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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Terminal EBITDA Multiple | 7.2x - 9.2x | 8.2x |
| Fair Value | Rp4,624 - Rp5,910 | Rp5,254 |
| Upside | 5.1% - 34.3% | 19.4% |
| 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 | 67,477,992 | 70,319,500 | 75,631,759 | 79,814,000 | 86,199,000 | 93,095,000 |
| % Growth | 9.5% | 4.2% | 7.6% | 5.5% | 8.0% | 8.0% |
| EBITDA | 7,307,311 | 7,090,000 | 7,890,000 | 9,124,437 | 10,716,368 | 12,504,637 |
| % of Revenue | 10.8% | 10.1% | 10.4% | 11.4% | 12.4% | 13.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (IDR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 7,090,000 | 7,890,000 | 9,124,437 | 10,716,368 | 12,504,637 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,432,500) | (1,511,700) | (1,183,437) | (2,326,368) | (4,059,637) | |
| EBIT | 5,657,500 | 6,378,300 | 7,941,000 | 8,390,000 | 8,445,000 | |
| Pro forma Taxes | (1,244,650) | (1,403,226) | (1,747,020) | (1,845,800) | (1,857,900) | |
| NOPAT | 4,610,888 | 4,412,850 | 4,975,074 | 6,193,980 | 6,544,200 | 6,587,100 |
| Capital Expenditures | (774,542) | (1,453,500) | (1,466,000) | (2,817,000) | (3,015,000) | (3,165,000) |
| NWC Investment | (1,295,561) | (627,987) | (1,174,035) | (924,295) | (1,411,115) | (1,524,049) |
| (+) D&A | 1,395,916 | 1,432,500 | 1,511,700 | 1,183,437 | 2,326,368 | 4,059,637 |
| Free Cash Flow | 3,936,701 | 3,763,863 | 3,846,739 | 3,636,122 | 4,444,452 | 5,957,688 |
| % Growth | -4% | 2% | -5% | 22% | 34% | |