Definitive Analysis
| Stable Growth | $65,590.43 - $160,490.57 | $150,403.16 |
| Multi-Stage | $23,588.44 - $25,805.68 | $24,676.74 |
| Blended Fair Value | $87,539.95 | |
| Current Price | $5,775.00 | |
| Upside | 1,415.84% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.71% | 9.16% | 518.68 | 649.57 | 281.82 | 131.91 | 183.90 | 211.00 | 189.88 | 167.92 | 167.89 | 215.86 |
| YoY Growth | - | - | -20.15% | 130.49% | 113.65% | -28.27% | -12.84% | 11.12% | 13.08% | 0.01% | -22.22% | 0.00% |
| Dividend Yield | - | - | 10.54% | 12.49% | 4.70% | 2.01% | 3.49% | 5.41% | 2.61% | 2.30% | 1.95% | 2.98% |
| Net Income To Common (M) | 32,670,000.00 |
| (-) Cash Dividends Paid (M) | 16,426,000.00 |
| (=) Cash Retained (M) | 16,244,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,534,000.00 | 4,083,750.00 | 2,450,250.00 |
| Cash Retained (M) | 16,244,000.00 | 16,244,000.00 | 16,244,000.00 |
| (-) Cash Required (M) | -6,534,000.00 | -4,083,750.00 | -2,450,250.00 |
| (=) Excess Retained (M) | 9,710,000.00 | 12,160,250.00 | 13,793,750.00 |
| (/) Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| (=) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| LTM Dividend per Share | 405.74 | 405.74 | 405.74 |
| (+) Excess Retained per Share | 239.85 | 300.37 | 340.72 |
| (=) Adjusted Dividend | 645.59 | 706.12 | 746.47 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $65,590.43 | $150,403.16 | $160,490.57 |
| Upside / Downside | 1,035.77% | 2,504.38% | 2,679.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 32,670,000.00 | 34,793,550.00 | 37,055,130.75 | 39,463,714.25 | 42,028,855.67 | 44,760,731.29 | 46,103,553.23 |
| Payout Ratio | 50.28% | 58.22% | 66.17% | 74.11% | 82.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,426,000.00 | 20,257,791.00 | 24,518,314.98 | 29,247,117.91 | 34,487,075.34 | 40,284,658.16 | 42,645,786.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 18,836,000.94 | 19,014,541.23 | 19,193,081.52 |
| Year 2 PV (M) | 21,197,461.46 | 21,601,213.56 | 22,008,774.65 |
| Year 3 PV (M) | 23,511,098.86 | 24,186,018.01 | 24,873,731.46 |
| Year 4 PV (M) | 25,777,621.03 | 26,768,955.58 | 27,788,611.88 |
| Year 5 PV (M) | 27,997,726.63 | 29,350,027.29 | 30,754,083.69 |
| PV of Terminal Value (M) | 837,626,387.30 | 878,084,055.01 | 920,090,132.89 |
| Equity Value (M) | 954,946,296.21 | 999,004,810.69 | 1,044,708,416.09 |
| Shares Outstanding (M) | 40,483.66 | 40,483.66 | 40,483.66 |
| Fair Value | $23,588.44 | $24,676.74 | $25,805.68 |
| Upside / Downside | 308.46% | 327.30% | 346.85% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 0293.HK | Cathay Pacific Airways Limited | 9.31% | $1.18 | 41.45% |
| ROMI3.SA | Romi S.A. | 9.31% | $0.74 | 73.26% |
| SKUE.OL | Skue Sparebank | 9.31% | $32.59 | 19.52% |
| 4589.TWO | Motion Technology Electric & Machinery Co., Ltd. | 9.30% | $3.25 | 67.47% |
| SSTRT.BK | Sub Sri Thai Real Estate Investment Trust | 9.30% | $0.40 | 78.24% |
| CLPI.JK | PT Colorpak Indonesia Tbk | 9.29% | $139.36 | 65.00% |
| GXH.NZ | Green Cross Health Limited | 9.27% | $0.10 | 47.49% |
| MOL.BD | MOL Magyar Olaj- és Gázipari Nyilvánosan Muködo Részvénytársaság | 9.27% | $272.60 | 77.71% |
| ORG.AX | Origin Energy Limited | 9.27% | $1.05 | 62.89% |
| 0259.HK | Yeebo (International Holdings) Limited | 9.26% | $0.36 | 11.31% |
| WEHB.BR | Wereldhave Belgium | 9.26% | $4.98 | 46.05% |
| 0KD1.L | Tubacex, S.A. | 9.24% | $0.32 | 99.60% |
| ACL.AX | Australian Clinical Labs Limited | 9.21% | $0.25 | 79.65% |
| BMRI.JK | PT Bank Mandiri (Persero) Tbk | 9.19% | $466.18 | 84.49% |
| 0116.HK | Chow Sang Sang Holdings International Limited | 9.18% | $1.12 | 39.62% |
| 2284.SR | Modern Mills for Food Products Co. | 9.18% | $2.64 | 99.54% |
| CGRA3.SA | Grazziotin S.A. | 9.18% | $2.57 | 51.61% |
| 0OPJ.L | ABC arbitrage S.A. | 9.17% | $0.50 | 56.87% |
| 000543.SZ | An Hui Wenergy Company Limited | 9.16% | $0.73 | 69.19% |
| PANR.JK | PT Panorama Sentrawisata Tbk | 9.16% | $60.00 | 23.97% |
| CQR.AX | Charter Hall Retail REIT | 9.15% | $0.37 | 94.16% |
| ILINK.BK | Interlink Communication Public Company Limited | 9.14% | $0.43 | 60.06% |
| ELD.AX | Elders Limited | 9.10% | $0.62 | 84.73% |
| GOP.WA | Games Operators S.A. | 9.09% | $1.00 | 94.94% |
| 000544.SZ | Zhongyuan Environmental Protection Co., Ltd. | 9.08% | $0.76 | 69.45% |
| DIRR3.SA | Direcional Engenharia S.A. | 9.08% | $1.24 | 85.08% |
| BMKS3.SA | Bicicletas Monark S.A. | 9.07% | $33.58 | 19.86% |
| WHA.AS | Wereldhave N.V. | 9.07% | $1.75 | 42.00% |
| ARBS.MI | Arterra Bioscience | 9.06% | $0.28 | 56.80% |
| WMI.AX | WAM Microcap Limited | 9.06% | $0.15 | 52.69% |
| 2386.HK | SINOPEC Engineering (Group) Co., Ltd. | 9.05% | $0.69 | 61.95% |
| FGX.AX | Future Generation Australia Limited | 9.05% | $0.12 | 56.23% |
| 0011.HK | Hang Seng Bank Limited | 9.04% | $13.92 | 81.46% |
| 0552.HK | China Communications Services Corporation Limited | 9.04% | $0.42 | 39.96% |
| 3092.SR | Riyadh Cement Company | 9.03% | $2.16 | 53.08% |
| 3320.HK | China Resources Pharmaceutical Group Limited | 9.01% | $0.41 | 35.95% |
| DF.TO | Dividend 15 Split Corp. II | 9.01% | $0.68 | 14.59% |
| SIGN.SW | SIG Group AG | 9.01% | $1.02 | 82.02% |
| ODPV3.SA | Odontoprev S.A. | 9.00% | $1.01 | 95.59% |
| CDO.AX | Cadence Opportunities Fund Limited | 8.99% | $0.17 | 71.14% |
| MDARA.RG | AS MADARA Cosmetics | 8.97% | $0.93 | 55.30% |
| SRIPANWA.BK | Sri panwa Hospitality Real Estate Investment Trust | 8.97% | $0.45 | 52.90% |
| ASK.AX | Abacus Storage King | 8.96% | $0.14 | 41.63% |
| BBAJIOO.MX | Banco del Bajío, S.A., Institución de Banca Múltiple | 8.95% | $4.10 | 50.16% |
| COFA.PA | Coface S.A. | 8.95% | $1.40 | 91.04% |
| 0002.HK | CLP Holdings Limited | 8.94% | $6.25 | 82.57% |
| 2636.TW | T3EX Global Holdings Corp. | 8.94% | $6.00 | 73.34% |
| IFS | Intercorp Financial Services Inc. | 8.94% | $3.77 | 21.42% |
| BIZ.BK | Business Alignment Public Company Limited | 8.93% | $0.36 | 64.25% |
| 6963.HK | Sunshine Insurance Group Company Limited | 8.92% | $0.35 | 41.98% |