DDM Analysis: TOWR.JK

Valuation Snapshot

Stable Growth	$4,849.10 - $13,276.65	$12,442.16
Multi-Stage	$1,848.20 - $2,023.59	$1,934.28
Blended Fair Value	$7,188.22
Current Price	$585.00
Upside	1,128.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.36%	0.00%	17.47	23.29	23.31	27.23	22.76	23.01	23.38	19.34	0.00	0.00
YoY Growth	-	-	-24.97%	-0.07%	-14.41%	19.64%	-1.10%	-1.55%	20.89%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.46%	2.74%	2.52%	2.54%	2.07%	3.41%	3.12%	2.70%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,443,444.00
(-) Cash Dividends Paid (M)	809,228.00
(=) Cash Retained (M)	2,634,216.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	688,688.80	430,430.50	258,258.30
Cash Retained (M)	2,634,216.00	2,634,216.00	2,634,216.00
(-) Cash Required (M)	-688,688.80	-430,430.50	-258,258.30
(=) Excess Retained (M)	1,945,527.20	2,203,785.50	2,375,957.70
(/) Shares Outstanding (M)	51,580.41	51,580.41	51,580.41
(=) Excess Retained per Share	37.72	42.73	46.06
LTM Dividend per Share	15.69	15.69	15.69
(+) Excess Retained per Share	37.72	42.73	46.06
(=) Adjusted Dividend	53.41	58.41	61.75
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,849.10	$12,442.16	$13,276.65
Upside / Downside	728.91%	2,026.87%	2,169.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,443,444.00	3,667,267.86	3,905,640.27	4,159,506.89	4,429,874.84	4,717,816.70	4,859,351.20
Payout Ratio	23.50%	36.80%	50.10%	63.40%	76.70%	90.00%	92.50%
Projected Dividends (M)	809,228.00	1,349,570.47	1,956,738.47	2,637,136.38	3,397,718.80	4,246,035.03	4,494,899.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,253,397.64	1,265,278.19	1,277,158.74
Year 2 PV (M)	1,687,793.84	1,719,941.57	1,752,392.59
Year 3 PV (M)	2,112,576.82	2,173,221.31	2,235,015.42
Year 4 PV (M)	2,527,904.48	2,625,120.55	2,725,114.02
Year 5 PV (M)	2,933,932.42	3,075,642.45	3,222,776.06
PV of Terminal Value (M)	84,815,140.62	88,911,743.63	93,165,133.28
Equity Value (M)	95,330,745.83	99,770,947.71	104,377,590.10
Shares Outstanding (M)	51,580.41	51,580.41	51,580.41
Fair Value	$1,848.20	$1,934.28	$2,023.59
Upside / Downside	215.93%	230.65%	245.91%

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EMA	Emera Incorporated	3.93%	$1.93	49.45%
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PT Sarana Menara Nusantara Tbk. (TOWR.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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