DDM Analysis: BMRI.JK

Valuation Snapshot

Stable Growth	$61,805.73 - $109,727.12	$102,830.38
Multi-Stage	$17,963.17 - $19,637.04	$18,784.81
Blended Fair Value	$60,807.60
Current Price	$4,400.00
Upside	1,281.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.03%	19.72%	353.96	264.67	180.18	110.05	177.49	120.61	99.51	66.57	65.36	53.23
YoY Growth	-	-	33.74%	46.89%	63.72%	-38.00%	47.17%	21.20%	49.49%	1.84%	22.80%	-9.03%
Dividend Yield	-	-	6.81%	3.84%	3.49%	2.79%	5.77%	5.15%	2.68%	1.73%	2.23%	2.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51,495,530.00
(-) Cash Dividends Paid (M)	43,510,539.00
(=) Cash Retained (M)	7,984,991.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,299,106.00	6,436,941.25	3,862,164.75
Cash Retained (M)	7,984,991.00	7,984,991.00	7,984,991.00
(-) Cash Required (M)	-10,299,106.00	-6,436,941.25	-3,862,164.75
(=) Excess Retained (M)	-2,314,115.00	1,548,049.75	4,122,826.25
(/) Shares Outstanding (M)	93,333.11	93,333.11	93,333.11
(=) Excess Retained per Share	-24.79	16.59	44.17
LTM Dividend per Share	466.19	466.19	466.19
(+) Excess Retained per Share	-24.79	16.59	44.17
(=) Adjusted Dividend	441.39	482.77	510.36
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$61,805.73	$102,830.38	$109,727.12
Upside / Downside	1,304.68%	2,237.05%	2,393.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51,495,530.00	54,842,739.45	58,407,517.51	62,204,006.15	66,247,266.55	70,553,338.88	72,669,939.04
Payout Ratio	84.49%	85.60%	86.70%	87.80%	88.90%	90.00%	92.50%
Projected Dividends (M)	43,510,539.00	46,942,672.33	50,637,150.96	54,613,579.03	58,893,000.78	63,498,004.99	67,219,693.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	43,765,074.30	44,179,909.12	44,594,743.95
Year 2 PV (M)	44,013,812.02	44,852,151.51	45,698,399.87
Year 3 PV (M)	44,256,821.59	45,527,275.89	46,821,813.92
Year 4 PV (M)	44,494,171.74	46,205,292.02	47,965,297.81
Year 5 PV (M)	44,725,930.51	46,886,209.68	49,129,167.81
PV of Terminal Value (M)	1,455,302,596.14	1,525,594,255.69	1,598,576,142.52
Equity Value (M)	1,676,558,406.29	1,753,245,093.92	1,832,785,565.88
Shares Outstanding (M)	93,333.11	93,333.11	93,333.11
Fair Value	$17,963.17	$18,784.81	$19,637.04
Upside / Downside	308.25%	326.93%	346.30%

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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

PT Bank Mandiri (Persero) Tbk (BMRI.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener