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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3.7x - 4.1x | 3.9x |
| Selected Fwd EBIT Multiple | 4.3x - 4.8x | 4.6x |
| Fair Value | €0.12 - €0.13 | €0.12 |
| Upside | -4.3% - 1.6% | -1.3% |
| Benchmarks | Ticker | Full Ticker |
| PT AKR Corporindo Tbk | AKRA | IDX:AKRA |
| PetroVietnam Technical Services Corporation | PVS | HNX:PVS |
| Ecopetrol S.A. | ECOPETROL | BVC:ECOPETROL |
| PT Harum Energy Tbk | HRUM | IDX:HRUM |
| PT. Indika Energy Tbk | INDY | IDX:INDY |
| PT Bukit Asam Tbk | TBA | DB:TBA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AKRA | PVS | ECOPETROL | HRUM | INDY | TBA | ||
| IDX:AKRA | HNX:PVS | BVC:ECOPETROL | IDX:HRUM | IDX:INDY | DB:TBA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 21.6% | NM- | 12.3% | 55.4% | -0.4% | 2.2% | |
| 3Y CAGR | 21.0% | NM- | 7.5% | 17.7% | -36.6% | -17.8% | |
| Latest Twelve Months | -13.4% | -1151.0% | -4.3% | -21.0% | -55.2% | -36.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.8% | -0.3% | 28.8% | 28.2% | 11.8% | 22.4% | |
| Prior Fiscal Year | 8.4% | -0.1% | 29.0% | 31.0% | 9.2% | 18.9% | |
| Latest Fiscal Year | 6.6% | -1.1% | 28.1% | 16.6% | 6.5% | 12.9% | |
| Latest Twelve Months | 6.9% | -1.2% | 27.0% | 12.0% | 4.4% | 9.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.72x | 0.13x | 1.40x | 1.40x | 0.33x | 0.36x | |
| EV / LTM EBITDA | 9.1x | 12.3x | 3.6x | 8.5x | 6.0x | 3.1x | |
| EV / LTM EBIT | 10.4x | -11.3x | 5.2x | 11.7x | 7.5x | 3.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.3x | 7.5x | 11.7x | ||||
| Historical EV / LTM EBIT | 1.5x | 3.2x | 8.6x | ||||
| Selected EV / LTM EBIT | 3.7x | 3.9x | 4.1x | ||||
| (x) LTM EBIT | 4,093,431 | 4,093,431 | 4,093,431 | ||||
| (=) Implied Enterprise Value | 15,243,188 | 16,045,461 | 16,847,734 | ||||
| (-) Non-shareholder Claims * | 12,021,612 | 12,021,612 | 12,021,612 | ||||
| (=) Equity Value | 27,264,800 | 28,067,073 | 28,869,346 | ||||
| (/) Shares Outstanding | 12,854.3 | 12,854.3 | 12,854.3 | ||||
| Implied Value Range | 2,121.06 | 2,183.48 | 2,245.89 | ||||
| FX Rate: IDR/EUR | 18,922.9 | 18,922.9 | 18,922.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.11 | 0.12 | 0.12 | 0.13 | |||
| Upside / (Downside) | -10.3% | -7.7% | -5.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AKRA | PVS | ECOPETROL | HRUM | INDY | TBA | |
| Enterprise Value | 29,517,238 | (1,390,530) | 187,107,470 | 1,900 | 739 | 18,383,530 | |
| (+) Cash & Short Term Investments | 4,045,229 | 17,092,071 | 16,630,094 | 257 | 526 | 4,469,455 | |
| (+) Investments & Other | 513,143 | 4,892,573 | 12,278,984 | 39 | 369 | 8,926,530 | |
| (-) Debt | (5,471,067) | (1,654,457) | (118,660,926) | (595) | (1,064) | (1,228,996) | |
| (-) Other Liabilities | (3,222,169) | (1,063,717) | (25,812,573) | (898) | (138) | (145,377) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,382,373 | 17,875,939 | 71,543,049 | 703 | 432 | 30,405,142 | |
| (/) Shares Outstanding | 19,752.8 | 478.0 | 41,116.7 | 13,177.1 | 5,202.7 | 12,854.3 | |
| Implied Stock Price | 1,285.00 | 37,400.00 | 1,740.00 | 0.05 | 0.08 | 2,365.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.00 | 0.00 | 18,922.93 | |
| Implied Stock Price (Trading Cur) | 1,285.00 | 37,400.00 | 1,740.00 | 870.00 | 1,355.00 | 0.13 | |
| Trading Currency | IDR | VND | COP | IDR | IDR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.00 | 0.00 | 18,922.93 | |