DDM Analysis: TBIG.JK

Valuation Snapshot

Stable Growth	$2,298.12 - $12,867.00	$4,381.28
Multi-Stage	$1,397.72 - $1,524.50	$1,459.97
Blended Fair Value	$2,920.62
Current Price	$2,300.00
Upside	26.98%
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	15.69%	15.76%	55.36	58.57	36.31	30.81	26.96	26.71	33.87	29.60	26.35	0.00
YoY Growth	-	-	-5.48%	61.31%	17.84%	14.29%	0.95%	-21.15%	14.42%	12.33%	0.00%	-100.00%
Dividend Yield	-	-	2.78%	3.14%	1.68%	1.07%	1.30%	2.95%	4.29%	2.65%	2.42%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,453,472.00
(-) Cash Dividends Paid (M)	1,241,463.00
(=) Cash Retained (M)	212,009.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290,694.40	181,684.00	109,010.40
Cash Retained (M)	212,009.00	212,009.00	212,009.00
(-) Cash Required (M)	-290,694.40	-181,684.00	-109,010.40
(=) Excess Retained (M)	-78,685.40	30,325.00	102,998.60
(/) Shares Outstanding (M)	22,465.16	22,465.16	22,465.16
(=) Excess Retained per Share	-3.50	1.35	4.58
LTM Dividend per Share	55.26	55.26	55.26
(+) Excess Retained per Share	-3.50	1.35	4.58
(=) Adjusted Dividend	51.76	56.61	59.85
WACC / Discount Rate	7.88%	7.88%	7.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,298.12	$4,381.28	$12,867.00
Upside / Downside	-0.08%	90.49%	459.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,453,472.00	1,547,947.68	1,648,564.28	1,755,720.96	1,869,842.82	1,991,382.60	2,051,124.08
Payout Ratio	85.41%	86.33%	87.25%	88.17%	89.08%	90.00%	92.50%
Projected Dividends (M)	1,241,463.00	1,336,357.06	1,438,342.16	1,547,939.22	1,665,706.91	1,792,244.34	1,897,289.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.88%	7.88%	7.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,227,156.84	1,238,788.66	1,250,420.48
Year 2 PV (M)	1,212,878.61	1,235,980.54	1,259,300.41
Year 3 PV (M)	1,198,634.00	1,233,042.47	1,268,103.22
Year 4 PV (M)	1,184,428.46	1,229,978.24	1,276,829.34
Year 5 PV (M)	1,170,267.19	1,226,791.53	1,285,479.20
PV of Terminal Value (M)	25,406,668.08	26,633,819.65	27,907,937.20
Equity Value (M)	31,400,033.18	32,798,401.10	34,248,069.85
Shares Outstanding (M)	22,465.16	22,465.16	22,465.16
Fair Value	$1,397.72	$1,459.97	$1,524.50
Upside / Downside	-39.23%	-36.52%	-33.72%

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Financial Statements

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PT Tower Bersama Infrastructure Tbk (TBIG.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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