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PT WEHA Transportasi Indonesia Tbk (WEHA.JK)

Company Dividend Discount ModelIndustry: RailroadsSector: Industrials

Valuation Snapshot

Stable Growth$210.87 - $373.49$279.66
Multi-Stage$374.89 - $412.01$393.09
Blended Fair Value$336.38
Current Price$115.00
Upside192.50%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%6.000.000.000.000.000.001.650.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.19%0.00%0.00%0.00%0.00%0.00%1.15%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22,943.73
(-) Cash Dividends Paid (M)8,763.33
(=) Cash Retained (M)14,180.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,588.752,867.971,720.78
Cash Retained (M)14,180.4014,180.4014,180.40
(-) Cash Required (M)-4,588.75-2,867.97-1,720.78
(=) Excess Retained (M)9,591.6611,312.4412,459.62
(/) Shares Outstanding (M)1,460.561,460.561,460.56
(=) Excess Retained per Share6.577.758.53
LTM Dividend per Share6.006.006.00
(+) Excess Retained per Share6.577.758.53
(=) Adjusted Dividend12.5713.7514.53
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate0.41%1.41%2.41%
Fair Value$210.87$279.66$373.49
Upside / Downside83.36%143.18%224.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22,943.7323,267.9823,596.8223,930.3024,268.4924,611.4625,349.81
Payout Ratio38.19%48.56%58.92%69.28%79.64%90.00%92.50%
Projected Dividends (M)8,763.3311,297.9813,902.5216,578.4219,327.1822,150.3223,448.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate0.41%1.41%2.41%
Year 1 PV (M)10,513.9310,618.6310,723.34
Year 2 PV (M)12,039.8712,280.8712,524.26
Year 3 PV (M)13,360.9013,764.0714,175.26
Year 4 PV (M)14,495.2415,081.3415,685.05
Year 5 PV (M)15,459.7016,244.9917,061.87
PV of Terminal Value (M)481,678.65506,145.97531,597.61
Equity Value (M)547,548.29574,135.88601,767.40
Shares Outstanding (M)1,460.561,460.561,460.56
Fair Value$374.89$393.09$412.01
Upside / Downside225.99%241.82%258.27%

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