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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,8x - 15,3x | 14,5x |
| Selected Fwd EBIT Multiple | 9,8x - 10,8x | 10,3x |
| Fair Value | Rp190,51 - Rp206,20 | Rp198,35 |
| Upside | -1,3% - 6,8% | 2,8% |
| Benchmarks | Ticker | Full Ticker |
| PT. Media Nusantara Citra Tbk | MNCN | IDX:MNCN |
| PT Visi Media Asia Tbk | VIVA | IDX:VIVA |
| PT NFC Indonesia Tbk | NFCX | IDX:NFCX |
| PT Net Visi Media Tbk | NETV | IDX:NETV |
| PT Global Mediacom Tbk | BMTR | IDX:BMTR |
| PT Surya Citra Media Tbk | SCMA | IDX:SCMA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MNCN | VIVA | NFCX | NETV | BMTR | SCMA | ||
| IDX:MNCN | IDX:VIVA | IDX:NFCX | IDX:NETV | IDX:BMTR | IDX:SCMA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -13.2% | NM- | NM- | NM- | -14.0% | -15.3% | |
| 3Y CAGR | -22.9% | NM- | NM- | NM- | -23.5% | -28.7% | |
| Latest Twelve Months | 6.7% | 28.3% | -174.7% | 50.5% | -8.8% | 44.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 29.1% | -10.8% | 0.4% | -84.1% | 23.3% | 17.3% | |
| Prior Fiscal Year | 19.3% | -54.2% | 0.2% | -207.0% | 15.4% | 4.3% | |
| Latest Fiscal Year | 20.2% | -26.4% | -0.2% | -103.3% | 17.3% | 8.8% | |
| Latest Twelve Months | 18.6% | -34.6% | -0.3% | -147.6% | 14.3% | 8.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.31x | 5.37x | 0.31x | 37.47x | 1.55x | 1.37x | |
| EV / LTM EBITDA | 1.1x | -20.4x | 27.4x | -27.0x | 5.9x | 11.2x | |
| EV / LTM EBIT | 1.7x | -15.5x | -112.8x | -25.4x | 10.8x | 16.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -112.8x | -15.5x | 10.8x | ||||
| Historical EV / LTM EBIT | 8.7x | 16.0x | 31.9x | ||||
| Selected EV / LTM EBIT | 13.8x | 14.5x | 15.3x | ||||
| (x) LTM EBIT | 584,104 | 584,104 | 584,104 | ||||
| (=) Implied Enterprise Value | 8,059,908 | 8,484,114 | 8,908,319 | ||||
| (-) Non-shareholder Claims * | 2,633,487 | 2,633,487 | 2,633,487 | ||||
| (=) Equity Value | 10,693,395 | 11,117,600 | 11,541,806 | ||||
| (/) Shares Outstanding | 63,467.4 | 63,467.4 | 63,467.4 | ||||
| Implied Value Range | 168.49 | 175.17 | 181.85 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 168.49 | 175.17 | 181.85 | 193.00 | |||
| Upside / (Downside) | -12.7% | -9.2% | -5.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MNCN | VIVA | NFCX | NETV | BMTR | SCMA | |
| Enterprise Value | 2,471,780 | 6,017,131 | 1,598,119 | 6,019,679 | 15,446,776 | 9,615,717 | |
| (+) Cash & Short Term Investments | 1,423,560 | 9,954 | 193,881 | 54,211 | 3,892,155 | 3,320,355 | |
| (+) Investments & Other | 2,143,232 | 4,429 | 199,300 | 0 | 1,807,107 | 165,449 | |
| (-) Debt | (1,575,633) | (5,380,482) | (261,099) | (232,350) | (5,925,986) | (18,934) | |
| (-) Other Liabilities | (1,103,240) | (404,067) | (471,618) | 31,654 | (12,897,995) | (833,384) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,359,699 | 246,964 | 1,258,583 | 5,873,194 | 2,322,057 | 12,249,203 | |
| (/) Shares Outstanding | 13,227.2 | 16,464.3 | 662.4 | 41,360.5 | 16,352.5 | 63,467.4 | |
| Implied Stock Price | 254.00 | 15.00 | 1,900.00 | 142.00 | 142.00 | 193.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 254.00 | 15.00 | 1,900.00 | 142.00 | 142.00 | 193.00 | |
| Trading Currency | IDR | IDR | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |