| LTM Dividend per Share | 1.21 | 1.21 | 1.21 |
| (+) Excess Retained per Share | -0.17 | -0.07 | -0.01 |
| (=) Adjusted Dividend | 1.03 | 1.13 | 1.20 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $11.95 | $14.96 | $18.45 |
| Upside / Downside | 31.14% | 64.27% | 102.47% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 210.51 | 208.40 | 206.32 | 204.25 | 202.21 | 200.19 | 206.20 |
| Payout Ratio | 93.24% | 92.59% | 91.94% | 91.30% | 90.65% | 90.00% | 92.50% |
| Projected Dividends (M) | 196.27 | 192.96 | 189.69 | 186.47 | 183.30 | 180.17 | 190.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 179.38 | 181.21 | 183.05 |
| Year 2 PV (M) | 163.94 | 167.30 | 170.70 |
| Year 3 PV (M) | 149.82 | 154.46 | 159.18 |
| Year 4 PV (M) | 136.91 | 142.58 | 148.43 |
| Year 5 PV (M) | 125.11 | 131.62 | 138.40 |
| PV of Terminal Value (M) | 3,804.50 | 4,002.61 | 4,208.89 |
| Equity Value (M) | 4,559.67 | 4,779.79 | 5,008.66 |
| Shares Outstanding (M) | 162.88 | 162.88 | 162.88 |
| Fair Value | $27.99 | $29.35 | $30.75 |
| Upside / Downside | 207.29% | 222.12% | 237.55% |
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|---|---|---|---|---|
| 112610.KS | CS Wind Corporation | 2.43% | $982.89 | 21.73% |
| 300452.SZ | Anhui Sunhere Pharmaceutical Excipients Co.,Ltd. | 2.43% | $0.33 | 58.46% |
| 603599.SS | Anhui Guangxin Agrochemical Co., Ltd. | 2.43% | $0.28 | 35.02% |
| 605286.SS | Jiangsu Tongli Risheng Machinery Co., Ltd. | 2.43% | $0.99 | 75.51% |
| 9569.SR | Almuneef Company for Trade, Industry, Agriculture and Contracting | 2.43% | $0.20 | 19.26% |
| ALV | Autoliv, Inc. | 2.43% | $2.97 | 30.32% |
| KEPEN.AT | Flour Mills Kepenos S.A. | 2.43% | $0.05 | 39.82% |
| MSAB-B.ST | Micro Systemation AB (publ) | 2.43% | $1.50 | 65.33% |
| NEOE3.SA | Neoenergia S.A. | 2.43% | $0.77 | 21.26% |
| OV8.SI | Sheng Siong Group Ltd | 2.43% | $0.06 | 66.54% |
| VIL.PA | VIEL & Cie, S.A. | 2.43% | $0.40 | 12.44% |
| 002236.SZ | Zhejiang Dahua Technology Co., Ltd. | 2.42% | $0.46 | 38.43% |
| 006730.KQ | Seobu T&D Co., Ltd. | 2.42% | $309.73 | 27.66% |
| 071050.KS | Korea Investment Holdings Co., Ltd. | 2.42% | $3,984.93 | 13.09% |
| 0DQK.L | Beter Bed Holding N.V. | 2.42% | $0.15 | 53.98% |
| 2409.TW | AUO Corporation | 2.42% | $0.31 | 41.22% |
| 300453.SZ | Jiangxi Sanxin Medtec Co.,Ltd. | 2.42% | $0.21 | 45.08% |
| 600064.SS | Nanjing Gaoke Company Limited | 2.42% | $0.21 | 15.60% |
| 601236.SS | Hongta Securities Co., Ltd. | 2.42% | $0.20 | 95.69% |
| 9550.SR | Sure Global Tech Company | 2.42% | $1.52 | 28.67% |
| 9562.SR | Foods Gate Trading Co. | 2.42% | $0.67 | 13.40% |
| AEONTS-R.BK | AEON Thana Sinsap (Thailand) Public Company Limited | 2.42% | $2.60 | 21.04% |
| NMAN.ST | Nederman Holding AB (publ) | 2.42% | $4.00 | 47.45% |
| SALIK.AE | Salik Company P.J.S.C. | 2.42% | $0.16 | 83.74% |
| SKMO.ST | Skåne-möllan AB (publ) | 2.42% | $1.40 | 96.86% |
| 001130.KS | Daehan Flour Mills Co.,Ltd | 2.41% | $3,470.92 | 10.83% |
| 080160.KQ | Modetour Network Inc. | 2.41% | $249.37 | 24.80% |
| 0U96.L | Everest Re Group, Ltd. | 2.41% | $8.07 | 61.23% |
| 3591.T | Wacoal Holdings Corp. | 2.41% | $106.27 | 49.77% |
| 601966.SS | Shandong Linglong Tyre Co.,Ltd. | 2.41% | $0.35 | 42.43% |
| 7951.T | Yamaha Corporation | 2.41% | $26.35 | 66.95% |
| BORG.ST | Björn Borg AB (publ) | 2.41% | $1.50 | 43.49% |
| EIOF.OL | Eidesvik Offshore ASA | 2.41% | $0.30 | 28.32% |
| ETTE.HE | Etteplan Oyj | 2.41% | $0.23 | 71.21% |
| ZZ-B.ST | Zinzino AB (publ) | 2.41% | $3.76 | 58.64% |
| 002968.SZ | New Dazheng Property Group Co., Ltd. | 2.40% | $0.29 | 59.28% |
| 0NZN.L | Robertet S.A. | 2.40% | $21.10 | 23.60% |
| 4015.SR | Jamjoom Pharmaceuticals Factory Company | 2.40% | $3.46 | 54.14% |
| 7703.TWO | Rayzher | 2.40% | $5.49 | 59.71% |
| BBL.AX | Brisbane Broncos Limited | 2.40% | $0.04 | 25.15% |
| 002158.SZ | Shanghai Hanbell Precise Machinery Co., Ltd. | 2.39% | $0.60 | 60.14% |
| 004690.KS | Samchully Co.,Ltd | 2.39% | $3,000.02 | 10.30% |
| 0GVS.L | Catena AB (publ) | 2.39% | $8.76 | 32.84% |
| 300577.SZ | Anhui Korrun Co., Ltd. | 2.39% | $0.51 | 36.22% |
| 3044.TW | Tripod Technology Corporation | 2.39% | $7.48 | 42.14% |
| 603080.SS | Xinjiang Torch Gas Co., Ltd | 2.39% | $0.57 | 43.55% |
| 6780.TWO | Study King Co., Ltd. | 2.39% | $0.80 | 89.60% |
| 6804.T | Hosiden Corporation | 2.39% | $59.44 | 25.81% |
| KBLM.JK | PT Kabelindo Murni Tbk | 2.39% | $8.08 | 12.05% |
| SCANFL.HE | Scanfil Oyj | 2.39% | $0.24 | 42.33% |