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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.7x - 5.2x | 4.9x |
| Selected Fwd EBITDA Multiple | 4.5x - 5.0x | 4.8x |
| Fair Value | Rp8,016 - Rp9,570 | Rp8,793 |
| Upside | 12.9% - 34.8% | 23.8% |
| Benchmarks | Ticker | Full Ticker |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
| PT Indofood CBP Sukses Makmur Tbk | ICBP | IDX:ICBP |
| PT Indofood Sukses Makmur Tbk | INDF | IDX:INDF |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JPFA | CPIN | SBT | HMSP | ICBP | INDF | ||
| IDX:JPFA | IDX:CPIN | HOSE:SBT | IDX:HMSP | IDX:ICBP | IDX:INDF | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.6% | 4.7% | 33.2% | -13.8% | 15.4% | 14.8% | |
| 3Y CAGR | 12.8% | 8.0% | 11.1% | -2.5% | 10.8% | 8.2% | |
| Latest Twelve Months | 91.4% | 49.9% | 5.2% | -12.1% | 9.8% | 15.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 11.3% | 8.7% | 23.4% | 23.0% | 20.6% | |
| Prior Fiscal Year | 6.3% | 7.9% | 8.2% | 18.6% | 24.0% | 21.2% | |
| Latest Fiscal Year | 11.1% | 10.8% | 7.5% | 16.2% | 24.7% | 23.6% | |
| Latest Twelve Months | 11.1% | 10.8% | 7.6% | 16.2% | 24.7% | 23.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 1.12x | 0.64x | 1.16x | 2.09x | 1.05x | |
| EV / LTM EBITDA | 5.5x | 10.4x | 8.4x | 7.2x | 8.5x | 4.6x | |
| EV / LTM EBIT | 6.6x | 12.8x | 10.8x | 8.1x | 9.3x | 5.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.5x | 8.4x | 10.4x | ||||
| Historical EV / LTM EBITDA | 4.6x | 5.8x | 8.6x | ||||
| Selected EV / LTM EBITDA | 4.7x | 4.9x | 5.2x | ||||
| (x) LTM EBITDA | 27,268,795 | 27,268,795 | 27,268,795 | ||||
| (=) Implied Enterprise Value | 127,753,652 | 134,477,529 | 141,201,405 | ||||
| (-) Non-shareholder Claims * | (59,184,055) | (59,184,055) | (59,184,055) | ||||
| (=) Equity Value | 68,569,597 | 75,293,474 | 82,017,350 | ||||
| (/) Shares Outstanding | 8,780.4 | 8,780.4 | 8,780.4 | ||||
| Implied Value Range | 7,809.37 | 8,575.15 | 9,340.93 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7,809.37 | 8,575.15 | 9,340.93 | 7,100.00 | |||
| Upside / (Downside) | 10.0% | 20.8% | 31.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JPFA | CPIN | SBT | HMSP | ICBP | INDF | |
| Enterprise Value | 33,572,778 | 75,615,223 | 19,328,024 | 61,988,042 | 151,982,360 | 121,525,083 | |
| (+) Cash & Short Term Investments | 1,356,331 | 4,846,038 | 8,775,958 | 2,369,521 | 27,709,890 | 48,224,984 | |
| (+) Investments & Other | 281,816 | 74,185 | 4,763,508 | 90,781 | 6,418,825 | 7,494,144 | |
| (-) Debt | (10,743,624) | (8,533,263) | (20,343,669) | (473,402) | (45,624,652) | (71,025,404) | |
| (-) Other Liabilities | (1,095,684) | (14,963) | (89,532) | 0 | (21,826,509) | (43,877,779) | |
| (-) Preferred Stock | 0 | 0 | (216,113) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,371,617 | 71,987,220 | 12,218,176 | 63,974,942 | 118,659,914 | 62,341,028 | |
| (/) Shares Outstanding | 11,627.7 | 16,398.0 | 814.5 | 116,318.1 | 11,661.9 | 8,780.4 | |
| Implied Stock Price | 2,010.00 | 4,390.00 | 15,000.00 | 550.00 | 10,175.00 | 7,100.00 | |
| 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 | 4,390.00 | 15,000.00 | 550.00 | 10,175.00 | 7,100.00 | |
| Trading Currency | IDR | IDR | VND | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |