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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20,5x - 22,7x | 21,6x |
| Selected Fwd EBIT Multiple | 15,3x - 16,9x | 16,1x |
| Fair Value | 2.061Rp - 2.271Rp | 2.166Rp |
| Upside | 1,5% - 11,9% | 6,7% |
| Benchmarks | Ticker | Full Ticker |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| PT Indofood Sukses Makmur Tbk | INDF | IDX:INDF |
| PT Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
| PT Sumber Alfaria Trijaya Tbk | AMRT | IDX:AMRT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| JPFA | SBT | CPIN | INDF | HMSP | AMRT | ||
| IDX:JPFA | HOSE:SBT | IDX:CPIN | IDX:INDF | IDX:HMSP | IDX:AMRT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.4% | 132.1% | 3.6% | 17.8% | -14.7% | 18.4% | |
| 3Y CAGR | 18.2% | 13.1% | 7.1% | 9.4% | -2.7% | 13.8% | |
| Latest Twelve Months | 132.0% | 10.7% | 61.6% | 17.3% | -14.1% | -8.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | 6.0% | 9.2% | 17.2% | 21.2% | 3.3% | |
| Prior Fiscal Year | 4.3% | 5.8% | 5.9% | 18.0% | 16.9% | 4.1% | |
| Latest Fiscal Year | 9.2% | 5.6% | 8.8% | 20.4% | 14.4% | 3.4% | |
| Latest Twelve Months | 9.2% | 6.0% | 8.8% | 20.4% | 14.4% | 3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.58x | 0.63x | 1.02x | 1.06x | 1.07x | 0.70x | |
| EV / LTM EBITDA | 5.2x | 8.3x | 9.4x | 4.5x | 6.6x | 14.1x | |
| EV / LTM EBIT | 6.3x | 10.7x | 11.7x | 5.2x | 7.5x | 20.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.2x | 7.5x | 11.7x | ||||
| Historical EV / LTM EBIT | 20.5x | 22.8x | 33.3x | ||||
| Selected EV / LTM EBIT | 20.5x | 21.6x | 22.7x | ||||
| (x) LTM EBIT | 4,034,939 | 4,034,939 | 4,034,939 | ||||
| (=) Implied Enterprise Value | 82,713,472 | 87,066,813 | 91,420,153 | ||||
| (-) Non-shareholder Claims * | 2,523,195 | 2,523,195 | 2,523,195 | ||||
| (=) Equity Value | 85,236,667 | 89,590,008 | 93,943,348 | ||||
| (/) Shares Outstanding | 41,524.5 | 41,524.5 | 41,524.5 | ||||
| Implied Value Range | 2,052.68 | 2,157.52 | 2,262.36 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,052.68 | 2,157.52 | 2,262.36 | 2,030.00 | |||
| Upside / (Downside) | 1.1% | 6.3% | 11.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JPFA | SBT | CPIN | INDF | HMSP | AMRT | |
| Enterprise Value | 32,235,595 | 19,042,933 | 68,892,043 | 122,403,126 | 57,335,319 | 81,771,543 | |
| (+) Cash & Short Term Investments | 1,356,331 | 8,775,958 | 4,846,038 | 48,224,984 | 2,369,521 | 4,934,957 | |
| (+) Investments & Other | 281,816 | 4,763,508 | 74,185 | 7,494,144 | 90,781 | 780,076 | |
| (-) Debt | (10,743,624) | (20,343,669) | (8,533,263) | (71,025,404) | (473,402) | (1,873,569) | |
| (-) Other Liabilities | (1,095,684) | (89,532) | (14,963) | (43,877,779) | 0 | (1,318,269) | |
| (-) Preferred Stock | 0 | (216,113) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,034,434 | 11,933,085 | 65,264,040 | 63,219,071 | 59,322,219 | 84,294,738 | |
| (/) Shares Outstanding | 11,627.7 | 814.5 | 16,398.0 | 8,780.4 | 116,318.1 | 41,524.5 | |
| Implied Stock Price | 1,895.00 | 14,650.00 | 3,980.00 | 7,200.00 | 510.00 | 2,030.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,895.00 | 14,650.00 | 3,980.00 | 7,200.00 | 510.00 | 2,030.00 | |
| Trading Currency | IDR | VND | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |