Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM.JK)

Company Dividend Discount ModelIndustry: Paper, Lumber & Forest ProductsSector: Basic Materials

Valuation Snapshot

Stable Growth$0.38 - $0.54$0.46
Multi-Stage$0.67 - $0.74$0.70
Blended Fair Value$0.58
Current Price$0.35
Upside66.81%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-15.45%8.08%0.000.000.000.000.000.000.000.000.000.00
YoY Growth---8.04%-0.19%-1.75%3.76%-53.83%65.78%569.26%-1.57%-48.74%-10.05%
Dividend Yield--0.52%0.37%0.38%0.35%0.23%1.47%0.28%0.06%0.43%1.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)180.29
(-) Cash Dividends Paid (M)4.80
(=) Cash Retained (M)175.48
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.0622.5413.52
Cash Retained (M)175.48175.48175.48
(-) Cash Required (M)-36.06-22.54-13.52
(=) Excess Retained (M)139.43152.95161.96
(/) Shares Outstanding (M)3,113.223,113.223,113.22
(=) Excess Retained per Share0.040.050.05
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.040.050.05
(=) Adjusted Dividend0.050.050.05
WACC / Discount Rate8.53%8.53%8.53%
Growth Rate-3.21%-2.21%-1.21%
Fair Value$0.38$0.46$0.54
Upside / Downside9.47%32.23%55.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)180.29176.30172.40168.58164.85161.20166.04
Payout Ratio2.66%20.13%37.60%55.07%72.53%90.00%92.50%
Projected Dividends (M)4.8035.4964.8292.83119.57145.08153.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.53%8.53%8.53%
Growth Rate-3.21%-2.21%-1.21%
Year 1 PV (M)32.3732.7033.04
Year 2 PV (M)53.9155.0356.16
Year 3 PV (M)70.4172.6174.86
Year 4 PV (M)82.7186.1889.76
Year 5 PV (M)91.5296.34101.37
PV of Terminal Value (M)1,751.281,843.641,939.85
Equity Value (M)2,082.182,186.502,295.04
Shares Outstanding (M)3,113.223,113.223,113.22
Fair Value$0.67$0.70$0.74
Upside / Downside91.78%101.38%111.38%

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