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PT Surya Pertiwi Tbk (SPTO.JK)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$2,622.75 - $8,000.19$4,178.33
Multi-Stage$2,848.58 - $3,120.27$2,981.89
Blended Fair Value$3,580.11
Current Price$660.00
Upside442.44%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.57%0.00%60.0050.0050.0035.0040.0038.0065.9377.7861.3754.24
YoY Growth--20.00%0.00%42.86%-12.50%5.26%-42.36%-15.24%26.75%13.14%0.00%
Dividend Yield--9.76%8.93%9.09%6.31%8.44%6.28%6.87%6.54%5.16%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)279,669.65
(-) Cash Dividends Paid (M)190,400.00
(=) Cash Retained (M)89,269.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)55,933.9334,958.7120,975.22
Cash Retained (M)89,269.6589,269.6589,269.65
(-) Cash Required (M)-55,933.93-34,958.71-20,975.22
(=) Excess Retained (M)33,335.7254,310.9568,294.43
(/) Shares Outstanding (M)2,700.002,700.002,700.00
(=) Excess Retained per Share12.3520.1225.29
LTM Dividend per Share70.5270.5270.52
(+) Excess Retained per Share12.3520.1225.29
(=) Adjusted Dividend82.8790.6395.81
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate3.17%4.17%5.17%
Fair Value$2,622.75$4,178.33$8,000.19
Upside / Downside297.39%533.08%1,112.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)279,669.65291,319.58303,454.80316,095.52329,262.81342,978.59353,267.95
Payout Ratio68.08%72.46%76.85%81.23%85.62%90.00%92.50%
Projected Dividends (M)190,400.00211,102.57233,199.53256,771.12281,901.86308,680.73326,772.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate3.17%4.17%5.17%
Year 1 PV (M)196,453.63198,357.88200,262.14
Year 2 PV (M)201,957.84205,892.04209,864.18
Year 3 PV (M)206,940.63213,016.87219,210.90
Year 4 PV (M)211,428.75219,746.36228,307.00
Year 5 PV (M)215,447.85226,094.09237,157.10
PV of Terminal Value (M)6,658,946.596,987,995.047,329,924.62
Equity Value (M)7,691,175.298,051,102.288,424,725.94
Shares Outstanding (M)2,700.002,700.002,700.00
Fair Value$2,848.58$2,981.89$3,120.27
Upside / Downside331.60%351.80%372.77%

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