Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $969.25 - $1,244.95 | $1,104.81 |
| Multi-Stage DDM | $843.08 - $929.28 | $885.32 |
| Blended Fair Value | $995.07 | |
| Stock Price | $11,170.00 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| DPS | 69.877 | 88.315 | 98.935 | 100.214 | 0.000 | 0.000 | 0.000 | 0.000 |
| YoY % | -20.88% | -10.73% | -1.28% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Yield | 0.63% | 0.79% | 0.89% | 0.90% | 0.00% | 0.00% | 0.00% | 0.00% |
| CAGR | Value |
|---|---|
| 5 Year | 0.00% |
| 10 Year | 0.00% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | -5.25% to -3.25% | -4.25% |
| WACC | 9.00% | 9.00% |
| Fair Value | $969.25 - $1,244.95 | $1,104.81 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 0.61 | 0.61 | 0.61 |
| (=) Cash Required | 0.12 | 0.08 | 0.05 |
| (=) Excess Retained per Share | 75.90 | 83.01 | 87.76 |
| LTM Dividend per Share | 69.877 | 69.877 | 69.877 |
| (=) Adjusted Dividend | 145.774 | 152.889 | 157.633 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 0.61 | 0.58 | 0.55 | 0.53 | 0.51 | 0.49 |
| Projected Dividends | 0.45 | 0.14 | 0.23 | 0.30 | 0.37 | 0.44 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 0.14 | 0.14 | 0.14 |
| Year 2 PV | 0.20 | 0.20 | 0.20 |
| Year 3 PV | 0.24 | 0.24 | 0.25 |
| Year 4 PV | 0.26 | 0.27 | 0.29 |
| Year 5 PV | 0.28 | 0.30 | 0.31 |
| TV PV | 4.26 | 4.49 | 4.73 |
| Equity Value | 5.38 | 5.65 | 5.93 |
| Fair Value | $843.08 | $885.32 | $929.28 |
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