DDM Analysis: MREI.JK

Valuation Snapshot

Stable Growth	$861.13 - $1,175.05	$1,020.61
Multi-Stage	$3,686.41 - $4,100.69	$3,889.09
Blended Fair Value	$2,454.85
Current Price	$925.00
Upside	165.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-23.01%	-7.61%	13.45	13.45	0.00	49.62	49.67	49.74	54.64	41.10	34.92	29.73
YoY Growth	-	-	0.00%	0.00%	-100.00%	-0.09%	-0.14%	-8.97%	32.95%	17.70%	17.45%	0.18%
Dividend Yield	-	-	1.78%	0.90%	0.00%	1.54%	0.99%	0.94%	0.85%	0.85%	0.92%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	92,098.98
(-) Cash Dividends Paid (M)	7,022.65
(=) Cash Retained (M)	85,076.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,419.80	11,512.37	6,907.42
Cash Retained (M)	85,076.32	85,076.32	85,076.32
(-) Cash Required (M)	-18,419.80	-11,512.37	-6,907.42
(=) Excess Retained (M)	66,656.53	73,563.95	78,168.90
(/) Shares Outstanding (M)	517.79	517.79	517.79
(=) Excess Retained per Share	128.73	142.07	150.97
LTM Dividend per Share	13.56	13.56	13.56
(+) Excess Retained per Share	128.73	142.07	150.97
(=) Adjusted Dividend	142.29	155.64	164.53
WACC / Discount Rate	5.33%	5.33%	5.33%
Growth Rate	-9.61%	-8.61%	-7.61%
Fair Value	$861.13	$1,020.61	$1,175.05
Upside / Downside	-6.90%	10.34%	27.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	92,098.98	84,171.57	76,926.51	70,305.06	64,253.56	58,722.94	60,484.63
Payout Ratio	7.63%	24.10%	40.58%	57.05%	73.53%	90.00%	92.50%
Projected Dividends (M)	7,022.65	20,285.43	31,212.98	40,109.07	47,242.44	52,850.65	55,948.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.33%	5.33%	5.33%
Growth Rate	-9.61%	-8.61%	-7.61%
Year 1 PV (M)	19,048.35	19,259.08	19,469.81
Year 2 PV (M)	27,522.11	28,134.43	28,753.48
Year 3 PV (M)	33,209.50	34,323.91	35,462.98
Year 4 PV (M)	36,730.37	38,382.91	40,090.60
Year 5 PV (M)	38,584.82	40,766.86	43,046.52
PV of Terminal Value (M)	1,753,696.02	1,852,870.70	1,956,482.27
Equity Value (M)	1,908,791.17	2,013,737.89	2,123,305.67
Shares Outstanding (M)	517.79	517.79	517.79
Fair Value	$3,686.41	$3,889.09	$4,100.69
Upside / Downside	298.53%	320.44%	343.32%

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AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
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STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
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PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
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IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
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PT Maskapai Reasuransi Indonesia Tbk (MREI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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