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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| KINO.JK | KINO.JK | 4.06% | $56.17 | 56.49% |
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| 2912.TW | 2912.TW | 4.05% | $8.98 | 83.72% |
| 5438.TWO | 5438.TWO | 4.05% | $0.93 | 78.68% |
| IG.MI | IG.MI | 4.05% | $0.39 | 36.35% |
| TWR.AX | TWR.AX | 4.05% | $0.07 | 19.30% |
| 002215.SZ | 002215.SZ | 4.04% | $0.43 | 61.18% |
| 1603.TW | 1603.TW | 4.04% | $1.50 | 40.87% |
| 601567.SS | 601567.SS | 4.04% | $0.93 | 65.61% |
| 6846.TWO | 6846.TWO | 4.04% | $2.98 | 67.75% |
| ASEFA.BK | ASEFA.BK | 4.04% | $0.14 | 36.27% |
| JLG.AX | JLG.AX | 4.04% | $0.16 | 53.65% |
| 004910.KS | 004910.KS | 4.03% | $200.13 | 55.11% |
| JTPE.JK | JTPE.JK | 4.03% | $24.00 | 60.60% |
| MTDL.JK | MTDL.JK | 4.03% | $24.00 | 39.08% |
| SPINNEYS.AE | SPINNEYS.AE | 4.03% | $0.06 | 66.84% |
| 605077.SS | 605077.SS | 4.02% | $0.59 | 70.96% |
| 6190.HK | 6190.HK | 4.02% | $0.07 | 9.94% |
| THANI.BK | THANI.BK | 4.02% | $0.07 | 45.63% |
| 010770.KS | 010770.KS | 4.01% | $149.90 | 11.24% |
| 0RPP.L | 0RPP.L | 4.01% | $0.49 | 9.63% |
| 301004.SZ | 301004.SZ | 4.01% | $2.09 | 54.91% |
| 4968.T | 4968.T | 4.01% | $48.94 | 56.00% |
| FESA3.SA | FESA3.SA | 4.01% | $0.46 | 76.61% |
| HBOR3.SA | HBOR3.SA | 4.01% | $0.10 | 32.33% |
| 089860.KS | 089860.KS | 4.00% | $1,199.98 | 35.09% |
| 0OJJ.L | 0OJJ.L | 4.00% | $0.12 | 33.82% |
| 2128.HK | 2128.HK | 4.00% | $0.19 | 15.85% |
| 3338.TW | 3338.TW | 4.00% | $2.01 | 85.10% |
| AIL.DE | AIL.DE | 4.00% | $6.35 | 56.81% |
| CUB | CUB | 4.00% | $0.43 | 93.60% |
| DHL.DE | DHL.DE | 4.00% | $1.88 | 60.01% |
| FCMC.PA | FCMC.PA | 4.00% | $85.57 | 28.90% |
| 009160.KS | 009160.KS | 3.99% | $202.33 | 92.46% |
| 033780.KS | 033780.KS | 3.99% | $5,606.09 | 52.73% |
| 603309.SS | 603309.SS | 3.99% | $0.54 | 64.79% |
| 6761.TWO | 6761.TWO | 3.99% | $5.62 | 81.14% |
| MULT3.SA | MULT3.SA | 3.99% | $1.08 | 42.74% |
| 300641.SZ | 300641.SZ | 3.98% | $0.70 | 35.38% |
| 5126.KL | 5126.KL | 3.98% | $0.15 | 29.34% |