DDM Analysis: BJTM.JK

Valuation Snapshot

Stable Growth	$1,366.73 - $2,553.52	$1,851.05
Multi-Stage	$1,962.25 - $2,150.79	$2,054.74
Blended Fair Value	$1,952.89
Current Price	$500.00
Upside	290.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.61%	3.03%	54.39	53.09	52.11	48.85	48.20	45.54	43.98	43.44	42.72	41.59
YoY Growth	-	-	2.45%	1.88%	6.67%	1.35%	5.83%	3.56%	1.25%	1.67%	2.72%	3.07%
Dividend Yield	-	-	10.88%	8.85%	7.09%	6.18%	6.14%	10.40%	6.71%	6.89%	6.19%	8.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,368,464.00
(-) Cash Dividends Paid (M)	821,498.00
(=) Cash Retained (M)	546,966.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	273,692.80	171,058.00	102,634.80
Cash Retained (M)	546,966.00	546,966.00	546,966.00
(-) Cash Required (M)	-273,692.80	-171,058.00	-102,634.80
(=) Excess Retained (M)	273,273.20	375,908.00	444,331.20
(/) Shares Outstanding (M)	15,015.50	15,015.50	15,015.50
(=) Excess Retained per Share	18.20	25.03	29.59
LTM Dividend per Share	54.71	54.71	54.71
(+) Excess Retained per Share	18.20	25.03	29.59
(=) Adjusted Dividend	72.91	79.74	84.30
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	1.61%	2.61%	3.61%
Fair Value	$1,366.73	$1,851.05	$2,553.52
Upside / Downside	173.35%	270.21%	410.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,368,464.00	1,404,233.20	1,440,937.35	1,478,600.88	1,517,248.87	1,556,907.04	1,603,614.25
Payout Ratio	60.03%	66.02%	72.02%	78.01%	84.01%	90.00%	92.50%
Projected Dividends (M)	821,498.00	927,138.37	1,037,739.99	1,153,490.04	1,274,582.09	1,401,216.34	1,483,343.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	1.61%	2.61%	3.61%
Year 1 PV (M)	857,763.69	866,205.09	874,646.50
Year 2 PV (M)	888,249.05	905,817.92	923,558.84
Year 3 PV (M)	913,446.57	940,681.02	968,451.49
Year 4 PV (M)	933,813.65	971,119.17	1,009,531.43
Year 5 PV (M)	949,774.92	997,438.40	1,046,996.51
PV of Terminal Value (M)	24,921,056.09	26,171,693.64	27,472,044.29
Equity Value (M)	29,464,103.97	30,852,955.24	32,295,229.06
Shares Outstanding (M)	15,015.50	15,015.50	15,015.50
Fair Value	$1,962.25	$2,054.74	$2,150.79
Upside / Downside	292.45%	310.95%	330.16%

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PT Bank Pembangunan Daerah Jawa Timur Tbk (BJTM.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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