DDM Analysis: JKON.JK

Valuation Snapshot

Stable Growth	$53.43 - $78.27	$65.40
Multi-Stage	$141.27 - $155.80	$148.39
Blended Fair Value	$106.89
Current Price	$88.00
Upside	21.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.39%	0.12%	4.25	3.00	0.00	0.03	2.40	3.60	5.80	6.40	4.50	4.30
YoY Growth	-	-	41.67%	929,336.93%	-98.83%	-98.85%	-33.30%	-37.96%	-9.37%	42.22%	4.65%	2.38%
Dividend Yield	-	-	6.07%	3.16%	0.00%	0.03%	1.17%	0.87%	1.71%	1.22%	0.75%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	116,686.85
(-) Cash Dividends Paid (M)	53,002.69
(=) Cash Retained (M)	63,684.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23,337.37	14,585.86	8,751.51
Cash Retained (M)	63,684.16	63,684.16	63,684.16
(-) Cash Required (M)	-23,337.37	-14,585.86	-8,751.51
(=) Excess Retained (M)	40,346.79	49,098.31	54,932.65
(/) Shares Outstanding (M)	16,308.52	16,308.52	16,308.52
(=) Excess Retained per Share	2.47	3.01	3.37
LTM Dividend per Share	3.25	3.25	3.25
(+) Excess Retained per Share	2.47	3.01	3.37
(=) Adjusted Dividend	5.72	6.26	6.62
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-3.95%	-2.95%	-1.95%
Fair Value	$53.43	$65.40	$78.27
Upside / Downside	-39.29%	-25.68%	-11.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	116,686.85	113,248.77	109,911.98	106,673.51	103,530.46	100,480.02	103,494.42
Payout Ratio	45.42%	54.34%	63.25%	72.17%	81.08%	90.00%	92.50%
Projected Dividends (M)	53,002.69	61,537.58	69,523.52	76,985.43	83,947.26	90,432.02	95,732.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-3.95%	-2.95%	-1.95%
Year 1 PV (M)	57,270.04	57,866.27	58,462.50
Year 2 PV (M)	60,215.16	61,475.47	62,748.83
Year 3 PV (M)	62,053.99	64,012.34	66,011.47
Year 4 PV (M)	62,973.06	65,636.71	68,383.98
Year 5 PV (M)	63,133.16	66,488.65	69,985.33
PV of Terminal Value (M)	1,998,323.69	2,104,533.56	2,215,212.18
Equity Value (M)	2,303,969.10	2,420,013.01	2,540,804.30
Shares Outstanding (M)	16,308.52	16,308.52	16,308.52
Fair Value	$141.27	$148.39	$155.80
Upside / Downside	60.54%	68.62%	77.04%

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PT Jaya Konstruksi Manggala Pratama Tbk (JKON.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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