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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.6x - 9.5x | 9.0x |
| Selected Fwd EBITDA Multiple | 7.0x - 7.7x | 7.3x |
| Fair Value | Rp681.67 - Rp748.53 | Rp715.10 |
| Upside | 10.8% - 21.7% | 16.3% |
| Benchmarks | Ticker | Full Ticker |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| PT Mayora Indah Tbk | MYOR | IDX:MYOR |
| Saigon Beer - Alcohol - Beverage Corporation | SAB | HOSE:SAB |
| PT Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SBT | JPFA | CPIN | MYOR | SAB | HMSP | ||
| HOSE:SBT | IDX:JPFA | IDX:CPIN | IDX:MYOR | HOSE:SAB | IDX:HMSP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 33.2% | 8.6% | 4.7% | 5.4% | -4.2% | -13.8% | |
| 3Y CAGR | 11.1% | 12.8% | 8.0% | 23.1% | 6.9% | -2.5% | |
| Latest Twelve Months | 5.2% | 43.6% | 48.0% | -11.7% | 4.9% | -14.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.7% | 8.9% | 11.1% | 12.9% | 16.6% | 22.2% | |
| Prior Fiscal Year | 8.2% | 6.3% | 7.9% | 16.3% | 14.4% | 18.6% | |
| Latest Fiscal Year | 7.5% | 11.1% | 10.8% | 13.5% | 15.6% | 16.2% | |
| Latest Twelve Months | 7.6% | 11.2% | 11.9% | 12.6% | 15.7% | 16.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.77x | 0.48x | 1.12x | 1.40x | 1.29x | 1.23x | |
| EV / LTM EBITDA | 10.2x | 4.3x | 9.4x | 11.2x | 8.2x | 7.7x | |
| EV / LTM EBIT | 13.0x | 5.2x | 11.4x | 15.1x | 9.4x | 8.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.3x | 9.4x | 11.2x | ||||
| Historical EV / LTM EBITDA | 7.9x | 10.2x | 11.5x | ||||
| Selected EV / LTM EBITDA | 8.6x | 9.0x | 9.5x | ||||
| (x) LTM EBITDA | 8,467,110 | 8,467,110 | 8,467,110 | ||||
| (=) Implied Enterprise Value | 72,553,566 | 76,372,175 | 80,190,783 | ||||
| (-) Non-shareholder Claims * | 5,417,363 | 5,417,363 | 5,417,363 | ||||
| (=) Equity Value | 77,970,929 | 81,789,538 | 85,608,146 | ||||
| (/) Shares Outstanding | 116,318.1 | 116,318.1 | 116,318.1 | ||||
| Implied Value Range | 670.33 | 703.15 | 735.98 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 670.33 | 703.15 | 735.98 | 615.00 | |||
| Upside / (Downside) | 9.0% | 14.3% | 19.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SBT | JPFA | CPIN | MYOR | SAB | HMSP | |
| Enterprise Value | 23,197,113 | 27,401,504 | 79,371,445 | 51,549,568 | 39,216,264 | 66,118,254 | |
| (+) Cash & Short Term Investments | 8,775,958 | 1,743,972 | 6,184,390 | 3,660,060 | 20,262,170 | 5,666,992 | |
| (+) Investments & Other | 4,763,508 | 284,160 | 74,185 | 0 | 2,032,112 | 93,060 | |
| (-) Debt | (20,343,669) | (10,819,120) | (7,559,430) | (6,840,885) | (650,778) | (342,689) | |
| (-) Other Liabilities | (89,532) | (1,169,011) | (16,110) | (297,538) | (1,541,258) | 0 | |
| (-) Preferred Stock | (216,113) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,087,265 | 17,441,505 | 78,054,480 | 48,071,204 | 59,318,510 | 71,535,617 | |
| (/) Shares Outstanding | 814.5 | 11,627.7 | 16,398.0 | 22,358.7 | 1,282.6 | 116,318.1 | |
| Implied Stock Price | 19,750.00 | 1,500.00 | 4,760.00 | 2,150.00 | 46,250.00 | 615.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19,750.00 | 1,500.00 | 4,760.00 | 2,150.00 | 46,250.00 | 615.00 | |
| Trading Currency | VND | IDR | IDR | IDR | VND | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |