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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 30.2x - 32.2x | 31.2x |
| Fair Value | Rp286.66 - Rp317.44 | Rp301.77 |
| Upside | -11.0% - -1.4% | -6.3% |
| Select Revenue and EBITDA Forecast | ||||||
| (IDR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 3,877,933 | 3,482,000 | 3,482,000 | 3,482,000 | 3,482,000 | 3,482,000 |
| % Growth | 6.8% | -10.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 900,910 | 747,662 | 747,662 | 747,662 | 747,662 | 747,662 |
| % of Revenue | 23.2% | 21.5% | 21.5% | 21.5% | 21.5% | 21.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (IDR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 747,662 | 747,662 | 747,662 | 747,662 | 747,662 | |
| Other Income / (Exp) | 116,553 | 0 | 0 | 0 | 0 | |
| D&A | (98,215) | (98,215) | (98,215) | (98,215) | (98,215) | |
| EBIT | 766,000 | 649,447 | 649,447 | 649,447 | 649,447 | |
| Pro forma Taxes | (206,820) | (175,351) | (175,351) | (175,351) | (175,351) | |
| NOPAT | 580,503 | 559,180 | 474,096 | 474,096 | 474,096 | 474,096 |
| Capital Expenditures | (282,850) | (270,996) | (290,472) | (290,472) | (290,472) | (290,472) |
| NWC Investment | (64,043) | 102,563 | 0 | 0 | 0 | 0 |
| (+) D&A | 105,700 | 98,215 | 98,215 | 98,215 | 98,215 | 98,215 |
| Free Cash Flow | 339,310 | 488,962 | 281,839 | 281,839 | 281,839 | 281,839 |
| % Growth | 44% | -42% | 0% | 0% | 0% | |