DDM Analysis: SDPC.JK

Valuation Snapshot

Stable Growth	$1,119.81 - $2,624.41	$2,459.46
Multi-Stage	$381.64 - $418.04	$399.50
Blended Fair Value	$1,429.48
Current Price	$137.00
Upside	943.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.58%	0.00%	2.50	2.00	1.00	0.50	1.00	3.00	2.00	1.14	1.71	0.23
YoY Growth	-	-	25.00%	100.00%	100.00%	-50.00%	-66.67%	50.00%	75.00%	-33.33%	661.07%	0.00%
Dividend Yield	-	-	1.98%	1.41%	0.49%	0.42%	0.79%	3.75%	1.80%	1.09%	1.30%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,812.06
(-) Cash Dividends Paid (M)	2,548.00
(=) Cash Retained (M)	14,264.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,362.41	2,101.51	1,260.90
Cash Retained (M)	14,264.06	14,264.06	14,264.06
(-) Cash Required (M)	-3,362.41	-2,101.51	-1,260.90
(=) Excess Retained (M)	10,901.65	12,162.55	13,003.16
(/) Shares Outstanding (M)	1,274.00	1,274.00	1,274.00
(=) Excess Retained per Share	8.56	9.55	10.21
LTM Dividend per Share	2.00	2.00	2.00
(+) Excess Retained per Share	8.56	9.55	10.21
(=) Adjusted Dividend	10.56	11.55	12.21
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,119.81	$2,459.46	$2,624.41
Upside / Downside	717.38%	1,695.22%	1,815.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,812.06	17,904.84	19,068.66	20,308.12	21,628.15	23,033.98	23,725.00
Payout Ratio	15.16%	30.12%	45.09%	60.06%	75.03%	90.00%	92.50%
Projected Dividends (M)	2,548.00	5,393.77	8,598.72	12,197.53	16,227.85	20,730.58	21,945.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,017.27	5,064.83	5,112.38
Year 2 PV (M)	7,440.20	7,581.91	7,724.96
Year 3 PV (M)	9,817.42	10,099.25	10,386.41
Year 4 PV (M)	12,149.60	12,616.84	13,097.43
Year 5 PV (M)	14,437.36	15,134.69	15,858.71
PV of Terminal Value (M)	437,347.32	458,471.36	480,403.86
Equity Value (M)	486,209.17	508,968.87	532,583.76
Shares Outstanding (M)	1,274.00	1,274.00	1,274.00
Fair Value	$381.64	$399.50	$418.04
Upside / Downside	178.57%	191.61%	205.14%

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PT Millennium Pharmacon International Tbk (SDPC.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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