Definitive Analysis
| Stable Growth | $6,208.62 - $24,961.39 | $16,561.68 |
| Multi-Stage | $3,015.48 - $3,299.26 | $3,154.77 |
| Blended Fair Value | $9,858.23 | |
| Current Price | $1,190.00 | |
| Upside | 728.42% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 67.71% | 0.00% | 26.49 | 50.21 | 8.26 | 15.02 | 0.00 | 2.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -47.24% | 507.68% | -45.01% | 0.00% | -100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.84% | 5.67% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 7,987,289.00 |
| (-) Cash Dividends Paid (M) | 2,367,057.00 |
| (=) Cash Retained (M) | 5,620,232.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,597,457.80 | 998,411.13 | 599,046.68 |
| Cash Retained (M) | 5,620,232.00 | 5,620,232.00 | 5,620,232.00 |
| (-) Cash Required (M) | -1,597,457.80 | -998,411.13 | -599,046.68 |
| (=) Excess Retained (M) | 4,022,774.20 | 4,621,820.88 | 5,021,185.33 |
| (/) Shares Outstanding (M) | 63,637.16 | 63,637.16 | 63,637.16 |
| (=) Excess Retained per Share | 63.21 | 72.63 | 78.90 |
| LTM Dividend per Share | 37.20 | 37.20 | 37.20 |
| (+) Excess Retained per Share | 63.21 | 72.63 | 78.90 |
| (=) Adjusted Dividend | 100.41 | 109.82 | 116.10 |
| WACC / Discount Rate | 7.21% | 7.21% | 7.21% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $6,208.62 | $16,561.68 | $24,961.39 |
| Upside / Downside | 421.73% | 1,291.74% | 1,997.60% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7,987,289.00 | 8,506,462.79 | 9,059,382.87 | 9,648,242.75 | 10,275,378.53 | 10,943,278.14 | 11,271,576.48 |
| Payout Ratio | 29.64% | 41.71% | 53.78% | 65.85% | 77.93% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,367,057.00 | 3,547,895.87 | 4,872,242.97 | 6,353,765.33 | 8,007,300.38 | 9,848,950.32 | 10,426,208.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.21% | 7.21% | 7.21% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 3,278,337.94 | 3,309,412.24 | 3,340,486.53 |
| Year 2 PV (M) | 4,160,012.63 | 4,239,249.18 | 4,319,233.25 |
| Year 3 PV (M) | 5,012,792.62 | 5,156,691.88 | 5,303,319.01 |
| Year 4 PV (M) | 5,837,374.33 | 6,061,863.27 | 6,292,765.70 |
| Year 5 PV (M) | 6,634,439.31 | 6,954,885.21 | 7,287,595.33 |
| PV of Terminal Value (M) | 166,973,814.06 | 175,038,711.71 | 183,412,271.98 |
| Equity Value (M) | 191,896,770.89 | 200,760,813.49 | 209,955,671.81 |
| Shares Outstanding (M) | 63,637.16 | 63,637.16 | 63,637.16 |
| Fair Value | $3,015.48 | $3,154.77 | $3,299.26 |
| Upside / Downside | 153.40% | 165.11% | 177.25% |
| 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% |