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PT Surya Pertiwi Tbk (SPTO.JK)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$2,608.34 - $7,887.47$4,145.30
Multi-Stage$2,833.42 - $3,103.58$2,965.98
Blended Fair Value$3,555.64
Current Price$660.00
Upside438.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.57%0.00%60.0050.0050.0035.0040.0038.0065.9377.7861.3754.24
YoY Growth--20.00%0.00%42.86%-12.50%5.26%-42.36%-15.24%26.75%13.14%0.00%
Dividend Yield--9.76%8.93%9.09%6.31%8.44%6.28%6.87%6.54%5.16%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)279,669.65
(-) Cash Dividends Paid (M)190,400.00
(=) Cash Retained (M)89,269.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)55,933.9334,958.7120,975.22
Cash Retained (M)89,269.6589,269.6589,269.65
(-) Cash Required (M)-55,933.93-34,958.71-20,975.22
(=) Excess Retained (M)33,335.7254,310.9568,294.43
(/) Shares Outstanding (M)2,700.002,700.002,700.00
(=) Excess Retained per Share12.3520.1225.29
LTM Dividend per Share70.5270.5270.52
(+) Excess Retained per Share12.3520.1225.29
(=) Adjusted Dividend82.8790.6395.81
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate3.17%4.17%5.17%
Fair Value$2,608.34$4,145.30$7,887.47
Upside / Downside295.20%528.08%1,095.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)279,669.65291,319.58303,454.80316,095.52329,262.81342,978.59353,267.95
Payout Ratio68.08%72.46%76.85%81.23%85.62%90.00%92.50%
Projected Dividends (M)190,400.00211,102.57233,199.53256,771.12281,901.86308,680.73326,772.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate3.17%4.17%5.17%
Year 1 PV (M)196,420.41198,324.34200,228.27
Year 2 PV (M)201,889.55205,822.41209,793.21
Year 3 PV (M)206,835.66212,908.82219,099.71
Year 4 PV (M)211,285.77219,597.76228,152.61
Year 5 PV (M)215,265.74225,902.99236,956.65
PV of Terminal Value (M)6,618,535.676,945,587.237,285,441.75
Equity Value (M)7,650,232.808,008,143.548,379,672.20
Shares Outstanding (M)2,700.002,700.002,700.00
Fair Value$2,833.42$2,965.98$3,103.58
Upside / Downside329.31%349.39%370.24%

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