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PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (BJBR.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$1,234.25 - $2,149.59$1,625.88
Multi-Stage$2,027.86 - $2,221.19$2,122.70
Blended Fair Value$1,874.29
Current Price$765.00
Upside145.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.60%2.82%95.05104.5599.1189.5387.9283.6083.2282.0278.1565.98
YoY Growth---9.09%5.49%10.70%1.83%5.17%0.46%1.46%4.95%18.44%-8.32%
Dividend Yield--11.45%8.64%7.29%5.87%6.06%11.41%4.13%3.99%3.88%6.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)997,156.00
(-) Cash Dividends Paid (M)896,953.00
(=) Cash Retained (M)100,203.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)199,431.20124,644.5074,786.70
Cash Retained (M)100,203.00100,203.00100,203.00
(-) Cash Required (M)-199,431.20-124,644.50-74,786.70
(=) Excess Retained (M)-99,228.20-24,441.5025,416.30
(/) Shares Outstanding (M)10,521.4410,521.4410,521.44
(=) Excess Retained per Share-9.43-2.322.42
LTM Dividend per Share85.2585.2585.25
(+) Excess Retained per Share-9.43-2.322.42
(=) Adjusted Dividend75.8282.9387.67
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate0.82%1.82%2.82%
Fair Value$1,234.25$1,625.88$2,149.59
Upside / Downside61.34%112.53%180.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)997,156.001,015,303.171,033,780.591,052,594.281,071,750.361,091,255.071,123,992.72
Payout Ratio89.95%89.96%89.97%89.98%89.99%90.00%92.50%
Projected Dividends (M)896,953.00913,375.83930,099.35947,129.06964,470.56982,129.561,039,693.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate0.82%1.82%2.82%
Year 1 PV (M)845,134.72853,517.34861,899.96
Year 2 PV (M)796,310.06812,185.08828,216.79
Year 3 PV (M)750,306.05772,854.36795,849.96
Year 4 PV (M)706,959.76735,428.25764,748.01
Year 5 PV (M)666,117.64699,814.53734,861.53
PV of Terminal Value (M)17,571,203.6118,460,078.0219,384,566.29
Equity Value (M)21,336,031.8422,333,877.5823,370,142.54
Shares Outstanding (M)10,521.4410,521.4410,521.44
Fair Value$2,027.86$2,122.70$2,221.19
Upside / Downside165.08%177.48%190.35%

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