Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Mulia Boga Raya Tbk (KEJU.JK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$305.12 - $454.57$376.27
Multi-Stage$582.70 - $640.54$611.06
Blended Fair Value$493.67
Current Price$580.00
Upside-14.89%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-17.50%0.00%17.3124.500.000.0036.9145.2910.600.000.000.00
YoY Growth---29.33%0.00%0.00%-100.00%-18.51%327.40%0.00%0.00%0.00%0.00%
Dividend Yield--3.12%8.06%0.00%0.00%10.25%22.50%3.53%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)171,804.79
(-) Cash Dividends Paid (M)73,125.00
(=) Cash Retained (M)98,679.79
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)34,360.9621,475.6012,885.36
Cash Retained (M)98,679.7998,679.7998,679.79
(-) Cash Required (M)-34,360.96-21,475.60-12,885.36
(=) Excess Retained (M)64,318.8377,204.1985,794.43
(/) Shares Outstanding (M)4,592.524,592.524,592.52
(=) Excess Retained per Share14.0116.8118.68
LTM Dividend per Share15.9215.9215.92
(+) Excess Retained per Share14.0116.8118.68
(=) Adjusted Dividend29.9332.7334.60
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate-2.00%-1.00%0.00%
Fair Value$305.12$376.27$454.57
Upside / Downside-47.39%-35.13%-21.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)171,804.79170,086.74168,385.87166,702.01165,034.99163,384.64168,286.18
Payout Ratio42.56%52.05%61.54%71.03%80.51%90.00%92.50%
Projected Dividends (M)73,125.0088,530.61103,620.80118,400.33132,873.91147,046.18155,664.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)81,437.0482,268.0383,099.02
Year 2 PV (M)87,680.6889,479.2191,296.00
Year 3 PV (M)92,159.1395,009.2297,917.46
Year 4 PV (M)95,137.9299,080.94103,145.28
Year 5 PV (M)96,849.23101,892.39107,143.49
PV of Terminal Value (M)2,222,817.632,338,564.902,459,084.51
Equity Value (M)2,676,081.632,806,294.692,941,685.76
Shares Outstanding (M)4,592.524,592.524,592.52
Fair Value$582.70$611.06$640.54
Upside / Downside0.47%5.35%10.44%

High-Yield Dividend Screener

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