PT Jasa Marga (Persero) Tbk (JSMR.JK)

Industry: Engineering & Construction 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
1459.HK	131	Jujiang Constructi	1,882	-	-	7.99	10.81	-	-
1627.HK	132	Able Engineering H	1,871	2.92	2.24	-0.23	-0.16	-0.46	-0.21
0385.HK	133	Chinney Alliance G	1,855	1.50	1.69	0.44	0.42	0.99	0.64
GSJ.MC	134	Grupo Empresarial	1,830	11.55	15.32	0.05	0.06	0.08	0.07
KALPATPOWR.NS	135	Kalpataru Power Tr	1,811	18.38	18.38	7.76	7.76	11.59	10.75
SPEN.TA	136	Shapir Engineering	1,771	40.20	41.85	15.65	14.08	31.39	29.55
002307.SZ	137	Xinjiang Beixin Ro	1,766	-	-	44.10	40.34	37.79	-
JSMR.JK	138	PT Jasa Marga (Per	1,757	6.37	4.70	7.86	6.52	9.91	8.28
1946.T	139	Toenec Corporation	1,727	8.58	7.75	4.82	4.41	8.09	8.76
MTHH.CO	140	MT Højgaard Holdi	1,703	13.79	9.90	5.41	4.74	7.13	5.08
1934.T	141	Yurtec Corporation	1,697	11.87	9.86	5.26	4.29	14.35	5.71
IGRD.QA	142	Estithmar Holding	1,690	20.46	11.63	16.45	9.11	17.46	10.87
2520.HK	143	Shanxi Installatio	1,665	20.78	20.78	21.28	21.28	33.04	31.72
001880.KS	144	DL Construction Co	1,648	6.96	7.58	2.88	2.88	5.89	4.67
375500.KS	145	DL E&C Co.,Ltd.	1,648	6.96	7.58	2.88	2.88	5.89	4.67
009410.KS	146	Taeyoung Engineeri	1,622	-	-	10.41	12.24	-	47.54

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.07	8.80	5.33	4.58	7.61	5.39
Full Range Median Multiple	11.71	9.88	6.58	6.25	9.84	7.23
Industry Multiple	13.66	12.88	10.38	9.66	14.47	13.34
Market Implied Multiple	6.59	4.86	7.93	6.58	10.01	8.36
Company (JSMR.JK) Multiple	6.37	4.70	7.86	6.52	9.91	8.28
(*) Net Income / EBITDA / Revenue	237	321	701	845	556	665
Winsorized Enterprise Value	N/A	N/A	3,738	3,866	4,231	3,589
Full Range Median Enterprise Value	N/A	N/A	4,616	5,281	5,470	4,813
(-) Net Debt	4,002	4,002	4,002	4,002	4,002	4,002
Winsorized Equity Value	2,383	2,827	-264	-136	230	-413
Full Range Median Equity Value	2,772	3,171	614	1,279	1,468	811
(/) Shares Outstanding	0	0	0	0	0	0
Winsorized Fair Value	$5,497.99	$6,522.24	$-608.25	$-313.96	$529.51	$-953.38
Full Range Median Fair Value	$6,396.16	$7,317.00	$1,416.26	$2,951.96	$3,385.81	$1,870.29
Current Price	$3,600.00	$3,600.00	$3,600.00	$3,600.00	$3,600.00	$3,600.00
Upside / Downside	52.72%	81.17%	-116.90%	-108.72%	-85.29%	-126.48%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3,848.59	$4,565.57	$-425.77	$-219.77	$370.66	$-667.37
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy