DDM Analysis: MICE.JK

Valuation Snapshot

Stable Growth	$1,019.74 - $1,800.48	$1,350.73
Multi-Stage	$1,773.52 - $1,951.13	$1,860.61
Blended Fair Value	$1,605.67
Current Price	$478.00
Upside	235.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.12%	-0.08%	10.00	5.00	15.00	4.00	5.00	10.06	10.06	10.06	0.00	10.08
YoY Growth	-	-	100.00%	-66.67%	275.00%	-20.00%	-50.30%	0.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	2.33%	0.98%	1.81%	1.06%	1.72%	3.05%	2.40%	2.89%	0.00%	2.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45,256.09
(-) Cash Dividends Paid (M)	5,919.04
(=) Cash Retained (M)	39,337.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,051.22	5,657.01	3,394.21
Cash Retained (M)	39,337.05	39,337.05	39,337.05
(-) Cash Required (M)	-9,051.22	-5,657.01	-3,394.21
(=) Excess Retained (M)	30,285.83	33,680.04	35,942.85
(/) Shares Outstanding (M)	591.90	591.90	591.90
(=) Excess Retained per Share	51.17	56.90	60.72
LTM Dividend per Share	10.00	10.00	10.00
(+) Excess Retained per Share	51.17	56.90	60.72
(=) Adjusted Dividend	61.17	66.90	70.72
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	0.40%	1.40%	2.40%
Fair Value	$1,019.74	$1,350.73	$1,800.48
Upside / Downside	113.34%	182.58%	276.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45,256.09	45,891.73	46,536.29	47,189.91	47,852.70	48,524.81	49,980.55
Payout Ratio	13.08%	28.46%	43.85%	59.23%	74.62%	90.00%	92.50%
Projected Dividends (M)	5,919.04	13,062.25	20,404.95	27,951.33	35,705.68	43,672.33	46,232.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	0.40%	1.40%	2.40%
Year 1 PV (M)	12,152.40	12,273.43	12,394.46
Year 2 PV (M)	17,661.33	18,014.88	18,371.94
Year 3 PV (M)	22,507.86	23,187.10	23,879.86
Year 4 PV (M)	26,749.33	27,831.02	28,945.19
Year 5 PV (M)	30,438.69	31,984.98	33,593.50
PV of Terminal Value (M)	940,245.72	988,010.61	1,037,697.26
Equity Value (M)	1,049,755.32	1,101,302.03	1,154,882.21
Shares Outstanding (M)	591.90	591.90	591.90
Fair Value	$1,773.52	$1,860.61	$1,951.13
Upside / Downside	271.03%	289.25%	308.19%

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PT Multi Indocitra Tbk (MICE.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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