PT Bukit Asam Tbk

Multiples Valuation: Price / Book

IDX:PTBA

Model Summary

Range Conclusion
Low High

Selected Price / Book 0.0x 0.0x 2.3x

Historical Price / Book 0.0x 0.0x 1.9x
Fair Value NM NM NM
Upside NA NA NA

Benchmarks Ticker Full Ticker

PT AKR Corporindo Tbk AKRA IDX:AKRA
PetroVietnam Technical Services Corpor PVS HNX:PVS
PetroVietnam Transportation CorporatioPVT HOSE:PVT
PT Indo Tambangraya Megah Tbk ITMG IDX:ITMG
PT Bayan Resources Tbk BYAN IDX:BYAN
PT Bukit Asam Tbk PTBA PRIMARY

Select Price / Book Ratio

Benchmark Companies
AKRA PVS PVT
NYSE:HPQ asdaqGS:MSFT NYSE:IBM
Historical Net Income Growth
5Y CAGR 1.9% -14.4% 10.9%
3Y CAGR 16.0% -23.2% 0.4%
Latest Twelve Months 23.1% 18.6% -2.4%

Historical Net Income Profit Margin

5 Year Average Margin 5.5% 4.8% 10.1%
Prior Fiscal Year 5.2% 2.0% 8.7%
Latest Fiscal Year 4.3% 3.1% 8.4%
Latest Twelve Months 4.0% 3.3% 8.4%

Return on Equity
5 Year Average Margin 10.6% 6.4% 14.0%
Prior Fiscal Year 10.8% 3.2% 13.8%
Latest Twelve Months 13.1% 4.2% 12.4%
Next Fiscal Year #NUM! #NUM! #NUM!
Two Fiscal Years Forward #NUM! #NUM! #NUM!

Current Trading Multiples

Price / LTM Sales 0.7x 0.9x 0.9x
Price / LTM EPS 16.2x 26.6x 10.6x
Price / Book 2.0x 1.1x 1.3x
Price / Fwd Book #NUM! #NUM! #NUM!

Low Mid High

Benchmark P/B Ratio 0.0x 2.0x 0.0x

Historical P/B Ratio 0.0x 1.9x 0.0x

Selected P/B Multiple 0.0x 2.3x 0.0x

(x) Book Value 26,302,851 26,302,851 26,302,851
(=) Equity Value 0 0 0
(/) Shares Outstanding 0.0 0.0 0.0
Implied Value Range NM NM NM
FX Rate: / 1.0 1.0 1.0
Implied Value Range (Trading Cur) NM NM NM
Upside / (Downside) NA NA NA

Conclude on a Fair Value Range

Fair Value Conclusions

Low Mid High

Price / Book Method NM NM NM

Concluded Fair Value Range NM NM NM

Upside / (Downside) NA NA NA

Supporting Calculations

Equity Value
 Benchmark Companies
(in millions) AKRA PVS PVT

Value of Common Equity 0 0 0

(/) Shares Outstanding 0.0 0.0 0.0
Implied Stock Price 0.00 0.00 0.00
FX Conversion Rate to Trading Currency 1.00 1.00 1.00
Implied Stock Price (Trading Cur) 1,035.00 29,000.00 20,700.00

Trading Currency IDR VND VND

FX Rate to Reporting Currency 1.00 1.00 1.00

Financials

Benchmark Companies
(in millions) AKRA PVS PVT

Latest Fiscal Year Dec-21 Dec-21 Dec-21

LTM Period Mar-22 Mar-22 Dec-21

Net Income
FY Net Income 1,111,614 434,967 625,596
LTM Net Income 1,234,279 506,605 625,596
Next Fiscal Year 1,296,800 810,500 856,000
Two Fiscal Years Forward 1,457,650 926,000 865,500
Three Fiscal Years Forward 1,708,546 1,596,000 946,000

Book Value of Equity

FY Book Value 9,345,116 11,806,182 5,194,866
FQ Book Value 9,776,099 12,016,924 5,194,866
Next Fiscal Year 0 0 0
Two Fiscal Years Forward 0 0 0

Reporting Currency IDR VND VND

Trading To Reporting FX Rate 1.00 1.00 1.00

Historical Valuation: P/B Multiples

Benchmark Companies
AKRA PVS PVT
FY-4 3.5x 1.0x 1.5x
FY-3 2.1x 0.8x 1.2x
FY-2 1.9x 0.7x 1.1x
FY-1 1.5x 0.7x 1.0x
FY 1.8x 1.1x 1.3x

Median 1.9x 0.8x 1.2x

Stock Price 1,035.00 29,000.00 20,700.00

Shares Outstanding 19,737.2 478.0 323.7
Share Exchange Ratio 1.0 1.0 1.0

Note: FY stands for Fiscal Year

Forward Valuation: P/B Multiples

Benchmark Companies
AKRA PVS PVT

Begining Book Value: FY 9,345,116 11,806,182 5,194,866

(+) Net Income Forecast 1,296,800 810,500 856,000
(-) Share Buybacks NA
(-) Common Dividends (532,904) (553,992) (382,512)
Begining Book Value: FY+1 0 0 0
(+) Net Income Forecast 1,457,650 926,000 865,500
(-) Share Buybacks NA 0 0
(-) Common Dividends (532,904) (553,992) (382,512)
Begining Book Value: FY+2 0 0 0

Forward ROE: FY+1 #NUM! #NUM! #NUM!

Forward ROE: FY+2 #NUM! #NUM! #NUM!

Selection Validation

Price / Book Multiples

Current Valid?

Benchmark Median 2.0x No

Historical Median 1.9x No
PT Bukit Asam Tbk 1.9x No
Sanity Checks

Value Failing?
Book Value 26,302,851 1
Selected Multiple 2.3x 1
Upside Difference NA 1

Checks Passed? FALSE

 4,430.00
Stock Price in
3/14/22

Fair Value

NM
IDR

mark Companies
ITMG BYAN PTBA Metric Slug Period Key
asdaqGS:AMZNdaqGS:GOOG.L PRIMARY

29.5% 111.4% 31.6% ni_avail_excl_cagr_5y

22.0% 34.3% 16.3% ni_avail_excl_cagr_3y
1104.9% 208.3% 388.1% ni_avail_excl_growt LTM

11.3% 28.4% 20.9% ni_margin_avg_5y

3.3% 23.6% 13.8% ni_avail_excl_margi FY-1
22.9% 42.5% 27.0% ni_avail_excl_margi FY
22.9% 45.2% 28.9% ni_avail_excl_margi LTM

21.1% 76.9% 28.8% roe_avg_5y

 4.5% 46.1% 13.6% roe FY-1
46.1% 87.4% 44.3% roe LTM
#NUM! #NUM! #NUM!
#NUM! #NUM! #NUM!

1.2x 4.0x 1.5x price_to_sales_ltm

5.2x 8.8x 5.2x pe_ltm
2.1x 5.6x 1.9x price_to_book
#NUM! #NUM! #NUM!

Market Price
4,430.00

Market Price
4,430.00
mark Companies
ITMG BYAN PTBA

0 0 0
0.0 0.0 0.0
0.00 0.00 0.00
0.00 0.00 1.00
32,750.00 52,900.00 4,430.00

IDR IDR IDR

0.00 0.00 1.00

mark Companies
ITMG BYAN PTBA Metric Slug Period Key

Dec-21 Dec-21 Dec-21 period_end_date FY

Dec-21 Mar-22 Mar-22 period_end_date LTM

476 1,213 7,909,113 ni_avail_excl FY

476 1,415 9,683,988 ni_avail_excl LTM
643 1,918 11,003,562 ni_proj FY+1
387 3,393 7,229,290 ni_proj FY+2
220 5,146 5,972,934 ni_proj FY+3

1,209 1,800 24,059,665 equity_common FY

1,209 2,213 26,302,851 equity_common FQ
0 0 0
0 0 0

USD USD IDR

0.00 0.00 1.00

mark Companies
ITMG BYAN PTBA
 1.7x 7.9x 2.0x price_to_book FY-4
1.5x 6.9x 3.1x price_to_book FY-3
1.0x 6.6x 1.7x price_to_book FY-2
1.2x 6.4x 1.9x price_to_book FY-1
2.1x 5.1x 1.5x price_to_book FY

1.5x 6.6x 1.9x

32,750.00 52,900.00 4,430.00 asset_price_close_adj

1,096.6 3,333.3 11,487.2 shares_out
1.0 1.0 1.0 shares_out_adj

mark Companies
ITMG BYAN PTBA

1,209 1,800 24,059,665 equity_common FY

643 1,918 11,003,562 ni_proj FY+1
common_rep LTM
(107) (300) (835,388) common_div LTM
0 0 0
387 3,393 7,229,290 ni_proj FY+2
0 0 0
(107) (300) (835,388)
0 0 0

#NUM! #NUM! #NUM!

#NUM! #NUM! #NUM!