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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.3x - 12.4x | 11.9x |
| Selected Fwd EBITDA Multiple | 11.6x - 12.9x | 12.2x |
| Fair Value | Rp5,019 - Rp5,571 | Rp5,295 |
| Upside | 14.3% - 26.9% | 20.6% |
| Benchmarks | Ticker | Full Ticker |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Mayora Indah Tbk | MYOR | IDX:MYOR |
| PT Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
| Vinh Hoan Corporation | VHC | HOSE:VHC |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JPFA | SBT | MYOR | HMSP | VHC | CPIN | ||
| IDX:JPFA | HOSE:SBT | IDX:MYOR | IDX:HMSP | HOSE:VHC | IDX:CPIN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.6% | 33.2% | 5.4% | -11.2% | 5.6% | 4.7% | |
| 3Y CAGR | 12.8% | 11.1% | 23.1% | -5.0% | 4.8% | 8.0% | |
| Latest Twelve Months | 91.4% | 5.2% | -4.8% | -12.5% | 24.6% | 49.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 8.7% | 13.1% | 23.0% | 15.0% | 11.3% | |
| Prior Fiscal Year | 6.3% | 8.2% | 16.3% | 18.6% | 13.6% | 7.9% | |
| Latest Fiscal Year | 11.1% | 7.5% | 13.5% | 7.3% | 13.6% | 10.8% | |
| Latest Twelve Months | 11.1% | 7.6% | 13.5% | 7.3% | 13.6% | 10.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 0.64x | 1.36x | 0.53x | 1.09x | 1.12x | |
| EV / LTM EBITDA | 5.5x | 8.4x | 10.1x | 7.2x | 8.0x | 10.4x | |
| EV / LTM EBIT | 6.6x | 10.8x | 12.6x | 8.1x | 10.9x | 12.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.5x | 8.0x | 10.1x | ||||
| Historical EV / LTM EBITDA | 10.4x | 15.7x | 20.0x | ||||
| Selected EV / LTM EBITDA | 11.3x | 11.9x | 12.4x | ||||
| (x) LTM EBITDA | 7,307,311 | 7,307,311 | 7,307,311 | ||||
| (=) Implied Enterprise Value | 82,304,010 | 86,635,800 | 90,967,590 | ||||
| (-) Non-shareholder Claims * | (3,628,003) | (3,628,003) | (3,628,003) | ||||
| (=) Equity Value | 78,676,007 | 83,007,797 | 87,339,587 | ||||
| (/) Shares Outstanding | 16,398.0 | 16,398.0 | 16,398.0 | ||||
| Implied Value Range | 4,797.90 | 5,062.07 | 5,326.23 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4,797.90 | 5,062.07 | 5,326.23 | 4,390.00 | |||
| Upside / (Downside) | 9.3% | 15.3% | 21.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JPFA | SBT | MYOR | HMSP | VHC | CPIN | |
| Enterprise Value | 33,572,778 | 19,205,842 | 49,217,018 | 61,988,042 | 13,532,222 | 75,615,223 | |
| (+) Cash & Short Term Investments | 1,356,331 | 8,775,958 | 4,601,449 | 2,369,521 | 2,910,419 | 4,846,038 | |
| (+) Investments & Other | 281,816 | 4,763,508 | 0 | 90,781 | 69,482 | 74,185 | |
| (-) Debt | (10,743,624) | (20,343,669) | (8,148,443) | (473,402) | (2,277,107) | (8,533,263) | |
| (-) Other Liabilities | (1,095,684) | (89,532) | (281,864) | 0 | (318,920) | (14,963) | |
| (-) Preferred Stock | 0 | (216,113) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,371,617 | 12,095,994 | 45,388,160 | 63,974,942 | 13,916,096 | 71,987,220 | |
| (/) Shares Outstanding | 11,627.7 | 814.5 | 22,358.7 | 116,318.1 | 224.5 | 16,398.0 | |
| Implied Stock Price | 2,010.00 | 14,850.00 | 2,030.00 | 550.00 | 62,000.00 | 4,390.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,010.00 | 14,850.00 | 2,030.00 | 550.00 | 62,000.00 | 4,390.00 | |
| Trading Currency | IDR | VND | IDR | IDR | VND | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |