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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| 0133.HK | 0133.HK | 1.22% | $0.19 | 14.27% |
| 0564.HK | 0564.HK | 1.22% | $0.26 | 10.61% |
| 0GMG.L | 0GMG.L | 1.22% | $1.14 | 40.63% |
| 2376.HK | 2376.HK | 1.22% | $0.03 | 6.51% |
| 300251.SZ | 300251.SZ | 1.22% | $0.20 | 26.99% |
| 300263.SZ | 300263.SZ | 1.22% | $0.11 | 61.13% |
| 301132.SZ | 301132.SZ | 1.22% | $0.41 | 44.02% |
| 600983.SS | 600983.SS | 1.22% | $0.12 | 19.14% |
| 601799.SS | 601799.SS | 1.22% | $1.50 | 27.12% |
| TFBANK.ST | TFBANK.ST | 1.22% | $1.97 | 17.64% |
| TOTS3.SA | TOTS3.SA | 1.22% | $0.50 | 36.80% |
| 003017.SZ | 003017.SZ | 1.21% | $0.36 | 32.30% |
| 003028.SZ | 003028.SZ | 1.21% | $0.36 | 35.28% |
| 086450.KQ | 086450.KQ | 1.21% | $206.63 | 15.20% |
| 300003.SZ | 300003.SZ | 1.21% | $0.19 | 83.02% |
| 3648.T | 3648.T | 1.21% | $15.91 | 16.60% |
| 3687.T | 3687.T | 1.21% | $18.91 | 28.89% |
| 600222.SS | 600222.SS | 1.21% | $0.08 | 93.49% |
| 600378.SS | 600378.SS | 1.21% | $0.39 | 34.67% |
| 600575.SS | 600575.SS | 1.21% | $0.04 | 20.84% |
| 601101.SS | 601101.SS | 1.21% | $0.09 | 26.44% |
| 601198.SS | 601198.SS | 1.21% | $0.17 | 24.60% |
| 6944.TWO | 6944.TWO | 1.21% | $8.45 | 22.42% |
| ERF | ERF | 1.21% | $0.24 | 12.97% |
| GYLD-A.CO | GYLD-A.CO | 1.21% | $20.00 | 44.02% |
| 002007.SZ | 002007.SZ | 1.20% | $0.18 | 35.04% |
| 002140.KS | 002140.KS | 1.20% | $30.03 | 7.91% |
| 002185.SZ | 002185.SZ | 1.20% | $0.13 | 53.46% |
| 002273.SZ | 002273.SZ | 1.20% | $0.30 | 36.00% |
| 002315.SZ | 002315.SZ | 1.20% | $0.55 | 34.23% |
| 002516.SZ | 002516.SZ | 1.20% | $0.08 | 65.15% |
| 002534.SZ | 002534.SZ | 1.20% | $0.20 | 87.30% |
| 0425.HK | 0425.HK | 1.20% | $0.40 | 9.99% |
| 2630.TW | 2630.TW | 1.20% | $0.62 | 60.94% |
| 2802.T | 2802.T | 1.20% | $39.92 | 50.21% |
| 300562.SZ | 300562.SZ | 1.20% | $0.16 | 45.17% |
| 603680.SS | 603680.SS | 1.20% | $0.18 | 28.61% |
| 6078.HK | 6078.HK | 1.20% | $0.15 | 8.82% |
| BYGGP.ST | BYGGP.ST | 1.20% | $0.50 | 21.08% |
| GFH.AE | GFH.AE | 1.20% | $0.03 | 77.14% |
| NDA.DE | NDA.DE | 1.20% | $1.51 | 12.24% |
| 002171.SZ | 002171.SZ | 1.19% | $0.16 | 42.58% |
| 002241.SZ | 002241.SZ | 1.19% | $0.34 | 40.79% |
| 002752.SZ | 002752.SZ | 1.19% | $0.08 | 26.12% |
| 002893.SZ | 002893.SZ | 1.19% | $0.13 | 42.82% |