DDM Analysis: BJBR.JK

Valuation Snapshot

Stable Growth	$1,229.68 - $2,137.83	$1,618.69
Multi-Stage	$2,016.31 - $2,208.46	$2,110.57
Blended Fair Value	$1,864.63
Current Price	$765.00
Upside	143.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.60%	2.82%	95.05	104.55	99.11	89.53	87.92	83.60	83.22	82.02	78.15	65.98
YoY Growth	-	-	-9.09%	5.49%	10.70%	1.83%	5.17%	0.46%	1.46%	4.95%	18.44%	-8.32%
Dividend Yield	-	-	11.45%	8.64%	7.29%	5.87%	6.06%	11.41%	4.13%	3.99%	3.88%	6.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	997,156.00
(-) Cash Dividends Paid (M)	896,953.00
(=) Cash Retained (M)	100,203.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	199,431.20	124,644.50	74,786.70
Cash Retained (M)	100,203.00	100,203.00	100,203.00
(-) Cash Required (M)	-199,431.20	-124,644.50	-74,786.70
(=) Excess Retained (M)	-99,228.20	-24,441.50	25,416.30
(/) Shares Outstanding (M)	10,521.44	10,521.44	10,521.44
(=) Excess Retained per Share	-9.43	-2.32	2.42
LTM Dividend per Share	85.25	85.25	85.25
(+) Excess Retained per Share	-9.43	-2.32	2.42
(=) Adjusted Dividend	75.82	82.93	87.67
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	0.82%	1.82%	2.82%
Fair Value	$1,229.68	$1,618.69	$2,137.83
Upside / Downside	60.74%	111.59%	179.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	997,156.00	1,015,303.17	1,033,780.59	1,052,594.28	1,071,750.36	1,091,255.07	1,123,992.72
Payout Ratio	89.95%	89.96%	89.97%	89.98%	89.99%	90.00%	92.50%
Projected Dividends (M)	896,953.00	913,375.83	930,099.35	947,129.06	964,470.56	982,129.56	1,039,693.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	0.82%	1.82%	2.82%
Year 1 PV (M)	844,952.68	853,333.50	861,714.31
Year 2 PV (M)	795,967.05	811,835.23	827,860.04
Year 3 PV (M)	749,821.31	772,355.06	795,335.79
Year 4 PV (M)	706,350.84	734,794.82	764,089.32
Year 5 PV (M)	665,400.54	699,061.16	734,070.43
PV of Terminal Value (M)	17,452,026.61	18,334,872.21	19,253,090.13
Equity Value (M)	21,214,519.04	22,206,251.97	23,236,160.02
Shares Outstanding (M)	10,521.44	10,521.44	10,521.44
Fair Value	$2,016.31	$2,110.57	$2,208.46
Upside / Downside	163.57%	175.89%	188.69%

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PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (BJBR.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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