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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3,4x - 3,8x | 3,6x |
| Selected Fwd EBIT Multiple | 5,1x - 5,7x | 5,4x |
| Fair Value | Rp504,72 - Rp599,08 | Rp551,90 |
| Upside | 19,0% - 41,3% | 30,2% |
| Benchmarks | Ticker | Full Ticker |
| PT Diamond Food Indonesia Tbk | DMND | IDX:DMND |
| Indofood Agri Resources Ltd. | 5JS | SGX:5JS |
| PT Sumber Tani Agung Resources Tbk | STAA | IDX:STAA |
| PT Ultrajaya Milk Industry & Trading Company Tbk | ULTJ | IDX:ULTJ |
| PT Astra Agro Lestari Tbk | AALI | IDX:AALI |
| PT Salim Ivomas Pratama Tbk | SIMP | IDX:SIMP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DMND | 5JS | STAA | ULTJ | AALI | SIMP | ||
| IDX:DMND | SGX:5JS | IDX:STAA | IDX:ULTJ | IDX:AALI | IDX:SIMP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.7% | 43.0% | 31.6% | 1.9% | 9.2% | 40.0% | |
| 3Y CAGR | 1.0% | 5.4% | 3.4% | -4.0% | -16.5% | 5.1% | |
| Latest Twelve Months | 11.6% | 81.1% | 80.1% | -6.7% | 7.8% | 84.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.9% | 14.6% | 25.8% | 19.7% | 9.8% | 16.0% | |
| Prior Fiscal Year | 4.3% | 13.2% | 19.8% | 18.0% | 8.1% | 13.2% | |
| Latest Fiscal Year | 4.5% | 23.9% | 29.5% | 16.2% | 8.2% | 24.6% | |
| Latest Twelve Months | 4.1% | 23.9% | 30.0% | 15.4% | 7.7% | 24.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 1.11x | 1.35x | 1.30x | 0.40x | 0.74x | |
| EV / LTM EBITDA | 11.0x | 3.4x | 3.9x | 7.6x | 2.9x | 2.3x | |
| EV / LTM EBIT | 16.7x | 4.6x | 4.5x | 8.4x | 5.2x | 3.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.5x | 5.2x | 16.7x | ||||
| Historical EV / LTM EBIT | 4.0x | 5.6x | 13.9x | ||||
| Selected EV / LTM EBIT | 3.4x | 3.6x | 3.8x | ||||
| (x) LTM EBIT | 4,129,864 | 4,129,864 | 4,129,864 | ||||
| (=) Implied Enterprise Value | 14,015,242 | 14,752,886 | 15,490,531 | ||||
| (-) Non-shareholder Claims * | (6,071,995) | (6,071,995) | (6,071,995) | ||||
| (=) Equity Value | 7,943,247 | 8,680,891 | 9,418,536 | ||||
| (/) Shares Outstanding | 15,501.3 | 15,501.3 | 15,501.3 | ||||
| Implied Value Range | 512.42 | 560.01 | 607.60 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 512.42 | 560.01 | 607.60 | 424.00 | |||
| Upside / (Downside) | 20.9% | 32.1% | 43.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DMND | 5JS | STAA | ULTJ | AALI | SIMP | |
| Enterprise Value | 6,887,988 | 16,688,369 | 9,175,984 | 11,474,929 | 9,571,910 | 12,644,550 | |
| (+) Cash & Short Term Investments | 554,071 | 5,945,500 | 1,702,688 | 2,183,735 | 5,338,299 | 6,856,204 | |
| (+) Investments & Other | 71,921 | 2,275,052 | 17,254 | 140,403 | 370,247 | 1,373,460 | |
| (-) Debt | (4,869) | (7,874,434) | (1,473,224) | (35,370) | (3,189,708) | (8,909,169) | |
| (-) Other Liabilities | (29,107) | (11,565,212) | (481,936) | (90,097) | (542,618) | (5,392,490) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,480,004 | 5,469,275 | 8,940,766 | 13,673,600 | 11,548,130 | 6,572,555 | |
| (/) Shares Outstanding | 9,468.4 | 1,395.9 | 10,903.4 | 10,398.2 | 1,924.7 | 15,501.3 | |
| Implied Stock Price | 790.00 | 3,918.09 | 820.00 | 1,315.00 | 6,000.00 | 424.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 12,638.99 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 790.00 | 0.31 | 820.00 | 1,315.00 | 6,000.00 | 424.00 | |
| Trading Currency | IDR | SGD | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 12,638.99 | 1.00 | 1.00 | 1.00 | 1.00 | |