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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 10,4x - 11,5x | 10,9x |
Selected Fwd EBIT Multiple | 7,3x - 8,1x | 7,7x |
Fair Value | Rp694,55 - Rp762,76 | Rp728,66 |
Upside | 16,7% - 28,2% | 22,5% |
Benchmarks | Ticker | Full Ticker |
Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
PT Charoen Pokphand Indonesia Tbk | CPIN | IDX:CPIN |
PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
Saigon Beer - Alcohol - Beverage Corporation | SAB | HOSE:SAB |
PT Mayora Indah Tbk | MYOR | IDX:MYOR |
PT Hanjaya Mandala Sampoerna Tbk | HMSP | IDX:HMSP |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SBT | CPIN | JPFA | SAB | MYOR | HMSP | ||
HOSE:SBT | IDX:CPIN | IDX:JPFA | HOSE:SAB | IDX:MYOR | IDX:HMSP | ||
Historical EBIT Growth | |||||||
5Y CAGR | 132.1% | 3.6% | 10.4% | -4.2% | 4.3% | -14.7% | |
3Y CAGR | 13.1% | 7.1% | 18.2% | 8.1% | 30.2% | -2.7% | |
Latest Twelve Months | 10.7% | 58.1% | 55.7% | -2.0% | -22.7% | -15.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 6.0% | 9.1% | 6.6% | 14.7% | 10.2% | 20.1% | |
Prior Fiscal Year | 5.8% | 5.9% | 4.3% | 12.5% | 13.7% | 16.9% | |
Latest Fiscal Year | 5.6% | 8.8% | 9.2% | 13.9% | 10.9% | 14.4% | |
Latest Twelve Months | 6.0% | 9.9% | 9.2% | 14.2% | 9.3% | 14.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.87x | 1.20x | 0.52x | 1.41x | 1.33x | 1.21x | |
EV / LTM EBITDA | 11.4x | 10.1x | 4.6x | 9.0x | 10.6x | 7.5x | |
EV / LTM EBIT | 14.7x | 12.2x | 5.6x | 10.2x | 14.4x | 8.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 5.6x | 12.2x | 14.7x | ||||
Historical EV / LTM EBIT | 8.6x | 11.3x | 12.5x | ||||
Selected EV / LTM EBIT | 10.4x | 10.9x | 11.5x | ||||
(x) LTM EBIT | 7,529,306 | 7,529,306 | 7,529,306 | ||||
(=) Implied Enterprise Value | 78,301,208 | 82,422,324 | 86,543,440 | ||||
(-) Non-shareholder Claims * | 5,417,363 | 5,417,363 | 5,417,363 | ||||
(=) Equity Value | 83,718,571 | 87,839,687 | 91,960,803 | ||||
(/) Shares Outstanding | 116,318.1 | 116,318.1 | 116,318.1 | ||||
Implied Value Range | 719.74 | 755.17 | 790.60 | ||||
FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 719.74 | 755.17 | 790.60 | 595.00 | |||
Upside / (Downside) | 21.0% | 26.9% | 32.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SBT | CPIN | JPFA | SAB | MYOR | HMSP | |
Enterprise Value | 26,170,202 | 83,142,985 | 28,680,548 | 40,373,693 | 49,537,285 | 63,791,893 | |
(+) Cash & Short Term Investments | 8,775,958 | 6,184,390 | 1,743,972 | 22,185,394 | 3,660,060 | 5,666,992 | |
(+) Investments & Other | 4,763,508 | 74,185 | 284,160 | 2,265,737 | 0 | 93,060 | |
(-) Debt | (20,343,669) | (7,559,430) | (10,819,120) | (351,255) | (6,840,885) | (342,689) | |
(-) Other Liabilities | (89,532) | (16,110) | (1,169,011) | (1,499,755) | (297,538) | 0 | |
(-) Preferred Stock | (216,113) | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 19,060,354 | 81,826,020 | 18,720,549 | 62,973,812 | 46,058,921 | 69,209,256 | |
(/) Shares Outstanding | 814.5 | 16,398.0 | 11,627.7 | 1,282.6 | 22,358.7 | 116,318.1 | |
Implied Stock Price | 23,400.00 | 4,990.00 | 1,610.00 | 49,100.00 | 2,060.00 | 595.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 23,400.00 | 4,990.00 | 1,610.00 | 49,100.00 | 2,060.00 | 595.00 | |
Trading Currency | VND | IDR | IDR | VND | IDR | IDR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |