Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

PT Bank Amar Indonesia Tbk (AMAR.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$240.60 - $511.28$341.80
Multi-Stage$188.21 - $204.87$196.39
Blended Fair Value$269.10
Current Price$158.00
Upside70.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%6.960.000.000.001.670.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.05%0.00%0.00%0.00%0.89%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)235,203.00
(-) Cash Dividends Paid (M)168,431.00
(=) Cash Retained (M)66,772.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)47,040.6029,400.3817,640.23
Cash Retained (M)66,772.0066,772.0066,772.00
(-) Cash Required (M)-47,040.60-29,400.38-17,640.23
(=) Excess Retained (M)19,731.4037,371.6349,131.78
(/) Shares Outstanding (M)18,381.0518,381.0518,381.05
(=) Excess Retained per Share1.072.032.67
LTM Dividend per Share9.169.169.16
(+) Excess Retained per Share1.072.032.67
(=) Adjusted Dividend10.2411.2011.84
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate5.50%6.50%7.50%
Fair Value$240.60$341.80$511.28
Upside / Downside52.28%116.33%223.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)235,203.00250,491.20266,773.12284,113.38302,580.75322,248.49331,915.95
Payout Ratio71.61%75.29%78.97%82.64%86.32%90.00%92.50%
Projected Dividends (M)168,431.00188,591.63210,661.51234,803.69261,194.30290,023.64307,022.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)169,854.62171,464.61173,074.61
Year 2 PV (M)170,881.52174,136.33177,421.85
Year 3 PV (M)171,541.72176,466.06181,483.76
Year 4 PV (M)171,863.43178,472.81185,271.02
Year 5 PV (M)171,873.19180,174.73188,793.99
PV of Terminal Value (M)2,603,459.072,729,207.122,859,767.84
Equity Value (M)3,459,473.543,609,921.673,765,813.07
Shares Outstanding (M)18,381.0518,381.0518,381.05
Fair Value$188.21$196.39$204.87
Upside / Downside19.12%24.30%29.67%

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