DDM Analysis: HRUM.JK

Valuation Snapshot

Stable Growth	$0.10 - $0.37	$0.17
Multi-Stage	$0.06 - $0.07	$0.07
Blended Fair Value	$0.12
Current Price	$0.05
Upside	128.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.48%	3.50%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-44.29%	359.15%	96.49%	0.00%	-100.00%	-84.63%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	6.37%	5.58%	1.08%	0.36%	0.00%	3.24%	17.18%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.46
(-) Cash Dividends Paid (M)	13.31
(=) Cash Retained (M)	33.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.29	5.81	3.48
Cash Retained (M)	33.15	33.15	33.15
(-) Cash Required (M)	-9.29	-5.81	-3.48
(=) Excess Retained (M)	23.86	27.35	29.67
(/) Shares Outstanding (M)	13,268.04	13,268.04	13,268.04
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.00	0.00	0.00
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$0.10	$0.17	$0.37
Upside / Downside	95.44%	227.08%	620.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.46	49.48	52.70	56.13	59.77	63.66	65.57
Payout Ratio	28.64%	40.92%	53.19%	65.46%	77.73%	90.00%	92.50%
Projected Dividends (M)	13.31	20.25	28.03	36.74	46.46	57.29	60.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	18.50	18.67	18.85
Year 2 PV (M)	23.39	23.84	24.29
Year 3 PV (M)	28.01	28.81	29.63
Year 4 PV (M)	32.36	33.60	34.88
Year 5 PV (M)	36.45	38.21	40.04
PV of Terminal Value (M)	709.46	743.72	779.30
Equity Value (M)	848.16	886.86	926.99
Shares Outstanding (M)	13,268.04	13,268.04	13,268.04
Fair Value	$0.06	$0.07	$0.07
Upside / Downside	24.22%	29.89%	35.77%

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PT Harum Energy Tbk (HRUM.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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