DDM Analysis: SMRA.JK

Valuation Snapshot

Stable Growth	$7,276.23 - $11,917.21	$11,168.18
Multi-Stage	$1,904.84 - $2,087.03	$1,994.25
Blended Fair Value	$6,581.21
Current Price	$426.00
Upside	1,444.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.55%	-7.72%	8.99	6.99	5.99	0.00	0.00	4.36	4.36	4.37	4.36	17.45
YoY Growth	-	-	28.59%	16.67%	3,489,418.17%	66.41%	-100.00%	0.01%	-0.16%	0.17%	-75.00%	-13.06%
Dividend Yield	-	-	2.28%	1.33%	1.13%	0.00%	0.00%	1.13%	0.44%	0.50%	0.34%	1.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	989,245.24
(-) Cash Dividends Paid (M)	148,360.14
(=) Cash Retained (M)	840,885.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	197,849.05	123,655.65	74,193.39
Cash Retained (M)	840,885.10	840,885.10	840,885.10
(-) Cash Required (M)	-197,849.05	-123,655.65	-74,193.39
(=) Excess Retained (M)	643,036.05	717,229.45	766,691.71
(/) Shares Outstanding (M)	16,508.57	16,508.57	16,508.57
(=) Excess Retained per Share	38.95	43.45	46.44
LTM Dividend per Share	8.99	8.99	8.99
(+) Excess Retained per Share	38.95	43.45	46.44
(=) Adjusted Dividend	47.94	52.43	55.43
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7,276.23	$11,168.18	$11,917.21
Upside / Downside	1,608.04%	2,521.64%	2,697.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	989,245.24	1,053,546.18	1,122,026.68	1,194,958.41	1,272,630.71	1,355,351.71	1,396,012.26
Payout Ratio	15.00%	30.00%	45.00%	60.00%	75.00%	90.00%	92.50%
Projected Dividends (M)	148,360.14	316,041.15	504,893.87	716,962.17	954,466.18	1,219,816.54	1,291,311.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	294,809.94	297,604.34	300,398.75
Year 2 PV (M)	439,336.28	447,704.40	456,151.47
Year 3 PV (M)	581,958.07	598,663.99	615,686.61
Year 4 PV (M)	722,694.05	750,486.82	779,073.61
Year 5 PV (M)	861,562.79	903,176.60	946,383.06
PV of Terminal Value (M)	28,545,823.88	29,924,597.84	31,356,140.74
Equity Value (M)	31,446,185.00	32,922,233.99	34,453,834.23
Shares Outstanding (M)	16,508.57	16,508.57	16,508.57
Fair Value	$1,904.84	$1,994.25	$2,087.03
Upside / Downside	347.15%	368.13%	389.91%

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PT Summarecon Agung Tbk (SMRA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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