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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13,3x - 14,7x | 14,0x |
| Selected Fwd EBITDA Multiple | 7,9x - 8,7x | 8,3x |
| Fair Value | Rp2.118 - Rp2.335 | Rp2.226 |
| Upside | 3,3% - 13,9% | 8,6% |
| Benchmarks | Ticker | Full Ticker |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| PT Indofood Sukses Makmur Tbk | INDF | IDX:INDF |
| PT Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
| PT Sumber Alfaria Trijaya Tbk | AMRT | IDX:AMRT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JPFA | SBT | CPIN | INDF | HMSP | AMRT | ||
| IDX:JPFA | HOSE:SBT | IDX:CPIN | IDX:INDF | IDX:HMSP | IDX:AMRT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.6% | 33.2% | 4.7% | 15.6% | -11.2% | 14.6% | |
| 3Y CAGR | 12.8% | 11.1% | 8.0% | 13.3% | -5.0% | 12.7% | |
| Latest Twelve Months | 91.4% | 5.2% | 49.9% | 12.6% | -12.5% | -1.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 8.7% | 11.3% | 20.6% | 23.0% | 4.8% | |
| Prior Fiscal Year | 6.3% | 8.2% | 7.9% | 21.1% | 18.6% | 5.5% | |
| Latest Fiscal Year | 11.1% | 7.5% | 10.8% | 22.9% | 7.3% | 4.9% | |
| Latest Twelve Months | 11.1% | 7.6% | 10.8% | 22.9% | 7.3% | 4.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 0.64x | 1.12x | 1.05x | 0.53x | 0.71x | |
| EV / LTM EBITDA | 5.5x | 8.4x | 10.4x | 4.6x | 7.2x | 14.3x | |
| EV / LTM EBIT | 6.6x | 10.8x | 12.8x | 5.3x | 8.1x | 20.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.6x | 7.2x | 10.4x | ||||
| Historical EV / LTM EBITDA | 12.5x | 14.5x | 23.6x | ||||
| Selected EV / LTM EBITDA | 13.3x | 14.0x | 14.7x | ||||
| (x) LTM EBITDA | 5,837,976 | 5,837,976 | 5,837,976 | ||||
| (=) Implied Enterprise Value | 77,457,583 | 81,534,297 | 85,611,012 | ||||
| (-) Non-shareholder Claims * | 2,523,195 | 2,523,195 | 2,523,195 | ||||
| (=) Equity Value | 79,980,778 | 84,057,492 | 88,134,207 | ||||
| (/) Shares Outstanding | 41,524.5 | 41,524.5 | 41,524.5 | ||||
| Implied Value Range | 1,926.11 | 2,024.29 | 2,122.46 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,926.11 | 2,024.29 | 2,122.46 | 2,050.00 | |||
| Upside / (Downside) | -6.0% | -1.3% | 3.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JPFA | SBT | CPIN | INDF | HMSP | AMRT | |
| Enterprise Value | 33,572,778 | 19,205,842 | 75,615,223 | 121,959,226 | 61,988,042 | 82,602,033 | |
| (+) Cash & Short Term Investments | 1,356,331 | 8,775,958 | 4,846,038 | 48,224,984 | 2,369,521 | 4,934,957 | |
| (+) Investments & Other | 281,816 | 4,763,508 | 74,185 | 7,494,144 | 90,781 | 780,076 | |
| (-) Debt | (10,743,624) | (20,343,669) | (8,533,263) | (71,459,547) | (473,402) | (1,873,569) | |
| (-) Other Liabilities | (1,095,684) | (89,532) | (14,963) | (43,877,779) | 0 | (1,318,269) | |
| (-) Preferred Stock | 0 | (216,113) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,371,617 | 12,095,994 | 71,987,220 | 62,341,028 | 63,974,942 | 85,125,228 | |
| (/) Shares Outstanding | 11,627.7 | 814.5 | 16,398.0 | 8,780.4 | 116,318.1 | 41,524.5 | |
| Implied Stock Price | 2,010.00 | 14,850.00 | 4,390.00 | 7,100.00 | 550.00 | 2,050.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,010.00 | 14,850.00 | 4,390.00 | 7,100.00 | 550.00 | 2,050.00 | |
| Trading Currency | IDR | VND | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |