DDM Analysis: SPMA.JK

Valuation Snapshot

Stable Growth	$420.20 - $719.03	$549.61
Multi-Stage	$1,755.10 - $1,937.94	$1,844.69
Blended Fair Value	$1,197.15
Current Price	$196.92
Upside	507.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	11.97	0.00	0.00	10.03	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.72%	0.00%	0.00%	2.00%	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)	108,892.79
(-) Cash Dividends Paid (M)	37,759.96
(=) Cash Retained (M)	71,132.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21,778.56	13,611.60	8,166.96
Cash Retained (M)	71,132.83	71,132.83	71,132.83
(-) Cash Required (M)	-21,778.56	-13,611.60	-8,166.96
(=) Excess Retained (M)	49,354.27	57,521.23	62,965.87
(/) Shares Outstanding (M)	3,154.09	3,154.09	3,154.09
(=) Excess Retained per Share	15.65	18.24	19.96
LTM Dividend per Share	11.97	11.97	11.97
(+) Excess Retained per Share	15.65	18.24	19.96
(=) Adjusted Dividend	27.62	30.21	31.93
WACC / Discount Rate	4.44%	4.44%	4.44%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$420.20	$549.61	$719.03
Upside / Downside	113.39%	179.11%	265.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	108,892.79	107,803.86	106,725.82	105,658.57	104,601.98	103,555.96	106,662.64
Payout Ratio	34.68%	45.74%	56.81%	67.87%	78.94%	90.00%	92.50%
Projected Dividends (M)	37,759.96	49,310.58	60,626.42	71,711.01	82,567.84	93,200.36	98,662.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.44%	4.44%	4.44%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	46,736.73	47,213.64	47,690.54
Year 2 PV (M)	54,462.60	55,579.75	56,708.25
Year 3 PV (M)	61,057.71	62,945.96	64,872.74
Year 4 PV (M)	66,632.15	69,393.74	72,240.30
Year 5 PV (M)	71,286.74	74,998.81	78,863.92
PV of Terminal Value (M)	5,235,557.93	5,508,185.58	5,792,053.85
Equity Value (M)	5,535,733.86	5,818,317.48	6,112,429.61
Shares Outstanding (M)	3,154.09	3,154.09	3,154.09
Fair Value	$1,755.10	$1,844.69	$1,937.94
Upside / Downside	791.27%	836.77%	884.12%

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PT Suparma Tbk (SPMA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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