Definitive Analysis
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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

PT Ifishdeco Tbk (IFSH.JK)

Company Dividend Discount ModelIndustry: Industrial MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$235.54 - $355.26$292.05
Multi-Stage$479.95 - $527.59$503.30
Blended Fair Value$397.67
Current Price$790.00
Upside-49.66%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS66.28%0.00%31.4027.9426.448.840.002.477.800.780.000.00
YoY Growth--12.38%5.67%199.10%0.00%-100.00%-68.33%900.00%0.00%0.00%0.00%
Dividend Yield--4.36%3.31%2.32%0.79%0.00%0.65%1.18%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)53,063.45
(-) Cash Dividends Paid (M)28,120.17
(=) Cash Retained (M)24,943.28
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,612.696,632.933,979.76
Cash Retained (M)24,943.2824,943.2824,943.28
(-) Cash Required (M)-10,612.69-6,632.93-3,979.76
(=) Excess Retained (M)14,330.5918,310.3520,963.52
(/) Shares Outstanding (M)1,923.031,923.031,923.03
(=) Excess Retained per Share7.459.5210.90
LTM Dividend per Share14.6214.6214.62
(+) Excess Retained per Share7.459.5210.90
(=) Adjusted Dividend22.0724.1425.52
WACC / Discount Rate7.18%7.18%7.18%
Growth Rate-2.00%-1.00%0.00%
Fair Value$235.54$292.05$355.26
Upside / Downside-70.19%-63.03%-55.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)53,063.4552,532.8152,007.4851,487.4150,972.5450,462.8151,976.69
Payout Ratio52.99%60.39%67.80%75.20%82.60%90.00%92.50%
Projected Dividends (M)28,120.1731,727.0835,259.0438,717.1942,102.6545,416.5348,078.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.18%7.18%7.18%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)29,301.4029,600.3929,899.38
Year 2 PV (M)30,073.7130,690.5931,313.73
Year 3 PV (M)30,498.5031,441.6932,404.12
Year 4 PV (M)30,629.6731,899.1333,207.64
Year 5 PV (M)30,514.4232,103.3733,757.84
PV of Terminal Value (M)771,935.03812,131.48853,985.26
Equity Value (M)922,952.72967,866.651,014,567.98
Shares Outstanding (M)1,923.031,923.031,923.03
Fair Value$479.95$503.30$527.59
Upside / Downside-39.25%-36.29%-33.22%

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