DDM Analysis: SSIA.JK

Valuation Snapshot

Stable Growth	$457.59 - $1,124.09	$682.93
Multi-Stage	$333.46 - $363.55	$348.24
Blended Fair Value	$515.58
Current Price	$1,590.00
Upside	-67.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.26%	-8.85%	12.01	0.00	0.00	0.00	4.96	7.05	20.13	6.01	9.82	18.19
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-29.54%	-65.00%	234.99%	-38.78%	-46.06%	-40.00%
Dividend Yield	-	-	1.45%	0.00%	0.00%	0.00%	1.03%	1.60%	3.66%	1.09%	1.50%	2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96,259.55
(-) Cash Dividends Paid (M)	55,480.31
(=) Cash Retained (M)	40,779.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19,251.91	12,032.44	7,219.47
Cash Retained (M)	40,779.24	40,779.24	40,779.24
(-) Cash Required (M)	-19,251.91	-12,032.44	-7,219.47
(=) Excess Retained (M)	21,527.33	28,746.79	33,559.77
(/) Shares Outstanding (M)	4,619.74	4,619.74	4,619.74
(=) Excess Retained per Share	4.66	6.22	7.26
LTM Dividend per Share	12.01	12.01	12.01
(+) Excess Retained per Share	4.66	6.22	7.26
(=) Adjusted Dividend	16.67	18.23	19.27
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$457.59	$682.93	$1,124.09
Upside / Downside	-71.22%	-57.05%	-29.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96,259.55	102,516.42	109,179.98	116,276.68	123,834.67	131,883.92	135,840.44
Payout Ratio	57.64%	64.11%	70.58%	77.05%	83.53%	90.00%	92.50%
Projected Dividends (M)	55,480.31	65,722.18	77,061.09	89,596.38	103,435.67	118,695.53	125,652.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	59,541.94	60,106.32	60,670.69
Year 2 PV (M)	63,249.51	64,454.23	65,670.32
Year 3 PV (M)	66,622.89	68,535.40	70,484.16
Year 4 PV (M)	69,681.00	72,360.74	75,117.03
Year 5 PV (M)	72,441.83	75,940.80	79,573.68
PV of Terminal Value (M)	1,208,972.75	1,267,366.58	1,327,995.29
Equity Value (M)	1,540,509.92	1,608,764.07	1,679,511.18
Shares Outstanding (M)	4,619.74	4,619.74	4,619.74
Fair Value	$333.46	$348.24	$363.55
Upside / Downside	-79.03%	-78.10%	-77.14%

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PT Surya Semesta Internusa Tbk (SSIA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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