DDM Analysis: KLBF.JK

Valuation Snapshot

Stable Growth	$1,072.56 - $1,904.45	$1,423.79
Multi-Stage	$1,023.62 - $1,116.95	$1,069.44
Blended Fair Value	$1,246.62
Current Price	$1,130.00
Upside	10.32%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.31%	6.05%	31.45	38.55	35.78	28.79	26.73	26.73	25.70	22.62	19.53	19.53
YoY Growth	-	-	-18.42%	7.75%	24.30%	7.69%	0.00%	4.00%	13.64%	15.79%	0.00%	11.76%
Dividend Yield	-	-	2.77%	2.63%	1.70%	1.79%	1.70%	2.23%	1.72%	1.51%	1.27%	1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,493,602.86
(-) Cash Dividends Paid (M)	1,635,802.50
(=) Cash Retained (M)	1,857,800.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	698,720.57	436,700.36	262,020.21
Cash Retained (M)	1,857,800.36	1,857,800.36	1,857,800.36
(-) Cash Required (M)	-698,720.57	-436,700.36	-262,020.21
(=) Excess Retained (M)	1,159,079.78	1,421,100.00	1,595,780.14
(/) Shares Outstanding (M)	45,591.84	45,591.84	45,591.84
(=) Excess Retained per Share	25.42	31.17	35.00
LTM Dividend per Share	35.88	35.88	35.88
(+) Excess Retained per Share	25.42	31.17	35.00
(=) Adjusted Dividend	61.30	67.05	70.88
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	4.05%	5.05%	6.05%
Fair Value	$1,072.56	$1,423.79	$1,904.45
Upside / Downside	-5.08%	26.00%	68.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,493,602.86	3,670,055.38	3,855,420.05	4,050,146.99	4,254,709.06	4,469,603.02	4,603,691.11
Payout Ratio	46.82%	55.46%	64.09%	72.73%	81.36%	90.00%	92.50%
Projected Dividends (M)	1,635,802.50	2,035,347.97	2,471,080.47	2,945,636.18	3,461,825.27	4,022,642.72	4,258,414.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	4.05%	5.05%	6.05%
Year 1 PV (M)	1,832,739.70	1,850,353.60	1,867,967.51
Year 2 PV (M)	2,003,600.47	2,042,297.52	2,081,364.71
Year 3 PV (M)	2,150,628.81	2,213,233.77	2,277,042.05
Year 4 PV (M)	2,275,902.30	2,364,663.72	2,455,996.47
Year 5 PV (M)	2,381,343.53	2,497,996.16	2,619,176.13
PV of Terminal Value (M)	36,024,496.46	37,789,194.49	39,622,381.25
Equity Value (M)	46,668,711.27	48,757,739.26	50,923,928.11
Shares Outstanding (M)	45,591.84	45,591.84	45,591.84
Fair Value	$1,023.62	$1,069.44	$1,116.95
Upside / Downside	-9.41%	-5.36%	-1.15%

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Financial Statements

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PT Kalbe Farma Tbk. (KLBF.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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