DDM Analysis: AMFG.JK

Valuation Snapshot

Stable Growth	$5,514.52 - $11,268.36	$7,724.62
Multi-Stage	$7,370.25 - $8,090.93	$7,723.75
Blended Fair Value	$7,724.19
Current Price	$3,380.00
Upside	128.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.60%	-0.03%	79.75	81.18	79.75	0.00	0.00	30.00	30.00	80.00	80.00	80.00
YoY Growth	-	-	-1.76%	1.79%	0.00%	0.00%	-100.00%	0.00%	-62.50%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.34%	1.40%	1.55%	0.00%	0.00%	1.20%	0.53%	1.47%	1.18%	1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138,641.00
(-) Cash Dividends Paid (M)	34,828.00
(=) Cash Retained (M)	103,813.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27,728.20	17,330.13	10,398.08
Cash Retained (M)	103,813.00	103,813.00	103,813.00
(-) Cash Required (M)	-27,728.20	-17,330.13	-10,398.08
(=) Excess Retained (M)	76,084.80	86,482.88	93,414.93
(/) Shares Outstanding (M)	434.00	434.00	434.00
(=) Excess Retained per Share	175.31	199.27	215.24
LTM Dividend per Share	80.25	80.25	80.25
(+) Excess Retained per Share	175.31	199.27	215.24
(=) Adjusted Dividend	255.56	279.52	295.49
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	2.01%	3.01%	4.01%
Fair Value	$5,514.52	$7,724.62	$11,268.36
Upside / Downside	63.15%	128.54%	233.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138,641.00	142,814.89	147,114.43	151,543.41	156,105.74	160,805.41	165,629.57
Payout Ratio	25.12%	38.10%	51.07%	64.05%	77.02%	90.00%	92.50%
Projected Dividends (M)	34,828.00	54,407.90	75,135.16	97,061.13	120,239.19	144,724.87	153,207.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	2.01%	3.01%	4.01%
Year 1 PV (M)	50,478.46	50,973.29	51,468.13
Year 2 PV (M)	64,674.27	65,948.47	67,235.11
Year 3 PV (M)	77,513.58	79,815.57	82,162.70
Year 4 PV (M)	89,088.70	92,633.72	96,283.49
Year 5 PV (M)	99,486.44	104,459.27	109,628.99
PV of Terminal Value (M)	2,817,448.42	2,958,278.48	3,104,684.58
Equity Value (M)	3,198,689.87	3,352,108.80	3,511,463.00
Shares Outstanding (M)	434.00	434.00	434.00
Fair Value	$7,370.25	$7,723.75	$8,090.93
Upside / Downside	118.05%	128.51%	139.38%

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PT Asahimas Flat Glass Tbk (AMFG.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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