Definitive Analysis
| Stable Growth | $297,398.03 - $638,255.29 | $423,974.07 |
| Multi-Stage | $217,599.57 - $237,601.64 | $227,419.93 |
| Blended Fair Value | $325,697.00 | |
| Current Price | $115,500.00 | |
| Upside | 181.99% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.18% | 22.64% | 4,002.68 | 3,100.71 | 3,870.17 | 2,643.04 | 2,317.91 | 2,062.61 | 2,063.90 | 1,340.44 | 1,019.19 | 811.19 |
| YoY Growth | - | - | 29.09% | -19.88% | 46.43% | 14.03% | 12.38% | -0.06% | 53.97% | 31.52% | 25.64% | 56.00% |
| Dividend Yield | - | - | 5.07% | 4.53% | 8.12% | 4.31% | 4.12% | 5.97% | 4.69% | 2.21% | 2.08% | 2.55% |
| Net Income To Common (M) | 5,804,665.00 |
| (-) Cash Dividends Paid (M) | 1,316,794.00 |
| (=) Cash Retained (M) | 4,487,871.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,160,933.00 | 725,583.13 | 435,349.88 |
| Cash Retained (M) | 4,487,871.00 | 4,487,871.00 | 4,487,871.00 |
| (-) Cash Required (M) | -1,160,933.00 | -725,583.13 | -435,349.88 |
| (=) Excess Retained (M) | 3,326,938.00 | 3,762,287.88 | 4,052,521.13 |
| (/) Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| (=) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| LTM Dividend per Share | 3,544.58 | 3,544.58 | 3,544.58 |
| (+) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| (=) Adjusted Dividend | 12,500.10 | 13,671.99 | 14,453.24 |
| WACC / Discount Rate | 9.93% | 9.93% | 9.93% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $297,398.03 | $423,974.07 | $638,255.29 |
| Upside / Downside | 157.49% | 267.08% | 452.60% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,804,665.00 | 6,181,968.23 | 6,583,796.16 | 7,011,742.91 | 7,467,506.20 | 7,952,894.10 | 8,191,480.93 |
| Payout Ratio | 22.69% | 36.15% | 49.61% | 63.07% | 76.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,316,794.00 | 2,234,662.77 | 3,266,291.02 | 4,422,589.50 | 5,715,406.70 | 7,157,604.69 | 7,577,119.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.93% | 9.93% | 9.93% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,013,638.53 | 2,032,725.15 | 2,051,811.77 |
| Year 2 PV (M) | 2,652,124.55 | 2,702,640.08 | 2,753,632.16 |
| Year 3 PV (M) | 3,235,826.22 | 3,328,715.16 | 3,423,364.97 |
| Year 4 PV (M) | 3,768,124.28 | 3,913,035.70 | 4,062,087.15 |
| Year 5 PV (M) | 4,252,215.90 | 4,457,599.52 | 4,670,843.65 |
| PV of Terminal Value (M) | 64,915,330.98 | 68,050,765.74 | 71,306,200.97 |
| Equity Value (M) | 80,837,260.45 | 84,485,481.34 | 88,267,940.67 |
| Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| Fair Value | $217,599.57 | $227,419.93 | $237,601.64 |
| Upside / Downside | 88.40% | 96.90% | 105.72% |
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|---|---|---|---|---|
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| 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% |
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| 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% |
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| 086280.KS | Hyundai Glovis Co., Ltd. | 2.05% | $3,700.10 | 19.97% |
| 2730.T | EDION Corporation | 2.05% | $43.41 | 30.64% |
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| GUAR3.SA | Guararapes Confecções S.A. | 2.05% | $0.18 | 20.09% |
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