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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 10.1x - 12.1x | 11.1x |
| Fair Value | Rp386.11 - Rp468.70 | Rp426.65 |
| Upside | 25.4% - 52.2% | 38.5% |
| 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 | 2,091,352 | 2,133,179 | 2,175,843 | 2,219,360 | 2,263,747 | 2,309,022 |
| % Growth | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 429,718 | 443,638 | 452,510 | 461,561 | 470,792 | 480,208 |
| % of Revenue | 20.5% | 20.8% | 20.8% | 20.8% | 20.8% | 20.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (IDR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 443,638 | 452,510 | 461,561 | 470,792 | 480,208 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (197,213) | (201,157) | (205,180) | (209,284) | (213,469) | |
| EBIT | 246,425 | 251,353 | 256,381 | 261,508 | 266,738 | |
| Pro forma Taxes | (66,535) | (67,865) | (69,223) | (70,607) | (72,019) | |
| NOPAT | 170,667 | 179,890 | 183,488 | 187,158 | 190,901 | 194,719 |
| Capital Expenditures | (37,290) | (61,020) | (65,240) | (66,544) | (67,875) | (69,233) |
| NWC Investment | (8,142) | (6,721) | (6,855) | (6,992) | (7,132) | (7,275) |
| (+) D&A | 195,927 | 197,213 | 201,157 | 205,180 | 209,284 | 213,469 |
| Free Cash Flow | 321,162 | 309,362 | 312,550 | 318,801 | 325,177 | 331,681 |
| % Growth | -4% | 1% | 2% | 2% | 2% | |