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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.0x - 8.8x | 8.4x |
| Selected Fwd EBITDA Multiple | 8.2x - 9.0x | 8.6x |
| Fair Value | Rp652.86 - Rp716.74 | Rp684.80 |
| Upside | 37.2% - 50.6% | 43.9% |
| Benchmarks | Ticker | Full Ticker |
| Taseco Air Services Joint Stock Company | AST | HOSE:AST |
| Phu Tai Joint Stock Company | PTB | HOSE:PTB |
| PT Sinar Eka Selaras Tbk | ERAL | IDX:ERAL |
| PT Mitra Pinasthika Mustika Tbk | MPMX | IDX:MPMX |
| PT Duta Intidaya Tbk | DAYA | IDX:DAYA |
| PT Aspirasi Hidup Indonesia Tbk | ACES | IDX:ACES |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AST | PTB | ERAL | MPMX | DAYA | ACES | ||
| HOSE:AST | HOSE:PTB | IDX:ERAL | IDX:MPMX | IDX:DAYA | IDX:ACES | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.0% | -2.6% | NM- | -5.4% | 20.0% | -2.6% | |
| 3Y CAGR | NM- | -9.9% | 4.0% | 21.8% | 60.8% | 7.5% | |
| Latest Twelve Months | 43.0% | 6.8% | -1.8% | 2.0% | 69.0% | 1.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.8% | 13.4% | 6.3% | 4.8% | 3.8% | 15.3% | |
| Prior Fiscal Year | 17.6% | 12.4% | 7.1% | 3.9% | 3.8% | 15.2% | |
| Latest Fiscal Year | 21.0% | 11.0% | 4.9% | 4.4% | 6.7% | 15.3% | |
| Latest Twelve Months | 22.7% | 10.8% | 4.5% | 4.1% | 6.4% | 14.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.94x | 0.60x | 0.31x | 0.00x | 0.99x | 0.84x | |
| EV / LTM EBITDA | 8.5x | 5.6x | 6.9x | 0.0x | 15.3x | 6.0x | |
| EV / LTM EBIT | 9.5x | 8.2x | 7.4x | 0.1x | 20.2x | 6.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.0x | 6.9x | 15.3x | ||||
| Historical EV / LTM EBITDA | 6.8x | 10.0x | 23.5x | ||||
| Selected EV / LTM EBITDA | 8.0x | 8.4x | 8.8x | ||||
| (x) LTM EBITDA | 1,221,570 | 1,221,570 | 1,221,570 | ||||
| (=) Implied Enterprise Value | 9,719,059 | 10,230,588 | 10,742,118 | ||||
| (-) Non-shareholder Claims * | 787,763 | 787,763 | 787,763 | ||||
| (=) Equity Value | 10,506,822 | 11,018,351 | 11,529,880 | ||||
| (/) Shares Outstanding | 17,120.4 | 17,120.4 | 17,120.4 | ||||
| Implied Value Range | 613.70 | 643.58 | 673.46 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 613.70 | 643.58 | 673.46 | 476.00 | |||
| Upside / (Downside) | 28.9% | 35.2% | 41.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AST | PTB | ERAL | MPMX | DAYA | ACES | |
| Enterprise Value | 2,829,932 | 4,187,565 | 1,631,171 | 28,319 | 2,420,790 | 7,361,543 | |
| (+) Cash & Short Term Investments | 408,122 | 871,353 | 417,498 | 1,995,544 | 95,732 | 1,825,981 | |
| (+) Investments & Other | 73,572 | 259,006 | 99,977 | 2,222,427 | 0 | 0 | |
| (-) Debt | (66,971) | (1,561,305) | (221,967) | (19,710) | (253,310) | (1,005,111) | |
| (-) Other Liabilities | (99,155) | (135,251) | (17,680) | (50) | 0 | (33,108) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,145,500 | 3,621,368 | 1,909,000 | 4,226,530 | 2,263,211 | 8,149,305 | |
| (/) Shares Outstanding | 45.0 | 66.9 | 5,187.5 | 4,379.8 | 2,420.5 | 17,120.4 | |
| Implied Stock Price | 69,900.00 | 54,100.00 | 368.00 | 965.00 | 935.00 | 476.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 69,900.00 | 54,100.00 | 368.00 | 965.00 | 935.00 | 476.00 | |
| Trading Currency | VND | VND | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |