DDM Analysis: ACES.JK

Valuation Snapshot

Stable Growth	$680.65 - $1,236.00	$911.67
Multi-Stage	$996.31 - $1,091.47	$1,042.99
Blended Fair Value	$977.33
Current Price	$496.00
Upside	97.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.47%	18.82%	33.48	31.04	20.58	32.13	18.05	28.23	22.73	16.41	15.34	15.92
YoY Growth	-	-	7.86%	50.85%	-35.96%	77.96%	-36.04%	24.20%	38.49%	6.95%	-3.59%	166.67%
Dividend Yield	-	-	6.70%	3.41%	4.30%	3.13%	1.18%	2.17%	1.26%	1.23%	1.86%	1.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	819,151.31
(-) Cash Dividends Paid (M)	573,533.06
(=) Cash Retained (M)	245,618.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	163,830.26	102,393.91	61,436.35
Cash Retained (M)	245,618.26	245,618.26	245,618.26
(-) Cash Required (M)	-163,830.26	-102,393.91	-61,436.35
(=) Excess Retained (M)	81,788.00	143,224.34	184,181.91
(/) Shares Outstanding (M)	17,131.49	17,131.49	17,131.49
(=) Excess Retained per Share	4.77	8.36	10.75
LTM Dividend per Share	33.48	33.48	33.48
(+) Excess Retained per Share	4.77	8.36	10.75
(=) Adjusted Dividend	38.25	41.84	44.23
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	1.47%	2.47%	3.47%
Fair Value	$680.65	$911.67	$1,236.00
Upside / Downside	37.23%	83.80%	149.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	819,151.31	839,397.55	860,144.19	881,403.61	903,188.48	925,511.78	953,277.14
Payout Ratio	70.02%	74.01%	78.01%	82.01%	86.00%	90.00%	92.50%
Projected Dividends (M)	573,533.06	621,258.41	670,992.57	722,805.68	776,770.13	832,960.61	881,781.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	1.47%	2.47%	3.47%
Year 1 PV (M)	574,014.32	579,671.22	585,328.12
Year 2 PV (M)	572,820.58	584,166.47	595,623.63
Year 3 PV (M)	570,128.71	587,151.17	604,509.14
Year 4 PV (M)	566,101.52	588,749.23	612,069.78
Year 5 PV (M)	560,888.73	589,076.58	618,386.49
PV of Terminal Value (M)	14,224,351.11	14,939,205.67	15,682,516.06
Equity Value (M)	17,068,304.97	17,868,020.36	18,698,433.23
Shares Outstanding (M)	17,131.49	17,131.49	17,131.49
Fair Value	$996.31	$1,042.99	$1,091.47
Upside / Downside	100.87%	110.28%	120.05%

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PT Aspirasi Hidup Indonesia Tbk (ACES.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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