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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28.7x - 31.7x | 30.2x |
| Selected Fwd EBIT Multiple | 10.0x - 11.0x | 10.5x |
| Fair Value | Rp570.16 - Rp633.21 | Rp601.69 |
| Upside | -2.5% - 8.2% | 2.9% |
| Benchmarks | Ticker | Full Ticker |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| Saigon Cargo Service Corporation | SCS | HOSE:SCS |
| PT Habco Trans Maritima Tbk | HATM | IDX:HATM |
| Transimex Corporation | TMS | HOSE:TMS |
| PT AirAsia Indonesia Tbk | CMPP | IDX:CMPP |
| PT Ancara Logistics Indonesia Tbk | ALII | IDX:ALII |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VSC | SCS | HATM | TMS | CMPP | ALII | ||
| HOSE:VSC | HOSE:SCS | IDX:HATM | HOSE:TMS | IDX:CMPP | IDX:ALII | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.0% | 6.7% | NM- | 6.3% | NM- | NM- | |
| 3Y CAGR | 1.8% | 8.4% | 21.1% | -10.1% | NM- | 5.2% | |
| Latest Twelve Months | -1.6% | 31.7% | -14.2% | 39.1% | 52.5% | 6.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.3% | 70.7% | 34.0% | 7.4% | -105.3% | 28.0% | |
| Prior Fiscal Year | 19.6% | 68.6% | 36.4% | 7.9% | -16.4% | 32.9% | |
| Latest Fiscal Year | 17.9% | 70.4% | 21.8% | 7.2% | -8.1% | 35.0% | |
| Latest Twelve Months | 16.8% | 71.1% | 22.0% | 8.2% | -6.7% | 34.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.17x | 4.38x | 2.72x | 2.31x | 1.04x | 10.47x | |
| EV / LTM EBITDA | 11.7x | 5.8x | 9.3x | 14.2x | -19.0x | 25.7x | |
| EV / LTM EBIT | 18.9x | 6.2x | 12.3x | 28.3x | -15.5x | 30.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -15.5x | 12.3x | 28.3x | ||||
| Historical EV / LTM EBIT | 20.1x | 20.1x | 20.1x | ||||
| Selected EV / LTM EBIT | 28.7x | 30.2x | 31.7x | ||||
| (x) LTM EBIT | 321,446 | 321,446 | 321,446 | ||||
| (=) Implied Enterprise Value | 9,216,674 | 9,701,762 | 10,186,850 | ||||
| (-) Non-shareholder Claims * | (455,789) | (455,789) | (455,789) | ||||
| (=) Equity Value | 8,760,885 | 9,245,973 | 9,731,061 | ||||
| (/) Shares Outstanding | 15,825.8 | 15,825.8 | 15,825.8 | ||||
| Implied Value Range | 553.58 | 584.23 | 614.89 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 553.58 | 584.23 | 614.89 | 585.00 | |||
| Upside / (Downside) | -5.4% | -0.1% | 5.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSC | SCS | HATM | TMS | CMPP | ALII | |
| Enterprise Value | 9,131,190 | 4,899,952 | 2,511,798 | 7,719,729 | 8,480,873 | 9,713,882 | |
| (+) Cash & Short Term Investments | 1,736,804 | 1,377,557 | 374,110 | 583,406 | 74,781 | 31,887 | |
| (+) Investments & Other | 757,861 | 0 | 5,908 | 2,365,011 | 0 | 0 | |
| (-) Debt | (2,115,247) | 0 | (660,009) | (2,357,022) | (7,777,838) | (430,168) | |
| (-) Other Liabilities | (375,971) | 0 | 0 | (1,114,330) | (8,487) | (57,508) | |
| (-) Preferred Stock | 0 | (71,900) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,134,637 | 6,205,609 | 2,231,807 | 7,196,794 | 769,329 | 9,258,093 | |
| (/) Shares Outstanding | 374.4 | 94.9 | 8,390.3 | 169.3 | 10,685.1 | 15,825.8 | |
| Implied Stock Price | 24,400.00 | 65,400.00 | 266.00 | 42,500.00 | 72.00 | 585.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24,400.00 | 65,400.00 | 266.00 | 42,500.00 | 72.00 | 585.00 | |
| Trading Currency | VND | VND | IDR | VND | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |