Definitive Analysis
| Stable Growth | $278,803.08 - $394,853.98 | $336,103.72 |
| Multi-Stage | $402,813.89 - $443,107.83 | $422,568.38 |
| Blended Fair Value | $379,336.05 | |
| Current Price | $183,000.00 | |
| Upside | 107.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 17.90 | 285.01 | 61.49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -93.72% | 363.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.02% | 0.38% | 0.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 5,684,661.00 |
| (-) Cash Dividends Paid (M) | 1,800.00 |
| (=) Cash Retained (M) | 5,682,861.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,136,932.20 | 710,582.63 | 426,349.58 |
| Cash Retained (M) | 5,682,861.00 | 5,682,861.00 | 5,682,861.00 |
| (-) Cash Required (M) | -1,136,932.20 | -710,582.63 | -426,349.58 |
| (=) Excess Retained (M) | 4,545,928.80 | 4,972,278.38 | 5,256,511.43 |
| (/) Shares Outstanding (M) | 133.41 | 133.41 | 133.41 |
| (=) Excess Retained per Share | 34,073.85 | 37,269.54 | 39,400.00 |
| LTM Dividend per Share | 13.49 | 13.49 | 13.49 |
| (+) Excess Retained per Share | 34,073.85 | 37,269.54 | 39,400.00 |
| (=) Adjusted Dividend | 34,087.34 | 37,283.03 | 39,413.49 |
| WACC / Discount Rate | 9.98% | 9.98% | 9.98% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $278,803.08 | $336,103.72 | $394,853.98 |
| Upside / Downside | 52.35% | 83.66% | 115.77% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,684,661.00 | 5,627,814.39 | 5,571,536.25 | 5,515,820.88 | 5,460,662.67 | 5,406,056.05 | 5,568,237.73 |
| Payout Ratio | 0.03% | 18.03% | 36.02% | 54.01% | 72.01% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,800.00 | 1,014,432.19 | 2,006,811.56 | 2,979,241.89 | 3,932,022.94 | 4,865,450.44 | 5,150,619.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.98% | 9.98% | 9.98% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 913,046.98 | 922,363.78 | 931,680.59 |
| Year 2 PV (M) | 1,625,723.92 | 1,659,071.24 | 1,692,757.11 |
| Year 3 PV (M) | 2,172,281.34 | 2,239,460.61 | 2,308,010.84 |
| Year 4 PV (M) | 2,580,455.95 | 2,687,403.79 | 2,797,642.05 |
| Year 5 PV (M) | 2,873,912.64 | 3,023,563.94 | 3,179,385.46 |
| PV of Terminal Value (M) | 43,575,592.15 | 45,844,674.33 | 48,207,312.30 |
| Equity Value (M) | 53,741,012.98 | 56,376,537.69 | 59,116,788.35 |
| Shares Outstanding (M) | 133.41 | 133.41 | 133.41 |
| Fair Value | $402,813.89 | $422,568.38 | $443,107.83 |
| Upside / Downside | 120.12% | 130.91% | 142.14% |
| 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% |