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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15,5x - 17,2x | 16,3x |
| Selected Fwd EBIT Multiple | 14,9x - 16,5x | 15,7x |
| Fair Value | Rp6.060 - Rp6.706 | Rp6.383 |
| Upside | 26,2% - 39,7% | 33,0% |
| Benchmarks | Ticker | Full Ticker |
| PT Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
| PT Mayora Indah Tbk | MYOR | IDX:MYOR |
| PT Cisarua Mountain Dairy Tbk | CMRY | IDX:CMRY |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| Saigon Beer - Alcohol - Beverage Corporation | SAB | HOSE:SAB |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HMSP | MYOR | CMRY | JPFA | SAB | CPIN | ||
| IDX:HMSP | IDX:MYOR | IDX:CMRY | IDX:JPFA | HOSE:SAB | IDX:CPIN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -14.7% | 4.3% | 65.2% | 10.4% | -4.2% | 3.6% | |
| 3Y CAGR | -2.7% | 30.2% | 18.4% | 18.2% | 8.1% | 7.1% | |
| Latest Twelve Months | -15.8% | -22.7% | 16.4% | 55.7% | 5.6% | 58.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.1% | 10.2% | 19.9% | 6.5% | 14.7% | 9.1% | |
| Prior Fiscal Year | 16.9% | 13.7% | 18.2% | 4.3% | 12.5% | 5.9% | |
| Latest Fiscal Year | 14.4% | 10.9% | 18.5% | 9.2% | 13.9% | 8.8% | |
| Latest Twelve Months | 14.2% | 9.3% | 18.8% | 9.2% | 13.8% | 9.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.23x | 1.45x | 3.25x | 0.55x | 1.38x | 1.17x | |
| EV / LTM EBITDA | 7.8x | 11.5x | 15.6x | 4.9x | 8.8x | 9.8x | |
| EV / LTM EBIT | 8.6x | 15.6x | 17.3x | 6.0x | 10.0x | 11.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.0x | 10.0x | 17.3x | ||||
| Historical EV / LTM EBIT | 18.1x | 23.8x | 25.1x | ||||
| Selected EV / LTM EBIT | 15.5x | 16.3x | 17.2x | ||||
| (x) LTM EBIT | 6,835,318 | 6,835,318 | 6,835,318 | ||||
| (=) Implied Enterprise Value | 106,107,070 | 111,691,652 | 117,276,235 | ||||
| (-) Non-shareholder Claims * | (1,316,965) | (1,316,965) | (1,316,965) | ||||
| (=) Equity Value | 104,790,105 | 110,374,687 | 115,959,270 | ||||
| (/) Shares Outstanding | 16,398.0 | 16,398.0 | 16,398.0 | ||||
| Implied Value Range | 6,390.42 | 6,730.98 | 7,071.55 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6,390.42 | 6,730.98 | 7,071.55 | 4,800.00 | |||
| Upside / (Downside) | 33.1% | 40.2% | 47.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HMSP | MYOR | CMRY | JPFA | SAB | CPIN | |
| Enterprise Value | 64,955,074 | 53,114,677 | 30,199,950 | 30,657,251 | 42,743,310 | 80,027,365 | |
| (+) Cash & Short Term Investments | 5,666,992 | 3,660,060 | 2,797,124 | 1,743,972 | 20,262,170 | 6,184,390 | |
| (+) Investments & Other | 93,060 | 0 | 1,916,596 | 284,160 | 2,032,112 | 74,185 | |
| (-) Debt | (342,689) | (6,840,885) | (861) | (10,819,120) | (650,778) | (7,559,430) | |
| (-) Other Liabilities | 0 | (297,538) | (204) | (1,169,011) | (1,541,258) | (16,110) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 70,372,437 | 49,636,313 | 34,912,605 | 20,697,252 | 62,845,556 | 78,710,400 | |
| (/) Shares Outstanding | 116,318.1 | 22,358.7 | 7,934.7 | 11,627.7 | 1,282.6 | 16,398.0 | |
| Implied Stock Price | 605.00 | 2,220.00 | 4,400.00 | 1,780.00 | 49,000.00 | 4,800.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 605.00 | 2,220.00 | 4,400.00 | 1,780.00 | 49,000.00 | 4,800.00 | |
| Trading Currency | IDR | IDR | IDR | IDR | VND | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |