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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1,8x - 2,0x | 1,9x |
Selected Fwd Revenue Multiple | 1,4x - 1,6x | 1,5x |
Fair Value | 224,57Rp - 244,53Rp | 234,55Rp |
Upside | 12,8% - 22,9% | 17,9% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
PT. Media Nusantara Citra Tbk | MNCN | IDX:MNCN |
PT Visi Media Asia Tbk | VIVA | IDX:VIVA |
PT Global Mediacom Tbk | BMTR | IDX:BMTR |
PT NFC Indonesia Tbk | NFCX | IDX:NFCX |
PT Net Visi Media Tbk | NETV | IDX:NETV |
PT Surya Citra Media Tbk | SCMA | IDX:SCMA |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
MNCN | VIVA | BMTR | NFCX | NETV | SCMA | |||
IDX:MNCN | IDX:VIVA | IDX:BMTR | IDX:NFCX | IDX:NETV | IDX:SCMA | |||
Historical Revenue Growth | ||||||||
5Y CAGR | -1.0% | -13.0% | -4.9% | -0.3% | -16.6% | 5.0% | ||
3Y CAGR | -7.4% | -13.2% | -10.4% | -11.9% | -24.6% | 6.0% | ||
Latest Twelve Months | 2.2% | -9.9% | -1.0% | -36.2% | -11.0% | 8.4% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 30.2% | -9.7% | 24.1% | 0.4% | -79.5% | 18.2% | ||
Prior Fiscal Year | 19.3% | -0.6% | 15.4% | 0.2% | -207.0% | 4.3% | ||
Latest Fiscal Year | 20.2% | -54.2% | 17.3% | -0.2% | -103.3% | 8.8% | ||
Latest Twelve Months | 20.2% | -34.1% | 17.3% | -0.2% | -103.3% | 8.8% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.34x | 3.79x | 1.53x | 0.22x | 34.43x | 1.47x | ||
EV / LTM EBIT | 1.7x | -11.1x | 8.8x | -108.8x | -33.3x | 16.8x | ||
Price / LTM Sales | 0.45x | 0.19x | 0.23x | 0.17x | 33.92x | 1.79x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.22x | 1.53x | 34.43x | |||||
Historical EV / LTM Revenue | 1.33x | 1.82x | 6.31x | |||||
Selected EV / LTM Revenue | 1.78x | 1.88x | 1.97x | |||||
(x) LTM Revenue | 7,057,824 | 7,057,824 | 7,057,824 | |||||
(=) Implied Enterprise Value | 12,588,187 | 13,250,723 | 13,913,260 | |||||
(-) Non-shareholder Claims * | 2,220,441 | 2,220,441 | 2,220,441 | |||||
(=) Equity Value | 14,808,629 | 15,471,165 | 16,133,701 | |||||
(/) Shares Outstanding | 63,467.4 | 63,467.4 | 63,467.4 | |||||
Implied Value Range | 233.33 | 243.77 | 254.20 | |||||
FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 233.33 | 243.77 | 254.20 | 199.00 | ||||
Upside / (Downside) | 17.2% | 22.5% | 27.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MNCN | VIVA | BMTR | NFCX | NETV | SCMA | |
Enterprise Value | 2,714,994 | 214,036 | 15,375,632 | 1,344,790 | 7,221,705 | 10,409,566 | |
(+) Cash & Short Term Investments | 1,557,266 | 0 | 4,044,580 | 191,694 | 93,157 | 2,966,169 | |
(+) Investments & Other | 2,073,232 | 0 | 1,767,418 | 197,870 | 0 | 147,322 | |
(-) Debt | (1,711,758) | 0 | (6,115,486) | (225,952) | (232,350) | (20,133) | |
(-) Other Liabilities | (1,062,400) | 0 | (12,750,087) | (471,727) | 31,497 | (872,917) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,571,334 | 214,036 | 2,322,057 | 1,036,675 | 7,114,009 | 12,630,008 | |
(/) Shares Outstanding | 13,227.2 | 16,464.3 | 16,352.5 | 662.4 | 41,360.5 | 63,467.4 | |
Implied Stock Price | 270.00 | 13.00 | 142.00 | 1,565.00 | 172.00 | 199.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 270.00 | 13.00 | 142.00 | 1,565.00 | 172.00 | 199.00 | |
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 |