Definitive Analysis
| Stable Growth | $861,123.10 - $3,107,447.47 | $2,739,836.47 |
| Multi-Stage | $390,506.81 - $427,443.28 | $408,635.93 |
| Blended Fair Value | $1,574,236.20 | |
| Current Price | $115,500.00 | |
| Upside | 1,262.98% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.18% | 22.64% | 4,002.68 | 3,100.71 | 3,870.17 | 2,643.04 | 2,317.91 | 2,062.61 | 2,063.90 | 1,340.44 | 1,019.19 | 811.19 |
| YoY Growth | - | - | 29.09% | -19.88% | 46.43% | 14.03% | 12.38% | -0.06% | 53.97% | 31.52% | 25.64% | 56.00% |
| Dividend Yield | - | - | 5.07% | 4.53% | 8.12% | 4.31% | 4.12% | 5.97% | 4.69% | 2.21% | 2.08% | 2.55% |
| Net Income To Common (M) | 5,804,665.00 |
| (-) Cash Dividends Paid (M) | 1,316,794.00 |
| (=) Cash Retained (M) | 4,487,871.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,160,933.00 | 725,583.13 | 435,349.88 |
| Cash Retained (M) | 4,487,871.00 | 4,487,871.00 | 4,487,871.00 |
| (-) Cash Required (M) | -1,160,933.00 | -725,583.13 | -435,349.88 |
| (=) Excess Retained (M) | 3,326,938.00 | 3,762,287.88 | 4,052,521.13 |
| (/) Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| (=) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| LTM Dividend per Share | 3,544.58 | 3,544.58 | 3,544.58 |
| (+) Excess Retained per Share | 8,955.53 | 10,127.41 | 10,908.67 |
| (=) Adjusted Dividend | 12,500.10 | 13,671.99 | 14,453.24 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $861,123.10 | $2,739,836.47 | $3,107,447.47 |
| Upside / Downside | 645.56% | 2,272.15% | 2,590.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,804,665.00 | 6,181,968.23 | 6,583,796.16 | 7,011,742.91 | 7,467,506.20 | 7,952,894.10 | 8,191,480.93 |
| Payout Ratio | 22.69% | 36.15% | 49.61% | 63.07% | 76.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,316,794.00 | 2,234,662.77 | 3,266,291.02 | 4,422,589.50 | 5,715,406.70 | 7,157,604.69 | 7,577,119.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,068,252.06 | 2,087,856.34 | 2,107,460.63 |
| Year 2 PV (M) | 2,797,936.28 | 2,851,229.11 | 2,905,024.70 |
| Year 3 PV (M) | 3,506,315.93 | 3,606,969.66 | 3,709,531.46 |
| Year 4 PV (M) | 4,193,851.28 | 4,355,134.97 | 4,521,026.41 |
| Year 5 PV (M) | 4,860,993.80 | 5,095,781.62 | 5,339,555.32 |
| PV of Terminal Value (M) | 127,644,174.90 | 133,809,436.27 | 140,210,656.71 |
| Equity Value (M) | 145,071,524.25 | 151,806,407.97 | 158,793,255.23 |
| Shares Outstanding (M) | 371.50 | 371.50 | 371.50 |
| Fair Value | $390,506.81 | $408,635.93 | $427,443.28 |
| Upside / Downside | 238.10% | 253.80% | 270.08% |
| 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% |
| 0265.HK | Gangyu Smart Urban Services Holdings Limited | 9.33% | $0.18 | 68.15% |
| KGKC.ME | PJSC Kurgan Generation Company | 9.33% | $4.03 | 70.77% |