Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

PT Galva Technologies Tbk (GLVA.JK)

Company Dividend Discount ModelIndustry: Technology DistributorsSector: Technology

Valuation Snapshot

Stable Growth$251.85 - $372.11$309.45
Multi-Stage$473.32 - $519.53$495.97
Blended Fair Value$402.71
Current Price$334.00
Upside20.57%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-0.14%0.00%19.2016.008.006.000.0019.330.000.000.000.00
YoY Growth--20.00%100.00%33.33%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.04%4.35%1.00%2.24%0.00%9.39%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)47,838.00
(-) Cash Dividends Paid (M)28,800.00
(=) Cash Retained (M)19,038.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9,567.605,979.753,587.85
Cash Retained (M)19,038.0019,038.0019,038.00
(-) Cash Required (M)-9,567.60-5,979.75-3,587.85
(=) Excess Retained (M)9,470.4013,058.2515,450.15
(/) Shares Outstanding (M)1,500.001,500.001,500.00
(=) Excess Retained per Share6.318.7110.30
LTM Dividend per Share19.2019.2019.20
(+) Excess Retained per Share6.318.7110.30
(=) Adjusted Dividend25.5127.9129.50
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate-2.00%-1.00%0.00%
Fair Value$251.85$309.45$372.11
Upside / Downside-24.59%-7.35%11.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)47,838.0047,359.6246,886.0246,417.1645,952.9945,493.4646,858.27
Payout Ratio60.20%66.16%72.12%78.08%84.04%90.00%92.50%
Projected Dividends (M)28,800.0031,334.3333,815.1036,243.1138,619.1940,944.1243,343.90

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)28,739.4529,032.7129,325.97
Year 2 PV (M)28,446.3529,029.8529,619.27
Year 3 PV (M)27,964.0028,828.8129,711.26
Year 4 PV (M)27,329.7128,462.4029,629.93
Year 5 PV (M)26,575.4927,959.3429,400.24
PV of Terminal Value (M)570,917.68600,646.69631,601.44
Equity Value (M)709,972.68743,959.79779,288.12
Shares Outstanding (M)1,500.001,500.001,500.00
Fair Value$473.32$495.97$519.53
Upside / Downside41.71%48.49%55.55%

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