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 % ⇵ |
|---|---|---|---|---|
| 0FNZ.L | Ponsse Oyj | 1.93% | $0.50 | 25.56% |
| 5278.TWO | Sunfun Info Co., Ltd. | 1.93% | $0.61 | 63.56% |
| 7080.T | Sportsfield Co., Ltd. | 1.93% | $15.88 | 18.18% |
| CROS.PA | Crosswood S.A. | 1.93% | $0.21 | 60.81% |
| SALFACORP.SN | SalfaCorp S.A. | 1.93% | $23.48 | 29.64% |
| 004770.KS | Sunny Electronics Corp. | 1.92% | $30.30 | 25.98% |
| 0083.HK | Sino Land Company Limited | 1.92% | $0.20 | 21.48% |
| 114090.KS | Grand Korea Leisure Co., Ltd. | 1.92% | $281.61 | 39.11% |
| 200880.KS | Seoyon E-Hwa Co., Ltd. | 1.92% | $250.04 | 6.17% |
| 2874.T | Yokorei Co.,Ltd. | 1.92% | $24.25 | 72.26% |
| 600642.SS | Shenergy Company Limited | 1.92% | $0.15 | 18.42% |
| 600995.SS | China Southern Power Grid Energy Storage Co., Ltd. | 1.92% | $0.24 | 50.98% |
| 603158.SS | Changzhou Tenglong AutoPartsCo.,Ltd. | 1.92% | $0.20 | 63.30% |
| 603214.SS | Shanghai Aiyingshi Co.,Ltd | 1.92% | $0.33 | 41.13% |
| 603298.SS | Hangcha Group Co., Ltd | 1.92% | $0.51 | 30.38% |
| 603725.SS | Guangdong Tianan New Material Co., Ltd. | 1.92% | $0.18 | 45.17% |
| 605162.SS | Zhejiang Xinzhonggang Thermal Power Co., Ltd. | 1.92% | $0.16 | 50.25% |
| AAK.ST | AAK AB (publ.) | 1.92% | $4.98 | 38.08% |
| NYF.ST | Nyfosa AB (publ) | 1.92% | $1.40 | 48.74% |
| PAS.WA | Passus S.A. | 1.92% | $2.26 | 17.62% |
| 300303.SZ | Shenzhen Jufei Optoelectronics Co., Ltd. | 1.91% | $0.13 | 57.25% |
| 301552.SZ | Hebei Keli Automobile Equipment Co., Ltd. | 1.91% | $0.71 | 43.10% |
| 4303.TWO | HsinLi Chemical Industrial Corp. | 1.91% | $1.16 | 7.73% |
| 600717.SS | Tianjin Port Co., Ltd. | 1.91% | $0.09 | 28.13% |
| 603269.SS | Jiangsu Seagull Cooling Tower Co.,Ltd. | 1.91% | $0.25 | 70.74% |
| 603733.SS | Xianhe Co.,Ltd. | 1.91% | $0.46 | 36.40% |
| KRN.DE | Krones AG | 1.91% | $2.60 | 28.35% |
| NKNC.ME | PJSC Nizhnekamskneftekhim | 1.91% | $1.49 | 6.74% |
| TFFIF.BK | Thailand Future Fund | 1.91% | $0.12 | 5.95% |
| 002970.SZ | Streamax Technology Co., Ltd. | 1.90% | $0.92 | 47.47% |
| 088350.KS | Hanwha Life Insurance Co., Ltd. | 1.90% | $61.91 | 6.15% |
| 2547.TW | Radium Life Tech. Co., Ltd. | 1.90% | $0.20 | 8.24% |
| 300760.SZ | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | 1.90% | $3.62 | 51.04% |
| 600323.SS | Grandblue Environment Co., Ltd. | 1.90% | $0.54 | 23.47% |
| 603806.SS | Hangzhou First Applied Material Co., Ltd. | 1.90% | $0.27 | 93.87% |
| ANE.MC | Corporación Acciona Energías Renovables, S.A. | 1.90% | $0.44 | 19.14% |
| ARML3.SA | Armac Locação, Logística e Serviços S.A. | 1.90% | $0.09 | 55.38% |
| CRSN.JK | PT Carsurin Tbk | 1.90% | $2.35 | 24.82% |
| CSAB3.SA | Companhia de Seguros Alianca da Bahia | 1.90% | $0.58 | 29.45% |
| GFNORTEO.MX | Grupo Financiero Banorte, S.A.B. de C.V. | 1.90% | $3.26 | 17.54% |
| GULF-R.BK | Gulf Energy Development Public Company Limited | 1.90% | $0.79 | 14.96% |
| RDOR3.SA | Rede D'Or São Luiz S.A. | 1.90% | $0.77 | 38.15% |
| 300119.SZ | Tianjin Ringpu Bio-Technology Co.,Ltd. | 1.89% | $0.35 | 38.42% |
| 3305.TW | Shenmao Technology Inc | 1.89% | $2.05 | 72.44% |
| 4150.SR | Arriyadh Development Co. | 1.89% | $0.43 | 42.09% |
| 4203.T | Sumitomo Bakelite Company Limited | 1.89% | $97.84 | 43.46% |
| 5053.KL | OSK Holdings Berhad | 1.89% | $0.03 | 11.22% |
| 6376.T | Nikkiso Co., Ltd. | 1.89% | $29.94 | 28.66% |
| ADMCM.HE | Admicom Oyj | 1.89% | $0.81 | 41.55% |
| MMK.VI | Mayr-Melnhof Karton AG | 1.89% | $1.80 | 15.04% |