DDM Analysis: IMAS.JK

Valuation Snapshot

Stable Growth	$5,346.20 - $20,405.61	$15,426.27
Multi-Stage	$2,583.88 - $2,823.68	$2,701.60
Blended Fair Value	$9,063.93
Current Price	$1,265.00
Upside	616.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.16%	11.46%	45.77	41.03	38.22	14.69	10.71	9.43	19.88	22.69	14.11	10.86
YoY Growth	-	-	11.54%	7.36%	160.11%	37.19%	13.62%	-52.58%	-12.36%	60.72%	29.92%	-29.76%
Dividend Yield	-	-	5.58%	2.85%	3.28%	1.90%	0.99%	2.36%	0.75%	1.87%	1.24%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	409,835.00
(-) Cash Dividends Paid (M)	253,358.00
(=) Cash Retained (M)	156,477.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	81,967.00	51,229.38	30,737.63
Cash Retained (M)	156,477.00	156,477.00	156,477.00
(-) Cash Required (M)	-81,967.00	-51,229.38	-30,737.63
(=) Excess Retained (M)	74,510.00	105,247.63	125,739.38
(/) Shares Outstanding (M)	3,994.29	3,994.29	3,994.29
(=) Excess Retained per Share	18.65	26.35	31.48
LTM Dividend per Share	63.43	63.43	63.43
(+) Excess Retained per Share	18.65	26.35	31.48
(=) Adjusted Dividend	82.08	89.78	94.91
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5,346.20	$15,426.27	$20,405.61
Upside / Downside	322.62%	1,119.47%	1,513.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	409,835.00	436,474.28	464,845.10	495,060.03	527,238.94	561,509.47	578,354.75
Payout Ratio	61.82%	67.46%	73.09%	78.73%	84.36%	90.00%	92.50%
Projected Dividends (M)	253,358.00	294,426.39	339,763.22	389,749.90	444,799.34	505,358.52	534,978.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	272,276.24	274,857.06	277,437.87
Year 2 PV (M)	290,564.40	296,098.83	301,685.48
Year 3 PV (M)	308,237.20	317,085.59	326,101.70
Year 4 PV (M)	325,309.09	337,819.56	350,687.44
Year 5 PV (M)	341,794.18	358,302.97	375,443.58
PV of Terminal Value (M)	8,782,593.64	9,206,796.19	9,647,233.98
Equity Value (M)	10,320,774.74	10,790,960.19	11,278,590.06
Shares Outstanding (M)	3,994.29	3,994.29	3,994.29
Fair Value	$2,583.88	$2,701.60	$2,823.68
Upside / Downside	104.26%	113.56%	123.22%

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ATCOL	Atlas Corp.	3.53%	$0.89	30.47%
AWC-R.BK	Asset World Corp Public Company Limited	3.53%	$0.07	37.62%
CCRO3.SA	CCR S.A.	3.53%	$0.48	66.57%
HMU.DE	HMS Bergbau AG	3.53%	$1.69	29.89%
RAUTE.HE	Raute Oyj	3.53%	$0.52	26.97%
RWE.DE	RWE AG	3.53%	$1.66	46.76%
SNL.AX	Supply Network Limited	3.53%	$1.13	67.28%
0NHS.L	Nutrien Ltd.	3.52%	$2.18	58.76%
CELL.MI	Cellularline S.p.A.	3.52%	$0.09	34.70%
INFREA.ST	Infrea AB	3.52%	$0.50	67.57%
ISSP.JK	PT Steel Pipe Industry of Indonesia Tbk	3.52%	$15.00	19.85%
MGA	Magna International Inc.	3.52%	$1.92	52.47%
PARP.PA	Groupe Partouche S.A.	3.52%	$0.64	38.61%
PKI.TO	Parkland Corporation	3.52%	$1.40	73.81%
SMU.SN	SMU S.A.	3.52%	$5.49	46.99%
161390.KS	Hankook Tire & Technology Co., Ltd.	3.51%	$2,000.00	25.86%
300360.SZ	Hangzhou Sunrise Technology Co., Ltd.	3.51%	$0.61	52.03%
5106.KL	Axis Real Estate Investment Trust	3.51%	$0.07	56.99%
601128.SS	Jiangsu Changshu Rural Commercial Bank Co., Ltd.	3.51%	$0.25	19.56%
INTP.JK	PT Indocement Tunggal Prakarsa Tbk	3.51%	$259.81	43.04%
RATO-A.ST	Ratos AB (publ)	3.51%	$1.35	12.15%
002887.SZ	Tianjin LVYIN Landscape and Ecology Construction Co., Ltd	3.50%	$0.33	84.50%
603062.SS	MEGA P&C Advanced Materials (Shanghai) Company Limited	3.50%	$1.66	74.27%
CMCL	Caledonia Mining Corporation Plc	3.50%	$0.92	35.87%
DLO	DLocal Limited	3.50%	$0.49	87.74%
LAZ	Lazard Ltd	3.50%	$1.74	67.48%
TWL.MI	TraWell Co S.p.A.	3.50%	$0.21	28.69%
WJP.SI	VICOM Ltd	3.50%	$0.06	66.95%
005610.KS	SPC Samlip Co., Ltd.	3.49%	$1,803.39	45.19%
0RFL.L	VAT Group AG	3.49%	$12.50	88.50%
2030.HK	Cabbeen Fashion Limited	3.49%	$0.05	63.92%
5206.TWO	Kunyue Development Co., Ltd.	3.49%	$1.18	21.91%
5246.KL	Westports Holdings Berhad	3.49%	$0.20	71.36%
5989.T	H-One Co.,Ltd.	3.49%	$49.44	14.49%
ACO-X.TO	ATCO Ltd.	3.49%	$1.98	50.80%
CNI	Canadian National Railway Company	3.49%	$3.50	50.64%
PEAB3.SA	Companhia de Participações Aliança da Bahia	3.49%	$1.36	78.68%
026960.KS	Dong Suh Companies Inc.	3.48%	$905.33	62.72%
055550.KS	Shinhan Financial Group Co., Ltd.	3.48%	$2,668.74	26.55%
0QK5.L	INFICON Holding AG	3.48%	$3.44	43.54%
6722.TWO	Whetron Electronics Co.,Ltd.	3.48%	$1.99	24.71%
HOLM-A.ST	Holmen AB (publ)	3.48%	$12.23	66.11%
002206.SZ	Zhejiang Hailide New Material Co.,Ltd	3.47%	$0.20	43.30%
3004.SR	Northern Region Cement Company	3.47%	$0.25	79.89%
4129.TWO	United Orthopedic Corporation	3.47%	$3.80	69.70%
600133.SS	Wuhan East Lake High Technology Group Co., Ltd.	3.47%	$0.32	87.27%
601995.SS	China International Capital Corporation Limited	3.47%	$1.21	62.35%
6471.T	NSK Ltd.	3.47%	$33.82	92.34%
CSED3.SA	Cruzeiro do Sul Educacional S.A.	3.47%	$0.21	30.49%
GPRA.JK	PT Perdana Gapuraprima Tbk	3.47%	$5.00	18.12%

Financial Statements

Fundamentals

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Miscellaneous

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PT Indomobil Sukses Internasional Tbk (IMAS.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener