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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 10.7x - 12.7x | 11.7x |
| Fair Value | Rp166.74 - Rp244.48 | Rp204.85 |
| Upside | -11.3% - 30.0% | 9.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (IDR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 1,370,053 | 1,448,229 | 1,448,229 | 1,448,229 | 1,448,229 | 1,448,229 |
| % Growth | -5.4% | 5.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 91,874 | 133,468 | 133,468 | 133,468 | 133,468 | 133,468 |
| % of Revenue | 6.7% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (IDR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 133,468 | 133,468 | 133,468 | 133,468 | 133,468 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (35,408) | (35,408) | (35,408) | (35,408) | (35,408) | |
| EBIT | 98,061 | 98,061 | 98,061 | 98,061 | 98,061 | |
| Pro forma Taxes | (28,438) | (28,438) | (28,438) | (28,438) | (28,438) | |
| NOPAT | 40,010 | 69,623 | 69,623 | 69,623 | 69,623 | 69,623 |
| Capital Expenditures | (19,150) | (51,693) | (51,875) | (52,640) | (52,640) | (52,640) |
| NWC Investment | 55,193 | (55,193) | 0 | 0 | 0 | 0 |
| (+) D&A | 35,522 | 35,408 | 35,408 | 35,408 | 35,408 | 35,408 |
| Free Cash Flow | 111,575 | (1,854) | 53,156 | 52,391 | 52,391 | 52,391 |
| % Growth | NM | NM | -1% | 0% | 0% | |