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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0,4x - 0,4x | 0,4x |
| Selected Fwd Revenue Multiple | 0,3x - 0,3x | 0,3x |
| Fair Value | Rp113,88 - Rp124,73 | Rp119,30 |
| Upside | 62,7% - 78,2% | 70,4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| PT Bangun Karya Perkasa Jaya Tbk | KRYA | IDX:KRYA |
| PT Koka Indonesia Tbk | KOKA | IDX:KOKA |
| PT Indonesia Pondasi Raya Tbk | IDPR | IDX:IDPR |
| PT Nusa Konstruksi Enjiniring Tbk | DGIK | IDX:DGIK |
| PT Paramita Bangun Sarana Tbk | PBSA | IDX:PBSA |
| PT Acset Indonusa Tbk | ACST | IDX:ACST |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| KRYA | KOKA | IDPR | DGIK | PBSA | ACST | |||
| IDX:KRYA | IDX:KOKA | IDX:IDPR | IDX:DGIK | IDX:PBSA | IDX:ACST | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 2.3% | NM- | 3.1% | -6.9% | 13.7% | -4.3% | ||
| 3Y CAGR | 28.2% | 143.5% | 8.5% | 20.7% | 60.5% | 28.5% | ||
| Latest Twelve Months | 52.5% | -58.7% | -13.5% | 39.3% | 101.5% | 35.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.4% | 9.0% | -9.2% | -2.8% | 17.1% | -38.6% | ||
| Prior Fiscal Year | 5.3% | 14.6% | 6.6% | 4.9% | 19.5% | -8.1% | ||
| Latest Fiscal Year | 5.6% | 14.5% | 6.6% | 2.7% | 16.6% | -11.5% | ||
| Latest Twelve Months | 5.6% | -0.6% | 6.6% | 2.7% | 16.6% | -11.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.46x | 2.60x | 0.70x | 0.06x | 0.79x | 0.23x | ||
| EV / LTM EBIT | 8.3x | -447.6x | 10.5x | 2.2x | 4.8x | -2.0x | ||
| Price / LTM Sales | 0.45x | 2.76x | 0.29x | 0.50x | 0.93x | 0.28x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.06x | 0.70x | 2.60x | |||||
| Historical EV / LTM Revenue | 0.23x | 1.34x | 1.99x | |||||
| Selected EV / LTM Revenue | 0.41x | 0.43x | 0.45x | |||||
| (x) LTM Revenue | 3,172,312 | 3,172,312 | 3,172,312 | |||||
| (=) Implied Enterprise Value | 1,288,558 | 1,356,377 | 1,424,196 | |||||
| (-) Non-shareholder Claims * | 137,444 | 137,444 | 137,444 | |||||
| (=) Equity Value | 1,426,002 | 1,493,821 | 1,561,640 | |||||
| (/) Shares Outstanding | 12,675.2 | 12,675.2 | 12,675.2 | |||||
| Implied Value Range | 112.50 | 117.85 | 123.20 | |||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 112.50 | 117.85 | 123.20 | 70.00 | ||||
| Upside / (Downside) | 60.7% | 68.4% | 76.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KRYA | KOKA | IDPR | DGIK | PBSA | ACST | |
| Enterprise Value | 100,251 | 220,548 | 778,127 | 37,751 | 910,605 | 749,817 | |
| (+) Cash & Short Term Investments | 22,986 | 4,796 | 19,816 | 108,725 | 169,960 | 428,058 | |
| (+) Investments & Other | 0 | 10,802 | 0 | 290,646 | 0 | 21,345 | |
| (-) Debt | (25,735) | (1,517) | (464,423) | (113,279) | (12,036) | (285,000) | |
| (-) Other Liabilities | (994) | 0 | (7,032) | 37 | (529) | (26,959) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 96,509 | 234,629 | 326,489 | 323,880 | 1,068,000 | 887,261 | |
| (/) Shares Outstanding | 1,663.9 | 2,861.3 | 2,003.0 | 5,141.0 | 3,000.0 | 12,675.2 | |
| Implied Stock Price | 58.00 | 82.00 | 163.00 | 63.00 | 356.00 | 70.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 58.00 | 82.00 | 163.00 | 63.00 | 356.00 | 70.00 | |
| 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 | |