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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,9x - 2,1x | 2,0x |
| Selected Fwd Revenue Multiple | 1,5x - 1,7x | 1,6x |
| Fair Value | Rp233,54 - Rp254,44 | Rp243,99 |
| Upside | 16,8% - 27,2% | 22,0% |
| 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 Nusantara Sejahtera Raya Tbk | CNMA | IDX:CNMA |
| PT Net Visi Media Tbk | NETV | IDX:NETV |
| PT Surya Citra Media Tbk | SCMA | IDX:SCMA |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| MNCN | VIVA | BMTR | CNMA | NETV | SCMA | |||
| IDX:MNCN | IDX:VIVA | IDX:BMTR | IDX:CNMA | IDX:NETV | IDX:SCMA | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -1.0% | -13.0% | -4.9% | -3.7% | -16.6% | 5.0% | ||
| 3Y CAGR | -7.4% | -13.2% | -10.4% | 64.6% | -24.6% | 6.0% | ||
| Latest Twelve Months | 2.2% | -9.9% | -1.0% | 9.2% | -11.0% | 8.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 30.2% | -9.7% | 24.1% | 3.7% | -79.5% | 18.2% | ||
| Prior Fiscal Year | 19.3% | -0.6% | 15.4% | 17.7% | -207.0% | 4.3% | ||
| Latest Fiscal Year | 20.2% | -54.2% | 17.3% | 18.5% | -103.3% | 8.8% | ||
| Latest Twelve Months | 20.2% | -34.1% | 17.3% | 18.5% | -103.3% | 8.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.31x | 3.79x | 1.53x | 1.77x | 28.71x | 1.48x | ||
| EV / LTM EBIT | 1.5x | -11.1x | 8.8x | 9.6x | -27.8x | 16.9x | ||
| Price / LTM Sales | 0.42x | 0.19x | 0.23x | 1.79x | 28.20x | 1.80x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.31x | 1.77x | 28.71x | |||||
| Historical EV / LTM Revenue | 1.33x | 1.82x | 6.31x | |||||
| Selected EV / LTM Revenue | 1.87x | 1.97x | 2.06x | |||||
| (x) LTM Revenue | 7,057,824 | 7,057,824 | 7,057,824 | |||||
| (=) Implied Enterprise Value | 13,177,732 | 13,871,297 | 14,564,862 | |||||
| (-) Non-shareholder Claims * | 2,220,441 | 2,220,441 | 2,220,441 | |||||
| (=) Equity Value | 15,398,174 | 16,091,738 | 16,785,303 | |||||
| (/) Shares Outstanding | 63,467.4 | 63,467.4 | 63,467.4 | |||||
| Implied Value Range | 242.62 | 253.54 | 264.47 | |||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 242.62 | 253.54 | 264.47 | 200.00 | ||||
| Upside / (Downside) | 21.3% | 26.8% | 32.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MNCN | VIVA | BMTR | CNMA | NETV | SCMA | |
| Enterprise Value | 2,476,905 | 214,036 | 15,342,927 | 10,113,750 | 6,022,250 | 10,473,034 | |
| (+) Cash & Short Term Investments | 1,557,266 | 0 | 4,044,580 | 2,024,824 | 93,157 | 2,966,169 | |
| (+) Investments & Other | 2,073,232 | 0 | 1,767,418 | 0 | 0 | 147,322 | |
| (-) Debt | (1,711,758) | 0 | (6,115,486) | (1,676,304) | (232,350) | (20,133) | |
| (-) Other Liabilities | (1,062,400) | 0 | (12,750,087) | (210,835) | 31,497 | (872,917) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,333,245 | 214,036 | 2,289,352 | 10,251,435 | 5,914,554 | 12,693,475 | |
| (/) Shares Outstanding | 13,227.2 | 16,464.3 | 16,352.5 | 83,345.0 | 41,360.5 | 63,467.4 | |
| Implied Stock Price | 252.00 | 13.00 | 140.00 | 123.00 | 143.00 | 200.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 252.00 | 13.00 | 140.00 | 123.00 | 143.00 | 200.00 | |
| 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 | |