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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21,3x - 23,6x | 22,4x |
| Selected Fwd EBIT Multiple | 17,2x - 19,0x | 18,1x |
| Fair Value | Rp2.227 - Rp2.450 | Rp2.339 |
| Upside | -2,3% - 7,5% | 2,6% |
| Benchmarks | Ticker | Full Ticker |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Indofood Sukses Makmur Tbk | INDF | IDX:INDF |
| PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
| PT Unilever Indonesia Tbk | UNVR | IDX:UNVR |
| PT Sumber Alfaria Trijaya Tbk | AMRT | IDX:AMRT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| JPFA | SBT | INDF | CPIN | UNVR | AMRT | ||
| IDX:JPFA | HOSE:SBT | IDX:INDF | IDX:CPIN | IDX:UNVR | IDX:AMRT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.4% | 132.1% | 18.6% | 3.6% | -15.3% | 18.4% | |
| 3Y CAGR | 18.2% | 13.1% | 10.7% | 7.1% | -16.8% | 13.8% | |
| Latest Twelve Months | 55.7% | 10.7% | 12.8% | 58.1% | -34.0% | -8.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.6% | 6.0% | 17.5% | 9.1% | 18.0% | 3.3% | |
| Prior Fiscal Year | 4.3% | 5.8% | 18.0% | 5.9% | 16.3% | 4.1% | |
| Latest Fiscal Year | 9.2% | 5.6% | 20.4% | 8.8% | 12.6% | 3.4% | |
| Latest Twelve Months | 9.2% | 6.0% | 20.2% | 9.9% | 12.1% | 3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.49x | 0.75x | 1.13x | 1.12x | 1.53x | 0.75x | |
| EV / LTM EBITDA | 4.3x | 9.9x | 4.8x | 9.4x | 10.9x | 15.1x | |
| EV / LTM EBIT | 5.3x | 12.6x | 5.6x | 11.4x | 12.7x | 21.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.3x | 11.4x | 12.7x | ||||
| Historical EV / LTM EBIT | 21.5x | 25.4x | 33.3x | ||||
| Selected EV / LTM EBIT | 21.3x | 22.4x | 23.6x | ||||
| (x) LTM EBIT | 4,143,278 | 4,143,278 | 4,143,278 | ||||
| (=) Implied Enterprise Value | 88,343,008 | 92,992,640 | 97,642,272 | ||||
| (-) Non-shareholder Claims * | 4,564,744 | 4,564,744 | 4,564,744 | ||||
| (=) Equity Value | 92,907,752 | 97,557,384 | 102,207,016 | ||||
| (/) Shares Outstanding | 41,524.5 | 41,524.5 | 41,524.5 | ||||
| Implied Value Range | 2,237.42 | 2,349.39 | 2,461.37 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,237.42 | 2,349.39 | 2,461.37 | 2,280.00 | |||
| Upside / (Downside) | -1.9% | 3.0% | 8.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JPFA | SBT | INDF | CPIN | UNVR | AMRT | |
| Enterprise Value | 27,401,504 | 22,586,204 | 131,277,132 | 77,567,665 | 52,992,024 | 90,111,120 | |
| (+) Cash & Short Term Investments | 1,743,972 | 8,775,958 | 52,086,674 | 6,184,390 | 1,080,574 | 7,040,705 | |
| (+) Investments & Other | 284,160 | 4,763,508 | 7,045,149 | 74,185 | 0 | 751,795 | |
| (-) Debt | (10,819,120) | (20,343,669) | (74,776,744) | (7,559,430) | (1,425,598) | (1,876,278) | |
| (-) Other Liabilities | (1,169,011) | (89,532) | (44,949,778) | (16,110) | 0 | (1,351,478) | |
| (-) Preferred Stock | 0 | (216,113) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17,441,505 | 15,476,356 | 70,682,433 | 76,250,700 | 52,647,000 | 94,675,864 | |
| (/) Shares Outstanding | 11,627.7 | 814.5 | 8,780.4 | 16,398.0 | 38,150.0 | 41,524.5 | |
| Implied Stock Price | 1,500.00 | 19,000.00 | 8,050.00 | 4,650.00 | 1,380.00 | 2,280.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,500.00 | 19,000.00 | 8,050.00 | 4,650.00 | 1,380.00 | 2,280.00 | |
| Trading Currency | IDR | VND | IDR | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |