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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.9x - 1.0x | 0.9x |
| Selected Fwd Revenue Multiple | 0.7x - 0.7x | 0.7x |
| Fair Value | Rp2,467 - Rp2,720 | Rp2,594 |
| Upside | 27.2% - 40.2% | 33.7% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| JPFA | SBT | CPIN | INDF | HMSP | AMRT | |||
| IDX:JPFA | HOSE:SBT | IDX:CPIN | IDX:INDF | IDX:HMSP | IDX:AMRT | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.5% | 21.7% | 2.7% | 8.8% | 2.9% | 10.1% | ||
| 3Y CAGR | 7.5% | 24.8% | 13.2% | 11.0% | 9.7% | 11.7% | ||
| Latest Twelve Months | 9.0% | 15.9% | 9.5% | 0.8% | 2.7% | 10.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 6.5% | 6.0% | 9.2% | 16.7% | 22.4% | 3.3% | ||
| Prior Fiscal Year | 4.3% | 5.8% | 5.9% | 16.9% | 17.0% | 4.1% | ||
| Latest Fiscal Year | 9.2% | 5.6% | 8.8% | 17.9% | 16.9% | 3.4% | ||
| Latest Twelve Months | 9.2% | 6.0% | 8.8% | 19.3% | 14.5% | 3.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.60x | 0.65x | 1.14x | 1.05x | 1.03x | 0.67x | ||
| EV / LTM EBIT | 6.5x | 10.9x | 13.1x | 5.4x | 7.1x | 19.5x | ||
| Price / LTM Sales | 0.41x | 0.41x | 1.09x | 0.53x | 1.14x | 0.68x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.60x | 1.03x | 1.14x | |||||
| Historical EV / LTM Revenue | 0.47x | 0.67x | 1.18x | |||||
| Selected EV / LTM Revenue | 0.87x | 0.92x | 0.96x | |||||
| (x) LTM Revenue | 118,227,031 | 118,227,031 | 118,227,031 | |||||
| (=) Implied Enterprise Value | 102,876,123 | 108,290,655 | 113,705,188 | |||||
| (-) Non-shareholder Claims * | 2,523,195 | 2,523,195 | 2,523,195 | |||||
| (=) Equity Value | 105,399,318 | 110,813,850 | 116,228,383 | |||||
| (/) Shares Outstanding | 41,524.5 | 41,524.5 | 41,524.5 | |||||
| Implied Value Range | 2,538.24 | 2,668.64 | 2,799.03 | |||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2,538.24 | 2,668.64 | 2,799.03 | 1,940.00 | ||||
| Upside / (Downside) | 30.8% | 37.6% | 44.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JPFA | SBT | CPIN | INDF | HMSP | AMRT | |
| Enterprise Value | 33,223,947 | 19,409,479 | 77,091,043 | 120,016,872 | 56,584,091 | 78,034,338 | |
| (+) Cash & Short Term Investments | 1,356,331 | 8,775,958 | 4,846,038 | 40,627,899 | 6,029,094 | 4,934,957 | |
| (+) Investments & Other | 281,816 | 4,763,508 | 74,185 | 9,624,510 | 93,146 | 780,076 | |
| (-) Debt | (10,743,624) | (20,343,669) | (8,533,263) | (66,148,426) | (476,160) | (1,873,569) | |
| (-) Other Liabilities | (1,095,684) | (89,532) | (14,963) | (42,877,380) | 0 | (1,318,269) | |
| (-) Preferred Stock | 0 | (216,113) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,022,786 | 12,299,630 | 73,463,040 | 61,243,475 | 62,230,171 | 80,557,533 | |
| (/) Shares Outstanding | 11,627.7 | 814.5 | 16,398.0 | 8,780.4 | 116,318.1 | 41,524.5 | |
| Implied Stock Price | 1,980.00 | 15,100.00 | 4,480.00 | 6,975.00 | 535.00 | 1,940.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,980.00 | 15,100.00 | 4,480.00 | 6,975.00 | 535.00 | 1,940.00 | |
| 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 | |