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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,8x - 10,8x | 10,3x |
| Selected Fwd EBITDA Multiple | 9,0x - 10,0x | 9,5x |
| Fair Value | Rp201,44 - Rp218,97 | Rp210,21 |
| Upside | -1,3% - 7,3% | 3,0% |
| Benchmarks | Ticker | Full Ticker |
| PT. Media Nusantara Citra Tbk | MNCN | IDX:MNCN |
| PT Visi Media Asia Tbk | VIVA | IDX:VIVA |
| PT Global Mediacom Tbk | BMTR | IDX:BMTR |
| PT NFC Indonesia Tbk | NFCX | IDX:NFCX |
| PT Net Visi Media Tbk | NETV | IDX:NETV |
| PT Surya Citra Media Tbk | SCMA | IDX:SCMA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MNCN | VIVA | BMTR | NFCX | NETV | SCMA | ||
| IDX:MNCN | IDX:VIVA | IDX:BMTR | IDX:NFCX | IDX:NETV | IDX:SCMA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -8.5% | NM- | -11.2% | -1.1% | NM- | -11.0% | |
| 3Y CAGR | -17.2% | NM- | -18.8% | -2.2% | NM- | -22.9% | |
| Latest Twelve Months | 2.7% | -46.6% | -7.7% | -12.2% | 56.4% | 62.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 38.2% | -4.2% | 36.9% | 0.8% | -70.8% | 22.1% | |
| Prior Fiscal Year | 29.7% | 4.2% | 31.4% | 0.8% | -195.7% | 8.5% | |
| Latest Fiscal Year | 29.9% | -45.4% | 29.2% | 1.0% | -95.8% | 12.7% | |
| Latest Twelve Months | 29.9% | -25.3% | 29.2% | 1.0% | -95.8% | 12.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.33x | 3.78x | 1.53x | 0.22x | 32.26x | 1.52x | |
| EV / LTM EBITDA | 1.1x | -14.9x | 5.2x | 21.4x | -33.7x | 12.0x | |
| EV / LTM EBIT | 1.6x | -11.1x | 8.8x | -108.8x | -31.2x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -33.7x | 1.1x | 21.4x | ||||
| Historical EV / LTM EBITDA | 7.3x | 12.0x | 19.7x | ||||
| Selected EV / LTM EBITDA | 9.8x | 10.3x | 10.8x | ||||
| (x) LTM EBITDA | 895,056 | 895,056 | 895,056 | ||||
| (=) Implied Enterprise Value | 8,778,766 | 9,240,806 | 9,702,847 | ||||
| (-) Non-shareholder Claims * | 2,220,441 | 2,220,441 | 2,220,441 | ||||
| (=) Equity Value | 10,999,207 | 11,461,248 | 11,923,288 | ||||
| (/) Shares Outstanding | 63,467.4 | 63,467.4 | 63,467.4 | ||||
| Implied Value Range | 173.30 | 180.58 | 187.86 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 173.30 | 180.58 | 187.86 | 204.00 | |||
| Upside / (Downside) | -15.0% | -11.5% | -7.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MNCN | VIVA | BMTR | NFCX | NETV | SCMA | |
| Enterprise Value | 2,609,176 | 197,571 | 15,375,632 | 1,344,790 | 6,932,181 | 10,726,903 | |
| (+) Cash & Short Term Investments | 1,557,266 | 0 | 4,044,580 | 191,694 | 93,157 | 2,966,169 | |
| (+) Investments & Other | 2,073,232 | 0 | 1,767,418 | 197,870 | 0 | 147,322 | |
| (-) Debt | (1,711,758) | 0 | (6,115,486) | (225,952) | (232,350) | (20,133) | |
| (-) Other Liabilities | (1,062,400) | 0 | (12,750,087) | (471,727) | 31,497 | (872,917) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,465,516 | 197,571 | 2,322,057 | 1,036,675 | 6,824,485 | 12,947,345 | |
| (/) Shares Outstanding | 13,227.2 | 16,464.3 | 16,352.5 | 662.4 | 41,360.5 | 63,467.4 | |
| Implied Stock Price | 262.00 | 12.00 | 142.00 | 1,565.00 | 165.00 | 204.00 | |
| 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 | 12.00 | 142.00 | 1,565.00 | 165.00 | 204.00 | |
| 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 | |