DDM Analysis: ICBP.JK

Valuation Snapshot

Stable Growth	$81,125.27 - $154,808.83	$145,078.55
Multi-Stage	$24,004.27 - $26,288.37	$25,125.27
Blended Fair Value	$85,101.91
Current Price	$10,500.00
Upside	710.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.86%	7.73%	200.00	188.00	215.00	215.00	215.00	137.00	220.00	154.00	128.00	111.00
YoY Growth	-	-	6.38%	-12.56%	0.00%	0.00%	56.93%	-37.73%	42.86%	20.31%	15.32%	16.84%
Dividend Yield	-	-	1.97%	1.67%	2.16%	2.93%	2.34%	1.34%	2.38%	1.86%	1.57%	1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,077,895.00
(-) Cash Dividends Paid (M)	2,332,382.00
(=) Cash Retained (M)	6,745,513.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,815,579.00	1,134,736.88	680,842.13
Cash Retained (M)	6,745,513.00	6,745,513.00	6,745,513.00
(-) Cash Required (M)	-1,815,579.00	-1,134,736.88	-680,842.13
(=) Excess Retained (M)	4,929,934.00	5,610,776.13	6,064,670.88
(/) Shares Outstanding (M)	11,661.91	11,661.91	11,661.91
(=) Excess Retained per Share	422.74	481.12	520.04
LTM Dividend per Share	200.00	200.00	200.00
(+) Excess Retained per Share	422.74	481.12	520.04
(=) Adjusted Dividend	622.74	681.12	720.04
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$81,125.27	$145,078.55	$154,808.83
Upside / Downside	672.62%	1,281.70%	1,374.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,077,895.00	9,667,958.18	10,296,375.46	10,965,639.86	11,678,406.45	12,437,502.87	12,810,627.96
Payout Ratio	25.69%	38.55%	51.42%	64.28%	77.14%	90.00%	92.50%
Projected Dividends (M)	2,332,382.00	3,727,421.94	5,293,962.75	7,048,405.51	9,008,558.84	11,193,752.58	11,849,830.86

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)	3,473,265.03	3,506,186.98	3,539,108.92
Year 2 PV (M)	4,596,630.73	4,684,183.63	4,772,562.51
Year 3 PV (M)	5,702,679.76	5,866,383.21	6,033,189.94
Year 4 PV (M)	6,791,610.78	7,052,796.97	7,321,445.06
Year 5 PV (M)	7,863,620.40	8,243,436.21	8,637,788.46
PV of Terminal Value (M)	251,507,737.05	263,655,654.80	276,268,501.95
Equity Value (M)	279,935,543.76	293,008,641.79	306,572,596.83
Shares Outstanding (M)	11,661.91	11,661.91	11,661.91
Fair Value	$24,004.27	$25,125.27	$26,288.37
Upside / Downside	128.61%	139.29%	150.37%

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PT Indofood CBP Sukses Makmur Tbk (ICBP.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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