Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Indomobil Sukses Internasional Tbk (IMAS.JK)

Company Dividend Discount ModelIndustry: Auto - DealershipsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$17,319.76 - $20,405.61$19,123.04
Multi-Stage$3,883.25 - $4,250.58$4,063.53
Blended Fair Value$11,593.29
Current Price$1,265.00
Upside816.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS37.16%11.46%45.7741.0338.2214.6910.719.4319.8822.6914.1110.86
YoY Growth--11.54%7.36%160.11%37.19%13.62%-52.58%-12.36%60.72%29.92%-29.76%
Dividend Yield--5.58%2.85%3.28%1.90%0.99%2.36%0.75%1.87%1.24%0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)409,835.00
(-) Cash Dividends Paid (M)253,358.00
(=) Cash Retained (M)156,477.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)81,967.0051,229.3830,737.63
Cash Retained (M)156,477.00156,477.00156,477.00
(-) Cash Required (M)-81,967.00-51,229.38-30,737.63
(=) Excess Retained (M)74,510.00105,247.63125,739.38
(/) Shares Outstanding (M)3,994.293,994.293,994.29
(=) Excess Retained per Share18.6526.3531.48
LTM Dividend per Share63.4363.4363.43
(+) Excess Retained per Share18.6526.3531.48
(=) Adjusted Dividend82.0889.7894.91
WACC / Discount Rate5.77%5.77%5.77%
Growth Rate5.50%6.50%7.50%
Fair Value$17,319.76$19,123.04$20,405.61
Upside / Downside1,269.15%1,411.70%1,513.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)409,835.00436,474.28464,845.10495,060.03527,238.94561,509.47578,354.75
Payout Ratio61.82%67.46%73.09%78.73%84.36%90.00%92.50%
Projected Dividends (M)253,358.00294,426.39339,763.22389,749.90444,799.34505,358.52534,978.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.77%5.77%5.77%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)275,747.83278,361.55280,975.27
Year 2 PV (M)298,021.17303,697.63309,427.65
Year 3 PV (M)320,178.47329,369.64338,735.05
Year 4 PV (M)342,220.18355,381.00368,917.82
Year 5 PV (M)364,146.76381,735.18399,996.75
PV of Terminal Value (M)13,910,512.0414,582,394.9715,279,992.45
Equity Value (M)15,510,826.4416,230,939.9816,978,045.00
Shares Outstanding (M)3,994.293,994.293,994.29
Fair Value$3,883.25$4,063.53$4,250.58
Upside / Downside206.98%221.23%236.01%

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