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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.6x - 0.7x | 0.7x |
| Selected Fwd Ps Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | Rp95.10 - Rp105.11 | Rp100.11 |
| Upside | -43.1% - -37.1% | -40.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| PT Hillcon Tbk | - | IDX:HILL |
| PT Steel Pipe Industry of Indonesia Tbk | - | IDX:ISSP |
| PT PAM Mineral Tbk | - | IDX:NICL |
| PT Samator Indo Gas Tbk | - | IDX:AGII |
| Thuan Duc Joint Stock Company | - | HOSE:TDP |
| PT Darma Henwa Tbk | - | IDX:DEWA |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| HILL | ISSP | NICL | AGII | TDP | DEWA | |||
| IDX:HILL | IDX:ISSP | IDX:NICL | IDX:AGII | HOSE:TDP | IDX:DEWA | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 44.2% | 4.6% | NM- | 5.7% | 29.6% | 4.7% | ||
| 3Y CAGR | 25.8% | 4.4% | 50.9% | 2.0% | NM- | 9.4% | ||
| Latest Twelve Months | 10.6% | -1.1% | 87.2% | 3.1% | 14.6% | -12.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 9.8% | 7.1% | 12.6% | 5.2% | 1.6% | -0.3% | ||
| Prior Fiscal Year | 8.7% | 7.7% | 2.4% | 5.9% | 1.1% | 0.5% | ||
| Latest Fiscal Year | 0.1% | 8.7% | 22.0% | 3.6% | 2.1% | 0.3% | ||
| Latest Twelve Months | 0.1% | 8.4% | 26.7% | 2.5% | 2.1% | 1.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.6x | 4.1x | 22.0x | 9.6x | 11.3x | 9.3x | ||
| Price / LTM Sales | 1.0x | 0.4x | 8.0x | 1.2x | 0.7x | 1.1x | ||
| LTM P/E Ratio | 993.7x | 4.2x | 30.0x | 48.6x | 31.0x | 88.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 1.0x | 8.0x | |||||
| Historical LTM P/S Ratio | 0.2x | 0.2x | 0.4x | |||||
| Selected Price / Sales Multiple | 0.6x | 0.7x | 0.7x | |||||
| (x) LTM Sales | 6,163,950 | 6,163,950 | 6,163,950 | |||||
| (=) Equity Value | 3,897,637 | 4,102,776 | 4,307,914 | |||||
| (/) Shares Outstanding | 40,687.4 | 40,687.4 | 40,687.4 | |||||
| Implied Value Range | 95.79 | 100.84 | 105.88 | |||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 95.79 | 100.84 | 105.88 | 167.00 | ||||
| Upside / (Downside) | -42.6% | -39.6% | -36.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HILL | ISSP | NICL | AGII | TDP | DEWA | |
| Value of Common Equity | 4,186,586 | 2,119,602 | 14,943,081 | 3,603,326 | 2,911,334 | 6,794,802 | |
| (/) Shares Outstanding | 14,741.5 | 7,065.3 | 10,635.6 | 3,066.7 | 88.2 | 40,687.4 | |
| Implied Stock Price | 284.00 | 300.00 | 1,405.00 | 1,175.00 | 33,000.00 | 167.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 284.00 | 300.00 | 1,405.00 | 1,175.00 | 33,000.00 | 167.00 | |
| Trading Currency | IDR | IDR | IDR | IDR | VND | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |