Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Hasnur Internasional Shipping Tbk (HAIS.JK)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$1,095.52 - $4,091.79$1,839.05
Multi-Stage$703.14 - $768.03$735.00
Blended Fair Value$1,287.03
Current Price$187.00
Upside588.25%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS77.24%0.00%19.9813.253.991.761.741.140.000.000.000.00
YoY Growth--50.79%232.36%127.10%0.99%52.18%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--9.70%5.18%1.90%0.82%0.46%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)99,593.51
(-) Cash Dividends Paid (M)40,357.31
(=) Cash Retained (M)59,236.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)19,918.7012,449.197,469.51
Cash Retained (M)59,236.2059,236.2059,236.20
(-) Cash Required (M)-19,918.70-12,449.19-7,469.51
(=) Excess Retained (M)39,317.5046,787.0151,766.69
(/) Shares Outstanding (M)2,626.252,626.252,626.25
(=) Excess Retained per Share14.9717.8219.71
LTM Dividend per Share15.3715.3715.37
(+) Excess Retained per Share14.9717.8219.71
(=) Adjusted Dividend30.3433.1835.08
WACC / Discount Rate8.42%8.42%8.42%
Growth Rate5.50%6.50%7.50%
Fair Value$1,095.52$1,839.05$4,091.79
Upside / Downside485.84%883.45%2,088.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)99,593.51106,067.08112,961.44120,303.94128,123.69136,451.73140,545.29
Payout Ratio40.52%50.42%60.31%70.21%80.10%90.00%92.50%
Projected Dividends (M)40,357.3153,476.5068,130.6884,463.96102,632.72122,806.56130,004.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.42%8.42%8.42%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)48,859.6249,322.7549,785.87
Year 2 PV (M)56,874.4257,957.7259,051.24
Year 3 PV (M)64,421.8066,271.1268,155.49
Year 4 PV (M)71,521.1374,271.6377,100.71
Year 5 PV (M)78,191.0881,967.7485,888.94
PV of Terminal Value (M)1,526,750.251,600,492.861,677,057.77
Equity Value (M)1,846,618.311,930,283.812,017,040.02
Shares Outstanding (M)2,626.252,626.252,626.25
Fair Value$703.14$735.00$768.03
Upside / Downside276.01%293.05%310.71%

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