DDM Analysis: MREI.JK

Valuation Snapshot

Stable Growth	$774.09 - $1,040.02	$910.84
Multi-Stage	$2,102.50 - $2,334.05	$2,215.81
Blended Fair Value	$1,563.32
Current Price	$925.00
Upside	69.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-23.01%	-7.61%	13.45	13.45	0.00	49.62	49.67	49.74	54.64	41.10	34.92	29.73
YoY Growth	-	-	0.00%	0.00%	-100.00%	-0.09%	-0.14%	-8.97%	32.95%	17.70%	17.45%	0.18%
Dividend Yield	-	-	1.78%	0.90%	0.00%	1.54%	0.99%	0.94%	0.85%	0.85%	0.92%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92,098.98
(-) Cash Dividends Paid (M)	7,022.65
(=) Cash Retained (M)	85,076.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,419.80	11,512.37	6,907.42
Cash Retained (M)	85,076.32	85,076.32	85,076.32
(-) Cash Required (M)	-18,419.80	-11,512.37	-6,907.42
(=) Excess Retained (M)	66,656.53	73,563.95	78,168.90
(/) Shares Outstanding (M)	517.79	517.79	517.79
(=) Excess Retained per Share	128.73	142.07	150.97
LTM Dividend per Share	13.56	13.56	13.56
(+) Excess Retained per Share	128.73	142.07	150.97
(=) Adjusted Dividend	142.29	155.64	164.53
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-9.61%	-8.61%	-7.61%
Fair Value	$774.09	$910.84	$1,040.02
Upside / Downside	-16.31%	-1.53%	12.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92,098.98	84,171.57	76,926.51	70,305.06	64,253.56	58,722.94	60,484.63
Payout Ratio	7.63%	24.10%	40.58%	57.05%	73.53%	90.00%	92.50%
Projected Dividends (M)	7,022.65	20,285.43	31,212.98	40,109.07	47,242.44	52,850.65	55,948.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-9.61%	-8.61%	-7.61%
Year 1 PV (M)	18,749.37	18,956.80	19,164.22
Year 2 PV (M)	26,664.94	27,258.18	27,857.96
Year 3 PV (M)	31,670.19	32,732.95	33,819.22
Year 4 PV (M)	34,478.08	36,029.29	37,632.26
Year 5 PV (M)	35,650.34	37,666.43	39,772.72
PV of Terminal Value (M)	941,443.49	994,683.82	1,050,306.03
Equity Value (M)	1,088,656.41	1,147,327.46	1,208,552.40
Shares Outstanding (M)	517.79	517.79	517.79
Fair Value	$2,102.50	$2,215.81	$2,334.05
Upside / Downside	127.30%	139.55%	152.33%

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PT Maskapai Reasuransi Indonesia Tbk (MREI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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