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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2,0x - 2,2x | 2,1x |
| Selected Fwd Revenue Multiple | 1,7x - 1,8x | 1,8x |
| Fair Value | Rp1.565 - Rp1.792 | Rp1.679 |
| Upside | -0,3% - 14,1% | 6,9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| PT Ultrajaya Milk Industry & Trading Company Tbk | ULTJ | IDX:ULTJ |
| PT Astra Agro Lestari Tbk | AALI | IDX:AALI |
| PT Sumber Tani Agung Resources Tbk | STAA | IDX:STAA |
| Indofood Agri Resources Ltd. | 5JS | SGX:5JS |
| PT Diamond Food Indonesia Tbk | DMND | IDX:DMND |
| PT Sawit Sumbermas Sarana Tbk. | SSMS | IDX:SSMS |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ULTJ | AALI | STAA | 5JS | DMND | SSMS | |||
| IDX:ULTJ | IDX:AALI | IDX:STAA | SGX:5JS | IDX:DMND | IDX:SSMS | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.4% | 4.6% | 15.2% | 3.2% | 7.3% | 26.3% | ||
| 3Y CAGR | 10.3% | -3.6% | 3.1% | -6.7% | 12.1% | 26.5% | ||
| Latest Twelve Months | 6.9% | 5.2% | 21.8% | -0.2% | 6.2% | -1.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 19.9% | 9.9% | 25.5% | 14.5% | 5.1% | 23.9% | ||
| Prior Fiscal Year | 18.0% | 8.1% | 19.8% | 13.2% | 4.3% | 11.0% | ||
| Latest Fiscal Year | 16.2% | 8.2% | 29.5% | 21.9% | 4.5% | 17.4% | ||
| Latest Twelve Months | 16.2% | 8.2% | 29.5% | 21.9% | 4.5% | 17.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.37x | 0.47x | 1.49x | 1.09x | 0.69x | 1.95x | ||
| EV / LTM EBIT | 8.4x | 5.7x | 5.0x | 5.0x | 15.4x | 11.3x | ||
| Price / LTM Sales | 1.64x | 0.46x | 1.39x | 0.34x | 0.75x | 1.42x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.47x | 1.09x | 1.49x | |||||
| Historical EV / LTM Revenue | 0.94x | 2.41x | 4.43x | |||||
| Selected EV / LTM Revenue | 1.99x | 2.09x | 2.20x | |||||
| (x) LTM Revenue | 10,521,651 | 10,521,651 | 10,521,651 | |||||
| (=) Implied Enterprise Value | 20,928,864 | 22,030,383 | 23,131,902 | |||||
| (-) Non-shareholder Claims * | (5,614,265) | (5,614,265) | (5,614,265) | |||||
| (=) Equity Value | 15,314,599 | 16,416,118 | 17,517,637 | |||||
| (/) Shares Outstanding | 9,525.0 | 9,525.0 | 9,525.0 | |||||
| Implied Value Range | 1,607.83 | 1,723.48 | 1,839.12 | |||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,607.83 | 1,723.48 | 1,839.12 | 1,570.00 | ||||
| Upside / (Downside) | 2.4% | 9.8% | 17.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ULTJ | AALI | STAA | 5JS | DMND | SSMS | |
| Enterprise Value | 12,116,133 | 10,159,749 | 9,554,528 | 16,657,449 | 6,806,810 | 20,568,515 | |
| (+) Cash & Short Term Investments | 2,434,322 | 3,236,012 | 1,318,490 | 5,945,500 | 538,626 | 1,180,282 | |
| (+) Investments & Other | 132,526 | 410,417 | 16,100 | 2,275,052 | 68,851 | 550,420 | |
| (-) Debt | (37,848) | (3,189,537) | (1,517,090) | (7,874,434) | 0 | (7,082,088) | |
| (-) Other Liabilities | (87,688) | (560,144) | (431,262) | (11,565,212) | (28,967) | (262,879) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,557,445 | 10,056,497 | 8,940,766 | 5,438,355 | 7,385,320 | 14,954,250 | |
| (/) Shares Outstanding | 10,398.2 | 1,924.7 | 10,903.4 | 1,395.9 | 9,468.4 | 9,525.0 | |
| Implied Stock Price | 1,400.00 | 5,225.00 | 820.00 | 3,895.94 | 780.00 | 1,570.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 12,567.54 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,400.00 | 5,225.00 | 820.00 | 0.31 | 780.00 | 1,570.00 | |
| Trading Currency | IDR | IDR | IDR | SGD | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 12,567.54 | 1.00 | 1.00 | |