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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | Rp2,260 - Rp2,513 | Rp2,385 |
| Upside | 89.1% - 110.3% | 99.5% |
| 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 | 37,835,891 | 41,071,500 | 45,597,137 | 49,235,000 | 50,958,225 | 51,977,390 |
| % Growth | 13.6% | 8.6% | 11.0% | 8.0% | 3.5% | 2.0% |
| EBITDA | 4,446,945 | 6,756,650 | 7,746,905 | 8,416,000 | 8,710,560 | 8,884,771 |
| % of Revenue | 11.8% | 16.5% | 17.0% | 17.1% | 17.1% | 17.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (IDR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 6,756,650 | 7,746,905 | 8,416,000 | 8,710,560 | 8,884,771 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3,066,650) | (3,455,490) | (3,610,000) | (3,155,560) | (2,945,771) | |
| EBIT | 3,690,000 | 4,291,415 | 4,806,000 | 5,555,000 | 5,939,000 | |
| Pro forma Taxes | (922,500) | (1,072,854) | (1,201,500) | (1,388,750) | (1,484,750) | |
| NOPAT | 2,534,015 | 2,767,500 | 3,218,562 | 3,604,500 | 4,166,250 | 4,454,250 |
| Capital Expenditures | (2,217,717) | (2,008,500) | (2,057,500) | (1,742,000) | (1,562,000) | (1,310,000) |
| NWC Investment | (734,281) | (525,970) | (735,672) | (591,359) | (280,122) | (165,672) |
| (+) D&A | 1,068,258 | 3,066,650 | 3,455,490 | 3,610,000 | 3,155,560 | 2,945,771 |
| Free Cash Flow | 650,275 | 3,299,681 | 3,880,879 | 4,881,141 | 5,479,688 | 5,924,349 |
| % Growth | 407% | 18% | 26% | 12% | 8% | |