DDM Analysis: AMAN.JK

Valuation Snapshot

Stable Growth	$204.52 - $337.44	$263.52
Multi-Stage	$651.34 - $719.24	$684.61
Blended Fair Value	$474.06
Current Price	$101.00
Upside	369.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	1.00	0.00	0.50	0.50	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.03%	0.00%	0.17%	0.10%	0.00%	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)	70,939.95
(-) Cash Dividends Paid (M)	3,873.50
(=) Cash Retained (M)	67,066.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14,187.99	8,867.49	5,320.50
Cash Retained (M)	67,066.45	67,066.45	67,066.45
(-) Cash Required (M)	-14,187.99	-8,867.49	-5,320.50
(=) Excess Retained (M)	52,878.46	58,198.96	61,745.96
(/) Shares Outstanding (M)	3,873.50	3,873.50	3,873.50
(=) Excess Retained per Share	13.65	15.02	15.94
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	13.65	15.02	15.94
(=) Adjusted Dividend	14.65	16.02	16.94
WACC / Discount Rate	5.02%	5.02%	5.02%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$204.52	$263.52	$337.44
Upside / Downside	102.50%	160.91%	234.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70,939.95	70,230.55	69,528.25	68,832.97	68,144.64	67,463.19	69,487.09
Payout Ratio	5.46%	22.37%	39.28%	56.18%	73.09%	90.00%	92.50%
Projected Dividends (M)	3,873.50	15,709.31	27,308.02	38,673.18	49,808.31	60,716.87	64,275.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.02%	5.02%	5.02%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14,807.25	14,958.35	15,109.44
Year 2 PV (M)	24,261.90	24,759.57	25,262.29
Year 3 PV (M)	32,386.33	33,387.90	34,409.91
Year 4 PV (M)	39,316.15	40,945.62	42,625.22
Year 5 PV (M)	45,174.76	47,527.11	49,976.46
PV of Terminal Value (M)	2,367,003.09	2,490,258.43	2,618,595.68
Equity Value (M)	2,522,949.48	2,651,836.98	2,785,978.99
Shares Outstanding (M)	3,873.50	3,873.50	3,873.50
Fair Value	$651.34	$684.61	$719.24
Upside / Downside	544.89%	577.83%	612.12%

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PT Makmur Berkah Amanda Tbk (AMAN.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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