Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Asuransi Multi Artha Guna Tbk (AMAG.JK)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$648.84 - $1,235.32$885.08
Multi-Stage$557.59 - $605.49$581.12
Blended Fair Value$733.10
Current Price$360.00
Upside103.64%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%15.49%30.0120.1450.3450.5030.300.000.008.080.006.71
YoY Growth--49.02%-60.00%-0.31%66.67%0.00%0.00%-100.00%0.00%-100.00%-5.58%
Dividend Yield--9.09%6.62%13.32%13.02%12.32%0.00%0.00%2.22%0.00%2.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)199,903.65
(-) Cash Dividends Paid (M)198,072.98
(=) Cash Retained (M)1,830.67
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)39,980.7324,987.9614,992.77
Cash Retained (M)1,830.671,830.671,830.67
(-) Cash Required (M)-39,980.73-24,987.96-14,992.77
(=) Excess Retained (M)-38,150.06-23,157.28-13,162.10
(/) Shares Outstanding (M)4,952.044,952.044,952.04
(=) Excess Retained per Share-7.70-4.68-2.66
LTM Dividend per Share40.0040.0040.00
(+) Excess Retained per Share-7.70-4.68-2.66
(=) Adjusted Dividend32.2935.3237.34
WACC / Discount Rate10.67%10.67%10.67%
Growth Rate5.42%6.42%7.42%
Fair Value$648.84$885.08$1,235.32
Upside / Downside80.23%145.86%243.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)199,903.65212,735.30226,390.60240,922.43256,387.05272,844.32281,029.65
Payout Ratio99.08%97.27%95.45%93.63%91.82%90.00%92.50%
Projected Dividends (M)198,072.98206,922.05216,091.04225,584.56235,406.50245,559.89259,952.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.67%10.67%10.67%
Growth Rate5.42%6.42%7.42%
Year 1 PV (M)185,222.04186,979.05188,736.06
Year 2 PV (M)173,144.43176,444.90179,776.52
Year 3 PV (M)161,795.72166,443.90171,180.27
Year 4 PV (M)151,133.94156,950.66162,933.68
Year 5 PV (M)141,119.45147,940.91155,023.65
PV of Terminal Value (M)1,948,767.692,042,967.672,140,775.70
Equity Value (M)2,761,183.272,877,727.092,998,425.88
Shares Outstanding (M)4,952.044,952.044,952.04
Fair Value$557.59$581.12$605.49
Upside / Downside54.88%61.42%68.19%

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