Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Elang Mahkota Teknologi Tbk (EMTK.JK)

Company Dividend Discount ModelIndustry: BroadcastingSector: Communication Services

Valuation Snapshot

Stable Growth$1,265.77 - $2,239.38$1,677.83
Multi-Stage$1,152.93 - $1,256.93$1,204.00
Blended Fair Value$1,440.91
Current Price$484.00
Upside197.71%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.77%-3.39%8.737.236.140.040.005.237.009.1614.0847.40
YoY Growth--20.79%17.75%17,347.96%0.00%-100.00%-25.25%-23.58%-34.92%-70.30%284.71%
Dividend Yield--1.60%1.65%0.78%0.00%0.00%1.05%0.86%1.07%1.60%5.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,545,680.85
(-) Cash Dividends Paid (M)2,687,775.59
(=) Cash Retained (M)2,857,905.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,109,136.17693,210.11415,926.06
Cash Retained (M)2,857,905.262,857,905.262,857,905.26
(-) Cash Required (M)-1,109,136.17-693,210.11-415,926.06
(=) Excess Retained (M)1,748,769.092,164,695.152,441,979.19
(/) Shares Outstanding (M)61,152.3761,152.3761,152.37
(=) Excess Retained per Share28.6035.4039.93
LTM Dividend per Share43.9543.9543.95
(+) Excess Retained per Share28.6035.4039.93
(=) Adjusted Dividend72.5579.3583.88
WACC / Discount Rate10.48%10.48%10.48%
Growth Rate4.49%5.49%6.49%
Fair Value$1,265.77$1,677.83$2,239.38
Upside / Downside161.52%246.66%362.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,545,680.855,850,225.326,171,494.056,510,405.446,867,928.367,245,084.887,462,437.42
Payout Ratio48.47%56.77%65.08%73.39%81.69%90.00%92.50%
Projected Dividends (M)2,687,775.593,321,341.714,016,387.594,777,754.965,610,631.926,520,576.396,902,754.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.48%10.48%10.48%
Growth Rate4.49%5.49%6.49%
Year 1 PV (M)2,977,768.533,006,266.223,034,763.92
Year 2 PV (M)3,228,422.523,290,511.193,353,191.22
Year 3 PV (M)3,443,150.453,542,953.933,644,667.61
Year 4 PV (M)3,625,110.783,765,887.043,910,724.18
Year 5 PV (M)3,777,225.103,961,460.924,152,816.56
PV of Terminal Value (M)53,452,919.7456,060,109.3658,768,054.31
Equity Value (M)70,504,597.1273,627,188.6576,864,217.79
Shares Outstanding (M)61,152.3761,152.3761,152.37
Fair Value$1,152.93$1,204.00$1,256.93
Upside / Downside138.21%148.76%159.70%

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