Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PT Mitra Pinasthika Mustika Tbk (MPMX.JK)

Company Dividend Discount ModelIndustry: Auto - DealershipsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$788.32 - $1,111.06$948.26
Multi-Stage$1,499.78 - $1,640.96$1,569.02
Blended Fair Value$1,258.64
Current Price$935.00
Upside34.61%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-24.61%0.00%114.91134.65179.00113.3788.61471.760.00125.7826.466.97
YoY Growth---14.66%-24.78%57.89%27.95%-81.22%0.00%-100.00%375.39%279.75%0.00%
Dividend Yield--11.61%13.07%14.61%10.08%15.68%102.56%0.00%15.43%3.09%1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)548,368.00
(-) Cash Dividends Paid (M)525,579.00
(=) Cash Retained (M)22,789.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)109,673.6068,546.0041,127.60
Cash Retained (M)22,789.0022,789.0022,789.00
(-) Cash Required (M)-109,673.60-68,546.00-41,127.60
(=) Excess Retained (M)-86,884.60-45,757.00-18,338.60
(/) Shares Outstanding (M)4,377.754,377.754,377.75
(=) Excess Retained per Share-19.85-10.45-4.19
LTM Dividend per Share120.06120.06120.06
(+) Excess Retained per Share-19.85-10.45-4.19
(=) Adjusted Dividend100.21109.60115.87
WACC / Discount Rate9.03%9.03%9.03%
Growth Rate-3.27%-2.27%-1.27%
Fair Value$788.32$948.26$1,111.06
Upside / Downside-15.69%1.42%18.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)548,368.00535,915.96523,746.67511,853.71500,230.82488,871.85503,538.00
Payout Ratio95.84%94.68%93.51%92.34%91.17%90.00%92.50%
Projected Dividends (M)525,579.00507,380.42489,737.33472,633.87456,054.65439,984.66465,772.65

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.03%9.03%9.03%
Growth Rate-3.27%-2.27%-1.27%
Year 1 PV (M)460,616.46465,378.38470,140.29
Year 2 PV (M)403,621.89412,010.42420,485.23
Year 3 PV (M)353,624.30364,705.52376,015.84
Year 4 PV (M)309,770.38322,780.19336,195.55
Year 5 PV (M)271,310.31285,627.50300,542.83
PV of Terminal Value (M)4,766,726.015,018,268.745,280,320.39
Equity Value (M)6,565,669.346,868,770.747,183,700.13
Shares Outstanding (M)4,377.754,377.754,377.75
Fair Value$1,499.78$1,569.02$1,640.96
Upside / Downside60.40%67.81%75.50%

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