Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Pakuwon Jati Tbk (PWON.JK)

Company Dividend Discount ModelIndustry: Real Estate - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$1,876.73 - $8,639.29$4,247.84
Multi-Stage$1,939.97 - $2,132.27$2,034.29
Blended Fair Value$3,141.07
Current Price$376.00
Upside735.39%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.16%7.18%8.986.493.990.000.006.995.994.494.494.49
YoY Growth--38.42%62.56%0.00%-100.00%-100.00%16.66%33.29%0.04%0.01%-0.04%
Dividend Yield--2.64%1.52%0.88%0.00%0.00%2.27%0.82%0.71%0.73%0.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,138,736.27
(-) Cash Dividends Paid (M)17,251.58
(=) Cash Retained (M)2,121,484.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)427,747.25267,342.03160,405.22
Cash Retained (M)2,121,484.702,121,484.702,121,484.70
(-) Cash Required (M)-427,747.25-267,342.03-160,405.22
(=) Excess Retained (M)1,693,737.441,854,142.661,961,079.48
(/) Shares Outstanding (M)48,159.6048,159.6048,159.60
(=) Excess Retained per Share35.1738.5040.72
LTM Dividend per Share0.360.360.36
(+) Excess Retained per Share35.1738.5040.72
(=) Adjusted Dividend35.5338.8641.08
WACC / Discount Rate5.11%5.11%5.11%
Growth Rate3.16%4.16%5.16%
Fair Value$1,876.73$4,247.84$8,639.29
Upside / Downside399.13%1,029.74%2,197.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,138,736.272,227,610.312,320,177.462,416,591.202,517,011.352,621,604.412,700,252.54
Payout Ratio0.81%18.65%36.48%54.32%72.16%90.00%92.50%
Projected Dividends (M)17,251.58415,344.62846,492.961,312,756.371,816,308.742,359,443.972,497,733.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.11%5.11%5.11%
Growth Rate3.16%4.16%5.16%
Year 1 PV (M)391,365.04395,158.97398,952.91
Year 2 PV (M)751,571.37766,213.63780,997.14
Year 3 PV (M)1,098,258.191,130,508.721,163,384.51
Year 4 PV (M)1,431,803.521,488,136.311,546,115.24
Year 5 PV (M)1,752,576.001,839,187.341,929,189.56
PV of Terminal Value (M)88,002,389.6392,351,419.3096,870,715.63
Equity Value (M)93,427,963.7597,970,624.27102,689,354.98
Shares Outstanding (M)48,159.6048,159.6048,159.60
Fair Value$1,939.97$2,034.29$2,132.27
Upside / Downside415.95%441.03%467.09%

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