Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Hasnur Internasional Shipping Tbk (HAIS.JK)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$984.48 - $3,014.07$1,569.85
Multi-Stage$660.39 - $721.10$690.20
Blended Fair Value$1,130.02
Current Price$187.00
Upside504.29%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS77.24%0.00%19.9813.253.991.761.741.140.000.000.000.00
YoY Growth--50.79%232.36%127.10%0.99%52.18%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--9.70%5.18%1.90%0.82%0.46%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)99,593.51
(-) Cash Dividends Paid (M)40,357.31
(=) Cash Retained (M)59,236.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)19,918.7012,449.197,469.51
Cash Retained (M)59,236.2059,236.2059,236.20
(-) Cash Required (M)-19,918.70-12,449.19-7,469.51
(=) Excess Retained (M)39,317.5046,787.0151,766.69
(/) Shares Outstanding (M)2,626.252,626.252,626.25
(=) Excess Retained per Share14.9717.8219.71
LTM Dividend per Share15.3715.3715.37
(+) Excess Retained per Share14.9717.8219.71
(=) Adjusted Dividend30.3433.1835.08
WACC / Discount Rate8.75%8.75%8.75%
Growth Rate5.50%6.50%7.50%
Fair Value$984.48$1,569.85$3,014.07
Upside / Downside426.46%739.49%1,511.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)99,593.51106,067.08112,961.44120,303.94128,123.69136,451.73140,545.29
Payout Ratio40.52%50.42%60.31%70.21%80.10%90.00%92.50%
Projected Dividends (M)40,357.3153,476.5068,130.6884,463.96102,632.72122,806.56130,004.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.75%8.75%8.75%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)48,711.5849,173.3049,635.02
Year 2 PV (M)56,530.2857,607.0258,693.92
Year 3 PV (M)63,837.9765,670.5367,537.82
Year 4 PV (M)70,658.2173,375.5376,170.47
Year 5 PV (M)77,013.6280,733.4184,595.56
PV of Terminal Value (M)1,417,598.111,486,068.631,557,159.67
Equity Value (M)1,734,349.761,812,628.411,893,792.47
Shares Outstanding (M)2,626.252,626.252,626.25
Fair Value$660.39$690.20$721.10
Upside / Downside253.15%269.09%285.62%

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