Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Bank CIMB Niaga Tbk (BNGA.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

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
Upside104.07%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS34.85%0.00%123.55114.2493.3143.7055.3827.7023.680.000.000.00
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,392,263.00870,164.38522,098.63
Cash Retained (M)2,996,254.002,996,254.002,996,254.00
(-) Cash Required (M)-1,392,263.00-870,164.38-522,098.63
(=) Excess Retained (M)1,603,991.002,126,089.632,474,155.38
(/) Shares Outstanding (M)25,139.5125,139.5125,139.51
(=) Excess Retained per Share63.8084.5798.42
LTM Dividend per Share157.72157.72157.72
(+) Excess Retained per Share63.8084.5798.42
(=) Adjusted Dividend221.53242.29256.14
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2,175.58$2,671.54$3,210.27
Upside / Downside28.35%57.61%89.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,961,315.006,891,701.856,822,784.836,754,556.986,687,011.416,620,141.306,818,745.54
Payout Ratio56.96%63.57%70.18%76.78%83.39%90.00%92.50%
Projected Dividends (M)3,965,061.004,380,834.654,787,896.315,186,378.665,576,412.575,958,127.176,307,339.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4,016,145.964,057,127.044,098,108.12
Year 2 PV (M)4,023,926.054,106,465.974,189,843.87
Year 3 PV (M)3,995,968.934,119,546.984,245,646.94
Year 4 PV (M)3,938,813.404,102,058.814,270,326.72
Year 5 PV (M)3,858,094.894,058,994.844,268,178.03
PV of Terminal Value (M)82,033,253.7386,304,915.5890,752,700.92
Equity Value (M)101,866,202.95106,749,109.22111,824,804.60
Shares Outstanding (M)25,139.5125,139.5125,139.51
Fair Value$4,052.04$4,246.27$4,448.17
Upside / Downside139.06%150.52%162.43%

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