DDM Analysis: SSIA.JK

Valuation Snapshot

Stable Growth	$3,517.21 - $4,143.87	$3,883.42
Multi-Stage	$2,653.37 - $2,911.31	$2,779.93
Blended Fair Value	$3,331.67
Current Price	$1,590.00
Upside	109.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.26%	-8.85%	12.01	0.00	0.00	0.00	4.96	7.05	20.13	6.01	9.82	18.19
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-29.54%	-65.00%	234.99%	-38.78%	-46.06%	-40.00%
Dividend Yield	-	-	1.45%	0.00%	0.00%	0.00%	1.03%	1.60%	3.66%	1.09%	1.50%	2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96,259.55
(-) Cash Dividends Paid (M)	55,480.31
(=) Cash Retained (M)	40,779.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19,251.91	12,032.44	7,219.47
Cash Retained (M)	40,779.24	40,779.24	40,779.24
(-) Cash Required (M)	-19,251.91	-12,032.44	-7,219.47
(=) Excess Retained (M)	21,527.33	28,746.79	33,559.77
(/) Shares Outstanding (M)	4,619.74	4,619.74	4,619.74
(=) Excess Retained per Share	4.66	6.22	7.26
LTM Dividend per Share	12.01	12.01	12.01
(+) Excess Retained per Share	4.66	6.22	7.26
(=) Adjusted Dividend	16.67	18.23	19.27
WACC / Discount Rate	0.28%	0.28%	0.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,517.21	$3,883.42	$4,143.87
Upside / Downside	121.21%	144.24%	160.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96,259.55	102,516.42	109,179.98	116,276.68	123,834.67	131,883.92	135,840.44
Payout Ratio	57.64%	64.11%	70.58%	77.05%	83.53%	90.00%	92.50%
Projected Dividends (M)	55,480.31	65,722.18	77,061.09	89,596.38	103,435.67	118,695.53	125,652.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.28%	0.28%	0.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	64,924.74	65,540.14	66,155.55
Year 2 PV (M)	75,202.40	76,634.80	78,080.71
Year 3 PV (M)	86,374.46	88,853.96	91,380.46
Year 4 PV (M)	98,506.19	102,294.46	106,190.96
Year 5 PV (M)	111,667.26	117,060.83	122,660.83
PV of Terminal Value (M)	11,821,220.47	12,392,189.84	12,985,011.55
Equity Value (M)	12,257,895.53	12,842,574.04	13,449,480.05
Shares Outstanding (M)	4,619.74	4,619.74	4,619.74
Fair Value	$2,653.37	$2,779.93	$2,911.31
Upside / Downside	66.88%	74.84%	83.10%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
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PT Surya Semesta Internusa Tbk (SSIA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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