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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| DR.TO | DR.TO | 1.80% | $0.28 | 7.21% |
| PINE3.SA | PINE3.SA | 1.80% | $0.23 | 16.47% |
| SVED-B.ST | SVED-B.ST | 1.80% | $1.25 | 32.77% |
| 002296.SZ | 002296.SZ | 1.79% | $0.20 | 25.74% |
| 002349.SZ | 002349.SZ | 1.79% | $0.13 | 47.07% |
| 002841.SZ | 002841.SZ | 1.79% | $0.71 | 53.65% |
| 007690.KS | 007690.KS | 1.79% | $569.71 | 19.70% |
| 010690.KS | 010690.KS | 1.79% | $145.89 | 13.31% |
| 049770.KS | 049770.KS | 1.79% | $800.03 | 12.97% |
| 1836.HK | 1836.HK | 1.79% | $0.27 | 78.00% |
| 5ML.SI | 5ML.SI | 1.79% | $0.02 | 21.40% |
| 603456.SS | 603456.SS | 1.79% | $0.32 | 39.16% |
| 6245.T | 6245.T | 1.79% | $29.92 | 48.19% |
| 9999.HK | 9999.HK | 1.79% | $4.11 | 36.47% |
| EFK.WA | EFK.WA | 1.79% | $0.10 | 3.27% |
| IFSH.JK | IFSH.JK | 1.79% | $14.62 | 52.99% |
| WGSH.JK | WGSH.JK | 1.79% | $5.00 | 59.74% |
| 001060.KS | 001060.KS | 1.78% | $458.46 | 17.63% |
| 001332.SZ | 001332.SZ | 1.78% | $1.00 | 44.53% |
| 002312.SZ | 002312.SZ | 1.78% | $0.19 | 67.49% |
| 002900.KS | 002900.KS | 1.78% | $112.27 | 11.09% |
| 003018.SZ | 003018.SZ | 1.78% | $0.31 | 68.11% |
| 003023.SZ | 003023.SZ | 1.78% | $0.40 | 51.85% |
| 004490.KS | 004490.KS | 1.78% | $1,112.73 | 11.15% |
| 0KFH.L | 0KFH.L | 1.78% | $0.40 | 58.60% |
| 1357.HK | 1357.HK | 1.78% | $0.13 | 44.58% |
| 300610.SZ | 300610.SZ | 1.78% | $0.21 | 63.13% |
| 3543.T | 3543.T | 1.78% | $54.03 | 41.58% |
| 5450.TWO | 5450.TWO | 1.78% | $0.25 | 45.91% |
| 600458.SS | 600458.SS | 1.78% | $0.24 | 37.98% |
| 603037.SS | 603037.SS | 1.78% | $0.26 | 78.70% |
| 603876.SS | 603876.SS | 1.78% | $0.27 | 64.69% |
| 603916.SS | 603916.SS | 1.78% | $0.17 | 62.46% |
| 6167.T | 6167.T | 1.78% | $15.93 | 69.67% |
| 6981.T | 6981.T | 1.78% | $57.88 | 45.13% |
| FLEXD.LS | FLEXD.LS | 1.78% | $0.09 | 38.33% |
| MIKA.JK | MIKA.JK | 1.78% | $43.00 | 46.34% |
| SARKY.IS | SARKY.IS | 1.78% | $0.33 | 53.78% |
| 002249.SZ | 002249.SZ | 1.77% | $0.19 | 44.29% |
| 012330.KS | 012330.KS | 1.77% | $6,540.90 | 13.98% |
| 111770.KS | 111770.KS | 1.77% | $1,406.13 | 16.14% |
| 2754.T | 2754.T | 1.77% | $14.31 | 18.28% |
| 600236.SS | 600236.SS | 1.77% | $0.14 | 42.95% |
| 603605.SS | 603605.SS | 1.77% | $1.21 | 30.20% |
| 603759.SS | 603759.SS | 1.77% | $0.19 | 32.54% |
| 688076.SS | 688076.SS | 1.77% | $0.67 | 42.24% |
| 8015.T | 8015.T | 1.77% | $93.38 | 28.94% |
| 9722.T | 9722.T | 1.77% | $46.65 | 5.91% |
| 9962.T | 9962.T | 1.77% | $43.36 | 36.74% |
| ADORFO.BO | ADORFO.BO | 1.77% | $2.52 | 38.55% |