Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Avia Avian Tbk (AVIA.JK)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$351.38 - $604.93$460.71
Multi-Stage$624.86 - $685.33$654.52
Blended Fair Value$557.62
Current Price$408.00
Upside36.67%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS2.36%0.00%22.1222.3618.3038.5611.4919.690.0019.750.000.00
YoY Growth---1.09%22.22%-52.55%235.71%-41.67%199,999,900.00%-100.00%0.00%0.00%0.00%
Dividend Yield--5.45%4.07%3.08%4.94%1.33%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)1,693,711.00
(-) Cash Dividends Paid (M)1,337,793.00
(=) Cash Retained (M)355,918.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)338,742.20211,713.88127,028.33
Cash Retained (M)355,918.00355,918.00355,918.00
(-) Cash Required (M)-338,742.20-211,713.88-127,028.33
(=) Excess Retained (M)17,175.80144,204.13228,889.68
(/) Shares Outstanding (M)60,948.3060,948.3060,948.30
(=) Excess Retained per Share0.282.373.76
LTM Dividend per Share21.9521.9521.95
(+) Excess Retained per Share0.282.373.76
(=) Adjusted Dividend22.2324.3225.71
WACC / Discount Rate6.70%6.70%6.70%
Growth Rate0.36%1.36%2.36%
Fair Value$351.38$460.71$604.93
Upside / Downside-13.88%12.92%48.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,693,711.001,716,668.031,739,936.231,763,519.811,787,423.061,811,650.291,865,999.80
Payout Ratio78.99%81.19%83.39%85.59%87.80%90.00%92.50%
Projected Dividends (M)1,337,793.001,393,740.901,450,959.691,509,473.551,569,307.061,630,485.261,726,049.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.70%6.70%6.70%
Growth Rate0.36%1.36%2.36%
Year 1 PV (M)1,293,278.131,306,165.111,319,052.08
Year 2 PV (M)1,249,324.121,274,346.151,299,616.29
Year 3 PV (M)1,206,021.831,242,434.791,279,573.40
Year 4 PV (M)1,163,449.341,210,520.241,259,005.20
Year 5 PV (M)1,121,673.121,178,683.041,237,987.81
PV of Terminal Value (M)32,050,709.1433,679,711.6935,374,287.30
Equity Value (M)38,084,455.6839,891,861.0241,769,522.08
Shares Outstanding (M)60,948.3060,948.3060,948.30
Fair Value$624.86$654.52$685.33
Upside / Downside53.15%60.42%67.97%

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