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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,0x - 11,0x | 10,5x |
| Selected Fwd EBITDA Multiple | 10,6x - 11,7x | 11,2x |
| Fair Value | Rp780,16 - Rp855,70 | Rp817,93 |
| Upside | 4,0% - 14,1% | 9,1% |
| Benchmarks | Ticker | Full Ticker |
| PT Sumber Tani Agung Resources Tbk | STAA | IDX:STAA |
| PT Nippon Indosari Corpindo Tbk | ROTI | IDX:ROTI |
| Nam Viet Corporation | ANV | HOSE:ANV |
| PT Wilmar Cahaya Indonesia Tbk. | CEKA | IDX:CEKA |
| PT Palma Serasih Tbk | PSGO | IDX:PSGO |
| PT Diamond Food Indonesia Tbk | DMND | IDX:DMND |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| STAA | ROTI | ANV | CEKA | PSGO | DMND | ||
| IDX:STAA | IDX:ROTI | HOSE:ANV | IDX:CEKA | IDX:PSGO | IDX:DMND | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 26.4% | 6.4% | -18.9% | 6.7% | 75.1% | 1.2% | |
| 3Y CAGR | 3.9% | 6.0% | -2.8% | 17.6% | 10.1% | 5.6% | |
| Latest Twelve Months | 63.2% | -8.9% | 73.3% | 155.4% | 16.7% | 14.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.1% | 17.0% | 11.6% | 5.1% | 27.9% | 6.7% | |
| Prior Fiscal Year | 25.9% | 17.1% | 6.7% | 3.5% | 27.5% | 6.0% | |
| Latest Fiscal Year | 34.6% | 17.5% | 6.3% | 5.2% | 30.6% | 6.6% | |
| Latest Twelve Months | 34.9% | 16.3% | 8.4% | 5.5% | 29.7% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.31x | 1.30x | 1.13x | 0.12x | 1.29x | 0.65x | |
| EV / LTM EBITDA | 3.7x | 8.0x | 13.5x | 2.2x | 4.3x | 10.4x | |
| EV / LTM EBIT | 4.3x | 11.2x | 18.8x | 2.3x | 5.6x | 15.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.2x | 4.3x | 13.5x | ||||
| Historical EV / LTM EBITDA | 10.3x | 12.7x | 16.7x | ||||
| Selected EV / LTM EBITDA | 10.0x | 10.5x | 11.0x | ||||
| (x) LTM EBITDA | 626,759 | 626,759 | 626,759 | ||||
| (=) Implied Enterprise Value | 6,253,027 | 6,582,133 | 6,911,240 | ||||
| (-) Non-shareholder Claims * | 592,016 | 592,016 | 592,016 | ||||
| (=) Equity Value | 6,845,043 | 7,174,149 | 7,503,256 | ||||
| (/) Shares Outstanding | 9,468.4 | 9,468.4 | 9,468.4 | ||||
| Implied Value Range | 722.94 | 757.70 | 792.46 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 722.94 | 757.70 | 792.46 | 750.00 | |||
| Upside / (Downside) | -3.6% | 1.0% | 5.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | STAA | ROTI | ANV | CEKA | PSGO | DMND | |
| Enterprise Value | 8,903,399 | 4,987,432 | 5,651,728 | 1,030,604 | 2,959,769 | 6,509,253 | |
| (+) Cash & Short Term Investments | 1,702,688 | 325,032 | 50,002 | 706,796 | 1,357,410 | 554,071 | |
| (+) Investments & Other | 17,254 | 8,442 | 68,055 | 0 | 0 | 71,921 | |
| (-) Debt | (1,473,224) | (614,031) | (1,496,380) | 0 | (1,168,928) | (4,869) | |
| (-) Other Liabilities | (481,936) | (5,273) | 0 | 0 | (302) | (29,107) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,668,181 | 4,701,601 | 4,273,405 | 1,737,400 | 3,147,950 | 7,101,269 | |
| (/) Shares Outstanding | 10,903.4 | 5,664.6 | 266.3 | 595.0 | 18,850.0 | 9,468.4 | |
| Implied Stock Price | 795.00 | 830.00 | 16,050.00 | 2,920.00 | 167.00 | 750.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 795.00 | 830.00 | 16,050.00 | 2,920.00 | 167.00 | 750.00 | |
| Trading Currency | IDR | IDR | VND | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |