Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Trisula Textile Industries Tbk (BELL.JK)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$6.87 - $10.36$8.52
Multi-Stage$52.99 - $58.73$55.80
Blended Fair Value$32.16
Current Price$50.00
Upside-35.68%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-13.20%0.00%0.350.500.280.070.500.700.600.000.000.00
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,216.44760.28456.17
Cash Retained (M)1,105.211,105.211,105.21
(-) Cash Required (M)-1,216.44-760.28-456.17
(=) Excess Retained (M)-111.23344.94649.05
(/) Shares Outstanding (M)7,232.237,232.237,232.23
(=) Excess Retained per Share-0.020.050.09
LTM Dividend per Share0.690.690.69
(+) Excess Retained per Share-0.020.050.09
(=) Adjusted Dividend0.670.740.78
WACC / Discount Rate3.30%3.30%3.30%
Growth Rate-5.92%-4.92%-3.92%
Fair Value$6.87$8.52$10.36
Upside / Downside-86.26%-82.97%-79.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,082.215,783.005,498.525,228.024,970.844,726.314,868.10
Payout Ratio81.83%83.46%85.10%86.73%88.37%90.00%92.50%
Projected Dividends (M)4,977.004,826.674,679.094,534.344,392.524,253.684,502.99

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate3.30%3.30%3.30%
Growth Rate-5.92%-4.92%-3.92%
Year 1 PV (M)4,623.534,672.684,721.82
Year 2 PV (M)4,293.534,385.294,478.01
Year 3 PV (M)3,985.604,114.054,245.23
Year 4 PV (M)3,698.453,858.224,023.12
Year 5 PV (M)3,430.813,617.073,811.32
PV of Terminal Value (M)363,189.80382,906.56403,470.48
Equity Value (M)383,221.73403,553.87424,749.98
Shares Outstanding (M)7,232.237,232.237,232.23
Fair Value$52.99$55.80$58.73
Upside / Downside5.98%11.60%17.46%

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