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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4,8x - 5,3x | 5,0x |
| Selected Fwd EBIT Multiple | 5,6x - 6,2x | 5,9x |
| Fair Value | S$0,37 - S$0,48 | S$0,42 |
| Upside | 17,8% - 51,4% | 34,6% |
| Benchmarks | Ticker | Full Ticker |
| PT Sampoerna Agro Tbk | SGRO | IDX:SGRO |
| PT Astra Agro Lestari Tbk | AALI | IDX:AALI |
| PT Sawit Sumbermas Sarana Tbk. | SSMS | IDX:SSMS |
| Vinh Hoan Corporation | VHC | HOSE:VHC |
| PT Ultrajaya Milk Industry & Trading Company Tbk | ULTJ | IDX:ULTJ |
| Indofood Agri Resources Ltd. | 5JS | SGX:5JS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SGRO | AALI | SSMS | VHC | ULTJ | 5JS | ||
| IDX:SGRO | IDX:AALI | IDX:SSMS | HOSE:VHC | IDX:ULTJ | SGX:5JS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 26.4% | 9.2% | 41.9% | 1.8% | 1.9% | 43.0% | |
| 3Y CAGR | -3.7% | -16.5% | 0.5% | 1.1% | -4.0% | 5.4% | |
| Latest Twelve Months | 34.9% | 7.8% | 47.3% | 57.6% | -6.7% | 81.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.7% | 9.8% | 24.1% | 11.9% | 19.7% | 14.6% | |
| Prior Fiscal Year | 16.7% | 8.1% | 11.0% | 9.7% | 18.0% | 13.2% | |
| Latest Fiscal Year | 22.2% | 8.2% | 17.4% | 9.9% | 16.2% | 23.9% | |
| Latest Twelve Months | 22.2% | 7.7% | 16.6% | 10.7% | 15.4% | 23.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.22x | 0.40x | 1.62x | 1.00x | 1.30x | 1.11x | |
| EV / LTM EBITDA | 4.0x | 2.9x | 8.1x | 6.9x | 7.6x | 3.4x | |
| EV / LTM EBIT | 5.5x | 5.2x | 9.8x | 9.3x | 8.4x | 4.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.2x | 8.4x | 9.8x | ||||
| Historical EV / LTM EBIT | 4.6x | 7.3x | 13.1x | ||||
| Selected EV / LTM EBIT | 4.8x | 5.0x | 5.3x | ||||
| (x) LTM EBIT | 3,813,216 | 3,813,216 | 3,813,216 | ||||
| (=) Implied Enterprise Value | 18,223,270 | 19,182,389 | 20,141,509 | ||||
| (-) Non-shareholder Claims * | (11,219,094) | (11,219,094) | (11,219,094) | ||||
| (=) Equity Value | 7,004,176 | 7,963,295 | 8,922,415 | ||||
| (/) Shares Outstanding | 1,395.9 | 1,395.9 | 1,395.9 | ||||
| Implied Value Range | 5,017.66 | 5,704.76 | 6,391.85 | ||||
| FX Rate: IDR/SGD | 12,641.9 | 12,641.9 | 12,641.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.40 | 0.45 | 0.51 | 0.32 | |||
| Upside / (Downside) | 26.0% | 43.3% | 60.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SGRO | AALI | SSMS | VHC | ULTJ | 5JS | |
| Enterprise Value | 6,965,285 | 9,571,910 | 18,945,600 | 12,263,160 | 11,474,929 | 16,777,861 | |
| (+) Cash & Short Term Investments | 840,602 | 5,338,299 | 1,280,408 | 3,260,538 | 2,183,735 | 5,945,500 | |
| (+) Investments & Other | 0 | 370,247 | 540,197 | 70,011 | 140,403 | 2,275,052 | |
| (-) Debt | (3,068,331) | (3,189,708) | (7,149,402) | (2,485,742) | (35,370) | (7,874,434) | |
| (-) Other Liabilities | (445,608) | (542,618) | (281,803) | (336,582) | (90,097) | (11,565,212) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,291,948 | 11,548,130 | 13,335,000 | 12,771,385 | 13,673,600 | 5,558,767 | |
| (/) Shares Outstanding | 1,818.6 | 1,924.7 | 9,525.0 | 224.5 | 10,398.2 | 1,395.9 | |
| Implied Stock Price | 2,360.00 | 6,000.00 | 1,400.00 | 56,900.00 | 1,315.00 | 3,982.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 12,641.90 | |
| Implied Stock Price (Trading Cur) | 2,360.00 | 6,000.00 | 1,400.00 | 56,900.00 | 1,315.00 | 0.32 | |
| Trading Currency | IDR | IDR | IDR | VND | IDR | SGD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 12,641.90 | |