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PT Bank Mandiri (Persero) Tbk (BMRI.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$30,412.86 - $109,727.12$96,798.96
Multi-Stage$14,452.98 - $15,782.65$15,105.75
Blended Fair Value$55,952.35
Current Price$4,400.00
Upside1,171.64%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS24.03%19.72%353.96264.67180.18110.05177.49120.6199.5166.5765.3653.23
YoY Growth--33.74%46.89%63.72%-38.00%47.17%21.20%49.49%1.84%22.80%-9.03%
Dividend Yield--6.81%3.84%3.49%2.79%5.77%5.15%2.68%1.73%2.23%2.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)51,495,530.00
(-) Cash Dividends Paid (M)43,510,539.00
(=) Cash Retained (M)7,984,991.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,299,106.006,436,941.253,862,164.75
Cash Retained (M)7,984,991.007,984,991.007,984,991.00
(-) Cash Required (M)-10,299,106.00-6,436,941.25-3,862,164.75
(=) Excess Retained (M)-2,314,115.001,548,049.754,122,826.25
(/) Shares Outstanding (M)93,333.1193,333.1193,333.11
(=) Excess Retained per Share-24.7916.5944.17
LTM Dividend per Share466.19466.19466.19
(+) Excess Retained per Share-24.7916.5944.17
(=) Adjusted Dividend441.39482.77510.36
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Fair Value$30,412.86$96,798.96$109,727.12
Upside / Downside591.20%2,099.98%2,393.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)51,495,530.0054,842,739.4558,407,517.5162,204,006.1566,247,266.5570,553,338.8872,669,939.04
Payout Ratio84.49%85.60%86.70%87.80%88.90%90.00%92.50%
Projected Dividends (M)43,510,539.0046,942,672.3350,637,150.9654,613,579.0358,893,000.7863,498,004.9967,219,693.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)43,447,065.7843,858,886.3144,270,706.84
Year 2 PV (M)43,376,504.0744,202,704.6445,036,699.55
Year 3 PV (M)43,299,069.6744,542,030.3545,808,553.58
Year 4 PV (M)43,214,973.6544,876,899.5846,586,305.57
Year 5 PV (M)43,124,422.4645,207,348.1947,369,992.39
PV of Terminal Value (M)1,132,479,389.061,187,178,567.001,243,971,211.24
Equity Value (M)1,348,941,424.691,409,866,436.081,473,043,469.17
Shares Outstanding (M)93,333.1193,333.1193,333.11
Fair Value$14,452.98$15,105.75$15,782.65
Upside / Downside228.48%243.31%258.70%

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