DDM Analysis: BELL.JK

Valuation Snapshot

Stable Growth	$5.16 - $7.29	$6.22
Multi-Stage	$15.57 - $17.17	$16.36
Blended Fair Value	$11.29
Current Price	$50.00
Upside	-77.43%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-13.20%	0.00%	0.35	0.50	0.28	0.07	0.50	0.70	0.60	0.00	0.00	0.00
YoY Growth	-	-	-31.03%	78.57%	300.00%	-86.00%	-28.57%	16.67%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.63%	0.84%	0.20%	0.10%	0.36%	0.52%	1.21%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,082.21
(-) Cash Dividends Paid (M)	4,977.00
(=) Cash Retained (M)	1,105.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,216.44	760.28	456.17
Cash Retained (M)	1,105.21	1,105.21	1,105.21
(-) Cash Required (M)	-1,216.44	-760.28	-456.17
(=) Excess Retained (M)	-111.23	344.94	649.05
(/) Shares Outstanding (M)	7,232.23	7,232.23	7,232.23
(=) Excess Retained per Share	-0.02	0.05	0.09
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	-0.02	0.05	0.09
(=) Adjusted Dividend	0.67	0.74	0.78
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-5.92%	-4.92%	-3.92%
Fair Value	$5.16	$6.22	$7.29
Upside / Downside	-89.67%	-87.57%	-85.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,082.21	5,783.00	5,498.52	5,228.02	4,970.84	4,726.31	4,868.10
Payout Ratio	81.83%	83.46%	85.10%	86.73%	88.37%	90.00%	92.50%
Projected Dividends (M)	4,977.00	4,826.67	4,679.09	4,534.34	4,392.52	4,253.68	4,502.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-5.92%	-4.92%	-3.92%
Year 1 PV (M)	4,491.33	4,539.07	4,586.81
Year 2 PV (M)	4,051.50	4,138.09	4,225.59
Year 3 PV (M)	3,653.40	3,771.14	3,891.38
Year 4 PV (M)	3,293.24	3,435.51	3,582.34
Year 5 PV (M)	2,967.58	3,128.68	3,296.70
PV of Terminal Value (M)	94,167.48	99,279.62	104,611.41
Equity Value (M)	112,624.53	118,292.10	124,194.23
Shares Outstanding (M)	7,232.23	7,232.23	7,232.23
Fair Value	$15.57	$16.36	$17.17
Upside / Downside	-68.85%	-67.29%	-65.66%

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PT Trisula Textile Industries Tbk (BELL.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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