Definitive Analysis
| Stable Growth | $228.90 - $881.89 | $387.13 |
| Multi-Stage | $203.35 - $222.65 | $212.82 |
| Blended Fair Value | $299.97 | |
| Current Price | $193.35 | |
| Upside | 55.15% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 38.45% | 0.00% | 3.93 | 3.43 | 2.84 | 2.35 | 1.92 | 0.77 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 14.66% | 20.60% | 20.97% | 22.10% | 149.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.79% | 1.60% | 1.09% | 0.68% | 0.69% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 856.97 |
| (-) Cash Dividends Paid (M) | 466.16 |
| (=) Cash Retained (M) | 390.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 171.39 | 107.12 | 64.27 |
| Cash Retained (M) | 390.81 | 390.81 | 390.81 |
| (-) Cash Required (M) | -171.39 | -107.12 | -64.27 |
| (=) Excess Retained (M) | 219.41 | 283.69 | 326.54 |
| (/) Shares Outstanding (M) | 107.97 | 107.97 | 107.97 |
| (=) Excess Retained per Share | 2.03 | 2.63 | 3.02 |
| LTM Dividend per Share | 4.32 | 4.32 | 4.32 |
| (+) Excess Retained per Share | 2.03 | 2.63 | 3.02 |
| (=) Adjusted Dividend | 6.35 | 6.95 | 7.34 |
| WACC / Discount Rate | 6.75% | 6.75% | 6.75% |
| Growth Rate | 3.87% | 4.87% | 5.87% |
| Fair Value | $228.90 | $387.13 | $881.89 |
| Upside / Downside | 18.39% | 100.22% | 356.11% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 856.97 | 898.71 | 942.48 | 988.39 | 1,036.53 | 1,087.01 | 1,119.63 |
| Payout Ratio | 54.40% | 61.52% | 68.64% | 75.76% | 82.88% | 90.00% | 92.50% |
| Projected Dividends (M) | 466.16 | 552.86 | 646.90 | 748.79 | 859.07 | 978.31 | 1,035.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.75% | 6.75% | 6.75% |
| Growth Rate | 3.87% | 4.87% | 5.87% |
| Year 1 PV (M) | 512.96 | 517.89 | 522.83 |
| Year 2 PV (M) | 556.88 | 567.66 | 578.53 |
| Year 3 PV (M) | 598.07 | 615.51 | 633.28 |
| Year 4 PV (M) | 636.62 | 661.49 | 687.08 |
| Year 5 PV (M) | 672.65 | 705.66 | 739.96 |
| PV of Terminal Value (M) | 18,978.67 | 19,910.00 | 20,877.54 |
| Equity Value (M) | 21,955.85 | 22,978.21 | 24,039.23 |
| Shares Outstanding (M) | 107.97 | 107.97 | 107.97 |
| Fair Value | $203.35 | $212.82 | $222.65 |
| Upside / Downside | 5.17% | 10.07% | 15.15% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
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| 6526.T | Socionext Inc. | 2.30% | $50.35 | 88.64% |
| 8876.T | Relo Group, Inc. | 2.30% | $39.45 | 30.35% |
| 8923.T | Tosei Corporation | 2.30% | $39.48 | 27.05% |
| CAV1V.HE | Caverion Oyj | 2.30% | $0.20 | 33.17% |
| REJL-B.ST | Rejlers AB (publ) | 2.30% | $4.41 | 46.32% |
| 000739.SZ | Apeloa Pharmaceutical Co.,Ltd | 2.29% | $0.37 | 49.76% |
| 0103.HK | Shougang Century Holdings Limited | 2.29% | $0.07 | 36.62% |
| 016880.KS | Woongjin Co., Ltd. | 2.29% | $51.87 | 4.40% |
| 0N0B.L | Wallenius Wilhelmsen ASA | 2.29% | $2.31 | 88.32% |
| 4090.SR | Taiba Investments Co. | 2.29% | $0.75 | 50.33% |
| 4322.SR | Retal Urban Development Company | 2.29% | $0.27 | 47.98% |
| DITTO-R.BK | Ditto (Thailand) Public Company Limited | 2.29% | $0.25 | 31.94% |
| INDIAMART.BO | IndiaMART InterMESH Limited | 2.29% | $49.79 | 55.81% |
| Q0F.SI | IHH Healthcare Berhad | 2.29% | $0.06 | 24.43% |
| 600531.SS | Henan Yuguang Gold&Lead Co.,Ltd. | 2.28% | $0.27 | 36.36% |
| 605258.SS | Jiangsu Xiehe Electronic Co.,Ltd. | 2.28% | $0.71 | 90.23% |
| 9580.SR | Al Rashid Industrial Co. | 2.28% | $1.12 | 17.64% |
| LEMON.HE | Lemonsoft Oyj | 2.28% | $0.14 | 60.80% |
| NIL-B.ST | Nilörngruppen AB | 2.28% | $1.50 | 28.94% |
| RAA.DE | Rational AG | 2.28% | $15.00 | 66.90% |
| 002612.SZ | Lancy Co., Ltd. | 2.27% | $0.46 | 19.77% |
| 0S9E.L | Extendicare Inc. | 2.27% | $0.47 | 48.82% |
| 1717.HK | Ausnutria Dairy Corporation Ltd | 2.27% | $0.05 | 25.74% |
| 300898.SZ | Panda Dairy Corporation | 2.27% | $0.61 | 78.87% |
| 6326.T | Kubota Corporation | 2.27% | $50.29 | 32.77% |
| ANN.AX | Ansell Limited | 2.27% | $0.80 | 65.03% |
| KMP-UN.TO | Killam Apartment REIT | 2.27% | $0.37 | 8.57% |
| 024900.KS | DY DEOKYANG Co.,Ltd. | 2.26% | $49.00 | 19.20% |
| 2204.T | Nakamuraya Co., Ltd. | 2.26% | $69.48 | 51.40% |
| 688389.SS | Shenzhen Lifotronic Technology Co., Ltd. | 2.26% | $0.29 | 50.03% |
| ACN | Accenture plc | 2.26% | $5.87 | 48.14% |
| 002949.SZ | Shenzhen Capol International & Associatesco., Ltd | 2.25% | $0.35 | 81.66% |
| 082640.KS | Tong Yang Life Insurance Co., Ltd. | 2.25% | $144.08 | 13.49% |
| 178920.KS | PI Advanced Materials Co., Ltd. | 2.25% | $350.06 | 36.50% |
| 4708.T | Relia, Inc. | 2.25% | $32.93 | 49.64% |
| 600335.SS | Sinomach Automobile Co., Ltd. | 2.25% | $0.15 | 48.99% |
| 603087.SS | Gan & Lee Pharmaceuticals. | 2.25% | $1.53 | 97.20% |
| 6703.T | Oki Electric Industry Co., Ltd. | 2.25% | $44.75 | 36.33% |
| 9556.SR | Nofoth Food Products Company | 2.25% | $0.23 | 31.29% |
| 9828.T | Genki Global Dining Concepts Corp | 2.25% | $70.00 | 25.83% |
| L3H.F | Shell plc | 2.25% | $1.44 | 58.25% |
| LLYC.MC | Llorente & Cuenca, S.A. | 2.25% | $0.16 | 22.13% |
| PECOS.BO | Pecos Hotels and Pubs Limited | 2.25% | $6.50 | 32.07% |
| PTSP.JK | PT Pioneerindo Gourmet International Tbk | 2.25% | $22.73 | 26.81% |
| 006890.KS | Taekyung Chemical Co., Ltd. | 2.24% | $179.51 | 29.43% |
| 600426.SS | Shandong Hualu-Hengsheng Chemical Co., Ltd. | 2.24% | $0.70 | 46.22% |
| 601918.SS | China Coal Xinji Energy Co.,Ltd | 2.24% | $0.15 | 18.77% |
| 7547.TWO | Intumit Inc. | 2.24% | $1.28 | 40.76% |
| 7984.T | Kokuyo Co., Ltd. | 2.24% | $19.62 | 44.02% |