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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21,6x - 23,9x | 22,7x |
| Selected Fwd EBIT Multiple | 17,0x - 18,8x | 17,9x |
| Fair Value | Rp271,55 - Rp298,76 | Rp285,16 |
| Upside | -18,2% - -10,0% | -14,1% |
| Benchmarks | Ticker | Full Ticker |
| PT. Media Nusantara Citra Tbk | MNCN | IDX:MNCN |
| PT Visi Media Asia Tbk | VIVA | IDX:VIVA |
| PT Nusantara Sejahtera Raya Tbk | CNMA | IDX:CNMA |
| PT Global Mediacom Tbk | BMTR | IDX:BMTR |
| PT MDTV Media Technologies Tbk | NETV | IDX:NETV |
| PT Surya Citra Media Tbk | SCMA | IDX:SCMA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MNCN | VIVA | CNMA | BMTR | NETV | SCMA | ||
| IDX:MNCN | IDX:VIVA | IDX:CNMA | IDX:BMTR | IDX:NETV | IDX:SCMA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -13.2% | NM- | -8.6% | -14.0% | NM- | -15.3% | |
| 3Y CAGR | -22.9% | NM- | NM- | -23.5% | NM- | -28.7% | |
| Latest Twelve Months | -12.7% | 26.8% | -18.1% | -11.4% | 50.8% | 19.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.1% | -13.6% | 5.9% | 22.6% | -89.3% | 16.4% | |
| Prior Fiscal Year | 19.3% | -54.2% | 17.7% | 15.4% | -207.0% | 4.3% | |
| Latest Fiscal Year | 20.2% | -26.4% | 18.5% | 17.3% | -103.3% | 8.8% | |
| Latest Twelve Months | 17.6% | -33.8% | 16.6% | 14.4% | -167.7% | 9.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.32x | 4.45x | 1.94x | 1.58x | 40.75x | 2.89x | |
| EV / LTM EBITDA | 1.2x | -17.4x | 8.4x | 6.0x | -25.8x | 22.2x | |
| EV / LTM EBIT | 1.8x | -13.2x | 11.7x | 10.9x | -24.3x | 31.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -24.3x | 1.8x | 11.7x | ||||
| Historical EV / LTM EBIT | 8.8x | 16.4x | 32.4x | ||||
| Selected EV / LTM EBIT | 21.6x | 22.7x | 23.9x | ||||
| (x) LTM EBIT | 645,196 | 645,196 | 645,196 | ||||
| (=) Implied Enterprise Value | 13,935,724 | 14,669,184 | 15,402,643 | ||||
| (-) Non-shareholder Claims * | 826,672 | 826,672 | 826,672 | ||||
| (=) Equity Value | 14,762,396 | 15,495,855 | 16,229,315 | ||||
| (/) Shares Outstanding | 63,467.4 | 63,467.4 | 63,467.4 | ||||
| Implied Value Range | 232.60 | 244.15 | 255.71 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 232.60 | 244.15 | 255.71 | 332.00 | |||
| Upside / (Downside) | -29.9% | -26.5% | -23.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MNCN | VIVA | CNMA | BMTR | NETV | SCMA | |
| Enterprise Value | 2,454,286 | 4,893,121 | 10,924,268 | 15,315,855 | 5,669,378 | 20,244,497 | |
| (+) Cash & Short Term Investments | 1,444,623 | 8,886 | 1,928,759 | 4,588,637 | 32,134 | 1,713,635 | |
| (+) Investments & Other | 2,179,030 | 4,418 | 0 | 1,837,066 | 0 | 163,258 | |
| (-) Debt | (1,467,308) | (3,987,411) | (1,655,164) | (6,399,552) | (232,350) | (25,101) | |
| (-) Other Liabilities | (1,145,115) | (408,621) | (207,444) | (12,970,892) | 31,787 | (1,025,120) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,465,516 | 510,392 | 10,990,419 | 2,371,114 | 5,500,949 | 21,071,169 | |
| (/) Shares Outstanding | 13,227.2 | 16,464.3 | 82,634.7 | 16,352.5 | 41,360.5 | 63,467.4 | |
| Implied Stock Price | 262.00 | 31.00 | 133.00 | 145.00 | 133.00 | 332.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 262.00 | 31.00 | 133.00 | 145.00 | 133.00 | 332.00 | |
| 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 | |