Definitive Analysis
| Stable Growth | $30,774.64 - $109,727.12 | $100,194.39 |
| Multi-Stage | $14,518.82 - $15,854.94 | $15,174.76 |
| Blended Fair Value | $57,684.57 | |
| Current Price | $4,400.00 | |
| Upside | 1,211.01% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 24.03% | 19.72% | 353.96 | 264.67 | 180.18 | 110.05 | 177.49 | 120.61 | 99.51 | 66.57 | 65.36 | 53.23 |
| YoY Growth | - | - | 33.74% | 46.89% | 63.72% | -38.00% | 47.17% | 21.20% | 49.49% | 1.84% | 22.80% | -9.03% |
| Dividend Yield | - | - | 6.81% | 3.84% | 3.49% | 2.79% | 5.77% | 5.15% | 2.68% | 1.73% | 2.23% | 2.07% |
| Net Income To Common (M) | 51,495,530.00 |
| (-) Cash Dividends Paid (M) | 43,510,539.00 |
| (=) Cash Retained (M) | 7,984,991.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 10,299,106.00 | 6,436,941.25 | 3,862,164.75 |
| Cash Retained (M) | 7,984,991.00 | 7,984,991.00 | 7,984,991.00 |
| (-) Cash Required (M) | -10,299,106.00 | -6,436,941.25 | -3,862,164.75 |
| (=) Excess Retained (M) | -2,314,115.00 | 1,548,049.75 | 4,122,826.25 |
| (/) Shares Outstanding (M) | 93,333.11 | 93,333.11 | 93,333.11 |
| (=) Excess Retained per Share | -24.79 | 16.59 | 44.17 |
| LTM Dividend per Share | 466.19 | 466.19 | 466.19 |
| (+) Excess Retained per Share | -24.79 | 16.59 | 44.17 |
| (=) Adjusted Dividend | 441.39 | 482.77 | 510.36 |
| WACC / Discount Rate | 7.01% | 7.01% | 7.01% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $30,774.64 | $100,194.39 | $109,727.12 |
| Upside / Downside | 599.42% | 2,177.15% | 2,393.80% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 51,495,530.00 | 54,842,739.45 | 58,407,517.51 | 62,204,006.15 | 66,247,266.55 | 70,553,338.88 | 72,669,939.04 |
| Payout Ratio | 84.49% | 85.60% | 86.70% | 87.80% | 88.90% | 90.00% | 92.50% |
| Projected Dividends (M) | 43,510,539.00 | 46,942,672.33 | 50,637,150.96 | 54,613,579.03 | 58,893,000.78 | 63,498,004.99 | 67,219,693.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.01% | 7.01% | 7.01% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 43,454,373.74 | 43,866,263.54 | 44,278,153.33 |
| Year 2 PV (M) | 43,391,097.47 | 44,217,576.00 | 45,051,851.50 |
| Year 3 PV (M) | 43,320,922.52 | 44,564,510.53 | 45,831,672.96 |
| Year 4 PV (M) | 43,244,056.65 | 44,907,101.03 | 46,617,657.42 |
| Year 5 PV (M) | 43,160,703.08 | 45,245,381.18 | 47,409,844.81 |
| PV of Terminal Value (M) | 1,138,515,871.49 | 1,193,506,613.79 | 1,250,601,981.24 |
| Equity Value (M) | 1,355,087,024.95 | 1,416,307,446.06 | 1,479,791,161.27 |
| Shares Outstanding (M) | 93,333.11 | 93,333.11 | 93,333.11 |
| Fair Value | $14,518.82 | $15,174.76 | $15,854.94 |
| Upside / Downside | 229.97% | 244.88% | 260.34% |
| 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% |