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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3,7x - 4,1x | 3,9x |
| Selected Fwd EBITDA Multiple | 4,4x - 4,9x | 4,6x |
| Fair Value | Rp7.277 - Rp7.935 | Rp7.606 |
| Upside | 21,3% - 32,3% | 26,8% |
| Benchmarks | Ticker | Full Ticker |
| Indofood Agri Resources Ltd. | 5JS | SGX:5JS |
| PT Ultrajaya Milk Industry & Trading Company Tbk | ULTJ | IDX:ULTJ |
| PT Sawit Sumbermas Sarana Tbk. | SSMS | IDX:SSMS |
| PT Sumber Tani Agung Resources Tbk | STAA | IDX:STAA |
| PT Diamond Food Indonesia Tbk | DMND | IDX:DMND |
| PT Astra Agro Lestari Tbk | AALI | IDX:AALI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 5JS | ULTJ | SSMS | STAA | DMND | AALI | ||
| SGX:5JS | IDX:ULTJ | IDX:SSMS | IDX:STAA | IDX:DMND | IDX:AALI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.1% | 1.6% | 29.4% | 26.4% | 1.2% | 4.1% | |
| 3Y CAGR | 4.3% | -4.1% | 1.9% | 3.9% | 5.6% | -9.5% | |
| Latest Twelve Months | 47.9% | -6.5% | 37.9% | 63.2% | 14.5% | 6.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.2% | 21.7% | 29.0% | 31.1% | 6.7% | 16.1% | |
| Prior Fiscal Year | 22.2% | 19.8% | 14.6% | 25.9% | 6.0% | 14.5% | |
| Latest Fiscal Year | 32.9% | 17.7% | 21.2% | 34.6% | 6.6% | 14.7% | |
| Latest Twelve Months | 32.9% | 16.9% | 20.1% | 34.9% | 6.3% | 13.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.11x | 1.30x | 1.62x | 1.35x | 0.69x | 0.40x | |
| EV / LTM EBITDA | 3.4x | 7.6x | 8.1x | 3.9x | 11.0x | 2.9x | |
| EV / LTM EBIT | 4.6x | 8.4x | 9.8x | 4.5x | 16.7x | 5.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.4x | 7.6x | 11.0x | ||||
| Historical EV / LTM EBITDA | 3.6x | 4.7x | 8.4x | ||||
| Selected EV / LTM EBITDA | 3.7x | 3.9x | 4.1x | ||||
| (x) LTM EBITDA | 3,282,948 | 3,282,948 | 3,282,948 | ||||
| (=) Implied Enterprise Value | 12,127,903 | 12,766,214 | 13,404,525 | ||||
| (-) Non-shareholder Claims * | 1,976,220 | 1,976,220 | 1,976,220 | ||||
| (=) Equity Value | 14,104,123 | 14,742,434 | 15,380,745 | ||||
| (/) Shares Outstanding | 1,924.7 | 1,924.7 | 1,924.7 | ||||
| Implied Value Range | 7,328.00 | 7,659.65 | 7,991.29 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7,328.00 | 7,659.65 | 7,991.29 | 6,000.00 | |||
| Upside / (Downside) | 22.1% | 27.7% | 33.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5JS | ULTJ | SSMS | STAA | DMND | AALI | |
| Enterprise Value | 16,688,369 | 11,474,929 | 18,945,600 | 9,175,984 | 6,887,988 | 9,571,910 | |
| (+) Cash & Short Term Investments | 5,945,500 | 2,183,735 | 1,280,408 | 1,702,688 | 554,071 | 5,338,299 | |
| (+) Investments & Other | 2,275,052 | 140,403 | 540,197 | 17,254 | 71,921 | 370,247 | |
| (-) Debt | (7,874,434) | (35,370) | (7,149,402) | (1,473,224) | (4,869) | (3,189,708) | |
| (-) Other Liabilities | (11,565,212) | (90,097) | (281,803) | (481,936) | (29,107) | (542,618) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,469,275 | 13,673,600 | 13,335,000 | 8,940,766 | 7,480,004 | 11,548,130 | |
| (/) Shares Outstanding | 1,395.9 | 10,398.2 | 9,525.0 | 10,903.4 | 9,468.4 | 1,924.7 | |
| Implied Stock Price | 3,918.09 | 1,315.00 | 1,400.00 | 820.00 | 790.00 | 6,000.00 | |
| FX Conversion Rate to Trading Currency | 12,638.99 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.31 | 1,315.00 | 1,400.00 | 820.00 | 790.00 | 6,000.00 | |
| Trading Currency | SGD | IDR | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 12,638.99 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |