DDM Analysis: SSMS.JK

Valuation Snapshot

Stable Growth	$13,269.70 - $25,297.54	$23,707.50
Multi-Stage	$3,953.53 - $4,328.02	$4,137.33
Blended Fair Value	$13,922.41
Current Price	$1,645.00
Upside	746.35%
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%	0.00	74.64	155.11	30.49	0.00	2.72	24.79	18.64	17.67	22.65
YoY Growth	-	-	-100.00%	-51.88%	408.70%	0.00%	-100.00%	-89.05%	32.99%	5.51%	-22.00%	335.83%
Dividend Yield	-	-	0.00%	6.79%	9.18%	2.86%	0.00%	0.29%	2.33%	1.32%	1.07%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,211,610.53
(-) Cash Dividends Paid (M)	456,244.22
(=) Cash Retained (M)	755,366.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	242,322.11	151,451.32	90,870.79
Cash Retained (M)	755,366.31	755,366.31	755,366.31
(-) Cash Required (M)	-242,322.11	-151,451.32	-90,870.79
(=) Excess Retained (M)	513,044.21	603,915.00	664,495.52
(/) Shares Outstanding (M)	9,525.00	9,525.00	9,525.00
(=) Excess Retained per Share	53.86	63.40	69.76
LTM Dividend per Share	47.90	47.90	47.90
(+) Excess Retained per Share	53.86	63.40	69.76
(=) Adjusted Dividend	101.76	111.30	117.66
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13,269.70	$23,707.50	$25,297.54
Upside / Downside	706.67%	1,341.19%	1,437.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,211,610.53	1,290,365.22	1,374,238.96	1,463,564.49	1,558,696.18	1,660,011.43	1,709,811.78
Payout Ratio	37.66%	48.12%	58.59%	69.06%	79.53%	90.00%	92.50%
Projected Dividends (M)	456,244.22	620,985.82	805,216.19	1,010,772.84	1,239,649.82	1,494,010.29	1,581,575.89

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)	578,647.74	584,132.56	589,617.37
Year 2 PV (M)	699,161.75	712,478.82	725,921.52
Year 3 PV (M)	817,807.92	841,284.25	865,205.61
Year 4 PV (M)	934,607.70	970,550.07	1,007,519.30
Year 5 PV (M)	1,049,582.32	1,100,277.54	1,152,912.98
PV of Terminal Value (M)	33,577,520.07	35,199,326.84	36,883,203.98
Equity Value (M)	37,657,327.50	39,408,050.08	41,224,380.76
Shares Outstanding (M)	9,525.00	9,525.00	9,525.00
Fair Value	$3,953.53	$4,137.33	$4,328.02
Upside / Downside	140.34%	151.51%	163.10%

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PT Sawit Sumbermas Sarana Tbk. (SSMS.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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