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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8,4x - 9,3x | 8,8x |
| Selected Fwd EBIT Multiple | 7,1x - 7,8x | 7,4x |
| Fair Value | Rp2.820 - Rp3.209 | Rp3.015 |
| Upside | 44,3% - 64,2% | 54,2% |
| Benchmarks | Ticker | Full Ticker |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| Vinh Hoan Corporation | VHC | HOSE:VHC |
| PT Sawit Sumbermas Sarana Tbk. | SSMS | IDX:SSMS |
| PT Astra Agro Lestari Tbk | AALI | IDX:AALI |
| Indofood Agri Resources Ltd. | 5JS | SGX:5JS |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SBT | VHC | SSMS | AALI | 5JS | JPFA | ||
| HOSE:SBT | HOSE:VHC | IDX:SSMS | IDX:AALI | SGX:5JS | IDX:JPFA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 132.1% | 2.0% | 8.7% | 9.2% | 40.5% | 10.4% | |
| 3Y CAGR | 13.1% | 1.5% | -2.0% | -16.5% | 2.4% | 18.2% | |
| Latest Twelve Months | 10.7% | 29.3% | 27.2% | 6.9% | 65.9% | 132.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.0% | 11.9% | 23.5% | 9.9% | 14.5% | 6.5% | |
| Prior Fiscal Year | 5.8% | 9.7% | 22.2% | 8.1% | 13.2% | 4.3% | |
| Latest Fiscal Year | 5.6% | 10.0% | 11.0% | 8.2% | 21.9% | 9.2% | |
| Latest Twelve Months | 6.0% | 10.0% | 13.3% | 8.2% | 21.9% | 9.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.65x | 1.17x | 1.94x | 0.49x | 1.09x | 0.60x | |
| EV / LTM EBITDA | 8.5x | 8.6x | 11.4x | 3.3x | 3.5x | 5.4x | |
| EV / LTM EBIT | 10.8x | 11.7x | 14.5x | 6.0x | 5.0x | 6.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.0x | 10.8x | 14.5x | ||||
| Historical EV / LTM EBIT | 6.5x | 8.8x | 12.0x | ||||
| Selected EV / LTM EBIT | 8.4x | 8.8x | 9.3x | ||||
| (x) LTM EBIT | 5,122,862 | 5,122,862 | 5,122,862 | ||||
| (=) Implied Enterprise Value | 42,897,159 | 45,154,904 | 47,412,649 | ||||
| (-) Non-shareholder Claims * | (10,201,161) | (10,201,161) | (10,201,161) | ||||
| (=) Equity Value | 32,695,998 | 34,953,743 | 37,211,488 | ||||
| (/) Shares Outstanding | 11,627.7 | 11,627.7 | 11,627.7 | ||||
| Implied Value Range | 2,811.91 | 3,006.08 | 3,200.25 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,811.91 | 3,006.08 | 3,200.25 | 1,955.00 | |||
| Upside / (Downside) | 43.8% | 53.8% | 63.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SBT | VHC | SSMS | AALI | 5JS | JPFA | |
| Enterprise Value | 19,287,297 | 14,497,370 | 20,770,460 | 10,544,686 | 16,680,213 | 32,933,256 | |
| (+) Cash & Short Term Investments | 8,775,958 | 2,910,419 | 883,318 | 3,236,012 | 5,945,500 | 1,356,331 | |
| (+) Investments & Other | 4,763,508 | 69,482 | 564,573 | 410,417 | 2,275,052 | 281,816 | |
| (-) Debt | (20,343,669) | (2,277,107) | (7,161,856) | (3,189,537) | (7,874,434) | (10,743,624) | |
| (-) Other Liabilities | (89,532) | (318,920) | (245,119) | (560,144) | (11,565,212) | (1,095,684) | |
| (-) Preferred Stock | (216,113) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,177,448 | 14,881,244 | 14,811,375 | 10,441,434 | 5,461,119 | 22,732,095 | |
| (/) Shares Outstanding | 814.5 | 224.5 | 9,525.0 | 1,924.7 | 1,395.9 | 11,627.7 | |
| Implied Stock Price | 14,950.00 | 66,300.00 | 1,555.00 | 5,425.00 | 3,912.24 | 1,955.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 12,419.82 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14,950.00 | 66,300.00 | 1,555.00 | 5,425.00 | 0.32 | 1,955.00 | |
| Trading Currency | VND | VND | IDR | IDR | SGD | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 12,419.82 | 1.00 | |