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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.1x - 16.7x | 15.9x |
| Selected Fwd EBITDA Multiple | 13.5x - 15.0x | 14.2x |
| Fair Value | Rp4,607 - Rp5,030 | Rp4,819 |
| Upside | 4.7% - 14.3% | 9.5% |
| Benchmarks | Ticker | Full Ticker |
| PT Sawit Sumbermas Sarana Tbk. | SSMS | IDX:SSMS |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| PT Ultrajaya Milk Industry & Trading Company Tbk | ULTJ | IDX:ULTJ |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Astra Agro Lestari Tbk | AALI | IDX:AALI |
| PT Cisarua Mountain Dairy Tbk | CMRY | IDX:CMRY |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SSMS | JPFA | ULTJ | SBT | AALI | CMRY | ||
| IDX:SSMS | IDX:JPFA | IDX:ULTJ | HOSE:SBT | IDX:AALI | IDX:CMRY | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 29.4% | 8.6% | 1.6% | 33.2% | 4.1% | 60.9% | |
| 3Y CAGR | 1.9% | 12.8% | -4.1% | 11.1% | -9.5% | 20.2% | |
| Latest Twelve Months | 43.1% | 43.6% | -6.5% | 5.2% | 6.8% | 16.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 29.1% | 8.9% | 21.7% | 8.7% | 16.1% | 21.7% | |
| Prior Fiscal Year | 14.6% | 6.3% | 19.8% | 8.2% | 14.5% | 20.2% | |
| Latest Fiscal Year | 21.2% | 11.1% | 17.7% | 7.5% | 14.7% | 20.6% | |
| Latest Twelve Months | 21.2% | 11.2% | 16.9% | 7.6% | 13.7% | 20.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.87x | 0.55x | 1.35x | 0.71x | 0.39x | 3.25x | |
| EV / LTM EBITDA | 8.8x | 4.9x | 8.0x | 9.3x | 2.8x | 15.6x | |
| EV / LTM EBIT | 10.8x | 6.0x | 8.8x | 11.9x | 5.0x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.8x | 8.0x | 9.3x | ||||
| Historical EV / LTM EBITDA | 19.6x | 21.9x | 28.9x | ||||
| Selected EV / LTM EBITDA | 15.1x | 15.9x | 16.7x | ||||
| (x) LTM EBITDA | 1,939,238 | 1,939,238 | 1,939,238 | ||||
| (=) Implied Enterprise Value | 29,306,518 | 30,848,966 | 32,391,415 | ||||
| (-) Non-shareholder Claims * | 4,712,655 | 4,712,655 | 4,712,655 | ||||
| (=) Equity Value | 34,019,173 | 35,561,621 | 37,104,070 | ||||
| (/) Shares Outstanding | 7,934.7 | 7,934.7 | 7,934.7 | ||||
| Implied Value Range | 4,287.40 | 4,481.79 | 4,676.19 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4,287.40 | 4,481.79 | 4,676.19 | 4,400.00 | |||
| Upside / (Downside) | -2.6% | 1.9% | 6.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SSMS | JPFA | ULTJ | SBT | AALI | CMRY | |
| Enterprise Value | 19,711,265 | 30,657,251 | 11,994,838 | 21,242,205 | 9,283,207 | 30,199,950 | |
| (+) Cash & Short Term Investments | 1,180,282 | 1,743,972 | 2,183,735 | 8,775,958 | 5,338,299 | 2,797,124 | |
| (+) Investments & Other | 550,420 | 284,160 | 140,403 | 4,763,508 | 370,247 | 1,916,596 | |
| (-) Debt | (7,082,088) | (10,819,120) | (35,370) | (20,343,669) | (3,189,708) | (861) | |
| (-) Other Liabilities | (262,879) | (1,169,011) | (90,097) | (89,532) | (542,618) | (204) | |
| (-) Preferred Stock | 0 | 0 | 0 | (216,113) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,097,000 | 20,697,252 | 14,193,509 | 14,132,356 | 11,259,427 | 34,912,605 | |
| (/) Shares Outstanding | 9,525.0 | 11,627.7 | 10,398.2 | 814.5 | 1,924.7 | 7,934.7 | |
| Implied Stock Price | 1,480.00 | 1,780.00 | 1,365.00 | 17,350.00 | 5,850.00 | 4,400.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,480.00 | 1,780.00 | 1,365.00 | 17,350.00 | 5,850.00 | 4,400.00 | |
| Trading Currency | IDR | IDR | IDR | VND | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |