DDM Analysis: TLKM.JK

Valuation Snapshot

Stable Growth	$5,355.55 - $15,405.34	$8,390.66
Multi-Stage	$5,787.61 - $6,330.40	$6,053.98
Blended Fair Value	$7,222.32
Current Price	$2,780.00
Upside	159.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.32%	8.51%	178.50	167.60	149.97	126.00	113.03	109.22	134.13	97.84	97.56	73.88
YoY Growth	-	-	6.50%	11.76%	19.02%	11.48%	3.49%	-18.57%	37.09%	0.29%	32.04%	-6.31%
Dividend Yield	-	-	7.41%	4.77%	3.69%	2.75%	3.30%	3.46%	3.41%	2.72%	2.36%	2.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21,758,000.00
(-) Cash Dividends Paid (M)	21,047,000.00
(=) Cash Retained (M)	711,000.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,351,600.00	2,719,750.00	1,631,850.00
Cash Retained (M)	711,000.00	711,000.00	711,000.00
(-) Cash Required (M)	-4,351,600.00	-2,719,750.00	-1,631,850.00
(=) Excess Retained (M)	-3,640,600.00	-2,008,750.00	-920,850.00
(/) Shares Outstanding (M)	99,061.78	99,061.78	99,061.78
(=) Excess Retained per Share	-36.75	-20.28	-9.30
LTM Dividend per Share	212.46	212.46	212.46
(+) Excess Retained per Share	-36.75	-20.28	-9.30
(=) Adjusted Dividend	175.71	192.19	203.17
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.27%	4.27%	5.27%
Fair Value	$5,355.55	$8,390.66	$15,405.34
Upside / Downside	92.65%	201.82%	454.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21,758,000.00	22,687,996.94	23,657,744.52	24,668,941.78	25,723,360.41	26,822,847.79	27,627,533.22
Payout Ratio	96.73%	95.39%	94.04%	92.69%	91.35%	90.00%	92.50%
Projected Dividends (M)	21,047,000.00	21,641,124.92	22,247,587.24	22,866,356.20	23,497,375.85	24,140,563.01	25,555,468.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.27%	4.27%	5.27%
Year 1 PV (M)	20,094,742.71	20,289,319.16	20,483,895.62
Year 2 PV (M)	19,181,746.81	19,555,017.20	19,931,884.54
Year 3 PV (M)	18,306,478.84	18,843,427.03	19,390,773.38
Year 4 PV (M)	17,467,463.13	18,153,899.69	18,860,371.91
Year 5 PV (M)	16,663,279.69	17,485,803.93	18,340,493.00
PV of Terminal Value (M)	481,617,037.93	505,390,370.40	530,093,359.48
Equity Value (M)	573,330,749.11	599,717,837.42	627,100,777.94
Shares Outstanding (M)	99,061.78	99,061.78	99,061.78
Fair Value	$5,787.61	$6,053.98	$6,330.40
Upside / Downside	108.19%	117.77%	127.71%

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Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLKM.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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