Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Cisarua Mountain Dairy Tbk (CMRY.JK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$2,336.09 - $3,629.93$2,934.30
Multi-Stage$5,499.66 - $6,051.32$5,770.08
Blended Fair Value$4,352.19
Current Price$4,600.00
Upside-5.39%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%90.0070.0063.0250.410.000.006.300.000.000.00
YoY Growth--28.58%11.08%25.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.98%1.41%1.36%1.44%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)1,964,558.00
(-) Cash Dividends Paid (M)1,190,307.00
(=) Cash Retained (M)774,251.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)392,911.60245,569.75147,341.85
Cash Retained (M)774,251.00774,251.00774,251.00
(-) Cash Required (M)-392,911.60-245,569.75-147,341.85
(=) Excess Retained (M)381,339.40528,681.25626,909.15
(/) Shares Outstanding (M)7,934.687,934.687,934.68
(=) Excess Retained per Share48.0666.6379.01
LTM Dividend per Share150.01150.01150.01
(+) Excess Retained per Share48.0666.6379.01
(=) Adjusted Dividend198.07216.64229.02
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2,336.09$2,934.30$3,629.93
Upside / Downside-49.22%-36.21%-21.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,964,558.001,944,912.421,925,463.301,906,208.661,887,146.581,868,275.111,924,323.36
Payout Ratio60.59%66.47%72.35%78.24%84.12%90.00%92.50%
Projected Dividends (M)1,190,307.001,292,807.381,393,138.721,491,334.151,587,426.371,681,447.601,779,999.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1,203,797.961,216,081.611,228,365.26
Year 2 PV (M)1,207,908.181,232,685.141,257,713.64
Year 3 PV (M)1,204,021.671,241,256.861,279,251.92
Year 4 PV (M)1,193,363.391,242,822.731,293,803.76
Year 5 PV (M)1,177,015.651,238,305.591,302,122.55
PV of Terminal Value (M)37,651,962.3639,612,587.4041,654,050.33
Equity Value (M)43,638,069.2345,783,739.3348,015,307.47
Shares Outstanding (M)7,934.687,934.687,934.68
Fair Value$5,499.66$5,770.08$6,051.32
Upside / Downside19.56%25.44%31.55%

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