DDM Analysis: BTPS.JK

Valuation Snapshot

Stable Growth	$1,298.84 - $1,968.12	$1,613.71
Multi-Stage	$2,625.27 - $2,891.08	$2,755.56
Blended Fair Value	$2,184.64
Current Price	$1,315.00
Upside	66.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	68.18	88.42	58.60	31.43	42.62	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-22.89%	50.88%	86.46%	-26.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.53%	7.02%	2.68%	0.95%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,152,990.00
(-) Cash Dividends Paid (M)	259,604.00
(=) Cash Retained (M)	893,386.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	230,598.00	144,123.75	86,474.25
Cash Retained (M)	893,386.00	893,386.00	893,386.00
(-) Cash Required (M)	-230,598.00	-144,123.75	-86,474.25
(=) Excess Retained (M)	662,788.00	749,262.25	806,911.75
(/) Shares Outstanding (M)	7,703.40	7,703.40	7,703.40
(=) Excess Retained per Share	86.04	97.26	104.75
LTM Dividend per Share	33.70	33.70	33.70
(+) Excess Retained per Share	86.04	97.26	104.75
(=) Adjusted Dividend	119.74	130.96	138.45
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1,298.84	$1,613.71	$1,968.12
Upside / Downside	-1.23%	22.72%	49.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,152,990.00	1,141,460.10	1,130,045.50	1,118,745.04	1,107,557.59	1,096,482.02	1,129,376.48
Payout Ratio	22.52%	36.01%	49.51%	63.01%	76.50%	90.00%	92.50%
Projected Dividends (M)	259,604.00	411,069.19	559,479.11	704,879.72	847,316.38	986,833.82	1,044,673.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	380,173.62	384,052.95	387,932.27
Year 2 PV (M)	478,539.72	488,355.67	498,271.26
Year 3 PV (M)	557,591.57	574,835.46	592,431.26
Year 4 PV (M)	619,888.87	645,580.37	672,062.30
Year 5 PV (M)	667,696.84	702,465.36	738,667.42
PV of Terminal Value (M)	17,519,635.41	18,431,923.47	19,381,825.79
Equity Value (M)	20,223,526.03	21,227,213.28	22,271,190.31
Shares Outstanding (M)	7,703.40	7,703.40	7,703.40
Fair Value	$2,625.27	$2,755.56	$2,891.08
Upside / Downside	99.64%	109.55%	119.85%

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PT Bank BTPN Syariah Tbk (BTPS.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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