Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Tower Bersama Infrastructure Tbk (TBIG.JK)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$10,921.18 - $12,867.00$12,058.26
Multi-Stage$3,863.29 - $4,232.15$4,044.31
Blended Fair Value$8,051.29
Current Price$2,300.00
Upside250.06%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS15.69%15.76%55.3658.5736.3130.8126.9626.7133.8729.6026.350.00
YoY Growth---5.48%61.31%17.84%14.29%0.95%-21.15%14.42%12.33%0.00%-100.00%
Dividend Yield--2.78%3.14%1.68%1.07%1.30%2.95%4.29%2.65%2.42%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,453,472.00
(-) Cash Dividends Paid (M)1,241,463.00
(=) Cash Retained (M)212,009.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)290,694.40181,684.00109,010.40
Cash Retained (M)212,009.00212,009.00212,009.00
(-) Cash Required (M)-290,694.40-181,684.00-109,010.40
(=) Excess Retained (M)-78,685.4030,325.00102,998.60
(/) Shares Outstanding (M)22,465.1622,465.1622,465.16
(=) Excess Retained per Share-3.501.354.58
LTM Dividend per Share55.2655.2655.26
(+) Excess Retained per Share-3.501.354.58
(=) Adjusted Dividend51.7656.6159.85
WACC / Discount Rate4.79%4.79%4.79%
Growth Rate5.50%6.50%7.50%
Fair Value$10,921.18$12,058.26$12,867.00
Upside / Downside374.83%424.27%459.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,453,472.001,547,947.681,648,564.281,755,720.961,869,842.821,991,382.602,051,124.08
Payout Ratio85.41%86.33%87.25%88.17%89.08%90.00%92.50%
Projected Dividends (M)1,241,463.001,336,357.061,438,342.161,547,939.221,665,706.911,792,244.341,897,289.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.79%4.79%4.79%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,263,354.041,275,328.961,287,303.88
Year 2 PV (M)1,285,485.961,309,970.851,334,686.74
Year 3 PV (M)1,307,861.011,345,405.001,383,660.70
Year 4 PV (M)1,330,481.491,381,648.051,434,276.41
Year 5 PV (M)1,353,349.701,418,717.001,486,586.06
PV of Terminal Value (M)80,248,976.1584,125,031.7088,149,433.02
Equity Value (M)86,789,508.3590,856,101.5795,075,946.82
Shares Outstanding (M)22,465.1622,465.1622,465.16
Fair Value$3,863.29$4,044.31$4,232.15
Upside / Downside67.97%75.84%84.01%

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