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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.5x - 21.5x | 20.5x |
| Selected Fwd EBIT Multiple | 15.3x - 16.9x | 16.1x |
| Fair Value | Rp199.73 - Rp240.87 | Rp220.30 |
| Upside | -0.1% - 20.4% | 10.1% |
| Benchmarks | Ticker | Full Ticker |
| PT Colorpak Indonesia Tbk | CLPI | IDX:CLPI |
| PT Intanwijaya Internasional Tbk | INCI | IDX:INCI |
| PT Indo Acidatama Tbk | SRSN | IDX:SRSN |
| PT Chemstar Indonesia Tbk | CHEM | IDX:CHEM |
| PT Asiaplast Industries Tbk | APLI | IDX:APLI |
| PT Madusari Murni Indah Tbk | MOLI | IDX:MOLI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CLPI | INCI | SRSN | CHEM | APLI | MOLI | ||
| IDX:CLPI | IDX:INCI | IDX:SRSN | IDX:CHEM | IDX:APLI | IDX:MOLI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.5% | 5.9% | -9.5% | 2.4% | -3.9% | -12.1% | |
| 3Y CAGR | 8.4% | 26.1% | -7.8% | -26.6% | -4.7% | -20.0% | |
| Latest Twelve Months | -2.5% | 23.7% | -42.3% | 30.2% | -80.1% | -49.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | 5.7% | 6.8% | 9.7% | 8.7% | 6.8% | |
| Prior Fiscal Year | 7.1% | 5.8% | 8.6% | 3.6% | 14.4% | 7.6% | |
| Latest Fiscal Year | 7.1% | 6.5% | 3.8% | 4.6% | 6.0% | 4.1% | |
| Latest Twelve Months | 6.8% | 6.7% | 3.9% | 3.4% | 3.0% | 3.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.21x | -0.11x | 0.52x | 0.58x | 1.68x | 0.75x | |
| EV / LTM EBITDA | 2.6x | -1.4x | 10.3x | 12.4x | 15.9x | 11.8x | |
| EV / LTM EBIT | 3.0x | -1.6x | 13.2x | 17.4x | 56.1x | 19.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.6x | 13.2x | 56.1x | ||||
| Historical EV / LTM EBIT | 12.8x | 17.5x | 20.7x | ||||
| Selected EV / LTM EBIT | 19.5x | 20.5x | 21.5x | ||||
| (x) LTM EBIT | 54,028 | 54,028 | 54,028 | ||||
| (=) Implied Enterprise Value | 1,052,388 | 1,107,777 | 1,163,166 | ||||
| (-) Non-shareholder Claims * | (520,498) | (520,498) | (520,498) | ||||
| (=) Equity Value | 531,890 | 587,279 | 642,668 | ||||
| (/) Shares Outstanding | 2,724.0 | 2,724.0 | 2,724.0 | ||||
| Implied Value Range | 195.26 | 215.59 | 235.92 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 195.26 | 215.59 | 235.92 | 200.00 | |||
| Upside / (Downside) | -2.4% | 7.8% | 18.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CLPI | INCI | SRSN | CHEM | APLI | MOLI | |
| Enterprise Value | 187,348 | (39,792) | 640,031 | 112,392 | 627,471 | 1,065,306 | |
| (+) Cash & Short Term Investments | 241,260 | 168,404 | 7,241 | 8,154 | 89,532 | 24,610 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 8,669 | 0 | |
| (-) Debt | (68,569) | (2,005) | (346,272) | (28,745) | (58,089) | (352,022) | |
| (-) Other Liabilities | (91) | (2,014) | 0 | 0 | 127 | (193,086) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 359,948 | 124,594 | 301,000 | 91,802 | 667,709 | 544,807 | |
| (/) Shares Outstanding | 306.3 | 207.7 | 6,020.0 | 1,700.0 | 1,362.7 | 2,724.0 | |
| Implied Stock Price | 1,175.00 | 600.00 | 50.00 | 54.00 | 490.00 | 200.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,175.00 | 600.00 | 50.00 | 54.00 | 490.00 | 200.00 | |
| Trading Currency | IDR | IDR | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |