PT Enseval Putera Megatrading Tbk.

Fair Value Summary

Current Price	$2,330.00
5Y Range	9,370.00 – 23,064.26
5Y Selected	16,217.13
(-) Safety Margin	62.97%
5Y Buy Price	$6,527.39
Upside (to Buy Price)	180.15%
10Y Range	10,669.92 – 25,644.71
10Y Selected	18,157.31
(-) Safety Margin	62.97%
10Y Buy Price	$7,308.32
Upside (to Buy Price)	213.66%

Company Predictability & Safety

Metric	Value
Revenue R2 (5Y)	0.9544
Revenue R2 (10Y)	0.9695
Net Income R2 (5Y)	0.0051
Net Income R2 (10Y)	0.5941
EBITDA R2 (5Y)	0.0014
EBITDA R2 (10Y)	0.6333
FCF R2 (5Y)	0.1951
FCF R2 (10Y)	0.4365

Safety Score	0.4025

DA 10-Year Projection

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
% Growth	6.52%	6.24%	5.96%	5.68%	5.40%	5.12%	4.84%	4.56%	4.28%	4.00%
Revenue	32,975,993.44	35,033,916.35	37,122,143.14	39,230,867.40	41,349,498.50	43,466,731.34	45,570,630.34	47,648,727.41	49,688,132.84	51,675,658.16
EBITDA	2,024,692.00	2,151,046.35	2,279,261.32	2,408,734.81	2,538,816.58	2,668,812.49	2,797,989.72	2,925,582.74	3,050,800.13	3,172,832.14
D&A	-185,048.57	-196,596.84	-208,315.16	-220,148.51	-232,037.45	-243,918.54	-255,724.81	-267,386.29	-278,830.65	-289,983.88
EBIT	1,839,643.44	1,954,449.51	2,070,946.16	2,188,586.31	2,306,779.13	2,424,893.95	2,542,264.91	2,658,196.45	2,771,969.48	2,882,848.26
Pro forma Taxes	-439,166.43	-466,573.36	-494,383.87	-522,467.36	-550,682.78	-578,879.59	-606,898.81	-634,574.41	-661,734.73	-688,204.12
NOPAT	1,400,477.00	1,487,876.15	1,576,562.29	1,666,118.95	1,756,096.35	1,846,014.37	1,935,366.10	2,023,622.03	2,110,234.75	2,194,644.14
Capital Expenditures	-252,551.61	-268,312.52	-284,305.52	-300,455.50	-316,681.36	-332,896.50	-349,009.53	-364,924.95	-380,544.04	-395,765.80
NWC Investment	-360,927.99	-367,949.50	-373,367.73	-377,032.60	-378,803.92	-378,553.91	-376,169.87	-371,556.57	-364,638.64	-355,362.65
(+) D&A	185,048.57	196,596.84	208,315.16	220,148.51	232,037.45	243,918.54	255,724.81	267,386.29	278,830.65	289,983.88
Free Cash Flow	972,045.97	1,048,210.97	1,127,204.20	1,208,779.35	1,292,648.53	1,378,482.50	1,465,911.52	1,554,526.81	1,643,882.72	1,733,499.56
Diluted Shares Outstanding	2,708,640,000.00	2,708,640,000.00	2,708,640,000.00	2,708,640,000.00	2,708,640,000.00	2,708,640,000.00	2,708,640,000.00	2,708,640,000.00	2,708,640,000.00	2,708,640,000.00

Discounting Periods

Metric	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34
Period Start	9/30/25	1/1/26	1/1/27	1/1/28	1/1/29	1/1/30	1/1/31	1/1/32	1/1/33	1/1/34
Period End	12/31/25	12/31/26	12/31/27	12/31/28	12/31/29	12/31/30	12/31/31	12/31/32	12/31/33	12/31/34
Mid-Point	11/15/25	7/2/26	7/2/27	7/1/28	7/2/29	7/2/30	7/2/31	7/1/32	7/2/33	7/2/34
Time (t)	0.10	0.46	1.46	2.46	3.46	4.46	5.46	6.46	7.46	8.46
Valuation Date	1/16/26

Base Case Projected Flows

WACC: 6.50%Terminal Growth: 3.11%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.91	0.86	0.80	0.76	0.71	0.67	0.63	0.59
PV UFCF	965,946.77	1,018,296.15	1,028,233.90	1,035,381.18	1,039,675.01	1,041,075.73	1,039,567.61	1,035,159.13	1,027,882.92	1,017,795.37	Raw: 39,306,906.67 30,635,006.52	Raw: 52,712,322.09 29,990,302.10

Base Case Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	35,722,539.53	40,239,315.88
(-) Net Debt	-18.02	-18.02
Equity Value	35,722,557.55	40,239,333.89
(/) Shares Out	2,708.64	2,708.64
Fair Value	$13,188.37	$14,855.92
(-) Safety Margin	62.97%	62.97%
Buy Price	$4,883.65	$5,501.15
Current Price	$2,330.00	$2,330.00
Upside (to Buy Price)	109.60%	136.10%

