Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Bank OCBC NISP Tbk (NISP.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$3,266.92 - $6,143.07$4,435.44
Multi-Stage$3,570.25 - $3,904.49$3,734.28
Blended Fair Value$4,084.86
Current Price$1,355.00
Upside201.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%72.0058.0022.000.000.000.000.000.000.000.00
YoY Growth--24.14%163.62%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.35%4.31%2.88%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,873,131.00
(-) Cash Dividends Paid (M)2,432,201.00
(=) Cash Retained (M)2,440,930.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)974,626.20609,141.38365,484.83
Cash Retained (M)2,440,930.002,440,930.002,440,930.00
(-) Cash Required (M)-974,626.20-609,141.38-365,484.83
(=) Excess Retained (M)1,466,303.801,831,788.632,075,445.18
(/) Shares Outstanding (M)22,945.3022,945.3022,945.30
(=) Excess Retained per Share63.9079.8390.45
LTM Dividend per Share106.00106.00106.00
(+) Excess Retained per Share63.9079.8390.45
(=) Adjusted Dividend169.90185.83196.45
WACC / Discount Rate8.41%8.41%8.41%
Growth Rate3.05%4.05%5.05%
Fair Value$3,266.92$4,435.44$6,143.07
Upside / Downside141.10%227.34%353.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,873,131.005,070,639.365,276,152.755,489,995.615,712,505.545,944,033.826,122,354.83
Payout Ratio49.91%57.93%65.95%73.96%81.98%90.00%92.50%
Projected Dividends (M)2,432,201.002,937,337.713,479,425.544,060,629.964,683,231.295,349,630.445,663,178.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.41%8.41%8.41%
Growth Rate3.05%4.05%5.05%
Year 1 PV (M)2,683,368.952,709,407.682,735,446.40
Year 2 PV (M)2,903,758.982,960,387.073,017,562.01
Year 3 PV (M)3,095,800.333,186,800.243,279,566.19
Year 4 PV (M)3,261,757.303,390,217.103,522,434.45
Year 5 PV (M)3,403,739.593,572,120.983,747,101.20
PV of Terminal Value (M)66,571,993.3069,865,278.3973,287,626.60
Equity Value (M)81,920,418.4485,684,211.4689,589,736.86
Shares Outstanding (M)22,945.3022,945.3022,945.30
Fair Value$3,570.25$3,734.28$3,904.49
Upside / Downside163.49%175.59%188.15%

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