DDM Analysis: SBMA.JK

Valuation Snapshot

Stable Growth	$100.06 - $142.50	$120.93
Multi-Stage	$154.64 - $169.76	$162.05
Blended Fair Value	$141.49
Current Price	$140.00
Upside	1.07%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	1.10	1.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-26.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.93%	1.07%	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)	13,836.01
(-) Cash Dividends Paid (M)	3,719.71
(=) Cash Retained (M)	10,116.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,767.20	1,729.50	1,037.70
Cash Retained (M)	10,116.30	10,116.30	10,116.30
(-) Cash Required (M)	-2,767.20	-1,729.50	-1,037.70
(=) Excess Retained (M)	7,349.10	8,386.80	9,078.60
(/) Shares Outstanding (M)	929.59	929.59	929.59
(=) Excess Retained per Share	7.91	9.02	9.77
LTM Dividend per Share	4.00	4.00	4.00
(+) Excess Retained per Share	7.91	9.02	9.77
(=) Adjusted Dividend	11.91	13.02	13.77
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$100.06	$120.93	$142.50
Upside / Downside	-28.53%	-13.62%	1.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,836.01	13,697.65	13,560.67	13,425.06	13,290.81	13,157.90	13,552.64
Payout Ratio	26.88%	39.51%	52.13%	64.75%	77.38%	90.00%	92.50%
Projected Dividends (M)	3,719.71	5,411.58	7,069.25	8,693.22	10,284.01	11,842.11	12,536.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4,884.95	4,934.80	4,984.65
Year 2 PV (M)	5,760.31	5,878.46	5,997.82
Year 3 PV (M)	6,394.24	6,591.99	6,793.77
Year 4 PV (M)	6,828.21	7,111.21	7,402.91
Year 5 PV (M)	7,097.57	7,467.16	7,851.98
PV of Terminal Value (M)	112,788.43	118,661.59	124,776.90
Equity Value (M)	143,753.72	150,645.21	157,808.03
Shares Outstanding (M)	929.59	929.59	929.59
Fair Value	$154.64	$162.05	$169.76
Upside / Downside	10.46%	15.75%	21.26%

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PT Surya Biru Murni Acetylene Tbk (SBMA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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