DDM Analysis: INDF.JK

Valuation Snapshot

Stable Growth	$92,146.78 - $175,812.47	$164,762.03
Multi-Stage	$27,366.29 - $29,964.40	$28,641.43
Blended Fair Value	$96,701.73
Current Price	$7,225.00
Upside	1,238.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.32%	6.52%	267.00	257.00	278.00	278.00	278.00	171.00	302.00	235.00	168.00	220.00
YoY Growth	-	-	3.89%	-7.55%	0.00%	0.00%	62.57%	-43.38%	28.51%	39.88%	-23.64%	54.93%
Dividend Yield	-	-	3.76%	4.00%	4.48%	4.67%	4.21%	2.69%	4.81%	3.26%	2.10%	3.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,762,205.00
(-) Cash Dividends Paid (M)	2,458,520.00
(=) Cash Retained (M)	5,303,685.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,552,441.00	970,275.63	582,165.38
Cash Retained (M)	5,303,685.00	5,303,685.00	5,303,685.00
(-) Cash Required (M)	-1,552,441.00	-970,275.63	-582,165.38
(=) Excess Retained (M)	3,751,244.00	4,333,409.38	4,721,519.63
(/) Shares Outstanding (M)	8,780.43	8,780.43	8,780.43
(=) Excess Retained per Share	427.23	493.53	537.73
LTM Dividend per Share	280.00	280.00	280.00
(+) Excess Retained per Share	427.23	493.53	537.73
(=) Adjusted Dividend	707.23	773.53	817.73
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$92,146.78	$164,762.03	$175,812.47
Upside / Downside	1,175.39%	2,180.44%	2,333.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,762,205.00	8,266,748.33	8,804,086.97	9,376,352.62	9,985,815.54	10,634,893.55	10,953,940.36
Payout Ratio	31.67%	43.34%	55.00%	66.67%	78.33%	90.00%	92.50%
Projected Dividends (M)	2,458,520.00	3,582,673.74	4,842,580.22	6,251,137.74	7,822,347.84	9,571,404.19	10,132,394.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,338,390.70	3,370,034.21	3,401,677.73
Year 2 PV (M)	4,204,715.60	4,284,803.62	4,365,647.19
Year 3 PV (M)	5,057,650.00	5,202,836.96	5,350,776.19
Year 4 PV (M)	5,897,347.64	6,124,142.98	6,357,417.72
Year 5 PV (M)	6,723,960.65	7,048,730.47	7,385,929.98
PV of Terminal Value (M)	215,065,684.67	225,453,437.65	236,238,754.40
Equity Value (M)	240,287,749.26	251,483,985.90	263,100,203.21
Shares Outstanding (M)	8,780.43	8,780.43	8,780.43
Fair Value	$27,366.29	$28,641.43	$29,964.40
Upside / Downside	278.77%	296.42%	314.73%

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PT Indofood Sukses Makmur Tbk (INDF.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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