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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26.9x - 29.7x | 28.3x |
| Selected Fwd EBIT Multiple | 6.6x - 7.3x | 6.9x |
| Fair Value | Rp166.04 - Rp187.03 | Rp176.53 |
| Upside | -22.4% - -12.6% | -17.5% |
| Benchmarks | Ticker | Full Ticker |
| PT Hillcon Tbk | HILL | IDX:HILL |
| An Cuong Wood - Working Joint Stock Company | ACG | HOSE:ACG |
| Ha Tien 1 Cement Joint Stock Company | HT1 | HOSE:HT1 |
| Thuan Duc Joint Stock Company | TDP | HOSE:TDP |
| PT Steel Pipe Industry of Indonesia Tbk | ISSP | IDX:ISSP |
| PT Darma Henwa Tbk | DEWA | IDX:DEWA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HILL | ACG | HT1 | TDP | ISSP | DEWA | ||
| IDX:HILL | HOSE:ACG | HOSE:HT1 | HOSE:TDP | IDX:ISSP | IDX:DEWA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 41.6% | -1.8% | -31.8% | 17.2% | 16.4% | 5.1% | |
| 3Y CAGR | -25.6% | 2.8% | -33.2% | NM- | 4.1% | -23.9% | |
| Latest Twelve Months | -15.7% | 8.3% | 77.4% | 16.6% | -1.0% | 22.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.6% | 12.4% | 6.6% | 6.4% | 10.5% | 1.7% | |
| Prior Fiscal Year | 9.2% | 11.0% | 2.7% | 6.3% | 11.4% | 2.7% | |
| Latest Fiscal Year | 7.2% | 11.2% | 2.5% | 6.4% | 13.0% | 2.3% | |
| Latest Twelve Months | 5.9% | 11.2% | 4.2% | 6.4% | 12.8% | 4.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.66x | 0.85x | 0.86x | 0.89x | 0.70x | 1.45x | |
| EV / LTM EBITDA | 8.6x | 6.3x | 7.9x | 11.3x | 4.3x | 10.2x | |
| EV / LTM EBIT | 28.1x | 7.6x | 30.0x | 13.9x | 5.5x | 34.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.5x | 13.9x | 30.0x | ||||
| Historical EV / LTM EBIT | -13.7x | 10.1x | 79.4x | ||||
| Selected EV / LTM EBIT | 26.9x | 28.3x | 29.7x | ||||
| (x) LTM EBIT | 263,886 | 263,886 | 263,886 | ||||
| (=) Implied Enterprise Value | 7,087,656 | 7,460,690 | 7,833,725 | ||||
| (-) Non-shareholder Claims * | (1,355,391) | (1,355,391) | (1,355,391) | ||||
| (=) Equity Value | 5,732,265 | 6,105,299 | 6,478,334 | ||||
| (/) Shares Outstanding | 40,687.4 | 40,687.4 | 40,687.4 | ||||
| Implied Value Range | 140.89 | 150.05 | 159.22 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 140.89 | 150.05 | 159.22 | 214.00 | |||
| Upside / (Downside) | -34.2% | -29.9% | -25.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HILL | ACG | HT1 | TDP | ISSP | DEWA | |
| Enterprise Value | 7,155,992 | 3,325,095 | 5,384,856 | 3,902,232 | 4,154,907 | 10,062,502 | |
| (+) Cash & Short Term Investments | 42,091 | 2,207,670 | 919,011 | 1,038,465 | 620,357 | 463,909 | |
| (+) Investments & Other | 0 | 895,028 | 35,907 | 506,218 | 39,549 | 1,113,337 | |
| (-) Debt | (3,613,487) | (728,009) | (1,083,155) | (2,535,580) | (2,483,245) | (2,934,996) | |
| (-) Other Liabilities | (253,017) | 0 | (9,756) | 0 | (6) | 2,359 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,331,579 | 5,699,784 | 5,246,861 | 2,911,334 | 2,331,562 | 8,707,111 | |
| (/) Shares Outstanding | 14,741.5 | 150.8 | 381.6 | 88.2 | 7,065.3 | 40,687.4 | |
| Implied Stock Price | 226.00 | 37,800.00 | 13,750.00 | 33,000.00 | 330.00 | 214.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 226.00 | 37,800.00 | 13,750.00 | 33,000.00 | 330.00 | 214.00 | |
| Trading Currency | IDR | VND | VND | VND | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |