Definitive Analysis
| Stable Growth | $5,357.48 - $15,418.93 | $8,394.96 |
| Multi-Stage | $5,789.54 - $6,332.53 | $6,056.01 |
| Blended Fair Value | $7,225.49 | |
| Current Price | $2,780.00 | |
| Upside | 159.91% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.32% | 8.51% | 178.50 | 167.60 | 149.97 | 126.00 | 113.03 | 109.22 | 134.13 | 97.84 | 97.56 | 73.88 |
| YoY Growth | - | - | 6.50% | 11.76% | 19.02% | 11.48% | 3.49% | -18.57% | 37.09% | 0.29% | 32.04% | -6.31% |
| Dividend Yield | - | - | 7.41% | 4.77% | 3.69% | 2.75% | 3.30% | 3.46% | 3.41% | 2.72% | 2.36% | 2.22% |
| Net Income To Common (M) | 21,758,000.00 |
| (-) Cash Dividends Paid (M) | 21,047,000.00 |
| (=) Cash Retained (M) | 711,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,351,600.00 | 2,719,750.00 | 1,631,850.00 |
| Cash Retained (M) | 711,000.00 | 711,000.00 | 711,000.00 |
| (-) Cash Required (M) | -4,351,600.00 | -2,719,750.00 | -1,631,850.00 |
| (=) Excess Retained (M) | -3,640,600.00 | -2,008,750.00 | -920,850.00 |
| (/) Shares Outstanding (M) | 99,061.78 | 99,061.78 | 99,061.78 |
| (=) Excess Retained per Share | -36.75 | -20.28 | -9.30 |
| LTM Dividend per Share | 212.46 | 212.46 | 212.46 |
| (+) Excess Retained per Share | -36.75 | -20.28 | -9.30 |
| (=) Adjusted Dividend | 175.71 | 192.19 | 203.17 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 3.27% | 4.27% | 5.27% |
| Fair Value | $5,357.48 | $8,394.96 | $15,418.93 |
| Upside / Downside | 92.72% | 201.98% | 454.64% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 21,758,000.00 | 22,687,996.94 | 23,657,744.52 | 24,668,941.78 | 25,723,360.41 | 26,822,847.79 | 27,627,533.22 |
| Payout Ratio | 96.73% | 95.39% | 94.04% | 92.69% | 91.35% | 90.00% | 92.50% |
| Projected Dividends (M) | 21,047,000.00 | 21,641,124.92 | 22,247,587.24 | 22,866,356.20 | 23,497,375.85 | 24,140,563.01 | 25,555,468.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 3.27% | 4.27% | 5.27% |
| Year 1 PV (M) | 20,094,973.22 | 20,289,551.91 | 20,484,130.60 |
| Year 2 PV (M) | 19,182,186.90 | 19,555,465.85 | 19,932,341.84 |
| Year 3 PV (M) | 18,307,108.85 | 18,844,075.52 | 19,391,440.71 |
| Year 4 PV (M) | 17,468,264.64 | 18,154,732.71 | 18,861,237.34 |
| Year 5 PV (M) | 16,664,235.46 | 17,486,806.88 | 18,341,544.97 |
| PV of Terminal Value (M) | 481,805,615.43 | 505,588,256.36 | 530,300,917.92 |
| Equity Value (M) | 573,522,384.50 | 599,918,889.23 | 627,311,613.37 |
| Shares Outstanding (M) | 99,061.78 | 99,061.78 | 99,061.78 |
| Fair Value | $5,789.54 | $6,056.01 | $6,332.53 |
| Upside / Downside | 108.26% | 117.84% | 127.79% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| TCN | Tricon Residential Inc. | 1.98% | $0.22 | 53.83% |
| 000617.SZ | CNPC Capital Company Limited | 1.97% | $0.19 | 55.65% |
| 013580.KS | Kyeryong Construction Industrial Co., Ltd. | 1.97% | $399.95 | 6.19% |
| 600033.SS | Fujian Expressway Development Co.,Ltd | 1.97% | $0.08 | 27.53% |
| 603337.SS | Jack Technology Co.,Ltd | 1.97% | $0.85 | 44.29% |
| 603338.SS | Zhejiang Dingli Machinery Co.,Ltd | 1.97% | $1.12 | 32.10% |
| 605090.SS | Jiangxi Jovo Energy Co., Ltd | 1.97% | $0.85 | 42.14% |
| DEZ.DE | Deutz AG | 1.97% | $0.17 | 99.16% |
| KEJU.JK | PT Mulia Boga Raya Tbk | 1.97% | $13.00 | 42.56% |
| LOGN.SW | Logitech International S.A. | 1.97% | $1.60 | 36.80% |
| NTSC.BK | Nutrition SC Public Company Limited | 1.97% | $0.12 | 13.98% |
| 000220.KS | Yuyu Pharma, Inc. | 1.96% | $89.74 | 31.97% |
| 000862.SZ | Ning Xia Yin Xing Energy Co.,Ltd | 1.96% | $0.11 | 78.53% |
| 001333.SZ | Zhejiang Guanghua Technology Co., Ltd. | 1.96% | $0.42 | 41.57% |
| 002926.SZ | HUAXI Securities Co., Ltd. | 1.96% | $0.18 | 31.11% |
| 0QMI.L | SGS S.A. | 1.96% | $1.66 | 31.21% |
| 0R4W.L | Multitude SE | 1.96% | $0.12 | 19.36% |
| 183300.KQ | KoMiCo Ltd. | 1.96% | $1,854.56 | 32.39% |
| 600031.SS | Sany Heavy Industry Co., Ltd | 1.96% | $0.41 | 42.56% |
| 600449.SS | Ningxia Building Materials Group Co.,Ltd | 1.96% | $0.24 | 39.64% |
| 603477.SS | Leshan Giantstar Farming&Husbandry Corporation Limited | 1.96% | $0.34 | 45.55% |
| 603650.SS | Red Avenue New Materials Group Co., Ltd. | 1.96% | $0.86 | 89.92% |
| EQB.TO | EQB Inc. | 1.96% | $2.05 | 22.50% |
| EVROF.AT | Evrofarma S.A. | 1.96% | $0.07 | 25.28% |
| HAGA.IC | Hagar hf | 1.96% | $2.30 | 34.34% |
| INISS-B.ST | Inission AB (publ) | 1.96% | $0.98 | 55.65% |
| TWPC.BK | Thai Wah Public Company Limited | 1.96% | $0.06 | 32.91% |
| 001358.SZ | Shaoxing Xingxin New Materials Co Ltd | 1.95% | $0.50 | 95.37% |
| 003039.SZ | Guangdong Shunkong Development Co.,Ltd. | 1.95% | $0.31 | 70.47% |
| 267250.KS | HD Hyundai Co., Ltd. | 1.95% | $3,599.87 | 49.88% |
| 4553.T | Towa Pharmaceutical Co., Ltd. | 1.95% | $71.04 | 16.94% |
| 688236.SS | Beijing Chunlizhengda Medical Instruments Co., Ltd. | 1.95% | $0.45 | 66.78% |
| MIDI.JK | PT Midi Utama Indonesia Tbk | 1.95% | $7.35 | 36.66% |
| 002662.SZ | Beijing WKW Automotive Parts Co.,Ltd. | 1.94% | $0.08 | 49.66% |
| 002697.SZ | Chengdu Hongqi Chain Co.,Ltd. | 1.94% | $0.12 | 30.44% |
| 0345.HK | Vitasoy International Holdings Limited | 1.94% | $0.13 | 36.86% |
| 079430.KS | Hyundai Livart Furniture Company Limited | 1.94% | $131.15 | 21.94% |
| 0GEG.L | Vaisala Oyj | 1.94% | $0.85 | 48.66% |
| 2229.T | Calbee, Inc. | 1.94% | $58.09 | 41.83% |
| 3284.T | Hoosiers Holdings Co., Ltd. | 1.94% | $25.55 | 22.98% |
| 4819.T | Digital Garage, Inc. | 1.94% | $52.42 | 75.12% |
| 600061.SS | SDIC Capital Co.,Ltd | 1.94% | $0.15 | 29.00% |
| 600356.SS | Mudanjiang Hengfeng Paper Co.,Ltd | 1.94% | $0.17 | 33.08% |
| 600563.SS | Xiamen Faratronic Co., Ltd. | 1.94% | $2.04 | 39.85% |
| 688468.SS | Chemclin Diagnostics Co., Ltd. | 1.94% | $0.14 | 99.41% |
| 9610.SR | First Avenue for Real Estate De | 1.94% | $0.12 | 16.89% |
| ADMIE.AT | Admie Holding S.A. | 1.94% | $0.06 | 10.56% |
| MPHASIS.BO | Mphasis Limited | 1.94% | $54.42 | 58.27% |
| TREL-B.ST | Trelleborg AB (publ) | 1.94% | $7.56 | 46.55% |
| 005740.KS | CROWNHAITAI Holdings Co.,Ltd. | 1.93% | $130.05 | 9.54% |