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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| 600711.SS | 600711.SS | 1.52% | $0.23 | 35.49% |
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| CEGR3.SA | CEGR3.SA | 1.52% | $1.47 | 51.97% |
| INVE-A.ST | INVE-A.ST | 1.52% | $4.95 | 21.54% |
| JDAN.CO | JDAN.CO | 1.52% | $3.00 | 17.56% |
| MYG.AX | MYG.AX | 1.52% | $0.05 | 38.65% |
| 001213.SZ | 001213.SZ | 1.51% | $0.06 | 47.84% |
| 002358.SZ | 002358.SZ | 1.51% | $0.08 | 74.78% |
| 0QNO.L | 0QNO.L | 1.51% | $8.11 | 43.57% |
| 2332.T | 2332.T | 1.51% | $24.22 | 17.41% |
| 2517.HK | 2517.HK | 1.51% | $0.05 | 28.47% |
| 300092.SZ | 300092.SZ | 1.51% | $0.24 | 80.12% |
| 300596.SZ | 300596.SZ | 1.51% | $0.64 | 28.93% |
| 4030.SR | 4030.SR | 1.51% | $0.44 | 21.11% |
| 4578.T | 4578.T | 1.51% | $134.39 | 15.80% |
| 600109.SS | 600109.SS | 1.51% | $0.14 | 20.84% |
| 601211.SS | 601211.SS | 1.51% | $0.31 | 20.62% |
| 603700.SS | 603700.SS | 1.51% | $0.20 | 44.19% |
| NWO.DE | NWO.DE | 1.51% | $1.00 | 47.05% |
| 000968.SZ | 000968.SZ | 1.50% | $0.10 | 23.97% |
| 002262.SZ | 002262.SZ | 1.50% | $0.36 | 29.87% |
| 0QDX.IL | 0QDX.IL | 1.50% | $2.96 | 42.30% |
| 300986.SZ | 300986.SZ | 1.50% | $0.17 | 49.99% |
| 600389.SS | 600389.SS | 1.50% | $0.38 | 34.07% |
| 605166.SS | 605166.SS | 1.50% | $0.16 | 25.21% |
| 605555.SS | 605555.SS | 1.50% | $0.28 | 49.12% |
| 6113.HK | 6113.HK | 1.50% | $0.03 | 46.13% |
| 688188.SS | 688188.SS | 1.50% | $2.04 | 55.83% |
| 7472.T | 7472.T | 1.50% | $61.05 | 18.55% |
| ABSO.ST | ABSO.ST | 1.50% | $3.25 | 42.64% |
| RIPLEY.SN | RIPLEY.SN | 1.50% | $6.25 | 16.33% |
| 001311.SZ | 001311.SZ | 1.49% | $0.48 | 53.94% |
| 002698.SZ | 002698.SZ | 1.49% | $0.25 | 51.93% |
| 077500.KS | 077500.KS | 1.49% | $99.99 | 29.08% |
| 0QQZ.L | 0QQZ.L | 1.49% | $8.51 | 11.89% |
| 0YU.DE | 0YU.DE | 1.49% | $0.75 | 32.86% |
| 300307.SZ | 300307.SZ | 1.49% | $0.11 | 87.46% |
| 300841.SZ | 300841.SZ | 1.49% | $1.08 | 77.05% |
| 600827.SS | 600827.SS | 1.49% | $0.13 | 98.59% |
| 601113.SS | 601113.SS | 1.49% | $0.07 | 21.89% |
| 601990.SS | 601990.SS | 1.49% | $0.12 | 35.60% |
| 6361.T | 6361.T | 1.49% | $54.93 | 34.55% |
| 6370.T | 6370.T | 1.49% | $94.55 | 46.04% |
| 6969.HK | 6969.HK | 1.49% | $0.18 | 40.81% |
| 8842.T | 8842.T | 1.49% | $99.72 | 79.28% |
| B3SA3.SA | B3SA3.SA | 1.49% | $0.20 | 21.40% |
| STMMI.MI | STMMI.MI | 1.49% | $0.35 | 59.85% |