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PT Ace Oldfields Tbk (KUAS.JK)

Company Dividend Discount ModelIndustry: ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$80.73 - $123.52$100.73
Multi-Stage$172.59 - $190.03$181.14
Blended Fair Value$140.93
Current Price$50.00
Upside181.86%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%2.501.601.000.000.000.000.000.000.000.00
YoY Growth--56.25%60.03%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.00%3.14%1.89%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)11,630.59
(-) Cash Dividends Paid (M)3,878.42
(=) Cash Retained (M)7,752.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,326.121,453.82872.29
Cash Retained (M)7,752.177,752.177,752.17
(-) Cash Required (M)-2,326.12-1,453.82-872.29
(=) Excess Retained (M)5,426.056,298.346,879.87
(/) Shares Outstanding (M)1,292.811,292.811,292.81
(=) Excess Retained per Share4.204.875.32
LTM Dividend per Share3.003.003.00
(+) Excess Retained per Share4.204.875.32
(=) Adjusted Dividend7.207.878.32
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate-2.00%-1.00%0.00%
Fair Value$80.73$100.73$123.52
Upside / Downside61.46%101.45%147.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11,630.5911,514.2811,399.1411,285.1511,172.3011,060.5711,392.39
Payout Ratio33.35%44.68%56.01%67.34%78.67%90.00%92.50%
Projected Dividends (M)3,878.425,144.286,384.447,599.278,789.179,954.5210,537.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4,770.914,819.594,868.27
Year 2 PV (M)5,491.295,603.935,717.71
Year 3 PV (M)6,061.786,249.246,440.53
Year 4 PV (M)6,502.076,771.557,049.33
Year 5 PV (M)6,829.677,185.317,555.61
PV of Terminal Value (M)193,470.60203,545.06214,034.90
Equity Value (M)223,126.32234,174.69245,666.35
Shares Outstanding (M)1,292.811,292.811,292.81
Fair Value$172.59$181.14$190.03
Upside / Downside245.18%262.27%280.05%

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