DDM Analysis: BUDI.JK

Valuation Snapshot

Stable Growth	$648.75 - $3,689.96	$1,186.88
Multi-Stage	$565.29 - $619.71	$591.99
Blended Fair Value	$889.44
Current Price	$220.00
Upside	304.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.47%	0.00%	9.00	14.01	8.00	6.00	6.00	5.00	4.00	2.50	0.00	0.00
YoY Growth	-	-	-35.71%	75.00%	33.33%	0.00%	20.00%	25.00%	60.01%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.55%	5.35%	3.89%	2.83%	5.61%	6.03%	4.00%	1.98%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88,642.00
(-) Cash Dividends Paid (M)	31,482.00
(=) Cash Retained (M)	57,160.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17,728.40	11,080.25	6,648.15
Cash Retained (M)	57,160.00	57,160.00	57,160.00
(-) Cash Required (M)	-17,728.40	-11,080.25	-6,648.15
(=) Excess Retained (M)	39,431.60	46,079.75	50,511.85
(/) Shares Outstanding (M)	4,497.07	4,497.07	4,497.07
(=) Excess Retained per Share	8.77	10.25	11.23
LTM Dividend per Share	7.00	7.00	7.00
(+) Excess Retained per Share	8.77	10.25	11.23
(=) Adjusted Dividend	15.77	17.25	18.23
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.79%	4.79%	5.79%
Fair Value	$648.75	$1,186.88	$3,689.96
Upside / Downside	194.89%	439.49%	1,577.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88,642.00	92,885.41	97,331.96	101,991.37	106,873.83	111,990.02	115,349.72
Payout Ratio	35.52%	46.41%	57.31%	68.21%	79.10%	90.00%	92.50%
Projected Dividends (M)	31,482.00	43,110.64	55,780.49	69,564.60	84,540.60	100,791.02	106,698.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.79%	4.79%	5.79%
Year 1 PV (M)	40,164.89	40,551.88	40,938.87
Year 2 PV (M)	48,417.96	49,355.48	50,301.99
Year 3 PV (M)	56,256.73	57,898.57	59,572.04
Year 4 PV (M)	63,696.21	66,186.80	68,749.72
Year 5 PV (M)	70,750.94	74,225.72	77,835.70
PV of Terminal Value (M)	2,262,877.27	2,374,013.67	2,489,474.38
Equity Value (M)	2,542,164.00	2,662,232.11	2,786,872.70
Shares Outstanding (M)	4,497.07	4,497.07	4,497.07
Fair Value	$565.29	$591.99	$619.71
Upside / Downside	156.95%	169.09%	181.69%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
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0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

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PT Budi Starch & Sweetener Tbk (BUDI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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