DDM Analysis: IMJS.JK

Valuation Snapshot

Stable Growth	$2,008.15 - $5,121.39	$4,799.02
Multi-Stage	$1,023.21 - $1,123.09	$1,072.21
Blended Fair Value	$2,935.62
Current Price	$244.00
Upside	1,103.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.38%	-10.22%	0.95	0.50	0.25	0.25	0.00	0.67	0.70	0.80	0.00	2.90
YoY Growth	-	-	90.36%	100.00%	0.00%	0.00%	-100.00%	-4.41%	-13.01%	69,288.00%	-99.96%	3.57%
Dividend Yield	-	-	0.56%	0.18%	0.09%	0.06%	0.00%	0.45%	0.10%	0.16%	0.00%	1.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	225,219.92
(-) Cash Dividends Paid (M)	8,322.40
(=) Cash Retained (M)	216,897.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45,043.98	28,152.49	16,891.49
Cash Retained (M)	216,897.52	216,897.52	216,897.52
(-) Cash Required (M)	-45,043.98	-28,152.49	-16,891.49
(=) Excess Retained (M)	171,853.53	188,745.03	200,006.02
(/) Shares Outstanding (M)	8,655.23	8,655.23	8,655.23
(=) Excess Retained per Share	19.86	21.81	23.11
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	19.86	21.81	23.11
(=) Adjusted Dividend	20.82	22.77	24.07
WACC / Discount Rate	5.47%	5.47%	5.47%
Growth Rate	4.39%	5.39%	6.39%
Fair Value	$2,008.15	$4,799.02	$5,121.39
Upside / Downside	723.01%	1,866.81%	1,998.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	225,219.92	237,352.19	250,138.01	263,612.58	277,813.01	292,778.40	301,561.75
Payout Ratio	3.70%	20.96%	38.22%	55.48%	72.74%	90.00%	92.50%
Projected Dividends (M)	8,322.40	49,739.97	95,595.60	146,247.24	202,078.54	263,500.56	278,944.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.47%	5.47%	5.47%
Growth Rate	4.39%	5.39%	6.39%
Year 1 PV (M)	46,713.27	47,160.77	47,608.27
Year 2 PV (M)	84,315.48	85,938.66	87,577.32
Year 3 PV (M)	121,141.19	124,656.16	128,238.46
Year 4 PV (M)	157,202.37	163,313.32	169,600.73
Year 5 PV (M)	192,510.82	201,910.22	211,673.23
PV of Terminal Value (M)	8,254,263.31	8,657,280.20	9,075,887.53
Equity Value (M)	8,856,146.45	9,280,259.33	9,720,585.54
Shares Outstanding (M)	8,655.23	8,655.23	8,655.23
Fair Value	$1,023.21	$1,072.21	$1,123.09
Upside / Downside	319.35%	339.43%	360.28%

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PT Indomobil Multi Jasa Tbk (IMJS.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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