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PT Bank OCBC NISP Tbk (NISP.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$4,401.33 - $10,432.92$6,492.78
Multi-Stage$4,849.83 - $5,312.45$5,076.82
Blended Fair Value$5,784.80
Current Price$1,355.00
Upside326.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%72.0058.0022.000.000.000.000.000.000.000.00
YoY Growth--24.14%163.62%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.35%4.31%2.88%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,873,131.00
(-) Cash Dividends Paid (M)2,432,201.00
(=) Cash Retained (M)2,440,930.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)974,626.20609,141.38365,484.83
Cash Retained (M)2,440,930.002,440,930.002,440,930.00
(-) Cash Required (M)-974,626.20-609,141.38-365,484.83
(=) Excess Retained (M)1,466,303.801,831,788.632,075,445.18
(/) Shares Outstanding (M)22,945.3022,945.3022,945.30
(=) Excess Retained per Share63.9079.8390.45
LTM Dividend per Share106.00106.00106.00
(+) Excess Retained per Share63.9079.8390.45
(=) Adjusted Dividend169.90185.83196.45
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate3.05%4.05%5.05%
Fair Value$4,401.33$6,492.78$10,432.92
Upside / Downside224.82%379.17%669.96%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,873,131.005,070,639.365,276,152.755,489,995.615,712,505.545,944,033.826,122,354.83
Payout Ratio49.91%57.93%65.95%73.96%81.98%90.00%92.50%
Projected Dividends (M)2,432,201.002,937,337.713,479,425.544,060,629.964,683,231.295,349,630.445,663,178.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate3.05%4.05%5.05%
Year 1 PV (M)2,718,001.582,744,376.372,770,751.17
Year 2 PV (M)2,979,196.813,037,296.073,095,956.38
Year 3 PV (M)3,217,220.943,311,789.973,408,194.29
Year 4 PV (M)3,433,435.573,568,656.683,707,833.12
Year 5 PV (M)3,629,133.133,808,664.633,995,231.94
PV of Terminal Value (M)95,303,733.57100,018,364.29104,917,760.36
Equity Value (M)111,280,721.60116,489,148.01121,895,727.25
Shares Outstanding (M)22,945.3022,945.3022,945.30
Fair Value$4,849.83$5,076.82$5,312.45
Upside / Downside257.92%274.67%292.06%

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