Conservative Projected Flows

WACC: 7.50%Terminal Growth: 2.61%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.90	0.84	0.78	0.72	0.67	0.63	0.58	0.54
PV UFCF	965,044.40	1,013,927.65	1,014,298.55	1,011,847.75	1,006,592.12	998,571.72	987,849.30	974,509.53	958,657.87	940,419.18	Raw: 27,119,260.09 20,368,234.01	Raw: 36,368,142.24 19,029,234.94

Conservative Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	25,379,944.49	28,900,953.03
(-) Net Debt	-18.02	-18.02
Equity Value	25,379,962.51	28,900,971.04
(/) Shares Out	2,708.64	2,708.64
Fair Value	$9,370.00	$10,669.92
(-) Safety Margin	62.97%	62.97%
Buy Price	$3,469.71	$3,951.07
Current Price	$2,330.00	$2,330.00
Upside (to Buy Price)	48.91%	69.57%

Aggressive Projected Flows

WACC: 5.50%Terminal Growth: 3.61%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.98	0.92	0.88	0.83	0.79	0.75	0.71	0.67	0.64
PV UFCF	966,858.50	1,022,724.94	1,042,494.91	1,059,691.78	1,074,172.88	1,085,815.85	1,094,520.42	1,100,209.83	1,102,831.93	1,102,359.95	Raw: 70,832,390.74 57,306,808.72	Raw: 94,989,408.01 58,810,580.93

Aggressive Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	62,472,751.73	69,462,261.93
(-) Net Debt	-18.02	-18.02
Equity Value	62,472,769.75	69,462,279.95
(/) Shares Out	2,708.64	2,708.64
Fair Value	$23,064.26	$25,644.71
(-) Safety Margin	62.97%	62.97%
Buy Price	$8,540.69	$9,496.24
Current Price	$2,330.00	$2,330.00
Upside (to Buy Price)	266.55%	307.56%

Reverse DCF: Market Implied Growth

Current Price$2,330.00

WACC Used6.5%

IMPLIED REVENUE GROWTH63.56%

Metric	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Implied Revenue	52,670,101.48	86,148,277.56	140,905,855.83	230,468,452.43	376,958,837.17	616,561,457.43	1,008,460,323.25	1,649,457,992.09	2,697,886,674.32	4,412,717,718.42
Constant Implied Growth	63.56%	63.56%	63.56%	63.56%	63.56%	63.56%	63.56%	63.56%	63.56%	63.56%
Implied Free Cash Flow	5,267.01	8,614.83	14,090.59	23,046.85	37,695.88	61,656.15	100,846.03	164,945.80	269,788.67	441,271.77
Discount Factor	0.95	0.86	0.80	0.76	0.71	0.67	0.63	0.59	0.55	0.52
Present Value of Implied FCF	4,998.91	7,379.04	11,333.03	17,405.74	26,732.46	41,056.82	63,056.76	96,845.18	148,738.83	228,439.24

Rolling Historical DCF (Backtest)

Valuation based on actual realized growth.

Year	Valuation Date	Actual Price	Realized Growth (5Y)	Calculated Fair Value	Valuation Delta
2019	2019-12-31	$2,050.00	7.39%	$-139.59	-106.81%
2018	2018-12-31	$2,100.00	7.15%	$458.93	-78.15%
2017	2017-12-31	$2,990.00	7.60%	$-304.63	-110.19%
2016	2016-12-31	$2,920.00	6.23%	$653.77	-77.61%
2015	2015-12-31	$3,000.00	4.71%	$10.99	-99.63%
2014	2014-12-31	$2,800.00	5.65%	$-487.27	-117.40%
2013	2013-12-31	$4,000.00	5.01%	$-1,112.55	-127.81%
2012	2012-12-31	$1,750.00	5.68%	$-371.88	-121.25%
2011	2011-12-31	$750.00	8.08%	$-447.52	-159.67%
2010	2010-12-31	$1,135.63	11.58%	$0.00	-100.00%

Monte Carlo Simulation (1,000 Iterations)

Mean Fair Value
$16,749.30

Median
$14,797.07

10th Percentile
$10,490.19

90th Percentile
$25,097.64

Fair Value Distribution

$4,158.69 - $8,235.28	8
$8,235.28 - $12,311.87	257
$12,311.87 - $16,388.47	349
$16,388.47 - $20,465.06	195
$20,465.06 - $24,541.66	87
$24,541.66 - $28,618.25	42
$28,618.25 - $32,694.85	32
$32,694.85 - $36,771.44	5
$36,771.44 - $40,848.04	8
$40,848.04 - $44,924.63	4
$44,924.63 - $49,001.23	4
$49,001.23 - $53,077.82	3
$53,077.82 - $57,154.42	2
$57,154.42 - $61,231.01	2
$61,231.01 - $65,307.61	0
$65,307.61 - $69,384.20	0
$69,384.20 - $73,460.79	0
$73,460.79 - $77,537.39	1
$77,537.39 - $81,613.98	0
$81,613.98 - $85,690.58	1