Definitive Analysis
| Stable Growth | $134,235.79 - $209,864.45 | $169,038.09 |
| Multi-Stage | $108,541.32 - $118,331.13 | $113,348.98 |
| Blended Fair Value | $141,193.54 | |
| Current Price | $262,500.00 | |
| Upside | -46.21% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 20.49% | 18.46% | 772.68 | 405.21 | 1,385.58 | 388.24 | 356.84 | 304.32 | 275.80 | 211.58 | 208.66 | 149.64 |
| YoY Growth | - | - | 90.69% | -70.76% | 256.89% | 8.80% | 17.26% | 10.34% | 30.35% | 1.40% | 39.44% | 5.36% |
| Dividend Yield | - | - | 0.40% | 0.21% | 0.69% | 0.11% | 0.09% | 0.18% | 0.22% | 0.13% | 0.12% | 0.12% |
| Net Income To Common (M) | 1,987,895.58 |
| (-) Cash Dividends Paid (M) | 168,436.67 |
| (=) Cash Retained (M) | 1,819,458.91 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 397,579.12 | 248,486.95 | 149,092.17 |
| Cash Retained (M) | 1,819,458.91 | 1,819,458.91 | 1,819,458.91 |
| (-) Cash Required (M) | -397,579.12 | -248,486.95 | -149,092.17 |
| (=) Excess Retained (M) | 1,421,879.80 | 1,570,971.96 | 1,670,366.74 |
| (/) Shares Outstanding (M) | 153.99 | 153.99 | 153.99 |
| (=) Excess Retained per Share | 9,233.65 | 10,201.85 | 10,847.31 |
| LTM Dividend per Share | 1,093.82 | 1,093.82 | 1,093.82 |
| (+) Excess Retained per Share | 9,233.65 | 10,201.85 | 10,847.31 |
| (=) Adjusted Dividend | 10,327.47 | 11,295.67 | 11,941.13 |
| WACC / Discount Rate | 13.62% | 13.62% | 13.62% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $134,235.79 | $169,038.09 | $209,864.45 |
| Upside / Downside | -48.86% | -35.60% | -20.05% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,987,895.58 | 2,117,108.79 | 2,254,720.86 | 2,401,277.72 | 2,557,360.77 | 2,723,589.22 | 2,805,296.90 |
| Payout Ratio | 8.47% | 24.78% | 41.08% | 57.39% | 73.69% | 90.00% | 92.50% |
| Projected Dividends (M) | 168,436.67 | 524,587.62 | 926,326.56 | 1,378,075.17 | 1,884,637.38 | 2,451,230.30 | 2,594,899.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 13.62% | 13.62% | 13.62% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 457,381.75 | 461,717.12 | 466,052.49 |
| Year 2 PV (M) | 704,183.25 | 717,595.97 | 731,135.21 |
| Year 3 PV (M) | 913,387.94 | 939,608.03 | 966,325.16 |
| Year 4 PV (M) | 1,089,108.01 | 1,130,992.03 | 1,174,072.65 |
| Year 5 PV (M) | 1,235,060.01 | 1,294,713.87 | 1,356,650.82 |
| PV of Terminal Value (M) | 12,315,048.10 | 12,909,869.53 | 13,527,456.17 |
| Equity Value (M) | 16,714,169.06 | 17,454,496.54 | 18,221,692.51 |
| Shares Outstanding (M) | 153.99 | 153.99 | 153.99 |
| Fair Value | $108,541.32 | $113,348.98 | $118,331.13 |
| Upside / Downside | -58.65% | -56.82% | -54.92% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 035810.KQ | EASY HOLDINGS Co., Ltd. | 9.64% | $435.28 | 87.39% |
| 0623.HK | SinoMedia Holding Limited | 9.64% | $0.19 | 44.98% |
| ITSA3.SA | Itaúsa S.A. | 9.64% | $1.17 | 80.68% |
| MFG.AX | Magellan Financial Group Limited | 9.64% | $0.96 | 34.94% |
| PMTA.BK | PM Thoresen Asia Holdings Public Company Limited | 9.64% | $0.98 | 60.98% |
| 2989.T | Tokaido REIT, Inc. | 9.63% | $11,143.48 | 89.54% |
| SBMO.AS | SBM Offshore N.V. | 9.63% | $2.38 | 53.44% |
| 0576.HK | Zhejiang Expressway Co., Ltd. | 9.62% | $0.69 | 74.90% |
| INVEST.HE | Investors House Oyj | 9.62% | $0.36 | 63.41% |
| MFEC.BK | MFEC Public Company Limited | 9.62% | $0.50 | 94.79% |
| PIKK.ME | PJSC PIK-specialized homebuilder | 9.61% | $45.94 | 31.14% |
| 6868.HK | Tenfu (Cayman) Holdings Company Limited | 9.60% | $0.26 | 93.07% |
| 601077.SS | Chongqing Rural Commercial Bank Co., Ltd. | 9.58% | $0.62 | 86.18% |
| SIQ.AX | Smartgroup Corporation Ltd | 9.58% | $0.87 | 77.09% |
| 5012.KL | Ta Ann Holdings Berhad | 9.57% | $0.40 | 93.61% |
| PAC.AX | Pacific Current Group Limited | 9.57% | $0.96 | 23.44% |
| MTO.AX | MotorCycle Holdings Limited | 9.56% | $0.30 | 68.86% |
| HME.V | Hemisphere Energy Corporation | 9.55% | $0.19 | 57.92% |
| 0382.HK | Edvantage Group Holdings Limited | 9.54% | $0.14 | 12.43% |
| 0OQQ.L | Infotel S.A. | 9.54% | $4.03 | 86.81% |
| VIE.PA | Veolia Environnement S.A. | 9.53% | $2.87 | 97.23% |
| 0QJX.L | EFG International AG | 9.52% | $1.81 | 96.44% |
| 601998.SS | China CITIC Bank Corporation Limited | 9.51% | $0.73 | 68.88% |
| 0752.HK | Pico Far East Holdings Limited | 9.50% | $0.25 | 45.55% |
| MRN.PA | Mersen S.A. | 9.50% | $2.30 | 45.40% |
| MTS.AX | Metcash Limited | 9.50% | $0.31 | 64.02% |
| SYNE3.SA | SYN prop e tech S.A. | 9.50% | $0.46 | 59.20% |
| TEXF.BR | Texaf S.A. | 9.50% | $3.40 | 63.35% |
| 601997.SS | Bank of Guiyang Co.,Ltd. | 9.49% | $0.56 | 39.86% |
| WMA.AX | Wam Alternative Assets Limited | 9.49% | $0.10 | 9.12% |
| 0135.HK | Kunlun Energy Company Limited | 9.48% | $0.70 | 52.47% |
| SC-R.BK | SC Asset Corporation Public Company Limited | 9.47% | $0.16 | 48.63% |
| 0DLI.L | Acomo N.V. | 9.45% | $2.40 | 67.74% |
| AFYA | Afya Limited | 9.45% | $1.41 | 17.69% |
| BBRI.JK | PT Bank Rakyat Indonesia (Persero) Tbk | 9.44% | $343.60 | 92.61% |
| TEKA.BK | Teka Construction Public Company Limited | 9.44% | $0.16 | 96.55% |
| 8964.T | Frontier Real Estate Investment Corporation | 9.39% | $8,736.61 | 96.39% |
| ALLA.BK | Alla Public Company Limited | 9.39% | $0.11 | 77.39% |
| 4333.SR | Taleem REIT Fund | 9.38% | $0.96 | 70.19% |
| SHL.AX | Sonic Healthcare Limited | 9.38% | $2.11 | 98.90% |
| TQM-R.BK | TQM Alpha Public Company Limited | 9.37% | $1.08 | 82.74% |
| 0882.HK | Tianjin Development Holdings Limited | 9.36% | $0.23 | 21.27% |
| 0O84.L | DNB Bank ASA | 9.36% | $17.52 | 55.97% |
| 4339.SR | Derayah Financial - Derayah Reit Fund | 9.36% | $0.49 | 82.63% |
| 601390.SS | China Railway Group Limited | 9.35% | $0.51 | 50.32% |
| CPA | Copa Holdings, S.A. | 9.35% | $11.39 | 70.44% |
| BRSR3.SA | Banco do Estado do Rio Grande do Sul S.A. | 9.34% | $1.56 | 49.87% |
| RET.BR | Retail Estates N.V. | 9.34% | $5.97 | 46.68% |
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| KGKC.ME | PJSC Kurgan Generation Company | 9.33% | $4.03 | 70.77% |