DDM Analysis: BELL.JK

Valuation Snapshot

Stable Growth	$7.17 - $10.95	$8.94
Multi-Stage	$53.98 - $59.83	$56.84
Blended Fair Value	$32.89
Current Price	$50.00
Upside	-34.22%
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	-13.20%	0.00%	0.35	0.50	0.28	0.07	0.50	0.70	0.60	0.00	0.00	0.00
YoY Growth	-	-	-31.03%	78.57%	300.00%	-86.00%	-28.57%	16.67%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.63%	0.84%	0.20%	0.10%	0.36%	0.52%	1.21%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,082.21
(-) Cash Dividends Paid (M)	4,977.00
(=) Cash Retained (M)	1,105.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,216.44	760.28	456.17
Cash Retained (M)	1,105.21	1,105.21	1,105.21
(-) Cash Required (M)	-1,216.44	-760.28	-456.17
(=) Excess Retained (M)	-111.23	344.94	649.05
(/) Shares Outstanding (M)	7,232.23	7,232.23	7,232.23
(=) Excess Retained per Share	-0.02	0.05	0.09
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	-0.02	0.05	0.09
(=) Adjusted Dividend	0.67	0.74	0.78
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	-5.92%	-4.92%	-3.92%
Fair Value	$7.17	$8.94	$10.95
Upside / Downside	-85.65%	-82.12%	-78.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,082.21	5,783.00	5,498.52	5,228.02	4,970.84	4,726.31	4,868.10
Payout Ratio	81.83%	83.46%	85.10%	86.73%	88.37%	90.00%	92.50%
Projected Dividends (M)	4,977.00	4,826.67	4,679.09	4,534.34	4,392.52	4,253.68	4,502.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	-5.92%	-4.92%	-3.92%
Year 1 PV (M)	4,641.06	4,690.39	4,739.72
Year 2 PV (M)	4,326.14	4,418.59	4,512.03
Year 3 PV (M)	4,031.10	4,161.01	4,293.68
Year 4 PV (M)	3,754.85	3,917.05	4,084.46
Year 5 PV (M)	3,496.33	3,686.14	3,884.10
PV of Terminal Value (M)	370,125.26	390,218.53	411,175.13
Equity Value (M)	390,374.73	411,091.71	432,689.12
Shares Outstanding (M)	7,232.23	7,232.23	7,232.23
Fair Value	$53.98	$56.84	$59.83
Upside / Downside	7.95%	13.68%	19.66%

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PT Trisula Textile Industries Tbk (BELL.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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