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PT Matahari Department Store Tbk (LPPF.JK)

Company Dividend Discount ModelIndustry: Department StoresSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$2,670.76 - $3,912.78$3,269.23
Multi-Stage$7,615.71 - $8,388.07$7,994.19
Blended Fair Value$5,631.71
Current Price$1,615.00
Upside248.71%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-13.51%-0.18%200.78527.03264.95113.260.00414.83593.16628.30554.00378.33
YoY Growth---61.90%98.92%133.94%0.00%-100.00%-30.06%-5.59%13.41%46.44%85.03%
Dividend Yield--10.43%29.69%5.37%1.83%0.00%31.07%14.76%5.74%4.20%2.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)806,534.00
(-) Cash Dividends Paid (M)668,184.00
(=) Cash Retained (M)138,350.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)161,306.80100,816.7560,490.05
Cash Retained (M)138,350.00138,350.00138,350.00
(-) Cash Required (M)-161,306.80-100,816.75-60,490.05
(=) Excess Retained (M)-22,956.8037,533.2577,859.95
(/) Shares Outstanding (M)2,250.572,250.572,250.57
(=) Excess Retained per Share-10.2016.6834.60
LTM Dividend per Share296.90296.90296.90
(+) Excess Retained per Share-10.2016.6834.60
(=) Adjusted Dividend286.70313.57331.49
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate-4.12%-3.12%-2.12%
Fair Value$2,670.76$3,269.23$3,912.78
Upside / Downside65.37%102.43%142.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)806,534.00781,393.34757,036.35733,438.60710,576.41688,426.87709,079.68
Payout Ratio82.85%84.28%85.71%87.14%88.57%90.00%92.50%
Projected Dividends (M)668,184.00658,535.51648,839.29639,107.69629,352.34619,584.18655,898.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate-4.12%-3.12%-2.12%
Year 1 PV (M)613,831.01620,232.89626,634.78
Year 2 PV (M)563,736.81575,556.99587,499.81
Year 3 PV (M)517,586.48533,950.30550,655.44
Year 4 PV (M)475,086.14495,217.80515,982.58
Year 5 PV (M)435,961.82459,175.08483,366.78
PV of Terminal Value (M)14,533,487.7815,307,339.0316,113,808.39
Equity Value (M)17,139,690.0417,991,472.0918,877,947.77
Shares Outstanding (M)2,250.572,250.572,250.57
Fair Value$7,615.71$7,994.19$8,388.07
Upside / Downside371.56%395.00%419.39%

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