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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| 81299.HK | 81299.HK | 0.60% | $0.44 | 43.34% |
| BNLI.JK | BNLI.JK | 0.60% | $30.00 | 29.63% |
| FFH.TO | FFH.TO | 0.60% | $15.51 | 7.53% |
| LFLO.JK | LFLO.JK | 0.60% | $4.00 | 28.31% |
| PATELSAI.BO | PATELSAI.BO | 0.60% | $1.50 | 6.97% |
| RNR | RNR | 0.60% | $1.63 | 4.46% |
| 000532.SZ | 000532.SZ | 0.59% | $0.10 | 14.74% |
| 002827.SZ | 002827.SZ | 0.59% | $0.22 | 37.58% |
| 0780.HK | 0780.HK | 0.59% | $0.14 | 12.70% |
| 2440.T | 2440.T | 0.59% | $0.96 | 58.64% |
| 300167.SZ | 300167.SZ | 0.59% | $0.03 | 77.39% |
| 300241.SZ | 300241.SZ | 0.59% | $0.03 | 59.54% |
| 300927.SZ | 300927.SZ | 0.59% | $0.14 | 7.30% |
| 600428.SS | 600428.SS | 0.59% | $0.04 | 6.88% |
| 600629.SS | 600629.SS | 0.59% | $0.13 | 41.63% |
| 688118.SS | 688118.SS | 0.59% | $0.15 | 44.13% |
| 7936.T | 7936.T | 0.59% | $22.04 | 18.54% |
| 9593.SR | 9593.SR | 0.59% | $0.11 | 2.85% |
| 000603.SZ | 000603.SZ | 0.58% | $0.18 | 23.98% |
| 001239.SZ | 001239.SZ | 0.58% | $0.09 | 21.29% |
| 002300.SZ | 002300.SZ | 0.58% | $0.05 | 47.47% |
| 002492.SZ | 002492.SZ | 0.58% | $0.05 | 33.06% |
| 002838.SZ | 002838.SZ | 0.58% | $0.14 | 37.89% |
| 301535.SZ | 301535.SZ | 0.58% | $0.13 | 42.90% |
| 600210.SS | 600210.SS | 0.58% | $0.04 | 5.20% |
| 600218.SS | 600218.SS | 0.58% | $0.06 | 28.92% |
| 600628.SS | 600628.SS | 0.58% | $0.05 | 42.45% |
| 601869.SS | 601869.SS | 0.58% | $0.68 | 88.82% |
| 601900.SS | 601900.SS | 0.58% | $0.08 | 6.09% |
| 603093.SS | 603093.SS | 0.58% | $0.11 | 15.08% |
| 6692.TWO | 6692.TWO | 0.58% | $0.17 | 7.39% |
| 8440.TWO | 8440.TWO | 0.58% | $0.14 | 81.09% |
| GSMF.JK | GSMF.JK | 0.58% | $0.65 | 23.23% |
| HUB.AX | HUB.AX | 0.58% | $0.56 | 36.27% |
| MAPA.JK | MAPA.JK | 0.58% | $4.00 | 8.06% |
| SELEC.IS | SELEC.IS | 0.58% | $0.46 | 32.67% |
| 000400.KS | 000400.KS | 0.57% | $9.96 | 8.06% |
| 003031.SZ | 003031.SZ | 0.57% | $0.42 | 30.89% |
| 300133.SZ | 300133.SZ | 0.57% | $0.05 | 35.19% |
| 300687.SZ | 300687.SZ | 0.57% | $0.13 | 72.96% |
| 300879.SZ | 300879.SZ | 0.57% | $0.17 | 28.45% |
| 301188.SZ | 301188.SZ | 0.57% | $0.10 | 50.00% |
| 3141.T | 3141.T | 0.57% | $18.16 | 20.70% |
| 3197.T | 3197.T | 0.57% | $19.07 | 25.19% |
| 4577.T | 4577.T | 0.57% | $7.74 | 11.68% |
| 600846.SS | 600846.SS | 0.57% | $0.08 | 17.65% |
| 601021.SS | 601021.SS | 0.57% | $0.34 | 16.50% |
| 601208.SS | 601208.SS | 0.57% | $0.15 | 68.28% |
| 603090.SS | 603090.SS | 0.57% | $0.31 | 47.68% |
| PRINC.BK | PRINC.BK | 0.57% | $0.01 | 13.01% |