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PT Formosa Ingredient Factory Tbk (BOBA.JK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$167.50 - $260.27$210.40
Multi-Stage$391.33 - $430.76$410.65
Blended Fair Value$310.53
Current Price$186.00
Upside66.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%7.004.009.536.060.000.000.000.000.000.00
YoY Growth--75.00%-58.02%57.31%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.58%2.52%5.38%2.88%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)20,518.60
(-) Cash Dividends Paid (M)10,401.75
(=) Cash Retained (M)10,116.85
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,103.722,564.821,538.89
Cash Retained (M)10,116.8510,116.8510,116.85
(-) Cash Required (M)-4,103.72-2,564.82-1,538.89
(=) Excess Retained (M)6,013.137,552.028,577.95
(/) Shares Outstanding (M)1,155.751,155.751,155.75
(=) Excess Retained per Share5.206.537.42
LTM Dividend per Share9.009.009.00
(+) Excess Retained per Share5.206.537.42
(=) Adjusted Dividend14.2015.5316.42
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate-2.00%-1.00%0.00%
Fair Value$167.50$210.40$260.27
Upside / Downside-9.94%13.12%39.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)20,518.6020,313.4120,110.2819,909.1819,710.0819,512.9820,098.37
Payout Ratio50.69%58.56%66.42%74.28%82.14%90.00%92.50%
Projected Dividends (M)10,401.7511,894.6013,356.5514,788.0816,189.6417,561.6918,591.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)11,075.6311,188.6511,301.67
Year 2 PV (M)11,580.6211,818.1612,058.12
Year 3 PV (M)11,939.0012,308.2212,684.97
Year 4 PV (M)12,170.6012,675.0113,194.95
Year 5 PV (M)12,293.0512,933.1813,599.70
PV of Terminal Value (M)393,215.16413,690.79435,010.64
Equity Value (M)452,274.06474,614.01497,850.04
Shares Outstanding (M)1,155.751,155.751,155.75
Fair Value$391.33$410.65$430.76
Upside / Downside110.39%120.78%131.59%

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