PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (BJBR.JK)

Industry: Banks - Regional 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
601528.SS	305	Zhejiang Shaoxing	1,159	5.19	4.53	23.73	18.33	19.99	18.12
7337.T	306	Hirogin Holdings,	1,148	11.50	10.27	6.74	6.74	5.77	3.51
KTKBANK.BO	307	The Karnataka Bank	1,147	5.67	4.74	0.24	0.20	0.21	0.20
7189.T	308	Nishi-Nippon Finan	1,132	9.77	8.56	3.13	2.29	6.47	6.10
8334.T	309	The Gunma Bank, Lt	1,131	9.89	8.30	1.19	1.06	1.20	0.61
9889.HK	310	Dongguan Rural Com	1,131	5.42	5.60	-	-	18.38	21.77
TRMK	311	Trustmark Corporat	1,130	10.77	9.85	6.99	6.43	7.52	7.28
BJBR.JK	312	PT Bank Pembanguna	1,121	8.07	8.90	19.70	20.03	19.52	24.81
FHB	313	First Hawaiian, In	1,113	11.92	11.23	7.86	7.68	7.37	8.28
ROSB.ME	314	Public joint stock	1,107	9.22	8.54	-0.91	-0.78	-1.44	-1.09
GFH.AE	315	GFH Financial Grou	1,107	12.76	9.47	21.15	15.48	22.35	16.51
JDO.AX	316	Judo Capital Holdi	1,092	11.23	11.23	16.29	16.29	14.56	17.71
1916.HK	317	Jiangxi Bank Co.,	1,091	3.26	3.74	-0.22	-0.24	-0.15	-0.35
6199.HK	318	Bank of Guizhou Co	1,091	4.32	4.30	-	-	14.65	16.71
CAT31.PA	319	Caisse Regionale d	1,087	2.14	2.21	2.79	2.79	0.76	1.24
5185.KL	320	AFFIN Bank Berhad	1,083	10.78	10.78	5.02	5.02	5.99	5.89

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.22	8.30	5.02	5.02	6.47	6.10
Full Range Median Multiple	9.77	8.54	6.74	6.43	7.37	7.28
Industry Multiple	8.26	7.56	8.65	7.48	9.63	9.53
Market Implied Multiple	8.86	9.78	20.09	20.42	19.91	25.30
Company (BJBR.JK) Multiple	8.07	8.90	19.70	20.03	19.52	24.81
(*) Net Income / EBITDA / Revenue	60	54	122	120	123	97
Winsorized Enterprise Value	N/A	N/A	611	601	794	590
Full Range Median Enterprise Value	N/A	N/A	820	769	905	704
(-) Net Debt	1,916	1,916	1,916	1,916	1,916	1,916
Winsorized Equity Value	549	448	-1,305	-1,315	-1,121	-1,326
Full Range Median Equity Value	582	461	-1,096	-1,146	-1,011	-1,212
(/) Shares Outstanding	1	1	1	1	1	1
Winsorized Fair Value	$873.54	$713.16	$-2,077.24	$-2,093.22	$-1,784.65	$-2,110.72
Full Range Median Fair Value	$925.51	$733.51	$-1,743.59	$-1,824.44	$-1,608.30	$-1,929.35
Current Price	$840.00	$840.00	$840.00	$840.00	$840.00	$840.00
Upside / Downside	3.99%	-15.10%	-347.29%	-349.19%	-312.46%	-351.28%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$611.48	$499.21	$-1,454.07	$-1,465.25	$-1,249.26	$-1,477.51
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy