Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Teladan Prima Agro Tbk (TLDN.JK)

Company Dividend Discount ModelIndustry: Agricultural Farm ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$778.33 - $1,153.44$957.59
Multi-Stage$1,435.05 - $1,578.12$1,505.19
Blended Fair Value$1,231.39
Current Price$700.00
Upside75.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%12.2313.506.170.000.000.000.000.000.000.00
YoY Growth---9.38%118.78%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.42%3.00%1.21%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)1,260,982.58
(-) Cash Dividends Paid (M)399,958.04
(=) Cash Retained (M)861,024.55
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)252,196.52157,622.8294,573.69
Cash Retained (M)861,024.55861,024.55861,024.55
(-) Cash Required (M)-252,196.52-157,622.82-94,573.69
(=) Excess Retained (M)608,828.03703,401.72766,450.85
(/) Shares Outstanding (M)12,946.5312,946.5312,946.53
(=) Excess Retained per Share47.0354.3359.20
LTM Dividend per Share30.8930.8930.89
(+) Excess Retained per Share47.0354.3359.20
(=) Adjusted Dividend77.9285.2290.09
WACC / Discount Rate7.81%7.81%7.81%
Growth Rate-2.00%-1.00%0.00%
Fair Value$778.33$957.59$1,153.44
Upside / Downside11.19%36.80%64.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,260,982.581,248,372.761,235,889.031,223,530.141,211,294.841,199,181.891,235,157.35
Payout Ratio31.72%43.37%55.03%66.69%78.34%90.00%92.50%
Projected Dividends (M)399,958.04541,473.86680,119.37815,937.83948,971.901,079,263.701,142,520.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.81%7.81%7.81%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)497,170.81502,243.98507,317.16
Year 2 PV (M)573,378.50585,139.81597,020.51
Year 3 PV (M)631,599.03651,131.66671,062.90
Year 4 PV (M)674,475.02702,428.86731,242.74
Year 5 PV (M)704,317.08740,992.50779,180.08
PV of Terminal Value (M)15,498,031.8416,305,050.3217,145,342.71
Equity Value (M)18,578,972.2919,486,987.1320,431,166.10
Shares Outstanding (M)12,946.5312,946.5312,946.53
Fair Value$1,435.05$1,505.19$1,578.12
Upside / Downside105.01%115.03%125.45%

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