DDM Analysis: JSPT.JK

Valuation Snapshot

Stable Growth	$7,669.37 - $21,660.00	$20,296.00
Multi-Stage	$4,752.31 - $5,215.68	$4,979.65
Blended Fair Value	$12,637.82
Current Price	$3,690.00
Upside	242.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-12.05%	-3.31%	10.00	0.00	0.00	0.00	10.00	19.00	19.00	18.00	17.00	16.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-47.37%	0.00%	5.56%	5.88%	6.25%	14.29%
Dividend Yield	-	-	0.14%	0.00%	0.00%	0.00%	1.20%	2.07%	1.73%	1.20%	0.57%	1.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	255,984.74
(-) Cash Dividends Paid (M)	64,989.05
(=) Cash Retained (M)	190,995.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51,196.95	31,998.09	19,198.86
Cash Retained (M)	190,995.69	190,995.69	190,995.69
(-) Cash Required (M)	-51,196.95	-31,998.09	-19,198.86
(=) Excess Retained (M)	139,798.74	158,997.60	171,796.83
(/) Shares Outstanding (M)	2,318.74	2,318.74	2,318.74
(=) Excess Retained per Share	60.29	68.57	74.09
LTM Dividend per Share	28.03	28.03	28.03
(+) Excess Retained per Share	60.29	68.57	74.09
(=) Adjusted Dividend	88.32	96.60	102.12
WACC / Discount Rate	5.25%	5.25%	5.25%
Growth Rate	4.05%	5.05%	6.05%
Fair Value	$7,669.37	$20,296.00	$21,660.00
Upside / Downside	107.84%	450.03%	486.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	255,984.74	268,920.32	282,509.57	296,785.53	311,782.88	327,538.09	337,364.23
Payout Ratio	25.39%	38.31%	51.23%	64.16%	77.08%	90.00%	92.50%
Projected Dividends (M)	64,989.05	103,024.15	144,737.33	190,403.18	240,314.67	294,784.28	312,061.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.25%	5.25%	5.25%
Growth Rate	4.05%	5.05%	6.05%
Year 1 PV (M)	96,952.02	97,883.77	98,815.53
Year 2 PV (M)	128,178.78	130,654.34	133,153.57
Year 3 PV (M)	158,681.97	163,301.10	168,009.01
Year 4 PV (M)	188,474.01	195,824.42	203,387.75
Year 5 PV (M)	217,567.13	228,224.63	239,295.73
PV of Terminal Value (M)	10,229,503.63	10,730,594.25	11,251,131.95
Equity Value (M)	11,019,357.54	11,546,482.50	12,093,793.54
Shares Outstanding (M)	2,318.74	2,318.74	2,318.74
Fair Value	$4,752.31	$4,979.65	$5,215.68
Upside / Downside	28.79%	34.95%	41.35%

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PT Jakarta Setiabudi Internasional Tbk (JSPT.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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