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PT Lautan Luas Tbk (LTLS.JK)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$1,116.47 - $1,774.95$1,416.17
Multi-Stage$2,352.92 - $2,588.98$2,468.64
Blended Fair Value$1,942.41
Current Price$880.00
Upside120.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-3.28%0.73%34.9052.1498.9715.4135.9541.2230.4412.170.0017.79
YoY Growth---33.07%-47.32%542.36%-57.14%-12.79%35.45%150.00%0.00%-100.00%-45.16%
Dividend Yield--3.88%4.59%7.39%2.00%7.22%9.16%4.65%1.87%0.00%4.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)163,395.00
(-) Cash Dividends Paid (M)65,911.00
(=) Cash Retained (M)97,484.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)32,679.0020,424.3812,254.63
Cash Retained (M)97,484.0097,484.0097,484.00
(-) Cash Required (M)-32,679.00-20,424.38-12,254.63
(=) Excess Retained (M)64,805.0077,059.6385,229.38
(/) Shares Outstanding (M)1,491.041,491.041,491.04
(=) Excess Retained per Share43.4651.6857.16
LTM Dividend per Share44.2044.2044.20
(+) Excess Retained per Share43.4651.6857.16
(=) Adjusted Dividend87.6795.89101.37
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-1.27%-0.27%0.73%
Fair Value$1,116.47$1,416.17$1,774.95
Upside / Downside26.87%60.93%101.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)163,395.00162,961.57162,529.30162,098.17161,668.18161,239.34166,076.52
Payout Ratio40.34%50.27%60.20%70.14%80.07%90.00%92.50%
Projected Dividends (M)65,911.0081,922.0197,847.62113,688.16129,443.98145,115.40153,620.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-1.27%-0.27%0.73%
Year 1 PV (M)76,159.6876,931.0377,702.39
Year 2 PV (M)84,566.6786,288.3588,027.38
Year 3 PV (M)91,345.8294,149.5297,010.01
Year 4 PV (M)96,689.60100,666.66104,765.16
Year 5 PV (M)100,771.08105,978.62111,399.26
PV of Terminal Value (M)3,058,759.893,216,827.353,381,363.06
Equity Value (M)3,508,292.743,680,841.533,860,267.26
Shares Outstanding (M)1,491.041,491.041,491.04
Fair Value$2,352.92$2,468.64$2,588.98
Upside / Downside167.38%180.53%194.20%

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