Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Bank BTPN Syariah Tbk (BTPS.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$1,175.93 - $1,735.20$1,444.01
Multi-Stage$2,104.87 - $2,315.62$2,208.18
Blended Fair Value$1,826.10
Current Price$1,315.00
Upside38.87%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%68.1888.4258.6031.4342.620.000.000.000.000.00
YoY Growth---22.89%50.88%86.46%-26.26%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--7.53%7.02%2.68%0.95%1.22%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)1,152,990.00
(-) Cash Dividends Paid (M)259,604.00
(=) Cash Retained (M)893,386.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)230,598.00144,123.7586,474.25
Cash Retained (M)893,386.00893,386.00893,386.00
(-) Cash Required (M)-230,598.00-144,123.75-86,474.25
(=) Excess Retained (M)662,788.00749,262.25806,911.75
(/) Shares Outstanding (M)7,703.407,703.407,703.40
(=) Excess Retained per Share86.0497.26104.75
LTM Dividend per Share33.7033.7033.70
(+) Excess Retained per Share86.0497.26104.75
(=) Adjusted Dividend119.74130.96138.45
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1,175.93$1,444.01$1,735.20
Upside / Downside-10.58%9.81%31.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,152,990.001,141,460.101,130,045.501,118,745.041,107,557.591,096,482.021,129,376.48
Payout Ratio22.52%36.01%49.51%63.01%76.50%90.00%92.50%
Projected Dividends (M)259,604.00411,069.19559,479.11704,879.72847,316.38986,833.821,044,673.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)376,849.16380,694.56384,539.96
Year 2 PV (M)470,207.04479,852.06489,595.00
Year 3 PV (M)543,091.37559,886.84577,025.06
Year 4 PV (M)598,488.92623,293.48648,861.20
Year 5 PV (M)639,009.27672,283.97706,930.60
PV of Terminal Value (M)13,587,019.2914,294,526.9115,031,205.55
Equity Value (M)16,214,665.0517,010,537.8217,838,157.37
Shares Outstanding (M)7,703.407,703.407,703.40
Fair Value$2,104.87$2,208.18$2,315.62
Upside / Downside60.07%67.92%76.09%

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