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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 29,0x - 32,1x | 30,5x |
| Selected Fwd EBIT Multiple | 10,1x - 11,2x | 10,6x |
| Fair Value | Rp577,56 - Rp641,38 | Rp609,47 |
| Upside | -1,3% - 9,6% | 4,2% |
| Benchmarks | Ticker | Full Ticker |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| Saigon Cargo Service Corporation | SCS | HOSE:SCS |
| PT Habco Trans Maritima Tbk | HATM | IDX:HATM |
| Transimex Corporation | TMS | HOSE:TMS |
| PT AirAsia Indonesia Tbk | CMPP | IDX:CMPP |
| PT Ancara Logistics Indonesia Tbk | ALII | IDX:ALII |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VSC | SCS | HATM | TMS | CMPP | ALII | ||
| HOSE:VSC | HOSE:SCS | IDX:HATM | HOSE:TMS | IDX:CMPP | IDX:ALII | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.0% | 6.7% | NM- | 6.3% | NM- | NM- | |
| 3Y CAGR | 1.8% | 8.4% | 21.1% | -10.1% | NM- | 5.2% | |
| Latest Twelve Months | -9.4% | 31.7% | -3.5% | 41.4% | 23.8% | 6.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.1% | 70.7% | 33.2% | 7.5% | -104.8% | 28.0% | |
| Prior Fiscal Year | 19.6% | 68.6% | 36.4% | 7.9% | -16.4% | 32.9% | |
| Latest Fiscal Year | 17.9% | 70.4% | 21.8% | 7.2% | -8.1% | 35.0% | |
| Latest Twelve Months | 16.3% | 71.1% | 21.9% | 9.1% | -9.5% | 34.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.21x | 4.28x | 2.66x | 2.26x | 0.99x | 10.47x | |
| EV / LTM EBITDA | 11.5x | 5.7x | 8.9x | 13.6x | -12.0x | 25.7x | |
| EV / LTM EBIT | 19.7x | 6.0x | 12.1x | 24.9x | -10.4x | 30.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -10.4x | 12.1x | 24.9x | ||||
| Historical EV / LTM EBIT | 20.1x | 20.1x | 20.1x | ||||
| Selected EV / LTM EBIT | 29.0x | 30.5x | 32.1x | ||||
| (x) LTM EBIT | 321,446 | 321,446 | 321,446 | ||||
| (=) Implied Enterprise Value | 9,322,234 | 9,812,878 | 10,303,522 | ||||
| (-) Non-shareholder Claims * | (455,789) | (455,789) | (455,789) | ||||
| (=) Equity Value | 8,866,445 | 9,357,089 | 9,847,733 | ||||
| (/) Shares Outstanding | 15,825.8 | 15,825.8 | 15,825.8 | ||||
| Implied Value Range | 560.25 | 591.26 | 622.26 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 560.25 | 591.26 | 622.26 | 585.00 | |||
| Upside / (Downside) | -4.2% | 1.1% | 6.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSC | SCS | HATM | TMS | CMPP | ALII | |
| Enterprise Value | 10,228,051 | 4,757,621 | 2,424,050 | 7,608,661 | 8,087,551 | 9,713,882 | |
| (+) Cash & Short Term Investments | 2,398,143 | 1,377,557 | 118,871 | 1,165,085 | 30,958 | 31,887 | |
| (+) Investments & Other | 757,902 | 0 | 5,908 | 1,873,580 | 0 | 0 | |
| (-) Debt | (2,608,349) | 0 | (187,869) | (2,427,822) | (7,308,381) | (430,168) | |
| (-) Other Liabilities | (405,689) | 0 | 0 | (1,107,378) | (8,743) | (57,508) | |
| (-) Preferred Stock | 0 | (71,900) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,370,059 | 6,063,278 | 2,360,960 | 7,112,126 | 801,384 | 9,258,093 | |
| (/) Shares Outstanding | 374.4 | 94.9 | 8,680.0 | 169.3 | 10,685.1 | 15,825.8 | |
| Implied Stock Price | 27,700.00 | 63,900.00 | 272.00 | 42,000.00 | 75.00 | 585.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27,700.00 | 63,900.00 | 272.00 | 42,000.00 | 75.00 | 585.00 | |
| Trading Currency | VND | VND | IDR | VND | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |