Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

P.T. Bank Pan Indonesia Tbk (PNBN.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$931.03 - $1,399.07$1,152.53
Multi-Stage$1,946.62 - $2,142.46$2,042.61
Blended Fair Value$1,597.57
Current Price$1,080.00
Upside47.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.008.0319.980.000.000.000.000.000.000.00
YoY Growth---100.00%-59.82%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.70%1.40%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)2,669,386.00
(-) Cash Dividends Paid (M)1,010,762.00
(=) Cash Retained (M)1,658,624.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)533,877.20333,673.25200,203.95
Cash Retained (M)1,658,624.001,658,624.001,658,624.00
(-) Cash Required (M)-533,877.20-333,673.25-200,203.95
(=) Excess Retained (M)1,124,746.801,324,950.751,458,420.05
(/) Shares Outstanding (M)24,075.1824,075.1824,075.18
(=) Excess Retained per Share46.7255.0360.58
LTM Dividend per Share41.9841.9841.98
(+) Excess Retained per Share46.7255.0360.58
(=) Adjusted Dividend88.7097.02102.56
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate-2.27%-1.27%-0.27%
Fair Value$931.03$1,152.53$1,399.07
Upside / Downside-13.79%6.72%29.54%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,669,386.002,635,369.142,601,785.782,568,630.372,535,897.482,503,581.712,578,689.16
Payout Ratio37.86%48.29%58.72%69.15%79.57%90.00%92.50%
Projected Dividends (M)1,010,762.001,272,671.671,527,742.001,776,104.772,017,889.512,253,223.542,385,287.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate-2.27%-1.27%-0.27%
Year 1 PV (M)1,176,966.821,189,010.401,201,053.98
Year 2 PV (M)1,306,609.191,333,486.351,360,637.14
Year 3 PV (M)1,404,792.291,448,359.641,492,818.59
Year 4 PV (M)1,476,008.171,537,356.171,600,596.96
Year 5 PV (M)1,524,205.421,603,801.701,686,689.09
PV of Terminal Value (M)39,976,633.4442,064,272.7044,238,230.79
Equity Value (M)46,865,215.3349,176,286.9651,580,026.53
Shares Outstanding (M)24,075.1824,075.1824,075.18
Fair Value$1,946.62$2,042.61$2,142.46
Upside / Downside80.24%89.13%98.38%

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