Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Bank Danamon Indonesia Tbk (BDMN.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$3,101.32 - $4,640.63$3,831.96
Multi-Stage$6,748.48 - $7,433.19$7,084.07
Blended Fair Value$5,458.02
Current Price$2,380.00
Upside129.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.04%1.98%133.37124.7861.2540.28196.06147.82137.25101.6778.0183.37
YoY Growth--6.88%103.74%52.06%-79.46%32.64%7.70%35.01%30.33%-6.43%-23.93%
Dividend Yield--5.47%4.27%2.13%1.65%7.18%7.07%1.46%1.48%1.66%2.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,679,259.00
(-) Cash Dividends Paid (M)1,168,522.00
(=) Cash Retained (M)2,510,737.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)735,851.80459,907.38275,944.43
Cash Retained (M)2,510,737.002,510,737.002,510,737.00
(-) Cash Required (M)-735,851.80-459,907.38-275,944.43
(=) Excess Retained (M)1,774,885.202,050,829.632,234,792.58
(/) Shares Outstanding (M)9,773.559,773.559,773.55
(=) Excess Retained per Share181.60209.83228.66
LTM Dividend per Share119.56119.56119.56
(+) Excess Retained per Share181.60209.83228.66
(=) Adjusted Dividend301.16329.39348.22
WACC / Discount Rate6.88%6.88%6.88%
Growth Rate-2.58%-1.58%-0.58%
Fair Value$3,101.32$3,831.96$4,640.63
Upside / Downside30.31%61.01%94.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,679,259.003,621,016.683,563,696.323,507,283.343,451,763.383,397,122.293,499,035.96
Payout Ratio31.76%43.41%55.06%66.70%78.35%90.00%92.50%
Projected Dividends (M)1,168,522.001,571,802.531,962,022.452,339,494.222,704,523.643,057,410.063,236,608.26

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.88%6.88%6.88%
Growth Rate-2.58%-1.58%-0.58%
Year 1 PV (M)1,455,722.921,470,666.131,485,609.35
Year 2 PV (M)1,682,927.661,717,656.001,752,739.01
Year 3 PV (M)1,858,506.961,916,330.021,975,340.17
Year 4 PV (M)1,989,819.742,072,789.592,158,327.49
Year 5 PV (M)2,083,326.712,192,472.912,306,146.49
PV of Terminal Value (M)56,886,348.9859,866,644.3762,970,562.11
Equity Value (M)65,956,652.9769,236,559.0372,648,724.62
Shares Outstanding (M)9,773.559,773.559,773.55
Fair Value$6,748.48$7,084.07$7,433.19
Upside / Downside183.55%197.65%212.32%

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