Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Solusi Bangun Indonesia Tbk (SMCB.JK)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$695.06 - $1,025.91$853.62
Multi-Stage$1,279.32 - $1,405.38$1,341.13
Blended Fair Value$1,097.37
Current Price$775.00
Upside41.60%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%-8.91%29.0727.2223.9321.593.060.000.000.0011.3126.27
YoY Growth--6.82%13.75%10.81%606.42%0.00%0.00%0.00%-100.00%-56.93%-64.46%
Dividend Yield--3.75%2.09%1.81%1.24%0.18%0.00%0.00%0.00%1.25%2.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)797,079.00
(-) Cash Dividends Paid (M)363,167.00
(=) Cash Retained (M)433,912.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)159,415.8099,634.8859,780.93
Cash Retained (M)433,912.00433,912.00433,912.00
(-) Cash Required (M)-159,415.80-99,634.88-59,780.93
(=) Excess Retained (M)274,496.20334,277.13374,131.08
(/) Shares Outstanding (M)9,019.389,019.389,019.38
(=) Excess Retained per Share30.4337.0641.48
LTM Dividend per Share40.2740.2740.27
(+) Excess Retained per Share30.4337.0641.48
(=) Adjusted Dividend70.7077.3381.75
WACC / Discount Rate7.97%7.97%7.97%
Growth Rate-2.00%-1.00%0.00%
Fair Value$695.06$853.62$1,025.91
Upside / Downside-10.31%10.14%32.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)797,079.00789,108.21781,217.13773,404.96765,670.91758,014.20780,754.62
Payout Ratio45.56%54.45%63.34%72.22%81.11%90.00%92.50%
Projected Dividends (M)363,167.00429,667.74494,802.15558,590.91621,054.41682,212.78722,198.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.97%7.97%7.97%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)393,938.01397,957.79401,977.56
Year 2 PV (M)415,931.54424,463.25433,081.57
Year 3 PV (M)430,506.07443,819.76457,405.15
Year 4 PV (M)438,844.04457,032.08475,779.69
Year 5 PV (M)441,972.80464,987.35488,950.81
PV of Terminal Value (M)9,417,497.579,907,888.5210,418,498.62
Equity Value (M)11,538,690.0412,096,148.7512,675,693.41
Shares Outstanding (M)9,019.389,019.389,019.38
Fair Value$1,279.32$1,341.13$1,405.38
Upside / Downside65.07%73.05%81.34%

High-Yield Dividend Screener

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