Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Yulie Sekuritas Indonesia Tbk (YULE.JK)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$356.89 - $554.43$448.23
Multi-Stage$586.52 - $644.65$615.03
Blended Fair Value$531.63
Current Price$2,700.00
Upside-80.31%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%0.00%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)59,135.61
(-) Cash Dividends Paid (M)12,698.29
(=) Cash Retained (M)46,437.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11,827.127,391.954,435.17
Cash Retained (M)46,437.3246,437.3246,437.32
(-) Cash Required (M)-11,827.12-7,391.95-4,435.17
(=) Excess Retained (M)34,610.2039,045.3742,002.15
(/) Shares Outstanding (M)1,587.291,587.291,587.29
(=) Excess Retained per Share21.8024.6026.46
LTM Dividend per Share8.008.008.00
(+) Excess Retained per Share21.8024.6026.46
(=) Adjusted Dividend29.8032.6034.46
WACC / Discount Rate7.78%7.78%7.78%
Growth Rate-0.53%0.47%1.47%
Fair Value$356.89$448.23$554.43
Upside / Downside-86.78%-83.40%-79.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)59,135.6159,413.8259,693.3359,974.1560,256.3060,539.7862,355.97
Payout Ratio21.47%35.18%48.88%62.59%76.29%90.00%92.50%
Projected Dividends (M)12,698.2920,900.9129,180.4337,537.3945,972.3354,485.8057,679.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.78%7.78%7.78%
Growth Rate-0.53%0.47%1.47%
Year 1 PV (M)19,199.6319,392.6519,585.67
Year 2 PV (M)24,623.3325,120.9125,623.46
Year 3 PV (M)29,096.9029,983.3030,887.53
Year 4 PV (M)32,734.5734,070.9135,447.75
Year 5 PV (M)35,638.6437,466.4439,368.48
PV of Terminal Value (M)789,687.08830,187.82872,333.50
Equity Value (M)930,980.14976,222.021,023,246.38
Shares Outstanding (M)1,587.291,587.291,587.29
Fair Value$586.52$615.03$644.65
Upside / Downside-78.28%-77.22%-76.12%

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