DDM Analysis: DVLA.JK

Valuation Snapshot

Stable Growth	$2,198.44 - $4,004.23	$2,948.13
Multi-Stage	$3,710.07 - $4,069.89	$3,886.56
Blended Fair Value	$3,417.34
Current Price	$1,625.00
Upside	110.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.22%	17.25%	108.00	121.00	116.00	112.00	107.00	106.80	106.61	99.64	34.87	69.75
YoY Growth	-	-	-10.74%	4.31%	3.57%	4.67%	0.19%	0.18%	7.00%	185.71%	-50.00%	217.02%
Dividend Yield	-	-	7.61%	8.18%	5.89%	4.07%	4.51%	5.09%	5.05%	4.99%	2.05%	5.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	173,089.61
(-) Cash Dividends Paid (M)	123,200.00
(=) Cash Retained (M)	49,889.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34,617.92	21,636.20	12,981.72
Cash Retained (M)	49,889.61	49,889.61	49,889.61
(-) Cash Required (M)	-34,617.92	-21,636.20	-12,981.72
(=) Excess Retained (M)	15,271.69	28,253.41	36,907.89
(/) Shares Outstanding (M)	1,120.00	1,120.00	1,120.00
(=) Excess Retained per Share	13.64	25.23	32.95
LTM Dividend per Share	110.00	110.00	110.00
(+) Excess Retained per Share	13.64	25.23	32.95
(=) Adjusted Dividend	123.64	135.23	142.95
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.86%	1.86%	2.86%
Fair Value	$2,198.44	$2,948.13	$4,004.23
Upside / Downside	35.29%	81.42%	146.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	173,089.61	176,310.08	179,590.48	182,931.91	186,335.51	189,802.44	195,496.51
Payout Ratio	71.18%	74.94%	78.71%	82.47%	86.24%	90.00%	92.50%
Projected Dividends (M)	123,200.00	132,129.61	141,348.85	150,865.42	160,687.18	170,822.20	180,834.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.86%	1.86%	2.86%
Year 1 PV (M)	122,809.58	124,027.20	125,244.82
Year 2 PV (M)	122,111.48	124,544.87	127,002.28
Year 3 PV (M)	121,139.57	124,778.59	128,489.77
Year 4 PV (M)	119,924.98	124,752.25	129,723.81
Year 5 PV (M)	118,496.31	124,488.22	130,720.10
PV of Terminal Value (M)	3,550,800.27	3,730,350.69	3,917,092.08
Equity Value (M)	4,155,282.19	4,352,941.82	4,558,272.85
Shares Outstanding (M)	1,120.00	1,120.00	1,120.00
Fair Value	$3,710.07	$3,886.56	$4,069.89
Upside / Downside	128.31%	139.17%	150.45%

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MND.AX	Monadelphous Group Limited	3.97%	$1.05	72.16%
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027410.KS	BGF Co., Ltd.	3.96%	$152.83	25.29%
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8464.TW	Nien Made Enterprise Co., Ltd.	3.95%	$14.49	64.65%
BRFS3.SA	BRF S.A.	3.95%	$0.71	31.92%
F34.SI	Wilmar International Limited	3.95%	$0.12	63.66%
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6412.T	Heiwa Corporation	3.94%	$80.00	63.34%
DSFIR.AS	DSM-Firmenich AG	3.94%	$2.71	99.44%
NDT.MI	Neodecortech S.p.A.	3.94%	$0.15	28.43%
TCSG.ME	TCS Group Holding PLC	3.94%	$129.27	21.76%
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0UKH.L	Bank of Montreal	3.93%	$7.04	57.77%
282330.KS	BGF retail Co. Ltd.	3.93%	$4,100.00	37.49%
4953.TWO	WITS Corp.	3.93%	$4.91	84.65%
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601789.SS	Ningbo Construction Co., Ltd.	3.93%	$0.20	78.65%
EMA	Emera Incorporated	3.93%	$1.93	49.45%
TSPC.JK	PT Tempo Scan Pacific Tbk	3.93%	$111.90	33.61%
TTALO.HE	Terveystalo Oyj	3.93%	$0.38	55.32%
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300181.SZ	Zhejiang Jolly Pharmaceutical Co.,LTD	3.92%	$0.63	73.60%
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PT Darya-Varia Laboratoria Tbk (DVLA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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