Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Jasa Marga (Persero) Tbk (JSMR.JK)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$13,849.80 - $42,351.05$22,079.52
Multi-Stage$14,825.69 - $16,252.06$15,525.51
Blended Fair Value$18,802.52
Current Price$3,480.00
Upside440.30%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.17%-2.31%58.5676.480.020.0015.2145.5260.6378.0940.4167.68
YoY Growth---23.44%374,970.27%0.00%-100.00%-66.60%-24.92%-22.36%93.26%-40.29%-8.55%
Dividend Yield--1.47%1.35%0.00%0.00%0.38%1.79%1.03%1.71%0.87%1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,963,713.00
(-) Cash Dividends Paid (M)1,863,914.00
(=) Cash Retained (M)2,099,799.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)792,742.60495,464.13297,278.48
Cash Retained (M)2,099,799.002,099,799.002,099,799.00
(-) Cash Required (M)-792,742.60-495,464.13-297,278.48
(=) Excess Retained (M)1,307,056.401,604,334.881,802,520.53
(/) Shares Outstanding (M)7,257.877,257.877,257.87
(=) Excess Retained per Share180.09221.05248.35
LTM Dividend per Share256.81256.81256.81
(+) Excess Retained per Share180.09221.05248.35
(=) Adjusted Dividend436.90477.86505.17
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate3.17%4.17%5.17%
Fair Value$13,849.80$22,079.52$42,351.05
Upside / Downside297.98%534.47%1,116.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,963,713.004,128,822.794,300,810.284,479,961.984,666,576.294,860,964.095,006,793.01
Payout Ratio47.02%55.62%64.21%72.81%81.40%90.00%92.50%
Projected Dividends (M)1,863,914.002,296,432.872,761,750.983,261,850.353,798,821.244,374,867.684,631,283.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate3.17%4.17%5.17%
Year 1 PV (M)2,137,180.812,157,896.842,178,612.88
Year 2 PV (M)2,391,990.972,438,587.622,485,633.76
Year 3 PV (M)2,629,217.792,706,417.582,785,113.93
Year 4 PV (M)2,849,698.402,961,805.633,077,188.51
Year 5 PV (M)3,054,235.163,205,158.743,361,990.47
PV of Terminal Value (M)94,540,606.1899,212,285.24104,066,844.79
Equity Value (M)107,602,929.32112,682,151.65117,955,384.33
Shares Outstanding (M)7,257.877,257.877,257.87
Fair Value$14,825.69$15,525.51$16,252.06
Upside / Downside326.03%346.14%367.01%

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