Si è verificato un errore durante il caricamento della pagina.
Il nostro team è stato avvisato ma contattaci tramite il Widget assistenza email se il problema persiste.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14,4x - 15,9x | 15,1x |
| Selected Fwd EBITDA Multiple | 11,6x - 12,9x | 12,3x |
| Fair Value | Rp2.417 - Rp2.659 | Rp2.538 |
| Upside | -0,6% - 9,4% | 4,4% |
| Benchmarks | Ticker | Full Ticker |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Indofood Sukses Makmur Tbk | INDF | IDX:INDF |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| PT Unilever Indonesia Tbk | UNVR | IDX:UNVR |
| PT Sumber Alfaria Trijaya Tbk | AMRT | IDX:AMRT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JPFA | SBT | INDF | CPIN | UNVR | AMRT | ||
| IDX:JPFA | HOSE:SBT | IDX:INDF | IDX:CPIN | IDX:UNVR | IDX:AMRT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.6% | 33.2% | 15.5% | 4.7% | -14.1% | 14.6% | |
| 3Y CAGR | 12.8% | 11.1% | 9.2% | 8.0% | -15.5% | 12.7% | |
| Latest Twelve Months | 43.6% | 5.2% | 11.5% | 48.0% | -30.8% | -1.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 8.7% | 20.9% | 11.1% | 20.0% | 4.8% | |
| Prior Fiscal Year | 6.3% | 8.2% | 21.2% | 7.9% | 18.2% | 5.5% | |
| Latest Fiscal Year | 11.1% | 7.5% | 23.6% | 10.8% | 14.6% | 4.9% | |
| Latest Twelve Months | 11.2% | 7.6% | 23.3% | 11.9% | 14.1% | 4.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.51x | 0.73x | 1.11x | 1.17x | 1.92x | 0.80x | |
| EV / LTM EBITDA | 4.6x | 9.6x | 4.8x | 9.8x | 13.6x | 16.2x | |
| EV / LTM EBIT | 5.6x | 12.3x | 5.5x | 11.8x | 15.9x | 23.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.6x | 9.6x | 13.6x | ||||
| Historical EV / LTM EBITDA | 12.5x | 18.5x | 23.6x | ||||
| Selected EV / LTM EBITDA | 14.4x | 15.1x | 15.9x | ||||
| (x) LTM EBITDA | 5,999,803 | 5,999,803 | 5,999,803 | ||||
| (=) Implied Enterprise Value | 86,306,149 | 90,848,577 | 95,391,006 | ||||
| (-) Non-shareholder Claims * | 4,564,744 | 4,564,744 | 4,564,744 | ||||
| (=) Equity Value | 90,870,893 | 95,413,321 | 99,955,750 | ||||
| (/) Shares Outstanding | 41,524.5 | 41,524.5 | 41,524.5 | ||||
| Implied Value Range | 2,188.37 | 2,297.76 | 2,407.15 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,188.37 | 2,297.76 | 2,407.15 | 2,430.00 | |||
| Upside / (Downside) | -9.9% | -5.4% | -0.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JPFA | SBT | INDF | CPIN | UNVR | AMRT | |
| Enterprise Value | 28,622,409 | 21,934,568 | 129,740,558 | 80,683,285 | 66,344,524 | 96,339,795 | |
| (+) Cash & Short Term Investments | 1,743,972 | 8,775,958 | 52,086,674 | 6,184,390 | 1,080,574 | 7,040,705 | |
| (+) Investments & Other | 284,160 | 4,763,508 | 7,045,149 | 74,185 | 0 | 751,795 | |
| (-) Debt | (10,819,120) | (20,343,669) | (74,776,744) | (7,559,430) | (1,425,598) | (1,876,278) | |
| (-) Other Liabilities | (1,169,011) | (89,532) | (44,949,778) | (16,110) | 0 | (1,351,478) | |
| (-) Preferred Stock | 0 | (216,113) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,662,410 | 14,824,720 | 69,145,859 | 79,366,320 | 65,999,500 | 100,904,539 | |
| (/) Shares Outstanding | 11,627.7 | 814.5 | 8,780.4 | 16,398.0 | 38,150.0 | 41,524.5 | |
| Implied Stock Price | 1,605.00 | 18,200.00 | 7,875.00 | 4,840.00 | 1,730.00 | 2,430.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,605.00 | 18,200.00 | 7,875.00 | 4,840.00 | 1,730.00 | 2,430.00 | |
| Trading Currency | IDR | VND | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |