DDM Analysis: TBIG.JK

Valuation Snapshot

Stable Growth	$4,701.64 - $12,867.00	$12,058.26
Multi-Stage	$1,869.83 - $2,042.84	$1,954.76
Blended Fair Value	$7,006.51
Current Price	$2,300.00
Upside	204.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.69%	15.76%	55.36	58.57	36.31	30.81	26.96	26.71	33.87	29.60	26.35	0.00
YoY Growth	-	-	-5.48%	61.31%	17.84%	14.29%	0.95%	-21.15%	14.42%	12.33%	0.00%	-100.00%
Dividend Yield	-	-	2.78%	3.14%	1.68%	1.07%	1.30%	2.95%	4.29%	2.65%	2.42%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,453,472.00
(-) Cash Dividends Paid (M)	1,241,463.00
(=) Cash Retained (M)	212,009.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290,694.40	181,684.00	109,010.40
Cash Retained (M)	212,009.00	212,009.00	212,009.00
(-) Cash Required (M)	-290,694.40	-181,684.00	-109,010.40
(=) Excess Retained (M)	-78,685.40	30,325.00	102,998.60
(/) Shares Outstanding (M)	22,465.16	22,465.16	22,465.16
(=) Excess Retained per Share	-3.50	1.35	4.58
LTM Dividend per Share	55.26	55.26	55.26
(+) Excess Retained per Share	-3.50	1.35	4.58
(=) Adjusted Dividend	51.76	56.61	59.85
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,701.64	$12,058.26	$12,867.00
Upside / Downside	104.42%	424.27%	459.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,453,472.00	1,547,947.68	1,648,564.28	1,755,720.96	1,869,842.82	1,991,382.60	2,051,124.08
Payout Ratio	85.41%	86.33%	87.25%	88.17%	89.08%	90.00%	92.50%
Projected Dividends (M)	1,241,463.00	1,336,357.06	1,438,342.16	1,547,939.22	1,665,706.91	1,792,244.34	1,897,289.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,241,132.04	1,252,896.33	1,264,660.61
Year 2 PV (M)	1,240,661.09	1,264,292.20	1,288,146.25
Year 3 PV (M)	1,240,053.24	1,275,650.71	1,311,923.00
Year 4 PV (M)	1,239,311.53	1,286,971.95	1,335,994.00
Year 5 PV (M)	1,238,438.93	1,298,256.00	1,360,362.40
PV of Terminal Value (M)	35,806,433.12	37,535,897.22	39,331,552.00
Equity Value (M)	42,006,029.95	43,913,964.41	45,892,638.25
Shares Outstanding (M)	22,465.16	22,465.16	22,465.16
Fair Value	$1,869.83	$1,954.76	$2,042.84
Upside / Downside	-18.70%	-15.01%	-11.18%

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PT Tower Bersama Infrastructure Tbk (TBIG.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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