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% |
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| TRI | Thomson Reuters Corporation | 1.77% | $2.24 | 57.46% |
| UFOE.JK | PT Damai Sejahtera Abadi Tbk | 1.77% | $3.26 | 16.08% |
| 002073.SZ | Mesnac Co., Ltd. | 1.76% | $0.14 | 31.34% |
| 068290.KS | Samsung Publishing Co., Ltd | 1.76% | $199.53 | 21.01% |
| 0EWR.L | init innovation in traffic systems SE | 1.76% | $0.80 | 47.67% |
| 300923.SZ | Yeal Electric Co.,Ltd | 1.76% | $0.45 | 71.34% |
| 600019.SS | Baoshan Iron & Steel Co., Ltd. | 1.76% | $0.13 | 29.23% |
| 600176.SS | China Jushi Co., Ltd. | 1.76% | $0.30 | 34.66% |
| 603225.SS | Xinfengming Group Co., Ltd. | 1.76% | $0.34 | 48.02% |
| 7269.T | Suzuki Motor Corporation | 1.76% | $41.02 | 19.60% |
| 7556.TWO | Yeedex Electronic Corporation | 1.76% | $2.90 | 43.54% |
| AWRD.ST | Awardit AB (publ) | 1.76% | $2.30 | 82.26% |
| AXS | AXIS Capital Holdings Limited | 1.76% | $1.84 | 14.40% |
| KCR.HE | Konecranes Plc | 1.76% | $1.65 | 33.86% |
| SY1.DE | Symrise AG | 1.76% | $1.20 | 33.09% |
| VINTE.MX | Vinte Viviendas Integrales, S.A.B. de C.V. | 1.76% | $0.57 | 14.97% |
| 002350.KS | Nexen Tire Corporation | 1.75% | $130.25 | 8.28% |
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| 300951.SZ | Shenzhen Bsc Technology Co.,Ltd. | 1.75% | $0.60 | 51.92% |
| 301156.SZ | Shanghai Menon Animal Nutrition Technology Co., Ltd. | 1.75% | $0.31 | 73.33% |
| 3242.T | Urbanet Corporation Co.,Ltd. | 1.75% | $10.02 | 9.72% |
| 603045.SS | Fuda Alloy Materials Co.,Ltd | 1.75% | $0.34 | 78.02% |
| 7512.T | Aeon Hokkaido Corporation | 1.75% | $15.97 | 69.82% |
| ICC.BK | I.C.C. International Public Company Limited | 1.75% | $0.43 | 29.50% |
| IMD.AX | Imdex Limited | 1.75% | $0.06 | 37.34% |
| KRI.AT | Kri-Kri Milk Industry S.A. | 1.75% | $0.35 | 41.81% |
| PEAB-B.ST | Peab AB (publ) | 1.75% | $1.51 | 26.14% |
| SIMP.JK | PT Salim Ivomas Pratama Tbk | 1.75% | $10.00 | 8.73% |
| 001820.KS | SAMWHA CAPACITOR Co.,LTD | 1.74% | $525.09 | 39.85% |
| 006260.KS | LS Corp. | 1.74% | $3,619.10 | 44.44% |
| 006880.KS | Singsong Holdings Co.,Ltd. | 1.74% | $119.62 | 28.35% |
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| 300787.SZ | Anfu CE LINK Limited | 1.74% | $0.20 | 56.29% |
| 316140.KS | Woori Financial Group Inc. | 1.74% | $487.02 | 11.05% |
| 603817.SS | Fujian Haixia Environmental Protection Group Co.,Ltd. | 1.74% | $0.12 | 32.99% |
| 603885.SS | Juneyao Airlines Co., Ltd | 1.74% | $0.26 | 76.13% |
| 688566.SS | Jiangsu Jibeier Pharmaceutical Co., Ltd. | 1.74% | $0.52 | 42.91% |
| CRLA.PA | Caisse Régionale de Crédit Agricole Mutuel du Languedoc Société coopérative | 1.74% | $1.41 | 7.62% |
| IVG.MI | Iveco Group N.V. | 1.74% | $0.33 | 27.33% |
| LTX.WA | Lentex S.A. | 1.74% | $0.12 | 31.81% |
| MICE.JK | PT Multi Indocitra Tbk | 1.74% | $10.00 | 13.08% |
| 1334.HK | Ruichang Intl | 1.73% | $0.02 | 76.84% |
| 4689.T | LY Corporation | 1.73% | $7.20 | 24.40% |
| 603926.SS | Zhejiang Tieliu Clutch Co., Ltd. | 1.73% | $0.30 | 66.82% |
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