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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,8x - 12,0x | 11,4x |
| Selected Fwd EBITDA Multiple | 10,3x - 11,4x | 10,9x |
| Fair Value | Rp91,49 - Rp99,62 | Rp95,55 |
| Upside | -18,3% - -11,1% | -14,7% |
| Benchmarks | Ticker | Full Ticker |
| PT Mitra Angkasa Sejahtera Tbk | BAUT | IDX:BAUT |
| PT Optima Prima Metal Sinergi Tbk | OPMS | IDX:OPMS |
| PT Sinergi Multi Lestarindo Tbk | SMLE | IDX:SMLE |
| PT Xolare RCR Energy TBK | SOLA | IDX:SOLA |
| PT Surya Pertiwi Tbk | SPTO | IDX:SPTO |
| PT Kian Santang Muliatama Tbk | RGAS | IDX:RGAS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BAUT | OPMS | SMLE | SOLA | SPTO | RGAS | ||
| IDX:BAUT | IDX:OPMS | IDX:SMLE | IDX:SOLA | IDX:SPTO | IDX:RGAS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 6.5% | 85.0% | |
| 3Y CAGR | NM- | NM- | 15.0% | -23.3% | 8.7% | 50.9% | |
| Latest Twelve Months | -454.8% | -13.5% | 126.4% | 80.7% | 19.0% | NM | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.3% | -15.0% | 7.3% | 15.4% | 14.2% | 11.3% | |
| Prior Fiscal Year | 4.8% | -51.6% | 4.9% | 11.1% | 14.5% | 14.7% | |
| Latest Fiscal Year | -6.6% | -10.6% | 7.7% | 10.3% | 15.0% | 12.6% | |
| Latest Twelve Months | -12.1% | -24.9% | 7.5% | 11.8% | 15.3% | 5.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.03x | 2.49x | 1.32x | 2.99x | 0.85x | 0.82x | |
| EV / LTM EBITDA | -8.5x | -10.0x | 17.6x | 25.4x | 5.5x | 14.8x | |
| EV / LTM EBIT | -7.5x | -5.9x | 30.1x | 34.5x | 6.5x | 20.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -10.0x | 5.5x | 25.4x | ||||
| Historical EV / LTM EBITDA | 6.4x | 6.4x | 6.4x | ||||
| Selected EV / LTM EBITDA | 10.8x | 11.4x | 12.0x | ||||
| (x) LTM EBITDA | 9,660 | 9,660 | 9,660 | ||||
| (=) Implied Enterprise Value | 104,507 | 110,007 | 115,508 | ||||
| (-) Non-shareholder Claims * | 20,761 | 20,761 | 20,761 | ||||
| (=) Equity Value | 125,268 | 130,769 | 136,269 | ||||
| (/) Shares Outstanding | 1,459.2 | 1,459.2 | 1,459.2 | ||||
| Implied Value Range | 85.85 | 89.61 | 93.38 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 85.85 | 89.61 | 93.38 | 112.00 | |||
| Upside / (Downside) | -23.4% | -20.0% | -16.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BAUT | OPMS | SMLE | SOLA | SPTO | RGAS | |
| Enterprise Value | 146,884 | 46,859 | 292,757 | 372,662 | 2,462,926 | 142,673 | |
| (+) Cash & Short Term Investments | 177 | 13,263 | 55,559 | 19,889 | 241,101 | 31,947 | |
| (+) Investments & Other | 0 | 0 | 0 | 2 | 191,855 | 238 | |
| (-) Debt | (22,253) | 0 | (68,938) | (31,080) | (270,255) | (11,337) | |
| (-) Other Liabilities | (3) | 0 | (1) | (177) | (735,627) | (87) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 124,805 | 60,122 | 279,378 | 361,295 | 1,890,000 | 163,434 | |
| (/) Shares Outstanding | 4,800.2 | 801.6 | 2,328.2 | 3,284.5 | 2,700.0 | 1,459.2 | |
| Implied Stock Price | 26.00 | 75.00 | 120.00 | 110.00 | 700.00 | 112.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.00 | 75.00 | 120.00 | 110.00 | 700.00 | 112.00 | |
| 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 | |