Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Bank Danamon Indonesia Tbk (BDMN.JK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$2,932.91 - $4,325.67$3,600.77
Multi-Stage$5,890.65 - $6,484.01$6,181.49
Blended Fair Value$4,891.13
Current Price$2,380.00
Upside105.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.04%1.98%133.37124.7861.2540.28196.06147.82137.25101.6778.0183.37
YoY Growth--6.88%103.74%52.06%-79.46%32.64%7.70%35.01%30.33%-6.43%-23.93%
Dividend Yield--5.47%4.27%2.13%1.65%7.18%7.07%1.46%1.48%1.66%2.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,679,259.00
(-) Cash Dividends Paid (M)1,168,522.00
(=) Cash Retained (M)2,510,737.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)735,851.80459,907.38275,944.43
Cash Retained (M)2,510,737.002,510,737.002,510,737.00
(-) Cash Required (M)-735,851.80-459,907.38-275,944.43
(=) Excess Retained (M)1,774,885.202,050,829.632,234,792.58
(/) Shares Outstanding (M)9,773.559,773.559,773.55
(=) Excess Retained per Share181.60209.83228.66
LTM Dividend per Share119.56119.56119.56
(+) Excess Retained per Share181.60209.83228.66
(=) Adjusted Dividend301.16329.39348.22
WACC / Discount Rate7.42%7.42%7.42%
Growth Rate-2.58%-1.58%-0.58%
Fair Value$2,932.91$3,600.77$4,325.67
Upside / Downside23.23%51.29%81.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,679,259.003,621,016.683,563,696.323,507,283.343,451,763.383,397,122.293,499,035.96
Payout Ratio31.76%43.41%55.06%66.70%78.35%90.00%92.50%
Projected Dividends (M)1,168,522.001,571,802.531,962,022.452,339,494.222,704,523.643,057,410.063,236,608.26

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.42%7.42%7.42%
Growth Rate-2.58%-1.58%-0.58%
Year 1 PV (M)1,448,361.881,463,229.531,478,097.18
Year 2 PV (M)1,665,950.831,700,328.841,735,057.95
Year 3 PV (M)1,830,455.971,887,406.301,945,525.79
Year 4 PV (M)1,949,876.912,031,181.262,115,002.11
Year 5 PV (M)2,031,183.732,137,598.142,248,426.62
PV of Terminal Value (M)48,646,793.1251,195,415.3553,849,754.16
Equity Value (M)57,572,622.4560,415,159.4263,371,863.80
Shares Outstanding (M)9,773.559,773.559,773.55
Fair Value$5,890.65$6,181.49$6,484.01
Upside / Downside147.51%159.73%172.44%

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