DDM Analysis: ASLC.JK

Valuation Snapshot

Stable Growth	$21.37 - $30.63	$25.90
Multi-Stage	$32.94 - $36.23	$34.55
Blended Fair Value	$30.23
Current Price	$64.00
Upside	-52.77%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.15	0.37	0.00	0.00	1.96	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-58.33%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.22%	0.36%	0.00%	0.00%	0.61%	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)	39,309.17
(-) Cash Dividends Paid (M)	2,800.20
(=) Cash Retained (M)	36,508.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,861.83	4,913.65	2,948.19
Cash Retained (M)	36,508.97	36,508.97	36,508.97
(-) Cash Required (M)	-7,861.83	-4,913.65	-2,948.19
(=) Excess Retained (M)	28,647.13	31,595.32	33,560.78
(/) Shares Outstanding (M)	12,746.36	12,746.36	12,746.36
(=) Excess Retained per Share	2.25	2.48	2.63
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	2.25	2.48	2.63
(=) Adjusted Dividend	2.47	2.70	2.85
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$21.37	$25.90	$30.63
Upside / Downside	-66.61%	-59.53%	-52.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39,309.17	38,916.08	38,526.91	38,141.65	37,760.23	37,382.63	38,504.11
Payout Ratio	7.12%	23.70%	40.27%	56.85%	73.42%	90.00%	92.50%
Projected Dividends (M)	2,800.20	9,222.65	15,516.37	21,683.30	27,725.34	33,644.36	35,616.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8,351.62	8,436.84	8,522.07
Year 2 PV (M)	12,723.91	12,984.90	13,248.55
Year 3 PV (M)	16,101.66	16,599.62	17,107.74
Year 4 PV (M)	18,643.92	19,416.63	20,213.10
Year 5 PV (M)	20,487.45	21,554.28	22,665.10
PV of Terminal Value (M)	343,494.85	361,381.43	380,005.48
Equity Value (M)	419,803.42	440,373.70	461,762.03
Shares Outstanding (M)	12,746.36	12,746.36	12,746.36
Fair Value	$32.94	$34.55	$36.23
Upside / Downside	-48.54%	-46.02%	-43.40%

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PT Autopedia Sukses Lestari Tbk (ASLC.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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