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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,5x - 11,6x | 11,1x |
| Selected Fwd EBITDA Multiple | 11,0x - 12,1x | 11,5x |
| Fair Value | 821,75Rp - 901,84Rp | 861,79Rp |
| Upside | 5,4% - 15,6% | 10,5% |
| Benchmarks | Ticker | Full Ticker |
| PT Sumber Tani Agung Resources Tbk | STAA | IDX:STAA |
| PT Nippon Indosari Corpindo Tbk | ROTI | IDX:ROTI |
| PT Cerestar Indonesia Tbk | TRGU | IDX:TRGU |
| PT Wilmar Cahaya Indonesia Tbk. | CEKA | IDX:CEKA |
| PT Astra Agro Lestari Tbk | AALI | IDX:AALI |
| PT Diamond Food Indonesia Tbk | DMND | IDX:DMND |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| STAA | ROTI | TRGU | CEKA | AALI | DMND | ||
| IDX:STAA | IDX:ROTI | IDX:TRGU | IDX:CEKA | IDX:AALI | IDX:DMND | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 26.4% | 6.4% | NM- | 6.7% | 4.1% | 1.2% | |
| 3Y CAGR | 3.9% | 6.0% | 3.9% | 17.6% | -9.5% | 5.6% | |
| Latest Twelve Months | 62.8% | 5.4% | -23.3% | 88.6% | 6.5% | 17.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.8% | 17.0% | 4.9% | 5.3% | 16.3% | 6.9% | |
| Prior Fiscal Year | 25.9% | 17.1% | 3.4% | 3.5% | 14.5% | 6.0% | |
| Latest Fiscal Year | 34.6% | 17.5% | 3.0% | 5.2% | 14.7% | 6.6% | |
| Latest Twelve Months | 34.6% | 17.5% | 3.0% | 5.2% | 14.7% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.50x | 1.45x | 0.61x | 0.09x | 0.51x | 0.69x | |
| EV / LTM EBITDA | 4.3x | 8.2x | 20.3x | 1.8x | 3.5x | 10.5x | |
| EV / LTM EBIT | 5.1x | 11.1x | 32.1x | 1.9x | 6.2x | 15.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.8x | 4.3x | 20.3x | ||||
| Historical EV / LTM EBITDA | 10.3x | 12.7x | 16.7x | ||||
| Selected EV / LTM EBITDA | 10.5x | 11.1x | 11.6x | ||||
| (x) LTM EBITDA | 651,103 | 651,103 | 651,103 | ||||
| (=) Implied Enterprise Value | 6,847,065 | 7,207,437 | 7,567,808 | ||||
| (-) Non-shareholder Claims * | 576,343 | 576,343 | 576,343 | ||||
| (=) Equity Value | 7,423,408 | 7,783,780 | 8,144,151 | ||||
| (/) Shares Outstanding | 9,468.4 | 9,468.4 | 9,468.4 | ||||
| Implied Value Range | 784.02 | 822.08 | 860.14 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 784.02 | 822.08 | 860.14 | 780.00 | |||
| Upside / (Downside) | 0.5% | 5.4% | 10.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | STAA | ROTI | TRGU | CEKA | AALI | DMND | |
| Enterprise Value | 9,663,561 | 5,711,146 | 3,146,523 | 734,804 | 10,929,624 | 6,808,977 | |
| (+) Cash & Short Term Investments | 1,318,490 | 430,946 | 627 | 490,896 | 3,236,012 | 538,626 | |
| (+) Investments & Other | 16,100 | 8,602 | 0 | 0 | 410,417 | 68,851 | |
| (-) Debt | (1,517,090) | (623,098) | (1,716,974) | 0 | (3,189,537) | (2,167) | |
| (-) Other Liabilities | (431,262) | (5,794) | (1) | 0 | (560,144) | (28,967) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,049,799 | 5,521,802 | 1,430,174 | 1,225,700 | 10,826,372 | 7,385,320 | |
| (/) Shares Outstanding | 10,903.4 | 5,692.6 | 7,945.4 | 595.0 | 1,924.7 | 9,468.4 | |
| Implied Stock Price | 830.00 | 970.00 | 180.00 | 2,060.00 | 5,625.00 | 780.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 830.00 | 970.00 | 180.00 | 2,060.00 | 5,625.00 | 780.00 | |
| 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 | |