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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,6x - 1,8x | 1,7x |
| Selected Fwd Revenue Multiple | 1,4x - 1,6x | 1,5x |
| Fair Value | Rp749,09 - Rp826,14 | Rp787,61 |
| Upside | 31,4% - 44,9% | 38,2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| 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 Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CPIN | MYOR | CMRY | JPFA | SAB | HMSP | |||
| IDX:CPIN | IDX:MYOR | IDX:CMRY | IDX:JPFA | HOSE:SAB | IDX:HMSP | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.7% | 7.6% | 45.4% | 7.5% | -3.4% | 3.2% | ||
| 3Y CAGR | 9.3% | 8.9% | 30.1% | 7.5% | 6.5% | 8.9% | ||
| Latest Twelve Months | 9.5% | 14.6% | 16.1% | 9.0% | 4.6% | 0.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 9.2% | 10.4% | 20.0% | 6.5% | 14.7% | 21.2% | ||
| Prior Fiscal Year | 5.9% | 13.7% | 18.2% | 4.3% | 12.5% | 16.9% | ||
| Latest Fiscal Year | 8.8% | 10.9% | 18.5% | 9.2% | 13.9% | 14.4% | ||
| Latest Twelve Months | 8.8% | 10.9% | 18.5% | 9.2% | 13.9% | 14.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.06x | 1.53x | 3.43x | 0.55x | 1.21x | 1.21x | ||
| EV / LTM EBIT | 12.1x | 14.1x | 18.6x | 5.9x | 8.7x | 8.4x | ||
| Price / LTM Sales | 1.00x | 1.42x | 3.90x | 0.36x | 1.94x | 1.25x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.55x | 1.21x | 3.43x | |||||
| Historical EV / LTM Revenue | 1.21x | 2.14x | 4.17x | |||||
| Selected EV / LTM Revenue | 1.59x | 1.67x | 1.76x | |||||
| (x) LTM Revenue | 53,604,073 | 53,604,073 | 53,604,073 | |||||
| (=) Implied Enterprise Value | 85,216,965 | 89,702,069 | 94,187,172 | |||||
| (-) Non-shareholder Claims * | 1,986,900 | 1,986,900 | 1,986,900 | |||||
| (=) Equity Value | 87,203,865 | 91,688,969 | 96,174,072 | |||||
| (/) Shares Outstanding | 116,318.1 | 116,318.1 | 116,318.1 | |||||
| Implied Value Range | 749.70 | 788.26 | 826.82 | |||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 749.70 | 788.26 | 826.82 | 570.00 | ||||
| Upside / (Downside) | 31.5% | 38.3% | 45.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPIN | MYOR | CMRY | JPFA | SAB | HMSP | |
| Enterprise Value | 72,335,623 | 55,253,867 | 31,024,702 | 30,200,753 | 39,186,031 | 64,314,404 | |
| (+) Cash & Short Term Investments | 4,846,038 | 4,601,449 | 2,461,119 | 1,356,331 | 21,043,741 | 2,369,521 | |
| (+) Investments & Other | 74,185 | 0 | 1,824,965 | 281,816 | 3,672,561 | 90,781 | |
| (-) Debt | (8,533,263) | (8,148,443) | (1,273) | (10,743,624) | (414,828) | (473,402) | |
| (-) Other Liabilities | (14,963) | (281,864) | (174) | (1,095,684) | (1,154,973) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 68,707,620 | 51,425,009 | 35,309,339 | 19,999,592 | 62,332,531 | 66,301,304 | |
| (/) Shares Outstanding | 16,398.0 | 22,358.7 | 7,934.7 | 11,627.7 | 1,282.6 | 116,318.1 | |
| Implied Stock Price | 4,190.00 | 2,300.00 | 4,450.00 | 1,720.00 | 48,600.00 | 570.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,190.00 | 2,300.00 | 4,450.00 | 1,720.00 | 48,600.00 | 570.00 | |
| 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 | |