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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| 0316.HK | 0316.HK | 2.19% | $2.79 | 48.77% |
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| 3679.T | 3679.T | 2.19% | $10.55 | 26.56% |
| 4516.T | 4516.T | 2.19% | $123.87 | 26.14% |
| 4617.T | 4617.T | 2.19% | $96.72 | 42.42% |
| 600051.SS | 600051.SS | 2.19% | $0.17 | 55.08% |
| 603799.SS | 603799.SS | 2.19% | $1.49 | 48.01% |
| 7233.KL | 7233.KL | 2.19% | $0.04 | 95.65% |
| 9064.T | 9064.T | 2.19% | $48.33 | 36.15% |
| 9948.T | 9948.T | 2.19% | $74.01 | 33.92% |
| 000049.SZ | 000049.SZ | 2.18% | $0.59 | 54.00% |
| 000153.SZ | 000153.SZ | 2.18% | $0.14 | 55.80% |
| 002237.SZ | 002237.SZ | 2.18% | $0.29 | 61.47% |
| 002626.SZ | 002626.SZ | 2.18% | $0.43 | 54.26% |
| 2468.TW | 2468.TW | 2.18% | $0.90 | 78.36% |
| 300815.SZ | 300815.SZ | 2.18% | $0.50 | 38.67% |
| 300910.SZ | 300910.SZ | 2.18% | $1.23 | 45.00% |
| 4908.TWO | 4908.TWO | 2.18% | $1.74 | 72.09% |
| 601369.SS | 601369.SS | 2.18% | $0.22 | 37.55% |
| 067160.KQ | 067160.KQ | 2.17% | $1,492.25 | 15.52% |
| 3898.HK | 3898.HK | 2.17% | $0.83 | 29.19% |
| 4507.T | 4507.T | 2.17% | $61.65 | 30.72% |
| 603383.SS | 603383.SS | 2.17% | $0.78 | 83.82% |
| 603568.SS | 603568.SS | 2.17% | $0.55 | 34.14% |
| 7181.T | 7181.T | 2.17% | $102.13 | 24.56% |
| 053800.KQ | 053800.KQ | 2.16% | $1,304.40 | 28.50% |
| 0QI9.L | 0QI9.L | 2.16% | $1.59 | 16.64% |
| 601233.SS | 601233.SS | 2.16% | $0.37 | 50.52% |
| 605056.SS | 605056.SS | 2.16% | $0.36 | 57.45% |
| MGIC | MGIC | 2.16% | $0.56 | 69.02% |
| 002311.SZ | 002311.SZ | 2.15% | $1.19 | 39.51% |
| 3727.T | 3727.T | 2.15% | $3.44 | 54.78% |
| 603586.SS | 603586.SS | 2.15% | $0.41 | 51.17% |
| 6268.T | 6268.T | 2.15% | $80.74 | 60.45% |
| ATRLJ-B.ST | ATRLJ-B.ST | 2.15% | $0.71 | 41.67% |
| BPAN4.SA | BPAN4.SA | 2.15% | $0.24 | 41.77% |
| NCM.AX | NCM.AX | 2.15% | $0.50 | 38.39% |
| PARAUCO.SN | PARAUCO.SN | 2.15% | $62.73 | 42.33% |
| SHANG.BK | SHANG.BK | 2.15% | $1.00 | 56.93% |
| VZUG.SW | VZUG.SW | 2.15% | $0.91 | 19.03% |
| WTIF.SG | WTIF.SG | 2.15% | $0.98 | 91.42% |
| 002258.SZ | 002258.SZ | 2.14% | $0.28 | 48.19% |
| 002605.SZ | 002605.SZ | 2.14% | $0.50 | 42.55% |
| 0GZV.IL | 0GZV.IL | 2.14% | $4.67 | 61.88% |
| 0PMJ.L | 0PMJ.L | 2.14% | $0.95 | 49.72% |
| 300482.SZ | 300482.SZ | 2.14% | $0.42 | 74.45% |
| 5288.KL | 5288.KL | 2.14% | $0.03 | 42.63% |
| 603218.SS | 603218.SS | 2.14% | $0.28 | 52.42% |
| BXB.AX | BXB.AX | 2.14% | $0.49 | 40.03% |
| POBS.BO | POBS.BO | 2.14% | $3.00 | 15.69% |