Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Kedoya Adyaraya Tbk (RSGK.JK)

Company Dividend Discount ModelIndustry: Medical - Care FacilitiesSector: Healthcare

Valuation Snapshot

Stable Growth$321.14 - $489.87$400.16
Multi-Stage$674.82 - $743.02$708.25
Blended Fair Value$554.20
Current Price$980.00
Upside-43.45%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%11.0096.0086.000.000.000.005.380.000.000.00
YoY Growth---88.54%11.63%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.12%8.35%7.75%0.00%0.00%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)33,621.32
(-) Cash Dividends Paid (M)10,226.43
(=) Cash Retained (M)23,394.89
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,724.264,202.662,521.60
Cash Retained (M)23,394.8923,394.8923,394.89
(-) Cash Required (M)-6,724.26-4,202.66-2,521.60
(=) Excess Retained (M)16,670.6319,192.2320,873.29
(/) Shares Outstanding (M)929.68929.68929.68
(=) Excess Retained per Share17.9320.6422.45
LTM Dividend per Share11.0011.0011.00
(+) Excess Retained per Share17.9320.6422.45
(=) Adjusted Dividend28.9331.6433.45
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate-2.00%-1.00%0.00%
Fair Value$321.14$400.16$489.87
Upside / Downside-67.23%-59.17%-50.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)33,621.3233,285.1032,952.2532,622.7332,296.5031,973.5432,932.74
Payout Ratio30.42%42.33%54.25%66.17%78.08%90.00%92.50%
Projected Dividends (M)10,226.4314,090.6517,876.5621,585.3525,218.1728,776.1830,462.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)13,056.7113,189.9413,323.17
Year 2 PV (M)15,349.3315,664.1815,982.23
Year 3 PV (M)17,173.8417,704.9518,246.90
Year 4 PV (M)18,591.9419,362.4920,156.74
Year 5 PV (M)19,658.3420,682.0021,747.86
PV of Terminal Value (M)543,533.94571,837.01601,307.04
Equity Value (M)627,364.10658,440.57690,763.95
Shares Outstanding (M)929.68929.68929.68
Fair Value$674.82$708.25$743.02
Upside / Downside-31.14%-27.73%-24.18%

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