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PT Suparma Tbk (SPMA.JK)

Company Dividend Discount ModelIndustry: Paper, Lumber & Forest ProductsSector: Basic Materials

Valuation Snapshot

Stable Growth$325.29 - $505.23$408.51
Multi-Stage$748.91 - $824.94$786.17
Blended Fair Value$597.34
Current Price$196.92
Upside203.34%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%11.970.000.0010.030.000.000.000.000.000.00
YoY Growth--0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.72%0.00%0.00%2.00%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)108,892.79
(-) Cash Dividends Paid (M)37,759.96
(=) Cash Retained (M)71,132.83
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)21,778.5613,611.608,166.96
Cash Retained (M)71,132.8371,132.8371,132.83
(-) Cash Required (M)-21,778.56-13,611.60-8,166.96
(=) Excess Retained (M)49,354.2757,521.2362,965.87
(/) Shares Outstanding (M)3,154.093,154.093,154.09
(=) Excess Retained per Share15.6518.2419.96
LTM Dividend per Share11.9711.9711.97
(+) Excess Retained per Share15.6518.2419.96
(=) Adjusted Dividend27.6230.2131.93
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-2.00%-1.00%0.00%
Fair Value$325.29$408.51$505.23
Upside / Downside65.19%107.45%156.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)108,892.79107,803.86106,725.82105,658.57104,601.98103,555.96106,662.64
Payout Ratio34.68%45.74%56.81%67.87%78.94%90.00%92.50%
Projected Dividends (M)37,759.9649,310.5860,626.4271,711.0182,567.8493,200.3698,662.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)45,910.5346,379.0046,847.48
Year 2 PV (M)52,554.0653,632.0654,721.01
Year 3 PV (M)57,876.5159,666.3861,492.77
Year 4 PV (M)62,043.9764,615.4067,265.95
Year 5 PV (M)65,204.6368,599.9972,135.34
PV of Terminal Value (M)2,078,532.212,186,766.202,299,462.76
Equity Value (M)2,362,121.902,479,659.032,601,925.30
Shares Outstanding (M)3,154.093,154.093,154.09
Fair Value$748.91$786.17$824.94
Upside / Downside280.31%299.23%318.92%

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