DDM Analysis: KLBF.JK

Valuation Snapshot

Stable Growth	$2,839.59 - $15,033.91	$5,651.63
Multi-Stage	$2,250.20 - $2,465.37	$2,355.78
Blended Fair Value	$4,003.70
Current Price	$1,130.00
Upside	254.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.31%	6.05%	31.45	38.55	35.78	28.79	26.73	26.73	25.70	22.62	19.53	19.53
YoY Growth	-	-	-18.42%	7.75%	24.30%	7.69%	0.00%	4.00%	13.64%	15.79%	0.00%	11.76%
Dividend Yield	-	-	2.77%	2.63%	1.70%	1.79%	1.70%	2.23%	1.72%	1.51%	1.27%	1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,493,602.86
(-) Cash Dividends Paid (M)	1,635,802.50
(=) Cash Retained (M)	1,857,800.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	698,720.57	436,700.36	262,020.21
Cash Retained (M)	1,857,800.36	1,857,800.36	1,857,800.36
(-) Cash Required (M)	-698,720.57	-436,700.36	-262,020.21
(=) Excess Retained (M)	1,159,079.78	1,421,100.00	1,595,780.14
(/) Shares Outstanding (M)	45,591.84	45,591.84	45,591.84
(=) Excess Retained per Share	25.42	31.17	35.00
LTM Dividend per Share	35.88	35.88	35.88
(+) Excess Retained per Share	25.42	31.17	35.00
(=) Adjusted Dividend	61.30	67.05	70.88
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	4.05%	5.05%	6.05%
Fair Value	$2,839.59	$5,651.63	$15,033.91
Upside / Downside	151.29%	400.14%	1,230.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,493,602.86	3,670,055.38	3,855,420.05	4,050,146.99	4,254,709.06	4,469,603.02	4,603,691.11
Payout Ratio	46.82%	55.46%	64.09%	72.73%	81.36%	90.00%	92.50%
Projected Dividends (M)	1,635,802.50	2,035,347.97	2,471,080.47	2,945,636.18	3,461,825.27	4,022,642.72	4,258,414.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	4.05%	5.05%	6.05%
Year 1 PV (M)	1,896,547.02	1,914,774.16	1,933,001.30
Year 2 PV (M)	2,145,540.82	2,186,979.28	2,228,814.08
Year 3 PV (M)	2,383,164.08	2,452,538.16	2,523,245.67
Year 4 PV (M)	2,609,786.19	2,711,569.26	2,816,300.88
Year 5 PV (M)	2,825,765.99	2,964,189.12	3,107,984.52
PV of Terminal Value (M)	90,729,888.98	95,174,388.47	99,791,381.01
Equity Value (M)	102,590,693.09	107,404,438.45	112,400,727.46
Shares Outstanding (M)	45,591.84	45,591.84	45,591.84
Fair Value	$2,250.20	$2,355.78	$2,465.37
Upside / Downside	99.13%	108.48%	118.17%

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PT Kalbe Farma Tbk. (KLBF.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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