Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Ifishdeco Tbk (IFSH.JK)

Company Dividend Discount ModelIndustry: Industrial MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$234.53 - $353.31$290.64
Multi-Stage$475.36 - $522.51$498.48
Blended Fair Value$394.56
Current Price$790.00
Upside-50.06%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS66.28%0.00%31.4027.9426.448.840.002.477.800.780.000.00
YoY Growth--12.38%5.67%199.10%0.00%-100.00%-68.33%900.00%0.00%0.00%0.00%
Dividend Yield--4.36%3.31%2.32%0.79%0.00%0.65%1.18%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)53,063.45
(-) Cash Dividends Paid (M)28,120.17
(=) Cash Retained (M)24,943.28
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,612.696,632.933,979.76
Cash Retained (M)24,943.2824,943.2824,943.28
(-) Cash Required (M)-10,612.69-6,632.93-3,979.76
(=) Excess Retained (M)14,330.5918,310.3520,963.52
(/) Shares Outstanding (M)1,923.031,923.031,923.03
(=) Excess Retained per Share7.459.5210.90
LTM Dividend per Share14.6214.6214.62
(+) Excess Retained per Share7.459.5210.90
(=) Adjusted Dividend22.0724.1425.52
WACC / Discount Rate7.22%7.22%7.22%
Growth Rate-2.00%-1.00%0.00%
Fair Value$234.53$290.64$353.31
Upside / Downside-70.31%-63.21%-55.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)53,063.4552,532.8152,007.4851,487.4150,972.5450,462.8151,976.69
Payout Ratio52.99%60.39%67.80%75.20%82.60%90.00%92.50%
Projected Dividends (M)28,120.1731,727.0835,259.0438,717.1942,102.6545,416.5348,078.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.22%7.22%7.22%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)29,290.5729,589.4529,888.33
Year 2 PV (M)30,051.4830,667.9031,290.59
Year 3 PV (M)30,464.7031,406.8432,368.21
Year 4 PV (M)30,584.4131,851.9933,158.57
Year 5 PV (M)30,458.0732,044.0933,695.50
PV of Terminal Value (M)763,281.11803,026.93844,411.50
Equity Value (M)914,130.34958,587.211,004,812.71
Shares Outstanding (M)1,923.031,923.031,923.03
Fair Value$475.36$498.48$522.51
Upside / Downside-39.83%-36.90%-33.86%

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