DDM Analysis: AGII.JK

Valuation Snapshot

Stable Growth	$4,576.39 - $5,393.51	$5,053.70
Multi-Stage	$5,204.27 - $5,721.40	$5,457.92
Blended Fair Value	$5,255.81
Current Price	$805.00
Upside	552.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.92%	0.00%	12.03	6.17	10.60	3.13	0.00	3.25	0.00	0.00	0.00	0.00
YoY Growth	-	-	95.07%	-41.81%	239.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.01%	0.36%	0.52%	0.19%	0.00%	0.60%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84,583.00
(-) Cash Dividends Paid (M)	32,041.00
(=) Cash Retained (M)	52,542.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16,916.60	10,572.88	6,343.73
Cash Retained (M)	52,542.00	52,542.00	52,542.00
(-) Cash Required (M)	-16,916.60	-10,572.88	-6,343.73
(=) Excess Retained (M)	35,625.40	41,969.13	46,198.28
(/) Shares Outstanding (M)	3,066.66	3,066.66	3,066.66
(=) Excess Retained per Share	11.62	13.69	15.06
LTM Dividend per Share	10.45	10.45	10.45
(+) Excess Retained per Share	11.62	13.69	15.06
(=) Adjusted Dividend	22.07	24.13	25.51
WACC / Discount Rate	-9.02%	-9.02%	-9.02%
Growth Rate	3.70%	4.70%	5.70%
Fair Value	$4,576.39	$5,053.70	$5,393.51
Upside / Downside	468.50%	527.79%	570.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84,583.00	88,559.83	92,723.65	97,083.23	101,647.79	106,426.96	109,619.76
Payout Ratio	37.88%	48.30%	58.73%	69.15%	79.58%	90.00%	92.50%
Projected Dividends (M)	32,041.00	42,778.75	54,455.37	67,135.44	80,887.47	95,784.26	101,398.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-9.02%	-9.02%	-9.02%
Growth Rate	3.70%	4.70%	5.70%
Year 1 PV (M)	46,569.26	47,018.33	47,467.39
Year 2 PV (M)	64,533.21	65,783.80	67,046.40
Year 3 PV (M)	86,609.50	89,139.28	91,717.84
Year 4 PV (M)	113,596.84	118,042.31	122,616.99
Year 5 PV (M)	146,436.85	153,634.82	161,113.10
PV of Terminal Value (M)	15,501,967.61	16,263,953.08	17,055,612.03
Equity Value (M)	15,959,713.27	16,737,571.61	17,545,573.75
Shares Outstanding (M)	3,066.66	3,066.66	3,066.66
Fair Value	$5,204.27	$5,457.92	$5,721.40
Upside / Downside	546.49%	578.00%	610.73%

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PT Samator Indo Gas Tbk (AGII.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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