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PT Elang Mahkota Teknologi Tbk (EMTK.JK)

Company Dividend Discount ModelIndustry: BroadcastingSector: Communication Services

Valuation Snapshot

Stable Growth$3,395.88 - $17,866.05$6,792.61
Multi-Stage$2,398.42 - $2,625.47$2,509.85
Blended Fair Value$4,651.23
Current Price$484.00
Upside861.00%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.77%-3.39%8.737.236.140.040.005.237.009.1614.0847.40
YoY Growth--20.79%17.75%17,347.96%0.00%-100.00%-25.25%-23.58%-34.92%-70.30%284.71%
Dividend Yield--1.60%1.65%0.78%0.00%0.00%1.05%0.86%1.07%1.60%5.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,545,680.85
(-) Cash Dividends Paid (M)2,687,775.59
(=) Cash Retained (M)2,857,905.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,109,136.17693,210.11415,926.06
Cash Retained (M)2,857,905.262,857,905.262,857,905.26
(-) Cash Required (M)-1,109,136.17-693,210.11-415,926.06
(=) Excess Retained (M)1,748,769.092,164,695.152,441,979.19
(/) Shares Outstanding (M)61,152.3761,152.3761,152.37
(=) Excess Retained per Share28.6035.4039.93
LTM Dividend per Share43.9543.9543.95
(+) Excess Retained per Share28.6035.4039.93
(=) Adjusted Dividend72.5579.3583.88
WACC / Discount Rate6.72%6.72%6.72%
Growth Rate4.49%5.49%6.49%
Fair Value$3,395.88$6,792.61$17,866.05
Upside / Downside601.63%1,303.43%3,591.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,545,680.855,850,225.326,171,494.056,510,405.446,867,928.367,245,084.887,462,437.42
Payout Ratio48.47%56.77%65.08%73.39%81.69%90.00%92.50%
Projected Dividends (M)2,687,775.593,321,341.714,016,387.594,777,754.965,610,631.926,520,576.396,902,754.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.72%6.72%6.72%
Growth Rate4.49%5.49%6.49%
Year 1 PV (M)3,082,587.163,112,087.983,141,588.81
Year 2 PV (M)3,459,706.263,526,242.953,593,413.37
Year 3 PV (M)3,819,700.293,930,418.484,043,255.78
Year 4 PV (M)4,163,120.684,324,789.834,491,122.53
Year 5 PV (M)4,490,503.254,709,529.514,937,020.09
PV of Terminal Value (M)127,653,666.17133,880,029.77140,347,012.33
Equity Value (M)146,669,283.81153,483,098.52160,553,412.91
Shares Outstanding (M)61,152.3761,152.3761,152.37
Fair Value$2,398.42$2,509.85$2,625.47
Upside / Downside395.54%418.56%442.45%

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