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PT. Gajah Tunggal Tbk (GJTL.JK)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$4,677.81 - $8,888.96$6,376.92
Multi-Stage$7,131.32 - $7,837.82$7,477.80
Blended Fair Value$6,927.36
Current Price$1,115.00
Upside521.29%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%17.43%49.810.000.009.960.000.000.004.980.009.96
YoY Growth--0.00%0.00%-100.00%0.00%0.00%0.00%-100.00%0.00%-100.00%-0.22%
Dividend Yield--4.72%0.00%0.00%1.59%0.00%0.00%0.00%0.61%0.00%1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,060,274.00
(-) Cash Dividends Paid (M)173,577.00
(=) Cash Retained (M)886,697.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)212,054.80132,534.2579,520.55
Cash Retained (M)886,697.00886,697.00886,697.00
(-) Cash Required (M)-212,054.80-132,534.25-79,520.55
(=) Excess Retained (M)674,642.20754,162.75807,176.45
(/) Shares Outstanding (M)3,484.413,484.413,484.41
(=) Excess Retained per Share193.62216.44231.65
LTM Dividend per Share49.8249.8249.82
(+) Excess Retained per Share193.62216.44231.65
(=) Adjusted Dividend243.43266.25281.47
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate1.27%2.27%3.27%
Fair Value$4,677.81$6,376.92$8,888.96
Upside / Downside319.53%471.92%697.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,060,274.001,084,325.461,108,922.501,134,077.511,159,803.131,186,112.331,221,695.70
Payout Ratio16.37%31.10%45.82%60.55%75.27%90.00%92.50%
Projected Dividends (M)173,577.00337,190.14508,136.83686,665.59873,032.431,067,501.091,130,068.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate1.27%2.27%3.27%
Year 1 PV (M)313,401.54316,496.30319,591.06
Year 2 PV (M)438,968.32447,680.53456,478.35
Year 3 PV (M)551,345.77567,840.78584,661.56
Year 4 PV (M)651,531.46677,649.99704,546.05
Year 5 PV (M)740,456.57777,744.87816,520.49
PV of Terminal Value (M)22,152,725.9723,268,304.4024,428,380.00
Equity Value (M)24,848,429.6326,055,716.8827,310,177.50
Shares Outstanding (M)3,484.413,484.413,484.41
Fair Value$7,131.32$7,477.80$7,837.82
Upside / Downside539.58%570.65%602.94%

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