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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.1x - 14.5x | 13.8x |
| Selected Fwd EBIT Multiple | 13.0x - 14.4x | 13.7x |
| Fair Value | Rp398.69 - Rp467.92 | Rp433.30 |
| Upside | 10.7% - 30.0% | 20.4% |
| Benchmarks | Ticker | Full Ticker |
| PT Krakatau Steel (Persero) Tbk | KRAS | IDX:KRAS |
| PT Gunung Raja Paksi Tbk | GGRP | IDX:GGRP |
| PT Pelat Timah Nusantara Tbk | NIKL | IDX:NIKL |
| PT Amman Mineral Internasional Tbk | AMMN | IDX:AMMN |
| PT J Resources Asia Pasifik Tbk | PSAB | IDX:PSAB |
| PT Archi Indonesia Tbk | ARCI | IDX:ARCI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| KRAS | GGRP | NIKL | AMMN | PSAB | ARCI | ||
| IDX:KRAS | IDX:GGRP | IDX:NIKL | IDX:AMMN | IDX:PSAB | IDX:ARCI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 0.7% | NM- | -2.3% | -21.1% | |
| 3Y CAGR | NM- | NM- | -28.4% | 28.6% | 16.4% | -26.9% | |
| Latest Twelve Months | 12.2% | -212.6% | 218.8% | 13.3% | 2.5% | 63.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.9% | 4.1% | 2.7% | 43.1% | 19.8% | 29.6% | |
| Prior Fiscal Year | -0.6% | 2.5% | -2.3% | 37.7% | 28.1% | 22.5% | |
| Latest Fiscal Year | -1.3% | -3.7% | 2.9% | 44.5% | 20.8% | 18.3% | |
| Latest Twelve Months | -2.8% | -3.7% | 3.1% | 40.9% | 20.8% | 22.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.37x | 0.24x | 0.54x | 17.05x | 3.81x | 2.96x | |
| EV / LTM EBITDA | -280.6x | 5.0x | 12.6x | 32.1x | 9.3x | 10.1x | |
| EV / LTM EBIT | -48.7x | -6.3x | 17.6x | 41.7x | 18.3x | 12.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -48.7x | 17.6x | 41.7x | ||||
| Historical EV / LTM EBIT | 7.5x | 13.6x | 26.8x | ||||
| Selected EV / LTM EBIT | 13.1x | 13.8x | 14.5x | ||||
| (x) LTM EBIT | 73 | 73 | 73 | ||||
| (=) Implied Enterprise Value | 961 | 1,012 | 1,063 | ||||
| (-) Non-shareholder Claims * | (395) | (395) | (395) | ||||
| (=) Equity Value | 567 | 617 | 668 | ||||
| (/) Shares Outstanding | 24,835.0 | 24,835.0 | 24,835.0 | ||||
| Implied Value Range | 0.02 | 0.02 | 0.03 | ||||
| FX Rate: USD/IDR | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 372.20 | 405.42 | 438.64 | 360.00 | |||
| Upside / (Downside) | 3.4% | 12.6% | 21.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KRAS | GGRP | NIKL | AMMN | PSAB | ARCI | |
| Enterprise Value | 1,281 | 83 | 81 | 34,925 | 902 | 943 | |
| (+) Cash & Short Term Investments | 78 | 85 | 5 | 868 | 24 | 3 | |
| (+) Investments & Other | 413 | 23 | 0 | 249 | 0 | 6 | |
| (-) Debt | (1,568) | (47) | (49) | (5,156) | (321) | (403) | |
| (-) Other Liabilities | (44) | 0 | 0 | (89) | (99) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 159 | 144 | 36 | 30,798 | 506 | 548 | |
| (/) Shares Outstanding | 19,346.4 | 12,111.4 | 2,523.4 | 72,518.2 | 26,460.0 | 24,835.0 | |
| Implied Stock Price | 0.01 | 0.01 | 0.01 | 0.42 | 0.02 | 0.02 | |
| FX Conversion Rate to Trading Currency | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Implied Stock Price (Trading Cur) | 134.00 | 194.00 | 234.00 | 6,925.00 | 312.00 | 360.00 | |
| Trading Currency | IDR | IDR | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |