PT AKR Corporindo Tbk (AKRA.JK)

Industry: Oil & Gas Refining & Marketing Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
3042.KL	50	Petron Malaysia Re	3,394	16.88	16.88	4.03	4.03	4.40	12.46
VTNR	51	Vertex Energy, Inc	3,197	-	-	-	-	-	-
4324.KL	52	Hengyuan Refining	3,179	-	-	15.31	15.31	5.62	-
NTI	53	Northern Tier Ener	3,111	17.46	17.46	5.77	5.77	19.02	10.78
ELIN.AT	54	Elinoil Hellenic P	3,106	5.46	4.27	4.63	3.91	11.33	4.95
ZEL.AX	55	Z Energy Limited	2,880	-	-	8.17	9.17	41.23	61.46
AE	56	Adams Resources &	2,784	-	-	4.72	4.70	-	-
AKRA.JK	57	PT AKR Corporindo	2,539	9.96	8.02	6.42	5.14	10.39	6.74
000723.SZ	58	Shanxi Meijin Ener	2,503	-	-	113.06	166.21	708.79	-
SGP-R.BK	59	Siamgas and Petroc	2,422	48.32	67.86	10.54	10.23	-	30.24
2337.HK	60	United Strength Po	2,125	6.43	6.43	5.34	5.34	50.81	6.49
8132.T	61	Sinanen Holdings C	2,035	20.47	18.76	8.12	8.18	20.56	12.32
DRAL.TA	62	Dor Alon Energy In	1,971	8.77	6.85	8.06	7.35	30.28	29.72
ORL.TA	63	Oil Refineries Ltd	1,853	-	-	5.00	3.80	5.47	19.15
SGU	64	Star Group, L.P.	1,784	7.53	7.32	4.48	4.31	-	5.51
VVV	65	Valvoline Inc.	1,710	22.04	23.91	12.33	12.95	18.19	16.14

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.77	7.32	5.55	5.55	18.19	12.32
Full Range Median Multiple	16.88	16.88	6.91	6.56	19.02	12.46
Industry Multiple	17.04	18.86	14.97	18.66	83.24	19.02
Market Implied Multiple	10.29	8.29	6.63	5.31	10.74	6.97
Company (AKRA.JK) Multiple	9.96	8.02	6.42	5.14	10.39	6.74
(*) Net Income / EBITDA / Revenue	144	178	217	271	134	206
Winsorized Enterprise Value	N/A	N/A	1,205	1,505	2,437	2,543
Full Range Median Enterprise Value	N/A	N/A	1,500	1,778	2,548	2,572
(-) Net Debt	-39	-39	-39	-39	-39	-39
Winsorized Equity Value	1,259	1,304	1,244	1,544	2,476	2,582
Full Range Median Equity Value	2,425	3,010	1,539	1,817	2,587	2,611
(/) Shares Outstanding	1	1	1	1	1	1
Winsorized Fair Value	$1,065.03	$1,103.10	$1,051.91	$1,306.03	$2,094.08	$2,183.36
Full Range Median Fair Value	$2,051.11	$2,545.41	$1,301.24	$1,536.36	$2,187.98	$2,208.00
Current Price	$1,250.00	$1,250.00	$1,250.00	$1,250.00	$1,250.00	$1,250.00
Upside / Downside	-14.80%	-11.75%	-15.85%	4.48%	67.53%	74.67%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$745.52	$772.17	$736.33	$914.22	$1,465.86	$1,528.35
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	BUY