DDM Analysis: NRCA.JK

Valuation Snapshot

Stable Growth	$2,287.04 - $11,681.50	$4,696.75
Multi-Stage	$5,588.41 - $6,174.38	$5,875.52
Blended Fair Value	$5,286.13
Current Price	$905.00
Upside	484.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.88%	0.09%	28.86	41.79	14.93	14.93	24.88	30.16	40.21	30.16	16.40	30.87
YoY Growth	-	-	-30.95%	180.00%	0.00%	-40.00%	-17.51%	-25.00%	33.33%	83.86%	-46.87%	7.99%
Dividend Yield	-	-	9.43%	12.15%	4.85%	5.45%	7.54%	10.77%	9.95%	7.01%	3.96%	4.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	153,231.45
(-) Cash Dividends Paid (M)	53,523.04
(=) Cash Retained (M)	99,708.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30,646.29	19,153.93	11,492.36
Cash Retained (M)	99,708.41	99,708.41	99,708.41
(-) Cash Required (M)	-30,646.29	-19,153.93	-11,492.36
(=) Excess Retained (M)	69,062.12	80,554.48	88,216.05
(/) Shares Outstanding (M)	2,429.01	2,429.01	2,429.01
(=) Excess Retained per Share	28.43	33.16	36.32
LTM Dividend per Share	22.03	22.03	22.03
(+) Excess Retained per Share	28.43	33.16	36.32
(=) Adjusted Dividend	50.47	55.20	58.35
WACC / Discount Rate	0.26%	0.26%	0.26%
Growth Rate	-1.91%	-0.91%	0.09%
Fair Value	$2,287.04	$4,696.75	$11,681.50
Upside / Downside	152.71%	418.98%	1,190.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	153,231.45	151,843.12	150,467.37	149,104.09	147,753.15	146,414.46	150,806.89
Payout Ratio	34.93%	45.94%	56.96%	67.97%	78.99%	90.00%	92.50%
Projected Dividends (M)	53,523.04	69,762.25	85,702.79	101,348.76	116,704.17	131,773.01	139,496.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.26%	0.26%	0.26%
Growth Rate	-1.91%	-0.91%	0.09%
Year 1 PV (M)	68,880.14	69,582.33	70,284.52
Year 2 PV (M)	83,549.17	85,261.31	86,990.81
Year 3 PV (M)	97,552.68	100,566.64	103,642.06
Year 4 PV (M)	110,912.57	115,504.90	120,238.39
Year 5 PV (M)	123,650.09	130,082.55	136,779.96
PV of Terminal Value (M)	13,089,736.40	13,770,683.10	14,479,678.53
Equity Value (M)	13,574,281.06	14,271,680.83	14,997,614.26
Shares Outstanding (M)	2,429.01	2,429.01	2,429.01
Fair Value	$5,588.41	$5,875.52	$6,174.38
Upside / Downside	517.50%	549.23%	582.25%

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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%
030000.KS	Cheil Worldwide Inc.	5.91%	$1,232.93	68.46%
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%

Financial Statements

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PT Nusa Raya Cipta Tbk (NRCA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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