Definitive Analysis
| Stable Growth | $311,293.90 - $933,546.04 | $493,522.54 |
| Multi-Stage | $209,725.49 - $229,006.15 | $219,191.37 |
| Blended Fair Value | $356,356.95 | |
| Current Price | $156,600.00 | |
| Upside | 127.56% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.73% | 13.54% | 4,026.46 | 3,326.47 | 3,300.35 | 2,499.98 | 2,649.98 | 2,649.98 | 1,999.99 | 1,420.11 | 2,484.16 | 1,895.21 |
| YoY Growth | - | - | 21.04% | 0.79% | 32.01% | -5.66% | 0.00% | 32.50% | 40.83% | -42.83% | 31.08% | 67.58% |
| Dividend Yield | - | - | 4.86% | 3.64% | 5.26% | 3.79% | 3.39% | 6.16% | 2.38% | 1.22% | 2.29% | 1.61% |
| Net Income To Common (M) | 2,181,829.00 |
| (-) Cash Dividends Paid (M) | 866,715.00 |
| (=) Cash Retained (M) | 1,315,114.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 436,365.80 | 272,728.63 | 163,637.18 |
| Cash Retained (M) | 1,315,114.00 | 1,315,114.00 | 1,315,114.00 |
| (-) Cash Required (M) | -436,365.80 | -272,728.63 | -163,637.18 |
| (=) Excess Retained (M) | 878,748.20 | 1,042,385.38 | 1,151,476.83 |
| (/) Shares Outstanding (M) | 179.58 | 179.58 | 179.58 |
| (=) Excess Retained per Share | 4,893.46 | 5,804.70 | 6,412.20 |
| LTM Dividend per Share | 4,826.45 | 4,826.45 | 4,826.45 |
| (+) Excess Retained per Share | 4,893.46 | 5,804.70 | 6,412.20 |
| (=) Adjusted Dividend | 9,719.91 | 10,631.16 | 11,238.65 |
| WACC / Discount Rate | 8.79% | 8.79% | 8.79% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $311,293.90 | $493,522.54 | $933,546.04 |
| Upside / Downside | 98.78% | 215.15% | 496.13% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,181,829.00 | 2,323,647.89 | 2,474,685.00 | 2,635,539.52 | 2,806,849.59 | 2,989,294.81 | 3,078,973.66 |
| Payout Ratio | 39.72% | 49.78% | 59.83% | 69.89% | 79.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 866,715.00 | 1,156,697.80 | 1,480,716.49 | 1,841,970.57 | 2,243,931.64 | 2,690,365.33 | 2,848,050.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.79% | 8.79% | 8.79% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,053,215.38 | 1,063,198.46 | 1,073,181.54 |
| Year 2 PV (M) | 1,227,627.13 | 1,251,009.98 | 1,274,613.42 |
| Year 3 PV (M) | 1,390,511.33 | 1,430,427.91 | 1,471,101.18 |
| Year 4 PV (M) | 1,542,406.15 | 1,601,722.74 | 1,662,733.96 |
| Year 5 PV (M) | 1,683,827.76 | 1,765,157.28 | 1,849,599.46 |
| PV of Terminal Value (M) | 30,764,076.07 | 32,249,992.45 | 33,792,778.35 |
| Equity Value (M) | 37,661,663.82 | 39,361,508.82 | 41,124,007.91 |
| Shares Outstanding (M) | 179.58 | 179.58 | 179.58 |
| Fair Value | $209,725.49 | $219,191.37 | $229,006.15 |
| Upside / Downside | 33.92% | 39.97% | 46.24% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 6101.T | Tsugami Corporation | 2.08% | $59.70 | 21.18% |
| 9549.SR | Abdulaziz and Mansour Ibrahim Albabtin Co. | 2.08% | $0.50 | 29.71% |
| FPAR-A.ST | FastPartner AB (publ) | 2.08% | $0.97 | 55.03% |
| GRNG.ST | Gränges AB (publ) | 2.08% | $3.09 | 34.78% |
| ZGN | Ermenegildo Zegna N.V. | 2.08% | $0.22 | 28.26% |
