Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Surya Biru Murni Acetylene Tbk (SBMA.JK)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$2,333.80 - $2,753.53$2,578.64
Multi-Stage$3,597.25 - $3,977.03$3,783.32
Blended Fair Value$3,180.98
Current Price$140.00
Upside2,172.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%1.101.500.000.000.000.000.000.000.000.00
YoY Growth---26.67%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.93%1.07%0.00%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)13,836.01
(-) Cash Dividends Paid (M)3,719.71
(=) Cash Retained (M)10,116.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,767.201,729.501,037.70
Cash Retained (M)10,116.3010,116.3010,116.30
(-) Cash Required (M)-2,767.20-1,729.50-1,037.70
(=) Excess Retained (M)7,349.108,386.809,078.60
(/) Shares Outstanding (M)929.59929.59929.59
(=) Excess Retained per Share7.919.029.77
LTM Dividend per Share4.004.004.00
(+) Excess Retained per Share7.919.029.77
(=) Adjusted Dividend11.9113.0213.77
WACC / Discount Rate-18.23%-18.23%-18.23%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2,333.80$2,578.64$2,753.53
Upside / Downside1,567.00%1,741.89%1,866.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)13,836.0113,697.6513,560.6713,425.0613,290.8113,157.9013,552.64
Payout Ratio26.88%39.51%52.13%64.75%77.38%90.00%92.50%
Projected Dividends (M)3,719.715,411.587,069.258,693.2210,284.0111,842.1112,536.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-18.23%-18.23%-18.23%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)6,550.926,617.776,684.61
Year 2 PV (M)10,359.2810,571.7710,786.42
Year 3 PV (M)15,421.0915,898.0016,384.64
Year 4 PV (M)22,083.8522,999.1223,942.55
Year 5 PV (M)30,783.6032,386.5834,055.64
PV of Terminal Value (M)3,258,786.503,428,479.083,605,168.19
Equity Value (M)3,343,985.243,516,952.313,697,022.05
Shares Outstanding (M)929.59929.59929.59
Fair Value$3,597.25$3,783.32$3,977.03
Upside / Downside2,469.47%2,602.37%2,740.74%

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