DDM Analysis: MICE.JK

Valuation Snapshot

Stable Growth	$1,019.73 - $1,800.46	$1,350.72
Multi-Stage	$1,773.50 - $1,951.10	$1,860.58
Blended Fair Value	$1,605.65
Current Price	$478.00
Upside	235.91%
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	$1,019.73	$1,350.72	$1,800.46
Upside / Downside	113.33%	182.58%	276.66%

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)	12,152.39	12,273.43	12,394.46
Year 2 PV (M)	17,661.31	18,014.87	18,371.93
Year 3 PV (M)	22,507.83	23,187.07	23,879.83
Year 4 PV (M)	26,749.28	27,830.97	28,945.14
Year 5 PV (M)	30,438.62	31,984.91	33,593.42
PV of Terminal Value (M)	940,230.91	987,995.05	1,037,680.92
Equity Value (M)	1,049,740.35	1,101,286.30	1,154,865.70
Shares Outstanding (M)	591.90	591.90	591.90
Fair Value	$1,773.50	$1,860.58	$1,951.10
Upside / Downside	271.02%	289.24%	308.18%

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3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
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298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
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NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
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ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
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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%
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PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
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0RCW.L	Kid ASA	5.91%	$8.00	99.60%
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Financial Statements

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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

High-Yield Dividend Screener