| 000983.SZ | Shanxi Coking Coal Energy Group Co.,Ltd. | 2.07% | $0.13 | 44.44% |
| 006090.KS | Oyang Corporation | 2.07% | $187.55 | 43.67% |
| 0O1O.L | Vetoquinol S.A. | 2.07% | $1.74 | 19.10% |
| 1748.HK | Xin Yuan Enterprises Group Limited | 2.07% | $0.04 | 62.70% |
| 4677.KL | YTL Corporation Berhad | 2.07% | $0.04 | 26.42% |
| 603136.SS | Jiangsu Tianmu Lake Tourism Co.,Ltd | 2.07% | $0.24 | 64.23% |
| 7965.T | Zojirushi Corporation | 2.07% | $32.35 | 36.35% |
| MRSA3B.SA | MRS Logística S.A. | 2.07% | $0.81 | 18.86% |
| OCL.AX | Objective Corporation Limited | 2.07% | $0.34 | 57.76% |
| TRTN | Triton International Limited | 2.07% | $1.65 | 28.50% |
| 001219.SZ | Qingdao Foods CO.,LTD. | 2.06% | $0.29 | 55.25% |
| 002351.SZ | Edifier Technology Co., Ltd. | 2.06% | $0.25 | 53.80% |
| 004830.KS | Duksung Co., Ltd. | 2.06% | $100.30 | 19.66% |
| 600120.SS | Zhejiang Orient Financial Holdings Group Co., Ltd. | 2.06% | $0.13 | 32.28% |
| 600143.SS | Kingfa Sci. & Tech. Co., Ltd. | 2.06% | $0.40 | 85.82% |
| 7735.T | SCREEN Holdings Co., Ltd. | 2.06% | $314.43 | 32.13% |
| ALSO3.SA | Aliansce Sonae Shopping Centers S.A. | 2.06% | $0.52 | 9.27% |
| MLIA.JK | PT Mulia Industrindo Tbk | 2.06% | $6.98 | 27.72% |
| REA.AX | REA Group Limited | 2.06% | $3.81 | 51.46% |
| THEON.AS | Theon International PLC | 2.06% | $0.55 | 52.53% |
| 000902.SZ | YONFER Agricultural Technology Co., Ltd. | 2.05% | $0.32 | 26.06% |
| 002938.SZ | Avary Holding(Shenzhen)Co., Limited | 2.05% | $1.04 | 59.37% |
| 036930.KQ | JUSUNG ENGINEERING Co., Ltd. | 2.05% | $625.50 | 45.79% |
| 086280.KS | Hyundai Glovis Co., Ltd. | 2.05% | $3,700.10 | 19.97% |
| 2730.T | EDION Corporation | 2.05% | $43.41 | 30.64% |
| 4191.SR | Abdullah Saad Mohammed Abo Moati for Bookstores Company | 2.05% | $1.01 | 76.56% |
| 9527.SR | Ame Company For Medical Supplies | 2.05% | $2.00 | 27.73% |
| BMIN3.SA | Banco Mercantil de Investimentos S.A. | 2.05% | $0.47 | 28.32% |
| GUAR3.SA | Guararapes Confecções S.A. | 2.05% | $0.18 | 20.09% |
| MGROS.IS | Migros Ticaret A.S. | 2.05% | $10.88 | 31.41% |
| MLL.DE | Müller - Die lila Logistik AG | 2.05% | $0.10 | 6.76% |
| RAY-A.TO | Stingray Group Inc. | 2.05% | $0.30 | 39.32% |
| VIVA3.SA | Vivara Participações S.A. | 2.05% | $0.66 | 20.93% |
| 268280.KS | Miwon Specialty Chemical Co., Ltd. | 2.04% | $2,814.57 | 22.79% |
| 2869.HK | Greentown Service Group Co. Ltd. | 2.04% | $0.09 | 17.96% |
| 450330.KQ | Hass | 2.04% | $131.79 | 35.27% |
| 605589.SS | Jinan Shengquan Group Share Holding Co., Ltd. | 2.04% | $0.58 | 44.86% |
| CEK.DE | CeoTronics AG | 2.04% | $0.26 | 34.71% |
| CSAP.JK | PT Catur Sentosa Adiprana Tbk | 2.04% | $6.50 | 30.53% |
| ROTH.PA | Rothschild & Co SCA | 2.04% | $0.78 | 13.71% |
| 2476.TW | G-SHANK Enterprise Co., Ltd. | 2.03% | $1.85 | 49.48% |
| 2852.KL | Cahya Mata Sarawak Berhad | 2.03% | $0.03 | 28.80% |
| 3788.HK | China Hanking Holdings Limited | 2.03% | $0.08 | 36.16% |
| 4004.SR | Dallah Healthcare Company | 2.03% | $2.54 | 49.37% |
| 601607.SS | Shanghai Pharmaceuticals Holding Co., Ltd | 2.03% | $0.36 | 23.77% |