Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $3.27 - $4.11 | $3.70 |
| Multi-Stage DDM | $4.07 - $4.50 | $4.28 |
| Blended Fair Value | $3.99 | |
| Stock Price | $85.00 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.231 | 0.211 | 0.201 | 0.191 | 0.180 | 0.166 | 0.164 | 0.122 | 0.114 | 0.094 |
| YoY % | 9.83% | 5.05% | 5.06% | 6.09% | 8.58% | 0.93% | 34.95% | 6.44% | 22.10% | 38.10% |
| Yield | 0.27% | 0.25% | 0.24% | 0.22% | 0.21% | 0.19% | 0.19% | 0.14% | 0.13% | 0.11% |
| CAGR | Value |
|---|---|
| 5 Year | 6.90% |
| 10 Year | 13.06% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | -10.34% to -8.34% | -9.34% |
| WACC | 9.00% | 9.00% |
| Fair Value | $3.27 - $4.11 | $3.70 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 6,243.22 | 6,243.22 | 6,243.22 |
| (=) Cash Required | 1,248.64 | 780.40 | 468.24 |
| (=) Excess Retained per Share | 0.47 | 0.52 | 0.55 |
| LTM Dividend per Share | 0.231 | 0.231 | 0.231 |
| (=) Adjusted Dividend | 0.704 | 0.749 | 0.778 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 6,243.22 | 5,660.34 | 5,131.88 | 4,652.76 | 4,218.37 | 3,824.54 |
| Projected Dividends | 2,444.61 | 1,415.09 | 2,104.07 | 2,652.08 | 3,079.41 | 3,442.09 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 1,340.46 | 1,355.41 | 1,370.36 |
| Year 2 PV | 1,808.37 | 1,848.93 | 1,889.94 |
| Year 3 PV | 2,068.09 | 2,138.06 | 2,209.59 |
| Year 4 PV | 2,178.75 | 2,277.59 | 2,379.75 |
| Year 5 PV | 2,209.62 | 2,335.62 | 2,467.30 |
| TV PV | 33,374.57 | 35,277.65 | 37,266.56 |
| Equity Value | 42,979.87 | 45,233.25 | 47,583.50 |
| Fair Value | $4.07 | $4.28 | $4.50 |
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