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PT Cita Mineral Investindo Tbk (CITA.JK)

Company Dividend Discount ModelIndustry: Industrial MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$7,058.20 - $10,644.60$8,751.10
Multi-Stage$14,386.45 - $15,813.75$15,086.18
Blended Fair Value$11,918.64
Current Price$4,000.00
Upside197.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%117.0010.0055.0091.0093.000.000.000.000.000.00
YoY Growth--1,070.00%-81.82%-39.56%-2.15%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.95%0.44%1.51%3.01%3.36%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)3,276,000.15
(-) Cash Dividends Paid (M)1,762,360.76
(=) Cash Retained (M)1,513,639.39
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)655,200.03409,500.02245,700.01
Cash Retained (M)1,513,639.391,513,639.391,513,639.39
(-) Cash Required (M)-655,200.03-409,500.02-245,700.01
(=) Excess Retained (M)858,439.361,104,139.371,267,939.38
(/) Shares Outstanding (M)3,960.363,960.363,960.36
(=) Excess Retained per Share216.76278.80320.16
LTM Dividend per Share445.00445.00445.00
(+) Excess Retained per Share216.76278.80320.16
(=) Adjusted Dividend661.76723.80765.16
WACC / Discount Rate7.19%7.19%7.19%
Growth Rate-2.00%-1.00%0.00%
Fair Value$7,058.20$8,751.10$10,644.60
Upside / Downside76.45%118.78%166.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,276,000.153,243,240.153,210,807.753,178,699.673,146,912.673,115,443.543,208,906.85
Payout Ratio53.80%61.04%68.28%75.52%82.76%90.00%92.50%
Projected Dividends (M)1,762,360.761,979,572.952,192,264.652,400,504.572,604,360.472,803,899.192,968,238.84

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.19%7.19%7.19%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1,828,164.701,846,819.441,865,474.18
Year 2 PV (M)1,869,737.341,908,089.931,946,831.88
Year 3 PV (M)1,890,749.381,949,222.082,008,888.07
Year 4 PV (M)1,894,420.271,972,935.142,053,865.64
Year 5 PV (M)1,883,568.601,981,650.392,083,776.16
PV of Terminal Value (M)47,608,892.7050,087,998.2052,669,318.89
Equity Value (M)56,975,532.9959,746,715.1862,628,154.82
Shares Outstanding (M)3,960.363,960.363,960.36
Fair Value$14,386.45$15,086.18$15,813.75
Upside / Downside259.66%277.15%295.34%

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