Definitive Analysis
| Stable Growth | $8,698.10 - $18,495.82 | $12,359.51 |
| Multi-Stage | $6,745.08 - $7,345.30 | $7,039.85 |
| Blended Fair Value | $9,699.68 | |
| Current Price | $8,675.00 | |
| Upside | 11.81% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.34% | 27.21% | 277.51 | 212.51 | 155.01 | 111.40 | 110.60 | 71.00 | 52.00 | 42.00 | 35.00 | 30.60 |
| YoY Growth | - | - | 30.59% | 37.10% | 39.14% | 0.72% | 55.77% | 36.54% | 23.81% | 20.00% | 14.38% | 22.40% |
| Dividend Yield | - | - | 3.26% | 2.16% | 1.77% | 1.40% | 1.78% | 1.29% | 0.95% | 0.90% | 1.06% | 1.15% |
| Net Income To Common (M) | 56,976,535.00 |
| (-) Cash Dividends Paid (M) | 36,982,515.00 |
| (=) Cash Retained (M) | 19,994,020.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,395,307.00 | 7,122,066.88 | 4,273,240.13 |
| Cash Retained (M) | 19,994,020.00 | 19,994,020.00 | 19,994,020.00 |
| (-) Cash Required (M) | -11,395,307.00 | -7,122,066.88 | -4,273,240.13 |
| (=) Excess Retained (M) | 8,598,713.00 | 12,871,953.13 | 15,720,779.88 |
| (/) Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| (=) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| LTM Dividend per Share | 300.01 | 300.01 | 300.01 |
| (+) Excess Retained per Share | 69.75 | 104.42 | 127.53 |
| (=) Adjusted Dividend | 369.77 | 404.43 | 427.54 |
| WACC / Discount Rate | 9.98% | 9.98% | 9.98% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $8,698.10 | $12,359.51 | $18,495.82 |
| Upside / Downside | 0.27% | 42.47% | 113.21% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 56,976,535.00 | 60,680,009.78 | 64,624,210.41 | 68,824,784.09 | 73,298,395.05 | 78,062,790.73 | 80,404,674.45 |
| Payout Ratio | 64.91% | 69.93% | 74.94% | 79.96% | 84.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,982,515.00 | 42,431,504.54 | 48,432,611.59 | 55,034,589.46 | 62,290,196.66 | 70,256,511.66 | 74,374,323.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.98% | 9.98% | 9.98% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 38,217,132.50 | 38,579,380.20 | 38,941,627.90 |
| Year 2 PV (M) | 39,289,565.08 | 40,037,920.94 | 40,793,336.76 |
| Year 3 PV (M) | 40,210,986.84 | 41,365,299.76 | 42,541,494.75 |
| Year 4 PV (M) | 40,991,930.25 | 42,568,364.21 | 44,189,835.78 |
| Year 5 PV (M) | 41,642,319.94 | 43,653,659.56 | 45,741,977.89 |
| PV of Terminal Value (M) | 631,116,114.85 | 661,599,259.19 | 693,249,065.20 |
| Equity Value (M) | 831,468,049.46 | 867,803,883.86 | 905,457,338.28 |
| Shares Outstanding (M) | 123,270.28 | 123,270.28 | 123,270.28 |
| Fair Value | $6,745.08 | $7,039.85 | $7,345.30 |
| Upside / Downside | -22.25% | -18.85% | -15.33% |
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|---|---|---|---|---|
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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% |
| 003019.SZ | TES Touch Embedded Solutions (Xiamen) Co., Ltd. | 1.75% | $0.58 | 54.54% |
| 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% |
| 030520.KQ | Hancom Inc. | 1.74% | $409.94 | 76.57% |
| 243070.KQ | Huons Co., Ltd. | 1.74% | $475.63 | 15.69% |
| 300488.SZ | EST Tools Co., Ltd | 1.74% | $0.57 | 63.18% |
| 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% |
| 688533.SS | Suzhou Sonavox Electronics Co., Ltd. | 1.73% | $0.50 | 45.54% |