Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $133.25 - $243.43 | $178.02 |
| Multi-Stage DDM | $100.63 - $110.15 | $105.30 |
| Blended Fair Value | $141.66 | |
| Stock Price | $259.51 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.028 | 0.989 | 0.950 | 0.909 | 0.858 | 0.803 | 0.759 | 0.686 | 0.608 | 0.552 |
| YoY % | 3.95% | 4.05% | 4.53% | 5.97% | 6.78% | 5.80% | 10.75% | 12.79% | 10.07% | 10.69% |
| Yield | 0.40% | 0.38% | 0.37% | 0.35% | 0.33% | 0.31% | 0.29% | 0.26% | 0.23% | 0.21% |
| CAGR | Value |
|---|---|
| 5 Year | 5.05% |
| 10 Year | 7.49% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 3.56% to 5.56% | 4.56% |
| WACC | 9.00% | 9.00% |
| Fair Value | $133.25 - $243.43 | $178.02 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 112,010.00 | 112,010.00 | 112,010.00 |
| (=) Cash Required | 22,402.00 | 14,001.25 | 8,400.75 |
| (=) Excess Retained per Share | 5.97 | 6.53 | 6.91 |
| LTM Dividend per Share | 1.028 | 1.028 | 1.028 |
| (=) Adjusted Dividend | 7.000 | 7.560 | 7.933 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 112,010.00 | 117,117.64 | 122,458.18 | 128,042.25 | 133,880.96 | 139,985.90 |
| Projected Dividends | 15,421.00 | 29,279.41 | 50,207.85 | 72,984.08 | 97,733.10 | 125,987.31 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 27,776.37 | 28,044.59 | 28,312.80 |
| Year 2 PV | 43,279.76 | 44,119.63 | 44,967.58 |
| Year 3 PV | 57,166.46 | 58,838.54 | 60,542.92 |
| Year 4 PV | 69,559.23 | 72,285.12 | 75,090.35 |
| Year 5 PV | 81,477.91 | 85,488.48 | 89,655.43 |
| TV PV | 1,230,657.40 | 1,291,233.65 | 1,354,172.13 |
| Equity Value | 1,509,917.14 | 1,580,010.01 | 1,652,741.22 |
| Fair Value | $100.63 | $105.30 | $110.15 |
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| PJW.BK | PJW.BK | 4.18% | $0.09 | 33.50% |
| 123890.KS | 123890.KS | 4.17% | $100.08 | 20.69% |
| 2729.TWO | 2729.TWO | 4.17% | $7.33 | 93.07% |
| 6599.KL | 6599.KL | 4.17% | $0.05 | 53.15% |
| 6967.TWO | 6967.TWO | 4.17% | $2.85 | 79.87% |
| 9619.SR | 9619.SR | 4.17% | $0.43 | 15.41% |
| AMAR.JK | AMAR.JK | 4.17% | $9.16 | 71.61% |
| OLVAS.HE | OLVAS.HE | 4.17% | $1.29 | 49.21% |
| 003570.KS | 003570.KS | 4.16% | $1,868.80 | 54.81% |
| 090350.KS | 090350.KS | 4.16% | $349.95 | 36.31% |
| 3613.HK | 3613.HK | 4.16% | $0.35 | 56.85% |
| ALVIV.PA | ALVIV.PA | 4.16% | $1.54 | 33.81% |
| BCH-R.BK | BCH-R.BK | 4.16% | $0.43 | 83.13% |
| CMRE | CMRE | 4.16% | $0.65 | 24.42% |
| 601336.SS | 601336.SS | 4.15% | $2.90 | 23.52% |
| 005500.KS | 005500.KS | 4.14% | $800.57 | 49.67% |
| 600710.SS | 600710.SS | 4.14% | $0.45 | 46.72% |
| 603611.SS | 603611.SS | 4.14% | $1.01 | 52.65% |
| 8463.TW | 8463.TW | 4.14% | $1.10 | 51.49% |
| CEYE.BK | CEYE.BK | 4.14% | $0.08 | 64.18% |
| ORIA.PA | ORIA.PA | 4.14% | $6.96 | 28.28% |
| SWA.DE | SWA.DE | 4.14% | $0.60 | 50.24% |
| 000686.SZ | 000686.SZ | 4.13% | $0.38 | 61.41% |
| 001680.KS | 001680.KS | 4.13% | $850.39 | 31.24% |
| 1931.HK | 1931.HK | 4.13% | $0.10 | 38.64% |
| 6183.T | 6183.T | 4.13% | $59.55 | 54.01% |
| PSI.AX | PSI.AX | 4.13% | $0.26 | 83.22% |
| 0QOL.L | 0QOL.L | 4.12% | $11.39 | 58.10% |
| 600284.SS | 600284.SS | 4.12% | $0.35 | 90.03% |
| 004450.KS | 004450.KS | 4.11% | $1,204.01 | 40.73% |
| 0KGY.L | 0KGY.L | 4.11% | $5.90 | 33.91% |
| 3406.TW | 3406.TW | 4.11% | $17.98 | 59.96% |
| ABS2.DE | ABS2.DE | 4.11% | $1.34 | 46.75% |
| CCU.SN | CCU.SN | 4.11% | $238.74 | 64.77% |
| 2858.HK | 2858.HK | 4.10% | $0.10 | 43.79% |
| 4081.SR | 4081.SR | 4.10% | $0.50 | 62.31% |
| 688628.SS | 688628.SS | 4.10% | $1.31 | 87.50% |
| 7994.T | 7994.T | 4.10% | $94.03 | 41.44% |
| PKN.WA | PKN.WA | 4.10% | $4.15 | 44.90% |
| TRSB.OL | TRSB.OL | 4.10% | $4.79 | 31.67% |
| 1409.TW | 1409.TW | 4.09% | $0.60 | 50.43% |
| 4904.TW | 4904.TW | 4.09% | $3.64 | 95.25% |
| 601872.SS | 601872.SS | 4.09% | $0.37 | 58.88% |
| UGPA3.SA | UGPA3.SA | 4.09% | $0.86 | 32.00% |