DDM Analysis: IPCM.JK

Valuation Snapshot

Stable Growth	$2,835.78 - $6,731.10	$6,308.03
Multi-Stage	$1,016.39 - $1,110.97	$1,062.82
Blended Fair Value	$3,685.42
Current Price	$274.00
Upside	1,245.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.92%	0.00%	18.61	17.74	20.95	13.61	14.12	7.50	52.30	0.00	12.62	5.71
YoY Growth	-	-	4.90%	-15.32%	53.93%	-3.60%	88.13%	-85.65%	0.00%	-100.00%	121.17%	0.00%
Dividend Yield	-	-	7.16%	6.47%	7.76%	4.31%	4.71%	6.36%	13.84%	0.00%	3.14%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178,596.98
(-) Cash Dividends Paid (M)	138,189.86
(=) Cash Retained (M)	40,407.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35,719.40	22,324.62	13,394.77
Cash Retained (M)	40,407.12	40,407.12	40,407.12
(-) Cash Required (M)	-35,719.40	-22,324.62	-13,394.77
(=) Excess Retained (M)	4,687.72	18,082.50	27,012.35
(/) Shares Outstanding (M)	5,276.77	5,276.77	5,276.77
(=) Excess Retained per Share	0.89	3.43	5.12
LTM Dividend per Share	26.19	26.19	26.19
(+) Excess Retained per Share	0.89	3.43	5.12
(=) Adjusted Dividend	27.08	29.62	31.31
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,835.78	$6,308.03	$6,731.10
Upside / Downside	934.95%	2,202.20%	2,356.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178,596.98	190,205.79	202,569.16	215,736.16	229,759.01	244,693.35	252,034.15
Payout Ratio	77.38%	79.90%	82.43%	84.95%	87.48%	90.00%	92.50%
Projected Dividends (M)	138,189.86	151,974.81	166,967.94	183,268.08	200,981.81	220,224.01	233,131.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	141,349.70	142,689.51	144,029.32
Year 2 PV (M)	144,437.41	147,188.54	149,965.62
Year 3 PV (M)	147,454.07	151,686.95	156,000.07
Year 4 PV (M)	150,400.75	156,184.74	162,133.97
Year 5 PV (M)	153,278.49	160,681.90	168,368.66
PV of Terminal Value (M)	4,626,363.17	4,849,818.24	5,081,825.46
Equity Value (M)	5,363,283.60	5,608,249.88	5,862,323.09
Shares Outstanding (M)	5,276.77	5,276.77	5,276.77
Fair Value	$1,016.39	$1,062.82	$1,110.97
Upside / Downside	270.95%	287.89%	305.46%

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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%
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PT Jasa Armada Indonesia Tbk (IPCM.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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