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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 38.9x - 40.9x | 39.9x |
| Fair Value | Rp39.61 - Rp43.34 | Rp41.44 |
| Upside | 46.7% - 60.5% | 53.5% |
| 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 | 31,500 | 31,500 | 31,500 | 31,500 | 31,500 | 31,500 |
| % Growth | -11.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 9,331 | 8,195 | 8,195 | 8,195 | 8,195 | 8,195 |
| % of Revenue | 29.6% | 26.0% | 26.0% | 26.0% | 26.0% | 26.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (IDR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 8,195 | 8,195 | 8,195 | 8,195 | 8,195 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,024) | (1,024) | (1,024) | (1,024) | (1,024) | |
| EBIT | 7,171 | 7,171 | 7,171 | 7,171 | 7,171 | |
| Pro forma Taxes | (717) | (717) | (717) | (717) | (717) | |
| NOPAT | 7,478 | 6,454 | 6,454 | 6,454 | 6,454 | 6,454 |
| Capital Expenditures | (3,538) | (2,671) | (3,240) | (3,240) | (3,240) | (3,240) |
| NWC Investment | 28,163 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 1,022 | 1,024 | 1,024 | 1,024 | 1,024 | 1,024 |
| Free Cash Flow | 33,124 | 4,807 | 4,238 | 4,238 | 4,238 | 4,238 |
| % Growth | -85% | -12% | 0% | 0% | 0% | |