DDM Analysis: WTON.JK

Valuation Snapshot

Stable Growth	$19.06 - $25.49	$22.38
Multi-Stage	$55.76 - $61.93	$58.78
Blended Fair Value	$40.58
Current Price	$100.00
Upside	-59.42%
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	-45.70%	-8.44%	0.79	3.75	1.90	2.94	14.70	16.74	11.61	5.88	3.76	7.09
YoY Growth	-	-	-78.93%	97.37%	-35.37%	-79.99%	-12.23%	44.27%	97.37%	56.55%	-47.04%	271.90%
Dividend Yield	-	-	1.04%	3.75%	1.13%	1.35%	4.68%	7.41%	1.86%	1.14%	0.48%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39,886.63
(-) Cash Dividends Paid (M)	6,536.63
(=) Cash Retained (M)	33,350.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,977.33	4,985.83	2,991.50
Cash Retained (M)	33,350.01	33,350.01	33,350.01
(-) Cash Required (M)	-7,977.33	-4,985.83	-2,991.50
(=) Excess Retained (M)	25,372.68	28,364.18	30,358.51
(/) Shares Outstanding (M)	8,715.47	8,715.47	8,715.47
(=) Excess Retained per Share	2.91	3.25	3.48
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	2.91	3.25	3.48
(=) Adjusted Dividend	3.66	4.00	4.23
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	-10.44%	-9.44%	-8.44%
Fair Value	$19.06	$22.38	$25.49
Upside / Downside	-80.94%	-77.62%	-74.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39,886.63	36,123.27	32,714.99	29,628.28	26,832.81	24,301.10	25,030.13
Payout Ratio	16.39%	31.11%	45.83%	60.56%	75.28%	90.00%	92.50%
Projected Dividends (M)	6,536.63	11,238.10	14,994.20	17,941.47	20,199.10	21,870.99	23,152.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	-10.44%	-9.44%	-8.44%
Year 1 PV (M)	10,409.26	10,525.48	10,641.70
Year 2 PV (M)	12,864.05	13,152.91	13,444.97
Year 3 PV (M)	14,257.37	14,740.28	15,233.97
Year 4 PV (M)	14,867.59	15,542.79	16,240.72
Year 5 PV (M)	14,910.91	15,762.12	16,651.76
PV of Terminal Value (M)	418,655.00	442,554.36	467,532.93
Equity Value (M)	485,964.19	512,277.94	539,746.06
Shares Outstanding (M)	8,715.47	8,715.47	8,715.47
Fair Value	$55.76	$58.78	$61.93
Upside / Downside	-44.24%	-41.22%	-38.07%

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PT Wijaya Karya Beton Tbk (WTON.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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