DDM Analysis: BNGA.JK

Valuation Snapshot

Stable Growth	$2,175.58 - $3,210.27	$2,671.54
Multi-Stage	$4,052.04 - $4,448.17	$4,246.27
Blended Fair Value	$3,458.91
Current Price	$1,695.00
Upside	104.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.85%	0.00%	123.55	114.24	93.31	43.70	55.38	27.70	23.68	0.00	0.00	0.00
YoY Growth	-	-	8.15%	22.43%	113.52%	-21.09%	99.88%	16.97%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.29%	5.34%	7.35%	3.92%	5.57%	4.50%	2.21%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,961,315.00
(-) Cash Dividends Paid (M)	3,965,061.00
(=) Cash Retained (M)	2,996,254.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,392,263.00	870,164.38	522,098.63
Cash Retained (M)	2,996,254.00	2,996,254.00	2,996,254.00
(-) Cash Required (M)	-1,392,263.00	-870,164.38	-522,098.63
(=) Excess Retained (M)	1,603,991.00	2,126,089.63	2,474,155.38
(/) Shares Outstanding (M)	25,139.51	25,139.51	25,139.51
(=) Excess Retained per Share	63.80	84.57	98.42
LTM Dividend per Share	157.72	157.72	157.72
(+) Excess Retained per Share	63.80	84.57	98.42
(=) Adjusted Dividend	221.53	242.29	256.14
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2,175.58	$2,671.54	$3,210.27
Upside / Downside	28.35%	57.61%	89.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,961,315.00	6,891,701.85	6,822,784.83	6,754,556.98	6,687,011.41	6,620,141.30	6,818,745.54
Payout Ratio	56.96%	63.57%	70.18%	76.78%	83.39%	90.00%	92.50%
Projected Dividends (M)	3,965,061.00	4,380,834.65	4,787,896.31	5,186,378.66	5,576,412.57	5,958,127.17	6,307,339.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4,016,145.96	4,057,127.04	4,098,108.12
Year 2 PV (M)	4,023,926.05	4,106,465.97	4,189,843.87
Year 3 PV (M)	3,995,968.93	4,119,546.98	4,245,646.94
Year 4 PV (M)	3,938,813.40	4,102,058.81	4,270,326.72
Year 5 PV (M)	3,858,094.89	4,058,994.84	4,268,178.03
PV of Terminal Value (M)	82,033,253.73	86,304,915.58	90,752,700.92
Equity Value (M)	101,866,202.95	106,749,109.22	111,824,804.60
Shares Outstanding (M)	25,139.51	25,139.51	25,139.51
Fair Value	$4,052.04	$4,246.27	$4,448.17
Upside / Downside	139.06%	150.52%	162.43%

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PT Bank CIMB Niaga Tbk (BNGA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener