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$383.70 - $610.63$486.91
Multi-Stage$672.44 - $739.52$705.33
Blended Fair Value$596.12
Current Price$2,700.00
Upside-77.92%
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 Rate7.20%7.20%7.20%
Growth Rate-0.53%0.47%1.47%
Fair Value$383.70$486.91$610.63
Upside / Downside-85.79%-81.97%-77.38%

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 Rate7.20%7.20%7.20%
Growth Rate-0.53%0.47%1.47%
Year 1 PV (M)19,303.6019,497.6719,691.73
Year 2 PV (M)24,890.7425,393.7225,901.73
Year 3 PV (M)29,572.1730,473.0631,392.06
Year 4 PV (M)33,449.4334,814.9636,221.86
Year 5 PV (M)36,614.1338,491.9640,446.06
PV of Terminal Value (M)923,518.30970,882.851,020,171.12
Equity Value (M)1,067,348.391,119,554.221,173,824.57
Shares Outstanding (M)1,587.291,587.291,587.29
Fair Value$672.44$705.33$739.52
Upside / Downside-75.09%-73.88%-72.61%

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