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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.7x - 9.6x | 9.1x |
| Selected Fwd EBITDA Multiple | 8.7x - 9.6x | 9.1x |
| Fair Value | Rp697.35 - Rp765.92 | Rp731.63 |
| Upside | 21.3% - 33.2% | 27.2% |
| Benchmarks | Ticker | Full Ticker |
| Phu Tai Joint Stock Company | PTB | HOSE:PTB |
| PT Sinar Eka Selaras Tbk | ERAL | IDX:ERAL |
| Saigon General Service Corporation | SVC | HOSE:SVC |
| 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 | |||||||
| PTB | ERAL | SVC | MPMX | DAYA | ACES | ||
| HOSE:PTB | IDX:ERAL | HOSE:SVC | IDX:MPMX | IDX:DAYA | IDX:ACES | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -2.6% | NM- | 6.9% | -5.4% | 20.0% | -2.6% | |
| 3Y CAGR | -9.9% | 4.0% | 10.3% | 21.8% | 60.8% | 7.5% | |
| Latest Twelve Months | -0.2% | -1.9% | 41.0% | 18.8% | 4.7% | 1.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.7% | 6.5% | 1.8% | 4.8% | 3.7% | 15.3% | |
| Prior Fiscal Year | 12.4% | 7.1% | 1.5% | 3.9% | 3.8% | 15.2% | |
| Latest Fiscal Year | 11.0% | 4.9% | 1.5% | 4.4% | 6.7% | 15.3% | |
| Latest Twelve Months | 11.2% | 4.8% | 1.6% | 4.4% | 5.1% | 14.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 0.26x | 0.21x | 0.13x | 1.17x | 1.04x | |
| EV / LTM EBITDA | 6.2x | 5.4x | 13.3x | 2.9x | 22.9x | 7.4x | |
| EV / LTM EBIT | 9.3x | 5.9x | 23.9x | 3.3x | 23.0x | 8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.9x | 6.2x | 22.9x | ||||
| Historical EV / LTM EBITDA | 6.8x | 10.0x | 23.5x | ||||
| Selected EV / LTM EBITDA | 8.7x | 9.1x | 9.6x | ||||
| (x) LTM EBITDA | 1,221,570 | 1,221,570 | 1,221,570 | ||||
| (=) Implied Enterprise Value | 10,582,604 | 11,139,583 | 11,696,562 | ||||
| (-) Non-shareholder Claims * | 787,763 | 787,763 | 787,763 | ||||
| (=) Equity Value | 11,370,367 | 11,927,346 | 12,484,325 | ||||
| (/) Shares Outstanding | 17,120.4 | 17,120.4 | 17,120.4 | ||||
| Implied Value Range | 664.14 | 696.67 | 729.21 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 664.14 | 696.67 | 729.21 | 575.00 | |||
| Upside / (Downside) | 15.5% | 21.2% | 26.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PTB | ERAL | SVC | MPMX | DAYA | ACES | |
| Enterprise Value | 4,582,530 | 1,351,339 | 5,604,614 | (167,102) | 2,655,882 | 9,056,461 | |
| (+) Cash & Short Term Investments | 413,822 | 356,607 | 627,116 | 2,818,714 | 116,192 | 1,825,981 | |
| (+) Investments & Other | 257,246 | 71,397 | 463,304 | 2,160,234 | 0 | 0 | |
| (-) Debt | (1,439,024) | (225,931) | (4,485,279) | (16,411) | (291,013) | (1,005,111) | |
| (-) Other Liabilities | (132,962) | (17,911) | (884,016) | (65) | 0 | (33,108) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,681,612 | 1,535,500 | 1,325,739 | 4,795,370 | 2,481,061 | 9,844,224 | |
| (/) Shares Outstanding | 66.9 | 5,187.5 | 66.6 | 4,379.3 | 2,420.5 | 17,120.4 | |
| Implied Stock Price | 55,000.00 | 296.00 | 19,900.00 | 1,095.00 | 1,025.00 | 575.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 55,000.00 | 296.00 | 19,900.00 | 1,095.00 | 1,025.00 | 575.00 | |
| Trading Currency | VND | IDR | VND | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |