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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,5x - 7,1x | 6,8x |
| Selected Fwd EBITDA Multiple | 6,1x - 6,7x | 6,4x |
| Fair Value | Rp7.564 - Rp8.287 | Rp7.926 |
| Upside | 42,0% - 55,6% | 48,8% |
| Benchmarks | Ticker | Full Ticker |
| PT Cemindo Gemilang Tbk | CMNT | IDX:CMNT |
| PT Solusi Bangun Indonesia Tbk | SMCB | IDX:SMCB |
| Petrovietnam Camau Fertilizer Joint Stock Company | DCM | HOSE:DCM |
| PT Fajar Surya Wisesa Tbk | FASW | IDX:FASW |
| Vicostone Joint Stock Company | VCS | HNX:VCS |
| PT Indocement Tunggal Prakarsa Tbk | INTP | IDX:INTP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CMNT | SMCB | DCM | FASW | VCS | INTP | ||
| IDX:CMNT | IDX:SMCB | HOSE:DCM | IDX:FASW | HNX:VCS | IDX:INTP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -4.2% | 2.2% | -5.9% | NM- | -10.2% | 1.3% | |
| 3Y CAGR | -12.6% | -4.1% | -26.8% | NM- | -22.6% | 4.7% | |
| Latest Twelve Months | -32.6% | -10.4% | -28.4% | -345.4% | -7.9% | 7.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.5% | 18.1% | 24.8% | 6.3% | 29.2% | 19.0% | |
| Prior Fiscal Year | 18.3% | 17.1% | 14.0% | -1.5% | 26.2% | 17.6% | |
| Latest Fiscal Year | 13.4% | 16.0% | 9.4% | -6.6% | 24.3% | 18.4% | |
| Latest Twelve Months | 13.4% | 16.0% | 9.4% | -6.6% | 24.3% | 18.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.60x | 0.76x | 0.68x | 2.71x | 1.36x | 0.84x | |
| EV / LTM EBITDA | 19.5x | 4.7x | 7.2x | -41.2x | 5.6x | 4.5x | |
| EV / LTM EBIT | 59.7x | 7.3x | 8.9x | -24.4x | 6.4x | 6.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -41.2x | 5.6x | 19.5x | ||||
| Historical EV / LTM EBITDA | 4.5x | 10.9x | 15.1x | ||||
| Selected EV / LTM EBITDA | 6.5x | 6.8x | 7.1x | ||||
| (x) LTM EBITDA | 3,412,321 | 3,412,321 | 3,412,321 | ||||
| (=) Implied Enterprise Value | 22,068,530 | 23,230,032 | 24,391,534 | ||||
| (-) Non-shareholder Claims * | 2,318,325 | 2,318,325 | 2,318,325 | ||||
| (=) Equity Value | 24,386,855 | 25,548,357 | 26,709,859 | ||||
| (/) Shares Outstanding | 3,350.0 | 3,350.0 | 3,350.0 | ||||
| Implied Value Range | 7,279.72 | 7,626.43 | 7,973.15 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7,279.72 | 7,626.43 | 7,973.15 | 5,325.00 | |||
| Upside / (Downside) | 36.7% | 43.2% | 49.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMNT | SMCB | DCM | FASW | VCS | INTP | |
| Enterprise Value | 23,256,284 | 8,972,728 | 9,048,584 | 20,899,014 | 5,654,461 | 15,520,286 | |
| (+) Cash & Short Term Investments | 660,628 | 150,342 | 8,612,008 | 71,962 | 2,253,191 | 4,496,547 | |
| (+) Investments & Other | 40,421 | 9,614 | 0 | 0 | 0 | 260,522 | |
| (-) Debt | (8,822,646) | (2,142,663) | (1,348,756) | (7,466,482) | (963,652) | (2,438,744) | |
| (-) Other Liabilities | (321,126) | 0 | (32,786) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,813,561 | 6,990,021 | 16,279,050 | 13,504,494 | 6,944,000 | 17,838,611 | |
| (/) Shares Outstanding | 17,125.5 | 9,019.4 | 529.4 | 2,477.9 | 160.0 | 3,350.0 | |
| Implied Stock Price | 865.00 | 775.00 | 30,750.00 | 5,450.00 | 43,400.00 | 5,325.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 865.00 | 775.00 | 30,750.00 | 5,450.00 | 43,400.00 | 5,325.00 | |
| Trading Currency | IDR | IDR | VND | IDR | VND | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |