Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Pulau Subur Tbk (PTPS.JK)

Company Dividend Discount ModelIndustry: Agricultural Farm ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$120.82 - $177.35$148.01
Multi-Stage$215.38 - $236.64$225.80
Blended Fair Value$186.91
Current Price$85.00
Upside119.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020
DPS0.00%0.00%2.203.9722.150.000.000.000.000.000.000.00
YoY Growth---44.56%-82.08%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.10%3.20%17.17%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)34,041.50
(-) Cash Dividends Paid (M)13,005.08
(=) Cash Retained (M)21,036.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,808.304,255.192,553.11
Cash Retained (M)21,036.4221,036.4221,036.42
(-) Cash Required (M)-6,808.30-4,255.19-2,553.11
(=) Excess Retained (M)14,228.1216,781.2318,483.31
(/) Shares Outstanding (M)2,167.522,167.522,167.52
(=) Excess Retained per Share6.567.748.53
LTM Dividend per Share6.006.006.00
(+) Excess Retained per Share6.567.748.53
(=) Adjusted Dividend12.5613.7414.53
WACC / Discount Rate8.19%8.19%8.19%
Growth Rate-2.00%-1.00%0.00%
Fair Value$120.82$148.01$177.35
Upside / Downside42.14%74.13%108.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)34,041.5033,701.0833,364.0733,030.4332,700.1332,373.1233,344.32
Payout Ratio38.20%48.56%58.92%69.28%79.64%90.00%92.50%
Projected Dividends (M)13,005.0816,366.2219,658.8322,883.9626,042.6229,135.8130,843.49

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.19%8.19%8.19%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)14,974.2815,127.0815,279.87
Year 2 PV (M)16,457.0816,794.6617,135.66
Year 3 PV (M)17,527.6618,069.7118,622.83
Year 4 PV (M)18,250.5119,006.9119,786.58
Year 5 PV (M)18,681.6419,654.4420,667.34
PV of Terminal Value (M)380,939.00400,775.38421,429.63
Equity Value (M)466,830.17489,428.17512,921.90
Shares Outstanding (M)2,167.522,167.522,167.52
Fair Value$215.38$225.80$236.64
Upside / Downside153.38%165.65%178.40%

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