DDM Analysis: BUDI.JK

Valuation Snapshot

Stable Growth	$648.78 - $3,690.88	$1,186.99
Multi-Stage	$565.32 - $619.73	$592.02
Blended Fair Value	$889.50
Current Price	$220.00
Upside	304.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.47%	0.00%	9.00	14.01	8.00	6.00	6.00	5.00	4.00	2.50	0.00	0.00
YoY Growth	-	-	-35.71%	75.00%	33.33%	0.00%	20.00%	25.00%	60.01%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.55%	5.35%	3.89%	2.83%	5.61%	6.03%	4.00%	1.98%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88,642.00
(-) Cash Dividends Paid (M)	31,482.00
(=) Cash Retained (M)	57,160.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17,728.40	11,080.25	6,648.15
Cash Retained (M)	57,160.00	57,160.00	57,160.00
(-) Cash Required (M)	-17,728.40	-11,080.25	-6,648.15
(=) Excess Retained (M)	39,431.60	46,079.75	50,511.85
(/) Shares Outstanding (M)	4,497.07	4,497.07	4,497.07
(=) Excess Retained per Share	8.77	10.25	11.23
LTM Dividend per Share	7.00	7.00	7.00
(+) Excess Retained per Share	8.77	10.25	11.23
(=) Adjusted Dividend	15.77	17.25	18.23
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.79%	4.79%	5.79%
Fair Value	$648.78	$1,186.99	$3,690.88
Upside / Downside	194.90%	439.54%	1,577.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88,642.00	92,885.41	97,331.96	101,991.37	106,873.83	111,990.02	115,349.72
Payout Ratio	35.52%	46.41%	57.31%	68.21%	79.10%	90.00%	92.50%
Projected Dividends (M)	31,482.00	43,110.64	55,780.49	69,564.60	84,540.60	100,791.02	106,698.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.79%	4.79%	5.79%
Year 1 PV (M)	40,164.94	40,551.93	40,938.92
Year 2 PV (M)	48,418.08	49,355.60	50,302.11
Year 3 PV (M)	56,256.94	57,898.78	59,572.26
Year 4 PV (M)	63,696.52	66,187.12	68,750.06
Year 5 PV (M)	70,751.37	74,226.17	77,836.18
PV of Terminal Value (M)	2,262,980.54	2,374,122.00	2,489,587.98
Equity Value (M)	2,542,268.39	2,662,341.61	2,786,987.52
Shares Outstanding (M)	4,497.07	4,497.07	4,497.07
Fair Value	$565.32	$592.02	$619.73
Upside / Downside	156.96%	169.10%	181.70%

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PT Budi Starch & Sweetener Tbk (BUDI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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