Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Aspirasi Hidup Indonesia Tbk (ACES.JK)

Company Dividend Discount ModelIndustry: Specialty RetailSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$680.74 - $1,236.23$911.81
Multi-Stage$996.48 - $1,091.65$1,043.17
Blended Fair Value$977.49
Current Price$496.00
Upside97.07%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.47%18.82%33.4831.0420.5832.1318.0528.2322.7316.4115.3415.92
YoY Growth--7.86%50.85%-35.96%77.96%-36.04%24.20%38.49%6.95%-3.59%166.67%
Dividend Yield--6.70%3.41%4.30%3.13%1.18%2.17%1.26%1.23%1.86%1.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)819,151.31
(-) Cash Dividends Paid (M)573,533.06
(=) Cash Retained (M)245,618.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)163,830.26102,393.9161,436.35
Cash Retained (M)245,618.26245,618.26245,618.26
(-) Cash Required (M)-163,830.26-102,393.91-61,436.35
(=) Excess Retained (M)81,788.00143,224.34184,181.91
(/) Shares Outstanding (M)17,131.4917,131.4917,131.49
(=) Excess Retained per Share4.778.3610.75
LTM Dividend per Share33.4833.4833.48
(+) Excess Retained per Share4.778.3610.75
(=) Adjusted Dividend38.2541.8444.23
WACC / Discount Rate7.17%7.17%7.17%
Growth Rate1.47%2.47%3.47%
Fair Value$680.74$911.81$1,236.23
Upside / Downside37.25%83.83%149.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)819,151.31839,397.55860,144.19881,403.61903,188.48925,511.78953,277.14
Payout Ratio70.02%74.01%78.01%82.01%86.00%90.00%92.50%
Projected Dividends (M)573,533.06621,258.41670,992.57722,805.68776,770.13832,960.61881,781.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.17%7.17%7.17%
Growth Rate1.47%2.47%3.47%
Year 1 PV (M)574,018.11579,675.04585,331.98
Year 2 PV (M)572,828.13584,174.18595,631.49
Year 3 PV (M)570,139.99587,162.79604,521.10
Year 4 PV (M)566,116.45588,764.76612,085.93
Year 5 PV (M)560,907.23589,096.01618,406.88
PV of Terminal Value (M)14,227,228.9714,942,228.1615,685,688.93
Equity Value (M)17,071,238.8717,871,100.9418,701,666.31
Shares Outstanding (M)17,131.4917,131.4917,131.49
Fair Value$996.48$1,043.17$1,091.65
Upside / Downside100.90%110.32%120.09%

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