DDM Analysis: BLES.JK

Valuation Snapshot

Stable Growth	$112.26 - $171.27	$139.89
Multi-Stage	$235.74 - $259.59	$247.43
Blended Fair Value	$193.66
Current Price	$175.00
Upside	10.66%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	3.36	6.77	5.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-50.37%	20.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.82%	2.75%	0.00%	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)	111,889.62
(-) Cash Dividends Paid (M)	32,017.74
(=) Cash Retained (M)	79,871.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22,377.92	13,986.20	8,391.72
Cash Retained (M)	79,871.88	79,871.88	79,871.88
(-) Cash Required (M)	-22,377.92	-13,986.20	-8,391.72
(=) Excess Retained (M)	57,493.95	65,885.68	71,480.16
(/) Shares Outstanding (M)	8,857.36	8,857.36	8,857.36
(=) Excess Retained per Share	6.49	7.44	8.07
LTM Dividend per Share	3.61	3.61	3.61
(+) Excess Retained per Share	6.49	7.44	8.07
(=) Adjusted Dividend	10.11	11.05	11.68
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$112.26	$139.89	$171.27
Upside / Downside	-35.85%	-20.06%	-2.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111,889.62	110,770.72	109,663.02	108,566.39	107,480.72	106,405.92	109,598.09
Payout Ratio	28.62%	40.89%	53.17%	65.45%	77.72%	90.00%	92.50%
Projected Dividends (M)	32,017.74	45,296.78	58,307.04	71,052.56	83,537.34	95,765.32	101,378.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	41,975.50	42,403.82	42,832.14
Year 2 PV (M)	50,070.05	51,097.10	52,134.58
Year 3 PV (M)	56,541.24	58,289.82	60,074.08
Year 4 PV (M)	61,601.99	64,155.11	66,786.77
Year 5 PV (M)	65,441.15	68,848.82	72,396.99
PV of Terminal Value (M)	1,812,385.35	1,906,760.46	2,005,026.72
Equity Value (M)	2,088,015.29	2,191,555.13	2,299,251.29
Shares Outstanding (M)	8,857.36	8,857.36	8,857.36
Fair Value	$235.74	$247.43	$259.59
Upside / Downside	34.71%	41.39%	48.34%

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Superior Prima Sukses Tbk. (BLES.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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