DDM Analysis: MERK.JK

Valuation Snapshot

Stable Growth	$65,665.30 - $78,757.29	$73,802.85
Multi-Stage	$17,149.09 - $18,799.24	$17,958.81
Blended Fair Value	$45,880.83
Current Price	$2,860.00
Upside	1,504.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	168.91%	0.22%	318.99	321.18	239.43	123.32	128.65	2.27	2,815.51	273.41	99.80	490.54
YoY Growth	-	-	-0.68%	34.14%	94.15%	-4.14%	5,571.43%	-99.92%	929.78%	173.95%	-79.65%	57.25%
Dividend Yield	-	-	9.35%	8.11%	4.96%	3.08%	4.06%	0.13%	69.86%	4.34%	1.08%	6.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178,505.28
(-) Cash Dividends Paid (M)	76,296.85
(=) Cash Retained (M)	102,208.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35,701.06	22,313.16	13,387.90
Cash Retained (M)	102,208.43	102,208.43	102,208.43
(-) Cash Required (M)	-35,701.06	-22,313.16	-13,387.90
(=) Excess Retained (M)	66,507.37	79,895.27	88,820.53
(/) Shares Outstanding (M)	448.00	448.00	448.00
(=) Excess Retained per Share	148.45	178.34	198.26
LTM Dividend per Share	170.31	170.31	170.31
(+) Excess Retained per Share	148.45	178.34	198.26
(=) Adjusted Dividend	318.76	348.64	368.57
WACC / Discount Rate	5.35%	5.35%	5.35%
Growth Rate	4.84%	5.84%	6.84%
Fair Value	$65,665.30	$73,802.85	$78,757.29
Upside / Downside	2,195.99%	2,480.52%	2,653.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178,505.28	188,935.30	199,974.75	211,659.23	224,026.43	237,116.25	244,229.73
Payout Ratio	42.74%	52.19%	61.65%	71.10%	80.55%	90.00%	92.50%
Projected Dividends (M)	76,296.85	98,612.24	123,274.92	150,483.00	180,449.74	213,404.62	225,912.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.35%	5.35%	5.35%
Growth Rate	4.84%	5.84%	6.84%
Year 1 PV (M)	92,718.35	93,602.70	94,487.06
Year 2 PV (M)	108,979.41	111,068.23	113,176.88
Year 3 PV (M)	125,081.19	128,694.54	132,376.81
Year 4 PV (M)	141,024.86	146,482.75	152,097.55
Year 5 PV (M)	156,811.57	164,433.99	172,349.99
PV of Terminal Value (M)	7,058,175.86	7,401,265.56	7,757,569.16
Equity Value (M)	7,682,791.23	8,045,547.77	8,422,057.45
Shares Outstanding (M)	448.00	448.00	448.00
Fair Value	$17,149.09	$17,958.81	$18,799.24
Upside / Downside	499.62%	527.93%	557.32%

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SRSN.JK	PT Indo Acidatama Tbk	1.61%	$1.00	12.49%
000050.KS	Kyungbangco.Ltd	1.60%	$149.61	11.55%

Financial Statements

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PT Merck Tbk (MERK.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener