Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Jasa Armada Indonesia Tbk (IPCM.JK)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$670.06 - $1,487.08$966.54
Multi-Stage$518.67 - $564.57$541.21
Blended Fair Value$753.88
Current Price$274.00
Upside175.14%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS19.92%0.00%18.6117.7420.9513.6114.127.5052.300.0012.625.71
YoY Growth--4.90%-15.32%53.93%-3.60%88.13%-85.65%0.00%-100.00%121.17%0.00%
Dividend Yield--7.16%6.47%7.76%4.31%4.71%6.36%13.84%0.00%3.14%1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)178,596.98
(-) Cash Dividends Paid (M)138,189.86
(=) Cash Retained (M)40,407.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)35,719.4022,324.6213,394.77
Cash Retained (M)40,407.1240,407.1240,407.12
(-) Cash Required (M)-35,719.40-22,324.62-13,394.77
(=) Excess Retained (M)4,687.7218,082.5027,012.35
(/) Shares Outstanding (M)5,276.775,276.775,276.77
(=) Excess Retained per Share0.893.435.12
LTM Dividend per Share26.1926.1926.19
(+) Excess Retained per Share0.893.435.12
(=) Adjusted Dividend27.0829.6231.31
WACC / Discount Rate9.76%9.76%9.76%
Growth Rate5.50%6.50%7.50%
Fair Value$670.06$966.54$1,487.08
Upside / Downside144.55%252.75%442.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)178,596.98190,205.79202,569.16215,736.16229,759.01244,693.35252,034.15
Payout Ratio77.38%79.90%82.43%84.95%87.48%90.00%92.50%
Projected Dividends (M)138,189.86151,974.81166,967.94183,268.08200,981.81220,224.01233,131.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.76%9.76%9.76%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)137,156.92138,456.99139,757.05
Year 2 PV (M)135,995.75138,586.09141,200.86
Year 3 PV (M)134,717.88138,585.14142,525.72
Year 4 PV (M)133,334.11138,461.77143,735.91
Year 5 PV (M)131,854.61138,223.24144,835.61
PV of Terminal Value (M)2,063,859.702,163,544.892,267,045.28
Equity Value (M)2,736,918.972,855,858.122,979,100.43
Shares Outstanding (M)5,276.775,276.775,276.77
Fair Value$518.67$541.21$564.57
Upside / Downside89.30%97.52%106.05%

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