DDM Analysis: IPCM.JK

Valuation Snapshot

Stable Growth	$637.54 - $1,356.72	$906.16
Multi-Stage	$502.01 - $546.28	$523.75
Blended Fair Value	$714.96
Current Price	$274.00
Upside	160.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.92%	0.00%	18.61	17.74	20.95	13.61	14.12	7.50	52.30	0.00	12.62	5.71
YoY Growth	-	-	4.90%	-15.32%	53.93%	-3.60%	88.13%	-85.65%	0.00%	-100.00%	121.17%	0.00%
Dividend Yield	-	-	7.16%	6.47%	7.76%	4.31%	4.71%	6.36%	13.84%	0.00%	3.14%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178,596.98
(-) Cash Dividends Paid (M)	138,189.86
(=) Cash Retained (M)	40,407.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35,719.40	22,324.62	13,394.77
Cash Retained (M)	40,407.12	40,407.12	40,407.12
(-) Cash Required (M)	-35,719.40	-22,324.62	-13,394.77
(=) Excess Retained (M)	4,687.72	18,082.50	27,012.35
(/) Shares Outstanding (M)	5,276.77	5,276.77	5,276.77
(=) Excess Retained per Share	0.89	3.43	5.12
LTM Dividend per Share	26.19	26.19	26.19
(+) Excess Retained per Share	0.89	3.43	5.12
(=) Adjusted Dividend	27.08	29.62	31.31
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$637.54	$906.16	$1,356.72
Upside / Downside	132.68%	230.71%	395.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178,596.98	190,205.79	202,569.16	215,736.16	229,759.01	244,693.35	252,034.15
Payout Ratio	77.38%	79.90%	82.43%	84.95%	87.48%	90.00%	92.50%
Projected Dividends (M)	138,189.86	151,974.81	166,967.94	183,268.08	200,981.81	220,224.01	233,131.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	136,885.73	138,183.23	139,480.72
Year 2 PV (M)	135,458.50	138,038.60	140,643.04
Year 3 PV (M)	133,920.35	137,764.72	141,681.97
Year 4 PV (M)	132,282.71	137,369.93	142,602.49
Year 5 PV (M)	130,556.22	136,862.14	143,409.39
PV of Terminal Value (M)	1,979,877.67	2,075,506.50	2,174,795.27
Equity Value (M)	2,648,981.18	2,763,725.11	2,882,612.89
Shares Outstanding (M)	5,276.77	5,276.77	5,276.77
Fair Value	$502.01	$523.75	$546.28
Upside / Downside	83.21%	91.15%	99.37%

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PT Jasa Armada Indonesia Tbk (IPCM.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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