DDM Analysis: MDKI.JK

Valuation Snapshot

Stable Growth	$118.17 - $182.41	$148.01
Multi-Stage	$269.98 - $296.96	$283.21
Blended Fair Value	$215.61
Current Price	$185.00
Upside	16.54%
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	0.00%	0.00%	12.00	10.00	10.00	12.00	9.00	12.00	10.36	14.62	0.00	0.00
YoY Growth	-	-	20.00%	0.00%	-16.67%	33.34%	-25.00%	15.78%	-29.13%	0.00%	0.00%	0.00%
Dividend Yield	-	-	8.00%	4.95%	5.29%	6.00%	4.17%	6.98%	4.05%	5.95%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32,363.00
(-) Cash Dividends Paid (M)	20,241.00
(=) Cash Retained (M)	12,122.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,472.60	4,045.38	2,427.23
Cash Retained (M)	12,122.00	12,122.00	12,122.00
(-) Cash Required (M)	-6,472.60	-4,045.38	-2,427.23
(=) Excess Retained (M)	5,649.40	8,076.63	9,694.78
(/) Shares Outstanding (M)	2,530.15	2,530.15	2,530.15
(=) Excess Retained per Share	2.23	3.19	3.83
LTM Dividend per Share	8.00	8.00	8.00
(+) Excess Retained per Share	2.23	3.19	3.83
(=) Adjusted Dividend	10.23	11.19	11.83
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$118.17	$148.01	$182.41
Upside / Downside	-36.12%	-20.00%	-1.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32,363.00	32,039.37	31,718.98	31,401.79	31,087.77	30,776.89	31,700.20
Payout Ratio	62.54%	68.03%	73.53%	79.02%	84.51%	90.00%	92.50%
Projected Dividends (M)	20,241.00	21,797.96	23,321.75	24,812.89	26,271.88	27,699.20	29,322.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20,263.45	20,470.22	20,676.99
Year 2 PV (M)	20,153.77	20,567.17	20,984.77
Year 3 PV (M)	19,932.88	20,549.32	21,178.34
Year 4 PV (M)	19,619.20	20,432.33	21,270.47
Year 5 PV (M)	19,228.93	20,230.22	21,272.80
PV of Terminal Value (M)	583,901.29	614,306.39	645,965.11
Equity Value (M)	683,099.53	716,555.65	751,348.47
Shares Outstanding (M)	2,530.15	2,530.15	2,530.15
Fair Value	$269.98	$283.21	$296.96
Upside / Downside	45.94%	53.08%	60.52%

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PT Emdeki Utama Tbk (MDKI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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