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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| 8914.T | 8914.T | 2.98% | $31.69 | 44.83% |
| DXT.TO | DXT.TO | 2.98% | $0.35 | 55.12% |
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| 8593.T | 8593.T | 2.97% | $38.97 | 34.55% |
| KBL.TO | KBL.TO | 2.97% | $1.04 | 69.43% |
| O10.SI | O10.SI | 2.97% | $0.04 | 30.11% |
| PLANB.BK | PLANB.BK | 2.97% | $0.12 | 46.85% |
| 005850.KS | 005850.KS | 2.96% | $1,235.83 | 18.10% |
| 6527.TWO | 6527.TWO | 2.96% | $2.24 | 40.94% |
| 9201.T | 9201.T | 2.96% | $85.89 | 30.05% |
| 9633.HK | 9633.HK | 2.96% | $1.43 | 61.73% |
| 9931.TW | 9931.TW | 2.96% | $1.01 | 40.68% |
| FTS | FTS | 2.96% | $1.54 | 47.07% |
| 035890.KQ | 035890.KQ | 2.95% | $47.87 | 7.53% |
| 3132.T | 3132.T | 2.95% | $70.52 | 56.32% |
| 600667.SS | 600667.SS | 2.95% | $0.23 | 83.84% |
| 603577.SS | 603577.SS | 2.95% | $0.31 | 79.62% |
| 603699.SS | 603699.SS | 2.95% | $1.53 | 81.92% |
| 000020.KS | 000020.KS | 2.94% | $182.44 | 65.71% |
| 000895.SZ | 000895.SZ | 2.94% | $0.78 | 52.50% |
| 002540.SZ | 002540.SZ | 2.94% | $0.21 | 63.05% |
| 013120.KQ | 013120.KQ | 2.94% | $80.92 | 85.28% |
| 107590.KS | 107590.KS | 2.94% | $1,985.59 | 19.06% |
| 6779.T | 6779.T | 2.94% | $30.05 | 58.30% |
| 8084.T | 8084.T | 2.94% | $106.29 | 46.57% |
| 8890.T | 8890.T | 2.94% | $173.16 | 50.05% |
| 9303.T | 9303.T | 2.94% | $104.40 | 36.71% |
| APZ.AX | APZ.AX | 2.94% | $0.16 | 31.96% |
| FSECURE.HE | FSECURE.HE | 2.94% | $0.06 | 45.60% |
| RELAIS.HE | RELAIS.HE | 2.94% | $0.50 | 54.01% |
| 0QN2.L | 0QN2.L | 2.93% | $63.83 | 41.54% |
| 3515.TW | 3515.TW | 2.93% | $7.30 | 57.65% |
| 601619.SS | 601619.SS | 2.93% | $0.13 | 56.17% |
| 8508.T | 8508.T | 2.93% | $13.97 | 39.79% |
| 000166.SZ | 000166.SZ | 2.92% | $0.15 | 41.10% |
| 002299.SZ | 002299.SZ | 2.92% | $0.48 | 39.69% |
| 4949.TW | 4949.TW | 2.92% | $1.08 | 55.94% |
| 5386.T | 5386.T | 2.92% | $11.98 | 57.58% |
| 600267.SS | 600267.SS | 2.92% | $0.29 | 61.49% |
| 600758.SS | 600758.SS | 2.92% | $0.11 | 69.99% |