Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Bank CIMB Niaga Tbk (BNGA.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$2,402.51 - $3,640.30$2,984.88
Multi-Stage$5,015.35 - $5,513.26$5,259.45
Blended Fair Value$4,122.16
Current Price$1,695.00
Upside143.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS34.85%0.00%123.55114.2493.3143.7055.3827.7023.680.000.000.00
YoY Growth--8.15%22.43%113.52%-21.09%99.88%16.97%0.00%0.00%0.00%0.00%
Dividend Yield--7.29%5.34%7.35%3.92%5.57%4.50%2.21%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,961,315.00
(-) Cash Dividends Paid (M)3,965,061.00
(=) Cash Retained (M)2,996,254.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,392,263.00870,164.38522,098.63
Cash Retained (M)2,996,254.002,996,254.002,996,254.00
(-) Cash Required (M)-1,392,263.00-870,164.38-522,098.63
(=) Excess Retained (M)1,603,991.002,126,089.632,474,155.38
(/) Shares Outstanding (M)25,139.5125,139.5125,139.51
(=) Excess Retained per Share63.8084.5798.42
LTM Dividend per Share157.72157.72157.72
(+) Excess Retained per Share63.8084.5798.42
(=) Adjusted Dividend221.53242.29256.14
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2,402.51$2,984.88$3,640.30
Upside / Downside41.74%76.10%114.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,961,315.006,891,701.856,822,784.836,754,556.986,687,011.416,620,141.306,818,745.54
Payout Ratio56.96%63.57%70.18%76.78%83.39%90.00%92.50%
Projected Dividends (M)3,965,061.004,380,834.654,787,896.315,186,378.665,576,412.575,958,127.176,307,339.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4,051,510.984,092,852.934,134,194.87
Year 2 PV (M)4,095,105.124,179,105.094,263,957.85
Year 3 PV (M)4,102,463.244,229,334.704,358,795.27
Year 4 PV (M)4,079,392.884,248,464.654,422,738.18
Year 5 PV (M)4,030,979.264,240,881.704,459,438.56
PV of Terminal Value (M)105,723,925.15111,229,215.22116,961,492.12
Equity Value (M)126,083,376.63132,219,854.29138,600,616.86
Shares Outstanding (M)25,139.5125,139.5125,139.51
Fair Value$5,015.35$5,259.45$5,513.26
Upside / Downside195.89%210.29%225.27%

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