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PT Bank OCBC NISP Tbk (NISP.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$4,421.34 - $10,528.73$6,532.27
Multi-Stage$4,872.33 - $5,337.22$5,100.44
Blended Fair Value$5,816.35
Current Price$1,355.00
Upside329.25%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%72.0058.0022.000.000.000.000.000.000.000.00
YoY Growth--24.14%163.62%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.35%4.31%2.88%0.00%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)4,873,131.00
(-) Cash Dividends Paid (M)2,432,201.00
(=) Cash Retained (M)2,440,930.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)974,626.20609,141.38365,484.83
Cash Retained (M)2,440,930.002,440,930.002,440,930.00
(-) Cash Required (M)-974,626.20-609,141.38-365,484.83
(=) Excess Retained (M)1,466,303.801,831,788.632,075,445.18
(/) Shares Outstanding (M)22,945.3022,945.3022,945.30
(=) Excess Retained per Share63.9079.8390.45
LTM Dividend per Share106.00106.00106.00
(+) Excess Retained per Share63.9079.8390.45
(=) Adjusted Dividend169.90185.83196.45
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate3.05%4.05%5.05%
Fair Value$4,421.34$6,532.27$10,528.73
Upside / Downside226.30%382.09%677.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,873,131.005,070,639.365,276,152.755,489,995.615,712,505.545,944,033.826,122,354.83
Payout Ratio49.91%57.93%65.95%73.96%81.98%90.00%92.50%
Projected Dividends (M)2,432,201.002,937,337.713,479,425.544,060,629.964,683,231.295,349,630.445,663,178.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate3.05%4.05%5.05%
Year 1 PV (M)2,718,458.762,744,837.992,771,217.22
Year 2 PV (M)2,980,199.123,038,317.923,096,997.97
Year 3 PV (M)3,218,844.653,313,461.413,409,914.39
Year 4 PV (M)3,435,746.223,571,058.333,710,328.43
Year 5 PV (M)3,632,186.323,811,868.873,998,593.13
PV of Terminal Value (M)95,811,733.38100,551,494.61105,477,006.05
Equity Value (M)111,797,168.45117,031,039.13122,464,057.19
Shares Outstanding (M)22,945.3022,945.3022,945.30
Fair Value$4,872.33$5,100.44$5,337.22
Upside / Downside259.58%276.42%293.89%

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