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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,4x - 6,0x | 5,7x |
| Selected Fwd EBITDA Multiple | 6,6x - 7,3x | 7,0x |
| Fair Value | Rp538,73 - Rp855,77 | Rp697,25 |
| Upside | -25,7% - 18,0% | -3,8% |
| Benchmarks | Ticker | Full Ticker |
| Indofood Agri Resources Ltd. | 5JS | SGX:5JS |
| Vinh Hoan Corporation | VHC | HOSE:VHC |
| PT Sawit Sumbermas Sarana Tbk. | SSMS | IDX:SSMS |
| PT Ultrajaya Milk Industry & Trading Company Tbk | ULTJ | IDX:ULTJ |
| PT Diamond Food Indonesia Tbk | DMND | IDX:DMND |
| PT Tunas Baru Lampung Tbk | TBLA | IDX:TBLA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 5JS | VHC | SSMS | ULTJ | DMND | TBLA | ||
| SGX:5JS | HOSE:VHC | IDX:SSMS | IDX:ULTJ | IDX:DMND | IDX:TBLA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.1% | 5.5% | 29.4% | 1.6% | 1.2% | 7.0% | |
| 3Y CAGR | 4.3% | 4.5% | 1.9% | -4.1% | 5.6% | 5.4% | |
| Latest Twelve Months | 47.9% | 42.4% | 37.9% | -6.5% | 14.5% | 10.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.2% | 15.0% | 29.0% | 21.7% | 6.7% | 19.3% | |
| Prior Fiscal Year | 22.2% | 13.7% | 14.6% | 19.8% | 6.0% | 18.8% | |
| Latest Fiscal Year | 32.9% | 13.5% | 21.2% | 17.7% | 6.6% | 17.9% | |
| Latest Twelve Months | 32.9% | 14.5% | 20.1% | 16.9% | 6.3% | 17.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.11x | 0.98x | 1.62x | 1.30x | 0.69x | 1.04x | |
| EV / LTM EBITDA | 3.4x | 6.7x | 8.1x | 7.6x | 11.0x | 5.9x | |
| EV / LTM EBIT | 4.6x | 9.1x | 9.8x | 8.4x | 16.7x | 8.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.4x | 7.6x | 11.0x | ||||
| Historical EV / LTM EBITDA | 4.6x | 5.3x | 5.9x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBITDA | 3,297,518 | 3,297,518 | 3,297,518 | ||||
| (=) Implied Enterprise Value | 17,884,680 | 18,825,979 | 19,767,278 | ||||
| (-) Non-shareholder Claims * | (14,901,797) | (14,901,797) | (14,901,797) | ||||
| (=) Equity Value | 2,982,883 | 3,924,182 | 4,865,481 | ||||
| (/) Shares Outstanding | 6,025.4 | 6,025.4 | 6,025.4 | ||||
| Implied Value Range | 495.05 | 651.28 | 807.50 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 495.05 | 651.28 | 807.50 | 725.00 | |||
| Upside / (Downside) | -31.7% | -10.2% | 11.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5JS | VHC | SSMS | ULTJ | DMND | TBLA | |
| Enterprise Value | 16,688,369 | 11,948,925 | 18,945,600 | 11,474,929 | 6,887,988 | 19,270,193 | |
| (+) Cash & Short Term Investments | 5,945,500 | 3,260,538 | 1,280,408 | 2,183,735 | 554,071 | 957,842 | |
| (+) Investments & Other | 2,275,052 | 70,011 | 540,197 | 140,403 | 71,921 | 80,000 | |
| (-) Debt | (7,874,434) | (2,485,742) | (7,149,402) | (35,370) | (4,869) | (15,926,095) | |
| (-) Other Liabilities | (11,565,212) | (336,582) | (281,803) | (90,097) | (29,107) | (13,544) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,469,275 | 12,457,150 | 13,335,000 | 13,673,600 | 7,480,004 | 4,368,396 | |
| (/) Shares Outstanding | 1,395.9 | 224.5 | 9,525.0 | 10,398.2 | 9,468.4 | 6,025.4 | |
| Implied Stock Price | 3,918.09 | 55,500.00 | 1,400.00 | 1,315.00 | 790.00 | 725.00 | |
| FX Conversion Rate to Trading Currency | 12,638.99 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.31 | 55,500.00 | 1,400.00 | 1,315.00 | 790.00 | 725.00 | |
| Trading Currency | SGD | VND | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 12,638.99 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |