DDM Analysis: IMPC.JK

Valuation Snapshot

Stable Growth	$510.46 - $2,221.13	$1,229.31
Multi-Stage	$252.86 - $276.97	$264.69
Blended Fair Value	$747.00
Current Price	$2,200.00
Upside	-66.05%
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	26.48%	-0.85%	4.63	3.22	1.95	0.70	0.98	1.43	0.80	0.76	0.18	0.00
YoY Growth	-	-	43.75%	64.64%	181.17%	-29.00%	-31.49%	78.39%	5.23%	327.26%	24,142.50%	-99.99%
Dividend Yield	-	-	1.52%	0.86%	0.63%	0.25%	0.74%	1.48%	1.04%	0.85%	0.21%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	607,771.30
(-) Cash Dividends Paid (M)	2,722.50
(=) Cash Retained (M)	605,048.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	121,554.26	75,971.41	45,582.85
Cash Retained (M)	605,048.80	605,048.80	605,048.80
(-) Cash Required (M)	-121,554.26	-75,971.41	-45,582.85
(=) Excess Retained (M)	483,494.54	529,077.39	559,465.95
(/) Shares Outstanding (M)	54,418.50	54,418.50	54,418.50
(=) Excess Retained per Share	8.88	9.72	10.28
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	8.88	9.72	10.28
(=) Adjusted Dividend	8.93	9.77	10.33
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$510.46	$1,229.31	$2,221.13
Upside / Downside	-76.80%	-44.12%	0.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	607,771.30	647,276.43	689,349.40	734,157.11	781,877.32	832,699.35	857,680.33
Payout Ratio	0.45%	18.36%	36.27%	54.18%	72.09%	90.00%	92.50%
Projected Dividends (M)	2,722.50	118,829.33	250,018.54	397,760.30	563,652.15	749,429.41	793,354.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	109,657.44	110,696.85	111,736.26
Year 2 PV (M)	212,912.50	216,967.89	221,061.53
Year 3 PV (M)	312,582.64	321,555.77	330,698.99
Year 4 PV (M)	408,760.64	424,480.43	440,649.31
Year 5 PV (M)	501,537.16	525,761.59	550,913.15
PV of Terminal Value (M)	12,214,842.00	12,804,823.44	13,417,384.85
Equity Value (M)	13,760,292.39	14,404,285.96	15,072,444.09
Shares Outstanding (M)	54,418.50	54,418.50	54,418.50
Fair Value	$252.86	$264.69	$276.97
Upside / Downside	-88.51%	-87.97%	-87.41%

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PT Impack Pratama Industri Tbk (IMPC.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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