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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| 300939.SZ | 300939.SZ | 1.15% | $0.40 | 58.71% |
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| 600763.SS | 600763.SS | 1.15% | $0.46 | 39.91% |
| 601600.SS | 601600.SS | 1.15% | $0.14 | 16.77% |
| 603223.SS | 603223.SS | 1.15% | $0.11 | 32.46% |
| 605003.SS | 605003.SS | 1.15% | $0.41 | 69.19% |
| 7115.T | 7115.T | 1.15% | $25.89 | 27.00% |
| FSL.BO | FSL.BO | 1.15% | $3.90 | 41.18% |
| SAP.DE | SAP.DE | 1.15% | $2.33 | 38.73% |
| TERRA13.MX | TERRA13.MX | 1.15% | $0.46 | 14.15% |
| TTEN3.SA | TTEN3.SA | 1.15% | $0.19 | 11.01% |
| 001301.SZ | 001301.SZ | 1.14% | $0.98 | 26.25% |
| 004370.KS | 004370.KS | 1.14% | $4,883.43 | 18.11% |
| 0HA8.L | 0HA8.L | 1.14% | $0.96 | 59.26% |
| 0ZPV.L | 0ZPV.L | 1.14% | $0.35 | 24.94% |
| 2651.T | 2651.T | 1.14% | $117.38 | 22.18% |
| 300636.SZ | 300636.SZ | 1.14% | $0.09 | 38.18% |
| 301181.SZ | 301181.SZ | 1.14% | $0.50 | 47.28% |
| 4200.SR | 4200.SR | 1.14% | $1.50 | 36.84% |
| 600552.SS | 600552.SS | 1.14% | $0.14 | 85.31% |
| 601969.SS | 601969.SS | 1.14% | $0.14 | 57.09% |
| 688314.SS | 688314.SS | 1.14% | $0.38 | 34.72% |
| 8466.TW | 8466.TW | 1.14% | $0.25 | 22.59% |
| 8467.TW | 8467.TW | 1.14% | $2.02 | 15.71% |
| 9936.HK | 9936.HK | 1.14% | $0.07 | 9.69% |
| TANLA.BO | TANLA.BO | 1.14% | $6.06 | 16.86% |
| VIT-B.ST | VIT-B.ST | 1.14% | $3.30 | 33.04% |
| WINE.JK | WINE.JK | 1.14% | $2.35 | 15.27% |
| 001696.SZ | 001696.SZ | 1.13% | $0.25 | 33.93% |
| 002363.SZ | 002363.SZ | 1.13% | $0.11 | 91.74% |
| 095610.KQ | 095610.KQ | 1.13% | $600.14 | 15.66% |
| 098070.KQ | 098070.KQ | 1.13% | $356.99 | 10.94% |
| 206640.KQ | 206640.KQ | 1.13% | $150.03 | 12.80% |
| 3498.T | 3498.T | 1.13% | $83.26 | 16.29% |
| 600054.SS | 600054.SS | 1.13% | $0.13 | 33.02% |
| 600377.SS | 600377.SS | 1.13% | $0.14 | 14.78% |
| 601677.SS | 601677.SS | 1.13% | $0.17 | 12.01% |
| 688589.SS | 688589.SS | 1.13% | $0.26 | 66.29% |
| 7203.SR | 7203.SR | 1.13% | $8.50 | 30.89% |