DDM Analysis: INDF.JK

Valuation Snapshot

Stable Growth	$149,225.11 - $175,812.47	$164,762.03
Multi-Stage	$31,450.53 - $34,449.89	$32,922.53
Blended Fair Value	$98,842.28
Current Price	$7,225.00
Upside	1,268.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.32%	6.52%	267.00	257.00	278.00	278.00	278.00	171.00	302.00	235.00	168.00	220.00
YoY Growth	-	-	3.89%	-7.55%	0.00%	0.00%	62.57%	-43.38%	28.51%	39.88%	-23.64%	54.93%
Dividend Yield	-	-	3.76%	4.00%	4.48%	4.67%	4.21%	2.69%	4.81%	3.26%	2.10%	3.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,762,205.00
(-) Cash Dividends Paid (M)	2,458,520.00
(=) Cash Retained (M)	5,303,685.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,552,441.00	970,275.63	582,165.38
Cash Retained (M)	5,303,685.00	5,303,685.00	5,303,685.00
(-) Cash Required (M)	-1,552,441.00	-970,275.63	-582,165.38
(=) Excess Retained (M)	3,751,244.00	4,333,409.38	4,721,519.63
(/) Shares Outstanding (M)	8,780.43	8,780.43	8,780.43
(=) Excess Retained per Share	427.23	493.53	537.73
LTM Dividend per Share	280.00	280.00	280.00
(+) Excess Retained per Share	427.23	493.53	537.73
(=) Adjusted Dividend	707.23	773.53	817.73
WACC / Discount Rate	5.90%	5.90%	5.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$149,225.11	$164,762.03	$175,812.47
Upside / Downside	1,965.40%	2,180.44%	2,333.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,762,205.00	8,266,748.33	8,804,086.97	9,376,352.62	9,985,815.54	10,634,893.55	10,953,940.36
Payout Ratio	31.67%	43.34%	55.00%	66.67%	78.33%	90.00%	92.50%
Projected Dividends (M)	2,458,520.00	3,582,673.74	4,842,580.22	6,251,137.74	7,822,347.84	9,571,404.19	10,132,394.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.90%	5.90%	5.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,351,422.97	3,383,190.01	3,414,957.05
Year 2 PV (M)	4,237,608.06	4,318,322.60	4,399,798.58
Year 3 PV (M)	5,117,113.06	5,264,006.99	5,413,685.55
Year 4 PV (M)	5,989,975.55	6,220,333.11	6,457,271.82
Year 5 PV (M)	6,856,232.94	7,187,391.55	7,531,224.38
PV of Terminal Value (M)	250,596,724.13	262,700,639.61	275,267,800.43
Equity Value (M)	276,149,076.72	289,073,883.87	302,484,737.82
Shares Outstanding (M)	8,780.43	8,780.43	8,780.43
Fair Value	$31,450.53	$32,922.53	$34,449.89
Upside / Downside	335.30%	355.68%	376.82%

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000050.KS	Kyungbangco.Ltd	1.60%	$149.61	11.55%

Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

PT Indofood Sukses Makmur Tbk (INDF.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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