Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Woori Finance Indonesia Tbk (BPFI.JK)

Company Dividend Discount ModelIndustry: Financial - Credit ServicesSector: Financial Services

Valuation Snapshot

Stable Growth$364.41 - $622.30$476.22
Multi-Stage$595.25 - $652.65$623.40
Blended Fair Value$549.81
Current Price$320.00
Upside71.82%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.82%17.92%9.723.880.000.000.0011.220.0011.2211.220.00
YoY Growth--150.49%0.00%0.00%0.00%-100.00%0.00%-100.00%0.00%0.00%-100.00%
Dividend Yield--3.63%1.04%0.00%0.00%0.00%1.43%0.00%2.83%3.52%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)78,215.12
(-) Cash Dividends Paid (M)52,445.49
(=) Cash Retained (M)25,769.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15,643.029,776.895,866.13
Cash Retained (M)25,769.6325,769.6325,769.63
(-) Cash Required (M)-15,643.02-9,776.89-5,866.13
(=) Excess Retained (M)10,126.6115,992.7419,903.50
(/) Shares Outstanding (M)2,674.002,674.002,674.00
(=) Excess Retained per Share3.795.987.44
LTM Dividend per Share19.6119.6119.61
(+) Excess Retained per Share3.795.987.44
(=) Adjusted Dividend23.4025.5927.06
WACC / Discount Rate7.10%7.10%7.10%
Growth Rate0.64%1.64%2.64%
Fair Value$364.41$476.22$622.30
Upside / Downside13.88%48.82%94.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)78,215.1279,498.6780,803.2982,129.3183,477.1084,847.0187,392.42
Payout Ratio67.05%71.64%76.23%80.82%85.41%90.00%92.50%
Projected Dividends (M)52,445.4956,954.6861,597.7466,377.8671,298.2776,362.3180,837.99

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.10%7.10%7.10%
Growth Rate0.64%1.64%2.64%
Year 1 PV (M)52,653.9553,177.1453,700.32
Year 2 PV (M)52,646.3153,697.7354,759.54
Year 3 PV (M)52,447.8854,026.8855,637.26
Year 4 PV (M)52,081.7254,182.7856,346.77
Year 5 PV (M)51,568.7954,182.2356,900.56
PV of Terminal Value (M)1,330,297.291,397,714.991,467,838.72
Equity Value (M)1,591,695.951,666,981.751,745,183.18
Shares Outstanding (M)2,674.002,674.002,674.00
Fair Value$595.25$623.40$652.65
Upside / Downside86.02%94.81%103.95%

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