DDM Analysis: BATR.JK

Valuation Snapshot

Stable Growth	$29.19 - $45.35	$36.66
Multi-Stage	$67.35 - $74.18	$70.70
Blended Fair Value	$53.68
Current Price	$80.00
Upside	-32.90%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.00	0.66	12.60	0.42	0.40	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-94.73%	2,922.29%	4.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,659.46
(-) Cash Dividends Paid (M)	4,228.96
(=) Cash Retained (M)	7,430.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,331.89	1,457.43	874.46
Cash Retained (M)	7,430.50	7,430.50	7,430.50
(-) Cash Required (M)	-2,331.89	-1,457.43	-874.46
(=) Excess Retained (M)	5,098.61	5,973.07	6,556.04
(/) Shares Outstanding (M)	3,765.61	3,765.61	3,765.61
(=) Excess Retained per Share	1.35	1.59	1.74
LTM Dividend per Share	1.12	1.12	1.12
(+) Excess Retained per Share	1.35	1.59	1.74
(=) Adjusted Dividend	2.48	2.71	2.86
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$29.19	$36.66	$45.35
Upside / Downside	-63.51%	-54.17%	-43.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,659.46	11,542.86	11,427.43	11,313.16	11,200.03	11,088.03	11,420.67
Payout Ratio	36.27%	47.02%	57.76%	68.51%	79.25%	90.00%	92.50%
Projected Dividends (M)	4,228.96	5,427.05	6,600.76	7,750.45	8,876.48	9,979.22	10,564.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5,053.07	5,104.64	5,156.20
Year 2 PV (M)	5,722.39	5,839.77	5,958.34
Year 3 PV (M)	6,256.09	6,449.56	6,646.98
Year 4 PV (M)	6,671.28	6,947.77	7,232.77
Year 5 PV (M)	6,983.24	7,346.87	7,725.50
PV of Terminal Value (M)	222,930.72	234,539.24	246,626.38
Equity Value (M)	253,616.78	266,227.84	279,346.17
Shares Outstanding (M)	3,765.61	3,765.61	3,765.61
Fair Value	$67.35	$70.70	$74.18
Upside / Downside	-15.81%	-11.63%	-7.27%

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Benteng Api Technic Tbk. (BATR.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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