Definitive Analysis
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Definitive Analysis

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PT Wira Global Solusi Tbk (WGSH.JK)

Company Dividend Discount ModelIndustry: Software - InfrastructureSector: Technology

Valuation Snapshot

Stable Growth$67.76 - $100.75$83.48
Multi-Stage$130.69 - $143.50$136.97
Blended Fair Value$110.23
Current Price$174.00
Upside-36.65%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020
DPS0.00%0.00%1.004.001.000.000.000.000.000.000.000.00
YoY Growth---75.00%300.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.12%4.30%0.69%0.00%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)8,725.43
(-) Cash Dividends Paid (M)5,212.50
(=) Cash Retained (M)3,512.93
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,745.091,090.68654.41
Cash Retained (M)3,512.933,512.933,512.93
(-) Cash Required (M)-1,745.09-1,090.68-654.41
(=) Excess Retained (M)1,767.852,422.252,858.52
(/) Shares Outstanding (M)1,042.501,042.501,042.50
(=) Excess Retained per Share1.702.322.74
LTM Dividend per Share5.005.005.00
(+) Excess Retained per Share1.702.322.74
(=) Adjusted Dividend6.707.327.74
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate-2.00%-1.00%0.00%
Fair Value$67.76$83.48$100.75
Upside / Downside-61.06%-52.02%-42.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,725.438,638.188,551.808,466.288,381.618,297.808,546.73
Payout Ratio59.74%65.79%71.84%77.90%83.95%90.00%92.50%
Projected Dividends (M)5,212.505,683.176,143.916,594.867,036.187,468.027,905.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)5,224.305,277.615,330.91
Year 2 PV (M)5,191.815,298.315,405.88
Year 3 PV (M)5,122.915,281.345,443.00
Year 4 PV (M)5,024.415,232.655,447.29
Year 5 PV (M)4,902.195,157.465,423.25
PV of Terminal Value (M)110,776.39116,544.78122,551.00
Equity Value (M)136,242.01142,792.14149,601.34
Shares Outstanding (M)1,042.501,042.501,042.50
Fair Value$130.69$136.97$143.50
Upside / Downside-24.89%-21.28%-17.53%

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