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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 261.8x - 289.4x | 275.6x |
| Selected Fwd EBITDA Multiple | 9.8x - 10.8x | 10.3x |
| Fair Value | Rp19.16 - Rp22.79 | Rp20.97 |
| Upside | -16.7% - -0.9% | -8.8% |
| Benchmarks | Ticker | Full Ticker |
| PT Widiant Jaya Krenindo Tbk | WIDI | IDX:WIDI |
| PT Optima Prima Metal Sinergi Tbk | OPMS | IDX:OPMS |
| PT Arita Prima Indonesia Tbk | APII | IDX:APII |
| PT Mitra Angkasa Sejahtera Tbk | BAUT | IDX:BAUT |
| PT Kian Santang Muliatama Tbk | RGAS | IDX:RGAS |
| PT Kusuma Kemindo Sentosa Tbk | KKES | IDX:KKES |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WIDI | OPMS | APII | BAUT | RGAS | KKES | ||
| IDX:WIDI | IDX:OPMS | IDX:APII | IDX:BAUT | IDX:RGAS | IDX:KKES | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | -7.3% | NM- | 85.0% | -30.7% | |
| 3Y CAGR | 39.3% | NM- | -7.8% | NM- | 50.9% | -54.9% | |
| Latest Twelve Months | 919.0% | -14.6% | -41.3% | -454.8% | NM | -94.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 25.3% | -15.0% | 18.8% | 1.3% | 11.3% | 3.6% | |
| Prior Fiscal Year | 7.4% | -51.6% | 20.9% | 4.8% | 14.7% | 2.1% | |
| Latest Fiscal Year | 37.0% | -10.6% | 13.1% | -6.6% | 12.6% | 0.7% | |
| Latest Twelve Months | 37.0% | -25.1% | 11.7% | -12.1% | 5.5% | 0.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.44x | 2.28x | 1.15x | 1.06x | 0.84x | 0.27x | |
| EV / LTM EBITDA | 3.9x | -9.1x | 9.8x | -8.8x | 15.1x | 310.4x | |
| EV / LTM EBIT | 13.1x | -5.4x | 15.6x | -7.8x | 21.0x | -92.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -9.1x | 3.9x | 15.1x | ||||
| Historical EV / LTM EBITDA | 11.6x | 13.3x | 16.8x | ||||
| Selected EV / LTM EBITDA | 261.8x | 275.6x | 289.4x | ||||
| (x) LTM EBITDA | 186 | 186 | 186 | ||||
| (=) Implied Enterprise Value | 48,578 | 51,135 | 53,691 | ||||
| (-) Non-shareholder Claims * | (23,103) | (23,103) | (23,103) | ||||
| (=) Equity Value | 25,475 | 28,031 | 30,588 | ||||
| (/) Shares Outstanding | 1,500.0 | 1,500.0 | 1,500.0 | ||||
| Implied Value Range | 16.98 | 18.69 | 20.39 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.98 | 18.69 | 20.39 | 23.00 | |||
| Upside / (Downside) | -26.2% | -18.8% | -11.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WIDI | OPMS | APII | BAUT | RGAS | KKES | |
| Enterprise Value | 21,744 | 42,851 | 323,059 | 151,684 | 145,591 | 57,603 | |
| (+) Cash & Short Term Investments | 7,533 | 13,263 | 12,682 | 177 | 31,947 | 793 | |
| (+) Investments & Other | 0 | 0 | 23,209 | 0 | 238 | 0 | |
| (-) Debt | (476) | 0 | (154,446) | (22,253) | (11,337) | (23,897) | |
| (-) Other Liabilities | 0 | 0 | (20,548) | (3) | (87) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,801 | 56,114 | 183,955 | 129,605 | 166,353 | 34,500 | |
| (/) Shares Outstanding | 1,600.0 | 801.6 | 1,075.8 | 4,800.2 | 1,459.2 | 1,500.0 | |
| Implied Stock Price | 18.00 | 70.00 | 171.00 | 27.00 | 114.00 | 23.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18.00 | 70.00 | 171.00 | 27.00 | 114.00 | 23.00 | |
| 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 | |