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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,0x - 12,2x | 11,6x |
| Selected Fwd EBITDA Multiple | 11,4x - 12,6x | 12,0x |
| Fair Value | Rp4.859 - Rp5.394 | Rp5.127 |
| Upside | 13,5% - 26,0% | 19,8% |
| Benchmarks | Ticker | Full Ticker |
| PT Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
| PT Mayora Indah Tbk | MYOR | IDX:MYOR |
| PT Cisarua Mountain Dairy Tbk | CMRY | IDX:CMRY |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| Saigon Beer - Alcohol - Beverage Corporation | SAB | HOSE:SAB |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HMSP | MYOR | CMRY | JPFA | SAB | CPIN | ||
| IDX:HMSP | IDX:MYOR | IDX:CMRY | IDX:JPFA | HOSE:SAB | IDX:CPIN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -13.8% | 5.4% | 60.9% | 8.6% | -4.2% | 4.7% | |
| 3Y CAGR | -2.5% | 23.1% | 20.2% | 12.8% | 6.9% | 8.0% | |
| Latest Twelve Months | -12.1% | -4.8% | 18.4% | 91.4% | 13.4% | 49.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.4% | 13.1% | 21.8% | 8.9% | 16.6% | 11.3% | |
| Prior Fiscal Year | 18.6% | 16.3% | 20.2% | 6.3% | 14.4% | 7.9% | |
| Latest Fiscal Year | 16.2% | 13.5% | 20.6% | 11.1% | 15.6% | 10.8% | |
| Latest Twelve Months | 16.2% | 13.5% | 20.6% | 11.1% | 15.6% | 10.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.26x | 1.58x | 3.51x | 0.55x | 1.26x | 1.09x | |
| EV / LTM EBITDA | 7.8x | 11.7x | 17.1x | 5.0x | 8.1x | 10.1x | |
| EV / LTM EBIT | 8.7x | 14.6x | 19.0x | 6.0x | 9.0x | 12.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.0x | 8.1x | 17.1x | ||||
| Historical EV / LTM EBITDA | 10.1x | 15.7x | 20.0x | ||||
| Selected EV / LTM EBITDA | 11.0x | 11.6x | 12.2x | ||||
| (x) LTM EBITDA | 7,307,311 | 7,307,311 | 7,307,311 | ||||
| (=) Implied Enterprise Value | 80,443,011 | 84,676,854 | 88,910,697 | ||||
| (-) Non-shareholder Claims * | (3,628,003) | (3,628,003) | (3,628,003) | ||||
| (=) Equity Value | 76,815,008 | 81,048,851 | 85,282,694 | ||||
| (/) Shares Outstanding | 16,398.0 | 16,398.0 | 16,398.0 | ||||
| Implied Value Range | 4,684.41 | 4,942.61 | 5,200.80 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4,684.41 | 4,942.61 | 5,200.80 | 4,280.00 | |||
| Upside / (Downside) | 9.4% | 15.5% | 21.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HMSP | MYOR | CMRY | JPFA | SAB | CPIN | |
| Enterprise Value | 67,803,946 | 57,266,150 | 31,659,477 | 30,317,030 | 39,955,568 | 73,811,443 | |
| (+) Cash & Short Term Investments | 2,369,521 | 4,601,449 | 2,461,119 | 1,356,331 | 21,043,741 | 4,846,038 | |
| (+) Investments & Other | 90,781 | 0 | 1,824,965 | 281,816 | 3,672,561 | 74,185 | |
| (-) Debt | (473,402) | (8,148,443) | (1,273) | (10,743,624) | (414,828) | (8,533,263) | |
| (-) Other Liabilities | 0 | (281,864) | (174) | (1,095,684) | (1,154,973) | (14,963) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 69,790,846 | 53,437,292 | 35,944,114 | 20,115,869 | 63,102,069 | 70,183,440 | |
| (/) Shares Outstanding | 116,318.1 | 22,358.7 | 7,934.7 | 11,627.7 | 1,282.6 | 16,398.0 | |
| Implied Stock Price | 600.00 | 2,390.00 | 4,530.00 | 1,730.00 | 49,200.00 | 4,280.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 600.00 | 2,390.00 | 4,530.00 | 1,730.00 | 49,200.00 | 4,280.00 | |
| Trading Currency | IDR | IDR | IDR | IDR | VND | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |