Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Prima Globalindo Logistik Tbk (PPGL.JK)

Company Dividend Discount ModelIndustry: Integrated Freight & LogisticsSector: Industrials

Valuation Snapshot

Stable Growth$915.86 - $2,190.25$2,052.59
Multi-Stage$326.11 - $356.66$341.11
Blended Fair Value$1,196.85
Current Price$110.00
Upside988.04%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS38.40%0.00%10.544.008.990.001.952.070.000.000.000.00
YoY Growth--163.42%-55.50%0.00%-100.00%-6.25%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--10.43%4.60%7.43%0.00%2.14%1.71%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,493.15
(-) Cash Dividends Paid (M)5,041.10
(=) Cash Retained (M)3,452.05
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,698.631,061.64636.99
Cash Retained (M)3,452.053,452.053,452.05
(-) Cash Required (M)-1,698.63-1,061.64-636.99
(=) Excess Retained (M)1,753.422,390.412,815.06
(/) Shares Outstanding (M)771.18771.18771.18
(=) Excess Retained per Share2.273.103.65
LTM Dividend per Share6.546.546.54
(+) Excess Retained per Share2.273.103.65
(=) Adjusted Dividend8.819.6410.19
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate5.50%6.50%7.50%
Fair Value$915.86$2,052.59$2,190.25
Upside / Downside732.60%1,765.99%1,891.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,493.159,045.209,633.1410,259.2910,926.1511,636.3511,985.44
Payout Ratio59.35%65.48%71.61%77.74%83.87%90.00%92.50%
Projected Dividends (M)5,041.105,923.156,898.577,975.789,163.8710,472.7111,086.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)5,508.655,560.875,613.08
Year 2 PV (M)5,966.846,080.496,195.21
Year 3 PV (M)6,415.796,599.976,787.63
Year 4 PV (M)6,855.657,119.307,390.48
Year 5 PV (M)7,286.547,638.498,003.90
PV of Terminal Value (M)219,454.19230,053.91241,059.30
Equity Value (M)251,487.66263,053.01275,049.61
Shares Outstanding (M)771.18771.18771.18
Fair Value$326.11$341.11$356.66
Upside / Downside196.46%210.10%224.24%

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