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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,7x - 8,5x | 8,1x |
| Selected Fwd EBITDA Multiple | 7,9x - 8,7x | 8,3x |
| Fair Value | Rp646,61 - Rp708,29 | Rp677,45 |
| Upside | 34,2% - 46,9% | 40,6% |
| Benchmarks | Ticker | Full Ticker |
| Taseco Air Services Joint Stock Company | AST | HOSE:AST |
| Phu Tai Joint Stock Company | PTB | HOSE:PTB |
| PT Sinar Eka Selaras Tbk | ERAL | IDX:ERAL |
| PT Mitra Pinasthika Mustika Tbk | MPMX | IDX:MPMX |
| PT Duta Intidaya Tbk | DAYA | IDX:DAYA |
| PT Aspirasi Hidup Indonesia Tbk | ACES | IDX:ACES |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AST | PTB | ERAL | MPMX | DAYA | ACES | ||
| HOSE:AST | HOSE:PTB | IDX:ERAL | IDX:MPMX | IDX:DAYA | IDX:ACES | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.0% | -2.6% | NM- | -5.4% | 20.0% | -2.6% | |
| 3Y CAGR | NM- | -9.9% | 4.0% | 21.8% | 60.8% | 7.5% | |
| Latest Twelve Months | 42.9% | 6.8% | 8.3% | 2.0% | 69.0% | 0.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.8% | 13.4% | 6.4% | 4.8% | 3.8% | 15.1% | |
| Prior Fiscal Year | 17.6% | 12.4% | 7.1% | 3.9% | 3.8% | 15.2% | |
| Latest Fiscal Year | 21.0% | 11.0% | 4.9% | 4.4% | 6.7% | 15.3% | |
| Latest Twelve Months | 22.7% | 10.8% | 4.9% | 4.1% | 6.4% | 14.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.87x | 0.61x | 0.28x | 0.00x | 1.08x | 0.82x | |
| EV / LTM EBITDA | 8.2x | 5.7x | 5.6x | 0.0x | 16.8x | 5.9x | |
| EV / LTM EBIT | 9.2x | 8.4x | 6.7x | 0.1x | 22.1x | 6.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.0x | 5.7x | 16.8x | ||||
| Historical EV / LTM EBITDA | 6.8x | 10.0x | 23.5x | ||||
| Selected EV / LTM EBITDA | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBITDA | 1,218,790 | 1,218,790 | 1,218,790 | ||||
| (=) Implied Enterprise Value | 9,364,198 | 9,857,050 | 10,349,903 | ||||
| (-) Non-shareholder Claims * | 1,037,396 | 1,037,396 | 1,037,396 | ||||
| (=) Equity Value | 10,401,594 | 10,894,447 | 11,387,299 | ||||
| (/) Shares Outstanding | 17,120.4 | 17,120.4 | 17,120.4 | ||||
| Implied Value Range | 607.56 | 636.34 | 665.13 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 607.56 | 636.34 | 665.13 | 482.00 | |||
| Upside / (Downside) | 26.0% | 32.0% | 38.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AST | PTB | ERAL | MPMX | DAYA | ACES | |
| Enterprise Value | 2,802,932 | 4,267,891 | 1,475,546 | 50,218 | 2,650,742 | 7,214,632 | |
| (+) Cash & Short Term Investments | 408,122 | 871,353 | 417,498 | 1,995,544 | 95,732 | 2,064,649 | |
| (+) Investments & Other | 73,572 | 259,006 | 99,977 | 2,222,427 | 0 | 0 | |
| (-) Debt | (66,971) | (1,561,305) | (221,967) | (19,710) | (253,310) | (994,293) | |
| (-) Other Liabilities | (99,155) | (135,251) | (17,680) | (50) | 0 | (32,959) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,118,500 | 3,701,694 | 1,753,375 | 4,248,429 | 2,493,163 | 8,252,028 | |
| (/) Shares Outstanding | 45.0 | 66.9 | 5,187.5 | 4,379.8 | 2,420.5 | 17,120.4 | |
| Implied Stock Price | 69,300.00 | 55,300.00 | 338.00 | 970.00 | 1,030.00 | 482.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 69,300.00 | 55,300.00 | 338.00 | 970.00 | 1,030.00 | 482.00 | |
| Trading Currency | VND | VND | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |