DDM Analysis: MIDI.JK

Valuation Snapshot

Stable Growth	$1,056.05 - $3,986.89	$3,102.28
Multi-Stage	$497.30 - $543.99	$520.22
Blended Fair Value	$1,811.25
Current Price	$434.00
Upside	317.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.58%	22.65%	4.65	3.59	2.47	1.80	1.83	1.43	0.92	1.77	1.29	1.25
YoY Growth	-	-	29.66%	45.20%	37.41%	-1.65%	27.71%	55.14%	-47.80%	36.67%	3.45%	107.15%
Dividend Yield	-	-	1.37%	0.91%	0.72%	0.89%	0.96%	1.26%	0.91%	1.66%	1.50%	1.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	670,284.00
(-) Cash Dividends Paid (M)	245,749.00
(=) Cash Retained (M)	424,535.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	134,056.80	83,785.50	50,271.30
Cash Retained (M)	424,535.00	424,535.00	424,535.00
(-) Cash Required (M)	-134,056.80	-83,785.50	-50,271.30
(=) Excess Retained (M)	290,478.20	340,749.50	374,263.70
(/) Shares Outstanding (M)	33,435.30	33,435.30	33,435.30
(=) Excess Retained per Share	8.69	10.19	11.19
LTM Dividend per Share	7.35	7.35	7.35
(+) Excess Retained per Share	8.69	10.19	11.19
(=) Adjusted Dividend	16.04	17.54	18.54
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,056.05	$3,102.28	$3,986.89
Upside / Downside	143.33%	614.81%	818.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	670,284.00	713,852.46	760,252.87	809,669.31	862,297.81	918,347.17	945,897.58
Payout Ratio	36.66%	47.33%	58.00%	68.67%	79.33%	90.00%	92.50%
Projected Dividends (M)	245,749.00	337,871.59	440,931.83	555,962.39	684,083.99	826,512.45	874,955.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	312,504.44	315,466.57	318,428.70
Year 2 PV (M)	377,207.65	384,392.40	391,644.92
Year 3 PV (M)	439,905.08	452,533.17	465,400.66
Year 4 PV (M)	500,642.26	519,895.55	539,698.89
Year 5 PV (M)	559,463.82	586,486.13	614,542.65
PV of Terminal Value (M)	14,437,540.63	15,134,879.24	15,858,906.64
Equity Value (M)	16,627,263.89	17,393,653.07	18,188,622.46
Shares Outstanding (M)	33,435.30	33,435.30	33,435.30
Fair Value	$497.30	$520.22	$543.99
Upside / Downside	14.58%	19.87%	25.34%

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PT Midi Utama Indonesia Tbk (MIDI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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