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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5,6x - 6,2x | 5,9x |
| Selected Fwd EBIT Multiple | 5,5x - 6,1x | 5,8x |
| Fair Value | Rp8.535 - Rp10.143 | Rp9.339 |
| Upside | 19,8% - 42,4% | 31,1% |
| Benchmarks | Ticker | Full Ticker |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
| PT Indofood CBP Sukses Makmur Tbk | ICBP | IDX:ICBP |
| PT Indofood Sukses Makmur Tbk | INDF | IDX:INDF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| JPFA | CPIN | SBT | HMSP | ICBP | INDF | ||
| IDX:JPFA | IDX:CPIN | HOSE:SBT | IDX:HMSP | IDX:ICBP | IDX:INDF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.4% | 3.6% | 132.1% | -14.7% | 16.7% | 18.6% | |
| 3Y CAGR | 18.2% | 7.1% | 13.1% | -2.7% | 11.6% | 10.7% | |
| Latest Twelve Months | 132.0% | 61.6% | 10.7% | -14.1% | 10.3% | 17.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | 9.2% | 6.0% | 21.2% | 20.6% | 17.2% | |
| Prior Fiscal Year | 4.3% | 5.9% | 5.8% | 16.9% | 21.8% | 18.0% | |
| Latest Fiscal Year | 9.2% | 8.8% | 5.6% | 14.4% | 22.5% | 20.4% | |
| Latest Twelve Months | 9.2% | 8.8% | 6.0% | 14.4% | 22.5% | 20.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 1.09x | 0.67x | 1.19x | 2.11x | 1.05x | |
| EV / LTM EBITDA | 5.5x | 10.1x | 8.7x | 7.4x | 8.6x | 4.5x | |
| EV / LTM EBIT | 6.7x | 12.5x | 11.2x | 8.3x | 9.4x | 5.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.7x | 9.4x | 12.5x | ||||
| Historical EV / LTM EBIT | 5.2x | 6.9x | 11.1x | ||||
| Selected EV / LTM EBIT | 5.6x | 5.9x | 6.2x | ||||
| (x) LTM EBIT | 23,631,317 | 23,631,317 | 23,631,317 | ||||
| (=) Implied Enterprise Value | 132,729,751 | 139,715,527 | 146,701,303 | ||||
| (-) Non-shareholder Claims * | (59,184,055) | (59,184,055) | (59,184,055) | ||||
| (=) Equity Value | 73,545,696 | 80,531,472 | 87,517,248 | ||||
| (/) Shares Outstanding | 8,780.4 | 8,780.4 | 8,780.4 | ||||
| Implied Value Range | 8,376.10 | 9,171.70 | 9,967.31 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8,376.10 | 9,171.70 | 9,967.31 | 7,125.00 | |||
| Upside / (Downside) | 17.6% | 28.7% | 39.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JPFA | CPIN | SBT | HMSP | ICBP | INDF | |
| Enterprise Value | 34,037,884 | 74,467,363 | 20,020,387 | 64,314,404 | 153,731,646 | 121,744,594 | |
| (+) Cash & Short Term Investments | 1,356,331 | 4,846,038 | 8,775,958 | 2,369,521 | 27,709,890 | 48,224,984 | |
| (+) Investments & Other | 281,816 | 74,185 | 4,763,508 | 90,781 | 6,418,825 | 7,494,144 | |
| (-) Debt | (10,743,624) | (8,533,263) | (20,343,669) | (473,402) | (45,624,652) | (71,025,404) | |
| (-) Other Liabilities | (1,095,684) | (14,963) | (89,532) | 0 | (21,826,509) | (43,877,779) | |
| (-) Preferred Stock | 0 | 0 | (216,113) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,836,723 | 70,839,360 | 12,910,539 | 66,301,304 | 120,409,200 | 62,560,539 | |
| (/) Shares Outstanding | 11,627.7 | 16,398.0 | 814.5 | 116,318.1 | 11,661.9 | 8,780.4 | |
| Implied Stock Price | 2,050.00 | 4,320.00 | 15,850.00 | 570.00 | 10,325.00 | 7,125.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,050.00 | 4,320.00 | 15,850.00 | 570.00 | 10,325.00 | 7,125.00 | |
| 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 | |