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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 30.6x - 33.8x | 32.2x |
| Selected Fwd EBIT Multiple | 12.8x - 14.1x | 13.5x |
| Fair Value | Rp236.37 - Rp284.15 | Rp260.26 |
| Upside | -28.8% - -14.4% | -21.6% |
| Benchmarks | Ticker | Full Ticker |
| POSCO Holdings Inc. | A005490 | KOSE:A005490 |
| PT Steel Pipe Industry of Indonesia Tbk | ISSP | IDX:ISSP |
| TienLen Steel Corporation Joint Stock Company | TLH | HOSE:TLH |
| PT Betonjaya Manunggal Tbk | BTON | IDX:BTON |
| PT Gunawan Dianjaya Steel Tbk | GDST | IDX:GDST |
| PT Hillcon Tbk | HILL | IDX:HILL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A005490 | ISSP | TLH | BTON | GDST | HILL | ||
| KOSE:A005490 | IDX:ISSP | HOSE:TLH | IDX:BTON | IDX:GDST | IDX:HILL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -10.9% | 16.4% | NM- | -21.1% | NM- | NM- | |
| 3Y CAGR | -38.8% | 4.1% | NM- | NM- | NM- | 13.9% | |
| Latest Twelve Months | -34.6% | 8.1% | -712.3% | -46.3% | -48.6% | -76.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.0% | 10.3% | 3.3% | 4.7% | 5.8% | 16.4% | |
| Prior Fiscal Year | 4.2% | 11.4% | 1.1% | 6.7% | 14.0% | 20.7% | |
| Latest Fiscal Year | 2.9% | 13.0% | -6.6% | 5.1% | 12.5% | 8.8% | |
| Latest Twelve Months | 2.9% | 13.0% | -6.6% | 3.3% | 6.8% | 4.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.50x | 0.63x | 0.38x | 0.03x | 0.34x | 1.98x | |
| EV / LTM EBITDA | 6.0x | 3.9x | -6.2x | 0.6x | 4.5x | 12.0x | |
| EV / LTM EBIT | 17.2x | 4.8x | -5.7x | 0.8x | 5.0x | 45.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -5.7x | 4.8x | 17.2x | ||||
| Historical EV / LTM EBIT | 12.1x | 12.1x | 12.1x | ||||
| Selected EV / LTM EBIT | 30.6x | 32.2x | 33.8x | ||||
| (x) LTM EBIT | 179,521 | 179,521 | 179,521 | ||||
| (=) Implied Enterprise Value | 5,492,973 | 5,782,076 | 6,071,180 | ||||
| (-) Non-shareholder Claims * | (3,206,635) | (3,206,635) | (3,206,635) | ||||
| (=) Equity Value | 2,286,338 | 2,575,441 | 2,864,545 | ||||
| (/) Shares Outstanding | 14,741.5 | 14,741.5 | 14,741.5 | ||||
| Implied Value Range | 155.10 | 174.71 | 194.32 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 155.10 | 174.71 | 194.32 | 332.00 | |||
| Upside / (Downside) | -53.3% | -47.4% | -41.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A005490 | ISSP | TLH | BTON | GDST | HILL | |
| Enterprise Value | 36,404,961 | 3,827,047 | 2,379,894 | (34,860) | 908,946 | 8,100,813 | |
| (+) Cash & Short Term Investments | 14,802,109 | 503,649 | 181,062 | 291,739 | 686,841 | 112,495 | |
| (+) Investments & Other | 4,763,424 | 39,579 | 110,364 | 38,321 | 0 | 0 | |
| (-) Debt | (26,903,468) | (2,519,142) | (2,038,429) | 0 | (888,343) | (3,066,756) | |
| (-) Other Liabilities | (6,056,137) | (14) | (15,132) | 0 | 0 | (252,374) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,010,889 | 1,851,119 | 617,760 | 295,200 | 707,444 | 4,894,178 | |
| (/) Shares Outstanding | 82.6 | 7,065.3 | 112.3 | 720.0 | 8,955.0 | 14,741.5 | |
| Implied Stock Price | 278,500.00 | 262.00 | 5,500.00 | 410.00 | 79.00 | 332.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 278,500.00 | 262.00 | 5,500.00 | 410.00 | 79.00 | 332.00 | |
| Trading Currency | KRW | IDR | VND | IDR | IDR | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |