DDM Analysis: MASA.JK

Valuation Snapshot

Stable Growth	$0.05 - $0.08	$0.06
Multi-Stage	$0.05 - $0.05	$0.05
Blended Fair Value	$0.06
Current Price	$0.38
Upside	-85.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	39.47%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	12.05%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	79.08%
Dividend Yield	-	-	0.63%	0.68%	0.00%	0.00%	0.68%	0.00%	0.00%	0.00%	0.00%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.48
(-) Cash Dividends Paid (M)	21.37
(=) Cash Retained (M)	11.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.50	4.06	2.44
Cash Retained (M)	11.11	11.11	11.11
(-) Cash Required (M)	-6.50	-4.06	-2.44
(=) Excess Retained (M)	4.61	7.05	8.67
(/) Shares Outstanding (M)	9,182.95	9,182.95	9,182.95
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.00	0.00	0.00
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.78%	4.78%	5.78%
Fair Value	$0.05	$0.06	$0.08
Upside / Downside	-87.72%	-83.84%	-78.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.48	34.03	35.66	37.36	39.15	41.02	42.25
Payout Ratio	65.80%	70.64%	75.48%	80.32%	85.16%	90.00%	92.50%
Projected Dividends (M)	21.37	24.04	26.91	30.01	33.34	36.91	39.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.78%	4.78%	5.78%
Year 1 PV (M)	21.65	21.86	22.06
Year 2 PV (M)	21.82	22.24	22.67
Year 3 PV (M)	21.91	22.55	23.20
Year 4 PV (M)	21.92	22.77	23.66
Year 5 PV (M)	21.85	22.93	24.04
PV of Terminal Value (M)	330.68	346.92	363.79
Equity Value (M)	439.82	459.27	479.42
Shares Outstanding (M)	9,182.95	9,182.95	9,182.95
Fair Value	$0.05	$0.05	$0.05
Upside / Downside	-87.54%	-86.99%	-86.42%

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PT Multistrada Arah Sarana Tbk (MASA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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