DDM Analysis: MICE.JK

Valuation Snapshot

Stable Growth	$1,019.77 - $1,800.56	$1,350.78
Multi-Stage	$1,773.62 - $1,951.24	$1,860.71
Blended Fair Value	$1,605.74
Current Price	$478.00
Upside	235.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.12%	-0.08%	10.00	5.00	15.00	4.00	5.00	10.06	10.06	10.06	0.00	10.08
YoY Growth	-	-	100.00%	-66.67%	275.00%	-20.00%	-50.30%	0.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	2.33%	0.98%	1.81%	1.06%	1.72%	3.05%	2.40%	2.89%	0.00%	2.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45,256.09
(-) Cash Dividends Paid (M)	5,919.04
(=) Cash Retained (M)	39,337.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,051.22	5,657.01	3,394.21
Cash Retained (M)	39,337.05	39,337.05	39,337.05
(-) Cash Required (M)	-9,051.22	-5,657.01	-3,394.21
(=) Excess Retained (M)	30,285.83	33,680.04	35,942.85
(/) Shares Outstanding (M)	591.90	591.90	591.90
(=) Excess Retained per Share	51.17	56.90	60.72
LTM Dividend per Share	10.00	10.00	10.00
(+) Excess Retained per Share	51.17	56.90	60.72
(=) Adjusted Dividend	61.17	66.90	70.72
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	0.40%	1.40%	2.40%
Fair Value	$1,019.77	$1,350.78	$1,800.56
Upside / Downside	113.34%	182.59%	276.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45,256.09	45,891.73	46,536.29	47,189.91	47,852.70	48,524.81	49,980.55
Payout Ratio	13.08%	28.46%	43.85%	59.23%	74.62%	90.00%	92.50%
Projected Dividends (M)	5,919.04	13,062.25	20,404.95	27,951.33	35,705.68	43,672.33	46,232.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	0.40%	1.40%	2.40%
Year 1 PV (M)	12,152.42	12,273.45	12,394.49
Year 2 PV (M)	17,661.39	18,014.94	18,372.00
Year 3 PV (M)	22,507.97	23,187.21	23,879.98
Year 4 PV (M)	26,749.50	27,831.20	28,945.38
Year 5 PV (M)	30,438.93	31,985.25	33,593.77
PV of Terminal Value (M)	940,301.25	988,068.97	1,037,758.55
Equity Value (M)	1,049,811.47	1,101,361.02	1,154,944.17
Shares Outstanding (M)	591.90	591.90	591.90
Fair Value	$1,773.62	$1,860.71	$1,951.24
Upside / Downside	271.05%	289.27%	308.21%

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PT Multi Indocitra Tbk (MICE.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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