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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 13.3x - 14.7x | 14.0x |
Selected Fwd EBIT Multiple | 12.5x - 13.8x | 13.1x |
Fair Value | Rp679.76 - Rp744.74 | Rp712.25 |
Upside | 28.3% - 40.5% | 34.4% |
Benchmarks | Ticker | Full Ticker |
PT Palma Serasih Tbk | PSGO | IDX:PSGO |
PT Ultrajaya Milk Industry & Trading Company Tbk | ULTJ | IDX:ULTJ |
PT Sawit Sumbermas Sarana Tbk. | SSMS | IDX:SSMS |
PT Nippon Indosari Corpindo Tbk | ROTI | IDX:ROTI |
PT Sampoerna Agro Tbk | SGRO | IDX:SGRO |
PT Diamond Food Indonesia Tbk | DMND | IDX:DMND |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
PSGO | ULTJ | SSMS | ROTI | SGRO | DMND | ||
IDX:PSGO | IDX:ULTJ | IDX:SSMS | IDX:ROTI | IDX:SGRO | IDX:DMND | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 1.9% | 41.9% | 8.2% | 26.4% | -1.7% | |
3Y CAGR | 10.7% | -4.0% | 0.5% | 7.6% | -3.7% | 1.0% | |
Latest Twelve Months | 19.1% | -6.7% | 47.3% | -12.0% | 52.5% | 11.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 19.8% | 19.7% | 24.1% | 12.2% | 22.3% | 4.9% | |
Prior Fiscal Year | 20.0% | 18.0% | 11.0% | 12.4% | 16.7% | 4.3% | |
Latest Fiscal Year | 23.5% | 16.2% | 17.4% | 13.0% | 22.2% | 4.5% | |
Latest Twelve Months | 23.1% | 15.4% | 16.6% | 11.7% | 24.0% | 4.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.44x | 1.29x | 1.54x | 1.29x | 1.23x | 0.45x | |
EV / LTM EBITDA | 4.8x | 7.6x | 7.7x | 7.9x | 3.7x | 7.1x | |
EV / LTM EBIT | 6.2x | 8.4x | 9.3x | 11.0x | 5.1x | 10.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 5.1x | 8.4x | 11.0x | ||||
Historical EV / LTM EBIT | 12.8x | 17.5x | 24.2x | ||||
Selected EV / LTM EBIT | 13.3x | 14.0x | 14.7x | ||||
(x) LTM EBIT | 411,828 | 411,828 | 411,828 | ||||
(=) Implied Enterprise Value | 5,479,683 | 5,768,087 | 6,056,491 | ||||
(-) Non-shareholder Claims * | 592,016 | 592,016 | 592,016 | ||||
(=) Equity Value | 6,071,699 | 6,360,103 | 6,648,507 | ||||
(/) Shares Outstanding | 9,468.4 | 9,468.4 | 9,468.4 | ||||
Implied Value Range | 641.26 | 671.72 | 702.18 | ||||
FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 641.26 | 671.72 | 702.18 | 530.00 | |||
Upside / (Downside) | 21.0% | 26.7% | 32.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PSGO | ULTJ | SSMS | ROTI | SGRO | DMND | |
Enterprise Value | 3,299,069 | 11,422,939 | 17,993,100 | 4,930,786 | 7,667,042 | 4,426,214 | |
(+) Cash & Short Term Investments | 1,357,410 | 2,183,735 | 1,280,408 | 325,032 | 592,564 | 554,071 | |
(+) Investments & Other | 0 | 140,403 | 540,197 | 8,442 | 0 | 71,921 | |
(-) Debt | (1,168,928) | (35,370) | (7,149,402) | (614,031) | (2,661,247) | (4,869) | |
(-) Other Liabilities | (302) | (90,097) | (281,803) | (5,273) | (433,473) | (29,107) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,487,250 | 13,621,610 | 12,382,500 | 4,644,956 | 5,164,886 | 5,018,230 | |
(/) Shares Outstanding | 18,850.0 | 10,398.2 | 9,525.0 | 5,664.6 | 1,818.6 | 9,468.4 | |
Implied Stock Price | 185.00 | 1,310.00 | 1,300.00 | 820.00 | 2,840.00 | 530.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 185.00 | 1,310.00 | 1,300.00 | 820.00 | 2,840.00 | 530.00 | |
Trading Currency | IDR | IDR | IDR | IDR | IDR | IDR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |