DDM Analysis: BBNI.JK

Valuation Snapshot

Stable Growth	$19,059.43 - $111,321.37	$35,274.78
Multi-Stage	$11,640.68 - $12,705.17	$12,163.30
Blended Fair Value	$23,719.04
Current Price	$4,120.00
Upside	475.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.74%	14.43%	280.46	196.50	73.09	22.00	103.18	100.70	127.85	106.46	60.81	72.31
YoY Growth	-	-	42.73%	168.84%	232.23%	-78.68%	2.46%	-21.23%	20.09%	75.07%	-15.91%	-0.76%
Dividend Yield	-	-	6.61%	3.48%	1.56%	0.53%	3.60%	5.27%	2.72%	2.45%	1.88%	2.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,866,036.00
(-) Cash Dividends Paid (M)	13,951,339.00
(=) Cash Retained (M)	6,914,697.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,173,207.20	2,608,254.50	1,564,952.70
Cash Retained (M)	6,914,697.00	6,914,697.00	6,914,697.00
(-) Cash Required (M)	-4,173,207.20	-2,608,254.50	-1,564,952.70
(=) Excess Retained (M)	2,741,489.80	4,306,442.50	5,349,744.30
(/) Shares Outstanding (M)	37,277.06	37,277.06	37,277.06
(=) Excess Retained per Share	73.54	115.53	143.51
LTM Dividend per Share	374.26	374.26	374.26
(+) Excess Retained per Share	73.54	115.53	143.51
(=) Adjusted Dividend	447.80	489.79	517.77
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19,059.43	$35,274.78	$111,321.37
Upside / Downside	362.61%	756.18%	2,601.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,866,036.00	22,222,328.34	23,666,779.68	25,205,120.36	26,843,453.18	28,588,277.64	29,445,925.97
Payout Ratio	66.86%	71.49%	76.12%	80.74%	85.37%	90.00%	92.50%
Projected Dividends (M)	13,951,339.00	15,886,559.93	18,014,415.17	20,351,770.88	22,916,871.93	25,729,449.88	27,237,481.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14,574,526.81	14,712,673.98	14,850,821.15
Year 2 PV (M)	15,161,751.12	15,450,539.89	15,742,053.09
Year 3 PV (M)	15,714,334.69	16,165,436.76	16,625,090.28
Year 4 PV (M)	16,233,558.46	16,857,855.31	17,499,987.88
Year 5 PV (M)	16,720,662.86	17,528,277.13	18,366,800.70
PV of Terminal Value (M)	355,525,309.78	372,697,315.18	390,526,533.65
Equity Value (M)	433,930,143.72	453,412,098.26	473,611,286.75
Shares Outstanding (M)	37,277.06	37,277.06	37,277.06
Fair Value	$11,640.68	$12,163.30	$12,705.17
Upside / Downside	182.54%	195.23%	208.38%

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PT Bank Negara Indonesia (Persero) Tbk (BBNI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener