Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

PT Suparma Tbk (SPMA.JK)

Company Dividend Discount ModelIndustry: Paper, Lumber & Forest ProductsSector: Basic Materials

Valuation Snapshot

Stable Growth$245.83 - $354.42$298.75
Multi-Stage$404.47 - $444.07$423.89
Blended Fair Value$361.32
Current Price$196.92
Upside83.49%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%11.970.000.0010.030.000.000.000.000.000.00
YoY Growth--0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.72%0.00%0.00%2.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)108,892.79
(-) Cash Dividends Paid (M)37,759.96
(=) Cash Retained (M)71,132.83
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)21,778.5613,611.608,166.96
Cash Retained (M)71,132.8371,132.8371,132.83
(-) Cash Required (M)-21,778.56-13,611.60-8,166.96
(=) Excess Retained (M)49,354.2757,521.2362,965.87
(/) Shares Outstanding (M)3,154.093,154.093,154.09
(=) Excess Retained per Share15.6518.2419.96
LTM Dividend per Share11.9711.9711.97
(+) Excess Retained per Share15.6518.2419.96
(=) Adjusted Dividend27.6230.2131.93
WACC / Discount Rate9.01%9.01%9.01%
Growth Rate-2.00%-1.00%0.00%
Fair Value$245.83$298.75$354.42
Upside / Downside24.84%51.71%79.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)108,892.79107,803.86106,725.82105,658.57104,601.98103,555.96106,662.64
Payout Ratio34.68%45.74%56.81%67.87%78.94%90.00%92.50%
Projected Dividends (M)37,759.9649,310.5860,626.4271,711.0182,567.8493,200.3698,662.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.01%9.01%9.01%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)44,777.7845,234.7045,691.61
Year 2 PV (M)49,992.7251,018.1952,054.06
Year 3 PV (M)53,697.3855,358.0157,052.53
Year 4 PV (M)56,143.6558,470.5460,869.02
Year 5 PV (M)57,547.9460,544.5963,664.80
PV of Terminal Value (M)1,013,569.371,066,348.281,121,303.30
Equity Value (M)1,275,728.841,336,974.311,400,635.32
Shares Outstanding (M)3,154.093,154.093,154.09
Fair Value$404.47$423.89$444.07
Upside / Downside105.40%115.26%125.51%

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