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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 7,9x - 8,8x | 8,4x |
Selected Fwd EBITDA Multiple | 7,0x - 7,7x | 7,3x |
Fair Value | Rp1.471 - Rp1.687 | Rp1.579 |
Upside | -5,7% - 8,2% | 1,2% |
Benchmarks | Ticker | Full Ticker |
PT Ultrajaya Milk Industry & Trading Company Tbk | ULTJ | IDX:ULTJ |
PT Siantar Top Tbk | STTP | IDX:STTP |
PT FAP Agri Tbk | FAPA | IDX:FAPA |
PT Sinar Mas Agro Resources and Technology Tbk | SMAR | IDX:SMAR |
PT Astra Agro Lestari Tbk | AALI | IDX:AALI |
PT Sawit Sumbermas Sarana Tbk. | SSMS | IDX:SSMS |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
ULTJ | STTP | FAPA | SMAR | AALI | SSMS | ||
IDX:ULTJ | IDX:STTP | IDX:FAPA | IDX:SMAR | IDX:AALI | IDX:SSMS | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 1.6% | 11.8% | 40.3% | 10.9% | 4.1% | 29.4% | |
3Y CAGR | -4.1% | 17.5% | 6.7% | -14.2% | -9.5% | 1.9% | |
Latest Twelve Months | -4.3% | 6.5% | 60.9% | 27.6% | 6.5% | 43.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 22.0% | 18.7% | 29.5% | 7.2% | 16.3% | 29.1% | |
Prior Fiscal Year | 19.8% | 22.2% | 19.1% | 3.9% | 14.5% | 14.6% | |
Latest Fiscal Year | 17.7% | 22.7% | 27.1% | 4.2% | 14.7% | 21.2% | |
Latest Twelve Months | 17.7% | 22.7% | 27.1% | 4.2% | 14.7% | 21.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.35x | 2.23x | 3.73x | 0.32x | 0.53x | 1.95x | |
EV / LTM EBITDA | 7.6x | 9.8x | 13.8x | 7.6x | 3.6x | 9.2x | |
EV / LTM EBIT | 8.3x | 10.5x | 22.6x | 12.0x | 6.5x | 11.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 3.6x | 7.6x | 13.8x | ||||
Historical EV / LTM EBITDA | 4.9x | 8.3x | 12.5x | ||||
Selected EV / LTM EBITDA | 7.9x | 8.4x | 8.8x | ||||
(x) LTM EBITDA | 2,229,852 | 2,229,852 | 2,229,852 | ||||
(=) Implied Enterprise Value | 17,723,787 | 18,656,618 | 19,589,449 | ||||
(-) Non-shareholder Claims * | (5,614,265) | (5,614,265) | (5,614,265) | ||||
(=) Equity Value | 12,109,522 | 13,042,353 | 13,975,184 | ||||
(/) Shares Outstanding | 9,525.0 | 9,525.0 | 9,525.0 | ||||
Implied Value Range | 1,271.34 | 1,369.28 | 1,467.21 | ||||
FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1,271.34 | 1,369.28 | 1,467.21 | 1,560.00 | |||
Upside / (Downside) | -18.5% | -12.2% | -5.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ULTJ | STTP | FAPA | SMAR | AALI | SSMS | |
Enterprise Value | 11,960,161 | 10,984,686 | 21,442,863 | 25,122,546 | 11,555,148 | 20,473,265 | |
(+) Cash & Short Term Investments | 2,434,322 | 3,794,434 | 815,777 | 1,585,735 | 3,236,012 | 1,180,282 | |
(+) Investments & Other | 132,526 | 52,343 | 0 | 3,066,899 | 410,417 | 550,420 | |
(-) Debt | (37,848) | 0 | (3,514,867) | (19,220,607) | (3,189,537) | (7,082,088) | |
(-) Other Liabilities | (87,688) | (28,462) | (186,203) | (13,623) | (560,144) | (262,879) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 14,401,473 | 14,803,000 | 18,557,571 | 10,540,950 | 11,451,896 | 14,859,000 | |
(/) Shares Outstanding | 10,398.2 | 1,310.0 | 3,485.0 | 2,872.2 | 1,924.7 | 9,525.0 | |
Implied Stock Price | 1,385.00 | 11,300.00 | 5,325.00 | 3,670.00 | 5,950.00 | 1,560.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1,385.00 | 11,300.00 | 5,325.00 | 3,670.00 | 5,950.00 | 1,560.00 | |
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 |