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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| SIE.DE | SIE.DE | 2.14% | $5.16 | 41.34% |
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| VNX.DE | VNX.DE | 2.14% | $4.05 | 49.93% |
| 010100.KS | 010100.KS | 2.13% | $99.68 | 9.18% |
| 300154.SZ | 300154.SZ | 2.13% | $0.21 | 90.73% |
| 600848.SS | 600848.SS | 2.13% | $0.25 | 39.80% |
| 7259.T | 7259.T | 2.13% | $62.39 | 27.27% |
| ALBRK.IS | ALBRK.IS | 2.13% | $0.17 | 3.51% |
| BUR | BUR | 2.13% | $0.19 | 47.60% |
| ECSC.L | ECSC.L | 2.13% | $1.12 | 22.10% |
| PR9.BK | PR9.BK | 2.13% | $0.40 | 38.51% |
| 000630.SZ | 000630.SZ | 2.12% | $0.13 | 92.15% |
| 000878.SZ | 000878.SZ | 2.12% | $0.44 | 67.43% |
| 002223.SZ | 002223.SZ | 2.12% | $0.81 | 46.42% |
| 002731.SZ | 002731.SZ | 2.12% | $0.27 | 24.86% |
| 0RKK.L | 0RKK.L | 2.12% | $2.20 | 57.57% |
| 0RVK.L | 0RVK.L | 2.12% | $0.74 | 64.88% |
| 163560.KS | 163560.KS | 2.12% | $146.78 | 36.08% |
| 2641.TWO | 2641.TWO | 2.12% | $0.43 | 25.10% |
| 443060.KS | 443060.KS | 2.12% | $4,099.93 | 69.50% |
| 605500.SS | 605500.SS | 2.12% | $0.19 | 89.23% |
| 6455.T | 6455.T | 2.12% | $58.45 | 24.57% |
| CCOLA.IS | CCOLA.IS | 2.12% | $1.26 | 25.02% |
| MTWI.JK | MTWI.JK | 2.12% | $7.84 | 25.68% |
| PNDX-B.ST | PNDX-B.ST | 2.12% | $4.25 | 40.78% |
| 000860.KS | 000860.KS | 2.11% | $292.39 | 59.03% |
| 002440.SZ | 002440.SZ | 2.11% | $0.16 | 60.72% |
| 002973.SZ | 002973.SZ | 2.11% | $0.29 | 59.79% |
| 0400.HK | 0400.HK | 2.11% | $0.06 | 22.33% |
| 0Z4I.L | 0Z4I.L | 2.11% | $0.71 | 15.45% |
| 200771.SZ | 200771.SZ | 2.11% | $0.28 | 59.18% |
| 285130.KS | 285130.KS | 2.11% | $1,396.25 | 31.71% |
| 688558.SS | 688558.SS | 2.11% | $0.61 | 53.65% |
| NRDF.CO | NRDF.CO | 2.11% | $13.08 | 94.24% |
| 001880.KS | 001880.KS | 2.10% | $300.93 | 16.73% |
| 002967.SZ | 002967.SZ | 2.10% | $0.46 | 62.67% |
| 023350.KS | 023350.KS | 2.10% | $100.00 | 16.54% |
| 1423.TW | 1423.TW | 2.10% | $0.79 | 18.73% |
| 2811.T | 2811.T | 2.10% | $56.56 | 39.32% |
| 601456.SS | 601456.SS | 2.10% | $0.21 | 68.71% |
| U10.SI | U10.SI | 2.10% | $0.05 | 24.07% |
| UNBL.PA | UNBL.PA | 2.10% | $24.73 | 34.10% |
| 3979.T | 3979.T | 2.09% | $8.71 | 36.14% |
| 600309.SS | 600309.SS | 2.09% | $1.60 | 45.09% |
| 7714.TWO | 7714.TWO | 2.09% | $3.83 | 69.36% |
| ALIG.ST | ALIG.ST | 2.09% | $2.98 | 45.61% |
| 002226.SZ | 002226.SZ | 2.08% | $0.12 | 39.66% |
| 002706.SZ | 002706.SZ | 2.08% | $0.22 | 79.51% |
| 002763.SZ | 002763.SZ | 2.08% | $0.15 | 78.60% |
| 4016.SR | 4016.SR | 2.08% | $2.35 | 48.29% |