DDM Analysis: JSMR.JK

Valuation Snapshot

Stable Growth	$90,146.23 - $106,252.24	$99,553.16
Multi-Stage	$56,013.17 - $61,583.98	$58,745.46
Blended Fair Value	$79,149.31
Current Price	$3,480.00
Upside	2,174.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.17%	-2.31%	58.56	76.48	0.02	0.00	15.21	45.52	60.63	78.09	40.41	67.68
YoY Growth	-	-	-23.44%	374,970.27%	0.00%	-100.00%	-66.60%	-24.92%	-22.36%	93.26%	-40.29%	-8.55%
Dividend Yield	-	-	1.47%	1.35%	0.00%	0.00%	0.38%	1.79%	1.03%	1.71%	0.87%	1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,963,713.00
(-) Cash Dividends Paid (M)	1,863,914.00
(=) Cash Retained (M)	2,099,799.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	792,742.60	495,464.13	297,278.48
Cash Retained (M)	2,099,799.00	2,099,799.00	2,099,799.00
(-) Cash Required (M)	-792,742.60	-495,464.13	-297,278.48
(=) Excess Retained (M)	1,307,056.40	1,604,334.88	1,802,520.53
(/) Shares Outstanding (M)	7,257.87	7,257.87	7,257.87
(=) Excess Retained per Share	180.09	221.05	248.35
LTM Dividend per Share	256.81	256.81	256.81
(+) Excess Retained per Share	180.09	221.05	248.35
(=) Adjusted Dividend	436.90	477.86	505.17
WACC / Discount Rate	2.41%	2.41%	2.41%
Growth Rate	3.17%	4.17%	5.17%
Fair Value	$90,146.23	$99,553.16	$106,252.24
Upside / Downside	2,490.41%	2,760.72%	2,953.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,963,713.00	4,128,822.79	4,300,810.28	4,479,961.98	4,666,576.29	4,860,964.09	5,006,793.01
Payout Ratio	47.02%	55.62%	64.21%	72.81%	81.40%	90.00%	92.50%
Projected Dividends (M)	1,863,914.00	2,296,432.87	2,761,750.98	3,261,850.35	3,798,821.24	4,374,867.68	4,631,283.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.41%	2.41%	2.41%
Growth Rate	3.17%	4.17%	5.17%
Year 1 PV (M)	2,220,839.90	2,242,366.86	2,263,893.81
Year 2 PV (M)	2,582,923.30	2,633,239.36	2,684,040.79
Year 3 PV (M)	2,950,220.82	3,036,845.98	3,125,150.42
Year 4 PV (M)	3,322,789.62	3,453,508.29	3,588,046.39
Year 5 PV (M)	3,700,687.45	3,883,555.16	4,073,581.52
PV of Terminal Value (M)	391,758,885.16	411,117,464.01	431,233,865.98
Equity Value (M)	406,536,346.26	426,366,979.65	446,968,578.93
Shares Outstanding (M)	7,257.87	7,257.87	7,257.87
Fair Value	$56,013.17	$58,745.46	$61,583.98
Upside / Downside	1,509.57%	1,588.09%	1,669.65%

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Financial Statements

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PT Jasa Marga (Persero) Tbk (JSMR.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener