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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 13.1x - 14.5x | 13.8x |
Selected Fwd EBIT Multiple | 7.9x - 8.7x | 8.3x |
Fair Value | Rp181.77 - Rp213.93 | Rp197.85 |
Upside | 6.9% - 25.8% | 16.4% |
Benchmarks | Ticker | Full Ticker |
PT Mitra Angkasa Sejahtera Tbk | BAUT | IDX:BAUT |
PT Optima Prima Metal Sinergi Tbk | OPMS | IDX:OPMS |
PT Kian Santang Muliatama Tbk | RGAS | IDX:RGAS |
PT Xolare RCR Energy TBK | SOLA | IDX:SOLA |
PT Kusuma Kemindo Sentosa Tbk | KKES | IDX:KKES |
PT Arita Prima Indonesia Tbk | APII | IDX:APII |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BAUT | OPMS | RGAS | SOLA | KKES | APII | ||
IDX:BAUT | IDX:OPMS | IDX:RGAS | IDX:SOLA | IDX:KKES | IDX:APII | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | 76.9% | NM- | -38.3% | -12.5% | |
3Y CAGR | NM- | NM- | 38.9% | -30.0% | -63.3% | -14.5% | |
Latest Twelve Months | -671.3% | -10.6% | NM | 937.2% | -217.5% | -37.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 0.5% | -23.0% | 9.1% | 13.3% | 2.9% | 15.2% | |
Prior Fiscal Year | 4.1% | -83.8% | 12.7% | 8.7% | 1.7% | 17.5% | |
Latest Fiscal Year | -8.0% | -18.5% | 9.0% | 7.6% | 0.4% | 8.8% | |
Latest Twelve Months | -13.6% | -42.1% | 5.3% | 13.9% | -1.7% | 9.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.13x | 2.28x | 0.75x | 2.60x | 0.28x | 1.07x | |
EV / LTM EBITDA | -9.3x | -9.1x | 11.0x | 15.2x | -22.7x | 7.6x | |
EV / LTM EBIT | -8.3x | -5.4x | 14.0x | 18.8x | -16.9x | 10.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -16.9x | -5.4x | 18.8x | ||||
Historical EV / LTM EBIT | 5.8x | 7.5x | 8.7x | ||||
Selected EV / LTM EBIT | 13.1x | 13.8x | 14.5x | ||||
(x) LTM EBIT | 29,389 | 29,389 | 29,389 | ||||
(=) Implied Enterprise Value | 386,302 | 406,634 | 426,966 | ||||
(-) Non-shareholder Claims * | (133,107) | (133,107) | (133,107) | ||||
(=) Equity Value | 253,195 | 273,527 | 293,859 | ||||
(/) Shares Outstanding | 1,075.8 | 1,075.8 | 1,075.8 | ||||
Implied Value Range | 235.36 | 254.26 | 273.16 | ||||
FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 235.36 | 254.26 | 273.16 | 170.00 | |||
Upside / (Downside) | 38.4% | 49.6% | 60.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BAUT | OPMS | RGAS | SOLA | KKES | APII | |
Enterprise Value | 161,285 | 42,851 | 138,476 | 483,585 | 56,723 | 315,986 | |
(+) Cash & Short Term Investments | 177 | 13,263 | 30,226 | 5,878 | 1,829 | 8,735 | |
(+) Investments & Other | 0 | 0 | 237 | 2 | 0 | 26,828 | |
(-) Debt | (22,253) | 0 | (6,871) | (26,186) | (21,052) | (148,060) | |
(-) Other Liabilities | (3) | 0 | (94) | (164) | 0 | (20,610) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 139,205 | 56,114 | 161,975 | 463,115 | 37,500 | 182,879 | |
(/) Shares Outstanding | 4,800.2 | 801.6 | 1,459.2 | 3,284.5 | 1,500.0 | 1,075.8 | |
Implied Stock Price | 29.00 | 70.00 | 111.00 | 141.00 | 25.00 | 170.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 29.00 | 70.00 | 111.00 | 141.00 | 25.00 | 170.00 | |
Trading Currency | IDR | IDR | IDR | IDR | IDR | IDR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |