Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

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

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$9,754.53 - $19,778.76$13,624.03
Multi-Stage$7,914.97 - $8,606.36$8,254.57
Blended Fair Value$10,939.30
Current Price$4,400.00
Upside148.62%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS24.03%19.72%353.96264.67180.18110.05177.49120.6199.5166.5765.3653.23
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,299,106.006,436,941.253,862,164.75
Cash Retained (M)7,984,991.007,984,991.007,984,991.00
(-) Cash Required (M)-10,299,106.00-6,436,941.25-3,862,164.75
(=) Excess Retained (M)-2,314,115.001,548,049.754,122,826.25
(/) Shares Outstanding (M)93,333.1193,333.1193,333.11
(=) Excess Retained per Share-24.7916.5944.17
LTM Dividend per Share466.19466.19466.19
(+) Excess Retained per Share-24.7916.5944.17
(=) Adjusted Dividend441.39482.77510.36
WACC / Discount Rate10.27%10.27%10.27%
Growth Rate5.50%6.50%7.50%
Fair Value$9,754.53$13,624.03$19,778.76
Upside / Downside121.69%209.64%349.52%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)51,495,530.0054,842,739.4558,407,517.5162,204,006.1566,247,266.5570,553,338.8872,669,939.04
Payout Ratio84.49%85.60%86.70%87.80%88.90%90.00%92.50%
Projected Dividends (M)43,510,539.0046,942,672.3350,637,150.9654,613,579.0358,893,000.7863,498,004.9967,219,693.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.27%10.27%10.27%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)42,169,463.5742,569,174.1342,968,884.69
Year 2 PV (M)40,862,957.6141,641,282.1842,426,949.43
Year 3 PV (M)39,590,541.3440,727,043.5141,885,090.10
Year 4 PV (M)38,351,711.7539,826,610.3541,343,645.77
Year 5 PV (M)37,145,945.4738,940,108.5340,802,938.43
PV of Terminal Value (M)540,608,423.47566,720,012.46593,830,953.43
Equity Value (M)738,729,043.22770,424,231.17803,258,461.85
Shares Outstanding (M)93,333.1193,333.1193,333.11
Fair Value$7,914.97$8,254.57$8,606.36
Upside / Downside79.89%87.60%95.60%

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