Definitive Analysis
| Stable Growth | $61.86 - $96.11 | $77.69 |
| Multi-Stage | $80.01 - $87.72 | $83.79 |
| Blended Fair Value | $80.74 | |
| Current Price | $46.63 | |
| Upside | 73.16% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.40% | 9.16% | 1.23 | 1.20 | 1.12 | 1.11 | 1.11 | 1.09 | 1.03 | 0.93 | 0.77 | 0.73 |
| YoY Growth | - | - | 3.13% | 6.37% | 0.84% | 0.38% | 1.39% | 5.97% | 10.96% | 20.18% | 6.81% | 41.31% |
| Dividend Yield | - | - | 2.64% | 1.76% | 2.98% | 2.90% | 2.78% | 3.28% | 3.67% | 1.90% | 1.55% | 1.87% |
| Net Income To Common (M) | 204.10 |
| (-) Cash Dividends Paid (M) | 39.60 |
| (=) Cash Retained (M) | 164.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 40.82 | 25.51 | 15.31 |
| Cash Retained (M) | 164.50 | 164.50 | 164.50 |
| (-) Cash Required (M) | -40.82 | -25.51 | -15.31 |
| (=) Excess Retained (M) | 123.68 | 138.99 | 149.19 |
| (/) Shares Outstanding (M) | 32.13 | 32.13 | 32.13 |
| (=) Excess Retained per Share | 3.85 | 4.33 | 4.64 |
| LTM Dividend per Share | 1.23 | 1.23 | 1.23 |
| (+) Excess Retained per Share | 3.85 | 4.33 | 4.64 |
| (=) Adjusted Dividend | 5.08 | 5.56 | 5.88 |
| WACC / Discount Rate | 9.27% | 9.27% | 9.27% |
| Growth Rate | 0.98% | 1.98% | 2.98% |
| Fair Value | $61.86 | $77.69 | $96.11 |
| Upside / Downside | 32.66% | 66.61% | 106.10% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 204.10 | 208.14 | 212.25 | 216.45 | 220.74 | 225.10 | 231.86 |
| Payout Ratio | 19.40% | 33.52% | 47.64% | 61.76% | 75.88% | 90.00% | 92.50% |
| Projected Dividends (M) | 39.60 | 69.77 | 101.12 | 133.68 | 167.50 | 202.59 | 214.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.27% | 9.27% | 9.27% |
| Growth Rate | 0.98% | 1.98% | 2.98% |
| Year 1 PV (M) | 63.22 | 63.85 | 64.48 |
| Year 2 PV (M) | 83.03 | 84.68 | 86.35 |
| Year 3 PV (M) | 99.47 | 102.45 | 105.50 |
| Year 4 PV (M) | 112.93 | 117.47 | 122.14 |
| Year 5 PV (M) | 123.77 | 130.02 | 136.52 |
| PV of Terminal Value (M) | 2,088.13 | 2,193.60 | 2,303.28 |
| Equity Value (M) | 2,570.56 | 2,692.08 | 2,818.27 |
| Shares Outstanding (M) | 32.13 | 32.13 | 32.13 |
| Fair Value | $80.01 | $83.79 | $87.72 |
| Upside / Downside | 71.59% | 79.70% | 88.13% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 4151.T | Kyowa Kirin Co., Ltd. | 2.30% | $58.23 | 79.35% |
| 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% |