Definitive Analysis
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PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO.JK)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$1,312.18 - $6,929.64$2,369.28
Multi-Stage$1,145.44 - $1,252.56$1,198.01
Blended Fair Value$1,783.65
Current Price$535.00
Upside233.39%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.03%10.31%36.2135.8136.4234.1425.9521.4621.9612.9812.3612.07
YoY Growth--1.12%-1.66%6.66%31.54%20.93%-2.27%69.23%5.01%2.36%-11.11%
Dividend Yield--6.47%5.87%4.19%3.35%3.33%3.70%4.43%3.85%4.41%4.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,211,453.00
(-) Cash Dividends Paid (M)1,167,522.00
(=) Cash Retained (M)43,931.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)242,290.60151,431.6390,858.98
Cash Retained (M)43,931.0043,931.0043,931.00
(-) Cash Required (M)-242,290.60-151,431.63-90,858.98
(=) Excess Retained (M)-198,359.60-107,500.63-46,927.98
(/) Shares Outstanding (M)29,822.7729,822.7729,822.77
(=) Excess Retained per Share-6.65-3.60-1.57
LTM Dividend per Share39.1539.1539.15
(+) Excess Retained per Share-6.65-3.60-1.57
(=) Adjusted Dividend32.5035.5437.58
WACC / Discount Rate6.53%6.53%6.53%
Growth Rate3.95%4.95%5.95%
Fair Value$1,312.18$2,369.28$6,929.64
Upside / Downside145.27%342.86%1,195.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,211,453.001,271,468.881,334,457.971,400,567.571,469,952.271,542,774.311,589,057.54
Payout Ratio96.37%95.10%93.82%92.55%91.27%90.00%92.50%
Projected Dividends (M)1,167,522.001,209,153.621,252,044.731,296,217.971,341,695.091,388,496.881,469,878.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.53%6.53%6.53%
Growth Rate3.95%4.95%5.95%
Year 1 PV (M)1,124,236.341,135,051.081,145,865.83
Year 2 PV (M)1,082,360.981,103,284.971,124,409.29
Year 3 PV (M)1,041,853.031,072,209.931,103,150.85
Year 4 PV (M)1,002,670.861,041,812.461,082,089.01
Year 5 PV (M)964,774.041,012,079.321,061,222.27
PV of Terminal Value (M)28,944,370.7730,363,585.5331,837,932.38
Equity Value (M)34,160,266.0235,728,023.3037,354,669.63
Shares Outstanding (M)29,822.7729,822.7729,822.77
Fair Value$1,145.44$1,198.01$1,252.56
Upside / Downside114.10%123.93%134.12%

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