Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Bank Pembangunan Daerah Jawa Timur Tbk (BJTM.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$1,366.62 - $2,553.21$1,850.87
Multi-Stage$1,962.04 - $2,150.56$2,054.52
Blended Fair Value$1,952.70
Current Price$500.00
Upside290.54%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.61%3.03%54.3953.0952.1148.8548.2045.5443.9843.4442.7241.59
YoY Growth--2.45%1.88%6.67%1.35%5.83%3.56%1.25%1.67%2.72%3.07%
Dividend Yield--10.88%8.85%7.09%6.18%6.14%10.40%6.71%6.89%6.19%8.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,368,464.00
(-) Cash Dividends Paid (M)821,498.00
(=) Cash Retained (M)546,966.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)273,692.80171,058.00102,634.80
Cash Retained (M)546,966.00546,966.00546,966.00
(-) Cash Required (M)-273,692.80-171,058.00-102,634.80
(=) Excess Retained (M)273,273.20375,908.00444,331.20
(/) Shares Outstanding (M)15,015.5015,015.5015,015.50
(=) Excess Retained per Share18.2025.0329.59
LTM Dividend per Share54.7154.7154.71
(+) Excess Retained per Share18.2025.0329.59
(=) Adjusted Dividend72.9179.7484.30
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate1.61%2.61%3.61%
Fair Value$1,366.62$1,850.87$2,553.21
Upside / Downside173.32%270.17%410.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,368,464.001,404,233.201,440,937.351,478,600.881,517,248.871,556,907.041,603,614.25
Payout Ratio60.03%66.02%72.02%78.01%84.01%90.00%92.50%
Projected Dividends (M)821,498.00927,138.371,037,739.991,153,490.041,274,582.091,401,216.341,483,343.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate1.61%2.61%3.61%
Year 1 PV (M)857,760.32866,201.69874,643.07
Year 2 PV (M)888,242.08905,810.81923,551.59
Year 3 PV (M)913,435.82940,669.95968,440.09
Year 4 PV (M)933,798.99971,103.921,009,515.59
Year 5 PV (M)949,756.29997,418.831,046,975.97
PV of Terminal Value (M)24,917,973.0226,168,455.8627,468,645.63
Equity Value (M)29,460,966.5230,849,661.0632,291,771.93
Shares Outstanding (M)15,015.5015,015.5015,015.50
Fair Value$1,962.04$2,054.52$2,150.56
Upside / Downside292.41%310.90%330.11%

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