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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3.5x - 3.8x | 3.7x |
| Selected Fwd EBIT Multiple | 4.6x - 5.0x | 4.8x |
| Fair Value | €0.12 - €0.13 | €0.12 |
| Upside | -4.9% - 1.0% | -2.0% |
| Benchmarks | Ticker | Full Ticker |
| PT AKR Corporindo Tbk | AKRA | IDX:AKRA |
| PetroVietnam Technical Services Corporation | PVS | HNX:PVS |
| Ecopetrol S.A. | ECOPETROL | BVC:ECOPETROL |
| PT Harum Energy Tbk | HRUM | IDX:HRUM |
| PT. Indika Energy Tbk | INDY | IDX:INDY |
| PT Bukit Asam Tbk | TBA | DB:TBA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AKRA | PVS | ECOPETROL | HRUM | INDY | TBA | ||
| IDX:AKRA | HNX:PVS | BVC:ECOPETROL | IDX:HRUM | IDX:INDY | DB:TBA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 21.6% | NM- | 12.3% | 55.4% | -0.4% | 2.2% | |
| 3Y CAGR | 21.0% | NM- | 7.5% | 17.7% | -36.6% | -17.8% | |
| Latest Twelve Months | -13.4% | -10557.2% | -4.3% | -21.0% | -41.4% | -42.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.8% | -0.1% | 28.8% | 28.2% | 11.8% | 22.5% | |
| Prior Fiscal Year | 8.4% | -0.1% | 29.0% | 31.0% | 9.2% | 18.9% | |
| Latest Fiscal Year | 6.6% | -1.1% | 28.1% | 16.6% | 6.5% | 12.9% | |
| Latest Twelve Months | 6.9% | -1.7% | 27.0% | 12.0% | 5.6% | 9.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.72x | 0.10x | 1.40x | 1.42x | 0.41x | 0.36x | |
| EV / LTM EBITDA | 9.0x | 14.3x | 3.6x | 8.6x | 6.2x | 3.0x | |
| EV / LTM EBIT | 10.3x | -5.7x | 5.2x | 11.8x | 7.3x | 4.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -5.7x | 7.3x | 11.8x | ||||
| Historical EV / LTM EBIT | 1.5x | 3.1x | 8.6x | ||||
| Selected EV / LTM EBIT | 3.5x | 3.7x | 3.8x | ||||
| (x) LTM EBIT | 3,928,181 | 3,928,181 | 3,928,181 | ||||
| (=) Implied Enterprise Value | 13,625,372 | 14,342,497 | 15,059,621 | ||||
| (-) Non-shareholder Claims * | 12,021,612 | 12,021,612 | 12,021,612 | ||||
| (=) Equity Value | 25,646,984 | 26,364,109 | 27,081,233 | ||||
| (/) Shares Outstanding | 12,854.3 | 12,854.3 | 12,854.3 | ||||
| Implied Value Range | 1,995.21 | 2,050.99 | 2,106.78 | ||||
| FX Rate: IDR/EUR | 18,946.3 | 18,946.3 | 18,946.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.11 | 0.11 | 0.11 | 0.13 | |||
| Upside / (Downside) | -15.8% | -13.4% | -11.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AKRA | PVS | ECOPETROL | HRUM | INDY | TBA | |
| Enterprise Value | 29,714,766 | (2,240,539) | 186,079,552 | 1,913 | 961 | 18,421,128 | |
| (+) Cash & Short Term Investments | 4,045,229 | 16,610,915 | 16,630,094 | 257 | 518 | 4,469,455 | |
| (+) Investments & Other | 513,143 | 4,733,866 | 12,278,984 | 39 | 372 | 8,926,530 | |
| (-) Debt | (5,471,067) | (1,669,708) | (118,660,926) | (595) | (1,298) | (1,228,996) | |
| (-) Other Liabilities | (3,222,169) | (1,135,883) | (25,812,573) | (898) | (144) | (145,377) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,579,901 | 16,298,650 | 70,515,131 | 716 | 410 | 30,442,740 | |
| (/) Shares Outstanding | 19,752.8 | 478.0 | 41,116.7 | 13,177.1 | 5,202.7 | 12,854.3 | |
| Implied Stock Price | 1,295.00 | 34,100.00 | 1,715.00 | 0.05 | 0.08 | 2,368.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.00 | 0.00 | 18,946.33 | |
| Implied Stock Price (Trading Cur) | 1,295.00 | 34,100.00 | 1,715.00 | 890.00 | 1,290.00 | 0.13 | |
| Trading Currency | IDR | VND | COP | IDR | IDR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.00 | 0.00 | 18,946.33 | |