Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Kino Indonesia Tbk (KINO.JK)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$561.31 - $778.39$670.21
Multi-Stage$1,161.18 - $1,276.85$1,217.87
Blended Fair Value$944.04
Current Price$1,195.00
Upside-21.00%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-17.38%-3.07%22.730.7310.0024.87106.7259.0627.9725.9038.340.00
YoY Growth--2,996.34%-92.66%-59.78%-76.70%80.70%111.11%8.00%-32.43%0.00%-100.00%
Dividend Yield--2.05%0.05%0.66%0.73%5.16%2.94%1.10%1.31%1.53%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)137,117.67
(-) Cash Dividends Paid (M)77,453.60
(=) Cash Retained (M)59,664.06
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27,423.5317,139.7110,283.82
Cash Retained (M)59,664.0659,664.0659,664.06
(-) Cash Required (M)-27,423.53-17,139.71-10,283.82
(=) Excess Retained (M)32,240.5342,524.3549,380.24
(/) Shares Outstanding (M)1,378.821,378.821,378.82
(=) Excess Retained per Share23.3830.8435.81
LTM Dividend per Share56.1756.1756.17
(+) Excess Retained per Share23.3830.8435.81
(=) Adjusted Dividend79.5687.0291.99
WACC / Discount Rate8.39%8.39%8.39%
Growth Rate-5.07%-4.07%-3.07%
Fair Value$561.31$670.21$778.39
Upside / Downside-53.03%-43.92%-34.86%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)137,117.67131,538.15126,185.68121,051.01116,125.28111,399.97114,741.97
Payout Ratio56.49%63.19%69.89%76.59%83.30%90.00%92.50%
Projected Dividends (M)77,453.6083,118.3988,193.9292,718.7696,729.33100,259.98106,136.33

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.39%8.39%8.39%
Growth Rate-5.07%-4.07%-3.07%
Year 1 PV (M)75,888.1576,687.5677,486.96
Year 2 PV (M)73,517.7775,074.8076,648.15
Year 3 PV (M)70,566.4372,820.0475,121.13
Year 4 PV (M)67,214.9070,092.1373,060.76
Year 5 PV (M)63,608.0267,029.5870,596.82
PV of Terminal Value (M)1,250,262.831,317,516.101,387,632.85
Equity Value (M)1,601,058.111,679,220.211,760,546.66
Shares Outstanding (M)1,378.821,378.821,378.82
Fair Value$1,161.18$1,217.87$1,276.85
Upside / Downside-2.83%1.91%6.85%

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