DDM Analysis: ASSA.JK

Valuation Snapshot

Stable Growth	$5,399.75 - $20,456.12	$15,772.22
Multi-Stage	$2,582.21 - $2,822.77	$2,700.30
Blended Fair Value	$9,236.26
Current Price	$845.00
Upside	993.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	17.21%	40.53	1.27	0.00	0.00	0.00	0.00	11.05	6.44	3.68	4.60
YoY Growth	-	-	3,096.49%	0.00%	0.00%	0.00%	0.00%	-100.00%	71.43%	75.00%	-20.00%	-44.44%
Dividend Yield	-	-	7.65%	0.16%	0.00%	0.00%	0.00%	0.00%	1.38%	2.55%	1.47%	4.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	379,667.42
(-) Cash Dividends Paid (M)	204,394.25
(=) Cash Retained (M)	175,273.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75,933.48	47,458.43	28,475.06
Cash Retained (M)	175,273.17	175,273.17	175,273.17
(-) Cash Required (M)	-75,933.48	-47,458.43	-28,475.06
(=) Excess Retained (M)	99,339.69	127,814.74	146,798.11
(/) Shares Outstanding (M)	3,691.14	3,691.14	3,691.14
(=) Excess Retained per Share	26.91	34.63	39.77
LTM Dividend per Share	55.37	55.37	55.37
(+) Excess Retained per Share	26.91	34.63	39.77
(=) Adjusted Dividend	82.29	90.00	95.14
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5,399.75	$15,772.22	$20,456.12
Upside / Downside	539.02%	1,766.54%	2,320.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	379,667.42	404,345.80	430,628.28	458,619.12	488,429.36	520,177.27	535,782.58
Payout Ratio	53.84%	61.07%	68.30%	75.53%	82.77%	90.00%	92.50%
Projected Dividends (M)	204,394.25	246,926.14	294,123.62	346,413.50	404,258.40	468,159.54	495,598.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	228,375.30	230,539.99	232,704.69
Year 2 PV (M)	251,590.37	256,382.46	261,219.75
Year 3 PV (M)	274,057.05	281,924.24	289,940.57
Year 4 PV (M)	295,792.57	307,167.92	318,868.26
Year 5 PV (M)	316,813.84	332,116.07	348,003.94
PV of Terminal Value (M)	8,164,679.38	8,559,036.45	8,968,486.49
Equity Value (M)	9,531,308.50	9,967,167.12	10,419,223.70
Shares Outstanding (M)	3,691.14	3,691.14	3,691.14
Fair Value	$2,582.21	$2,700.30	$2,822.77
Upside / Downside	205.59%	219.56%	234.06%

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Financial Statements

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PT Adi Sarana Armada Tbk (ASSA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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