Sinar Mas Agro Resources and Technology Valuation

Q: What is the Fair Price of SMAR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SMAR (IDR3860) is trading above our estimate of [[fair value]] (IDR1841.09)

Is SMAR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SMAR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SMAR (IDR3860) is trading above our estimate of fair value (IDR1841.09)

Significantly Below Fair Value: SMAR is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SMAR?

Key metric: As SMAR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SMAR. This is calculated by dividing SMAR's market cap by their current earnings.
What is SMAR's PE Ratio?
PE Ratio	10.5x
Earnings	Rp1.06t
Market Cap	Rp11.09t

SMAR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.4x
Enterprise Value/EBITDA	8x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does SMAR's PE Ratio compare to its peers?

The above table shows the PE ratio for SMAR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	17x
GOOD Garudafood Putra Putri Jaya	20x	n/a	Rp14.5t
TAPG Triputra Agro Persada	7.2x	9.6%	Rp15.2t
DMND Diamond Food Indonesia	24.9x	n/a	Rp7.6t
ULTJ Ultrajaya Milk Industry & Trading	16x	17.8%	Rp17.8t
SMAR Sinar Mas Agro Resources and Technology	10.5x	n/a	Rp11.1t

Price-To-Earnings vs Peers: SMAR is good value based on its Price-To-Earnings Ratio (10.5x) compared to the peer average (17x).

Price to Earnings Ratio vs Industry

How does SMAR's PE Ratio compare vs other companies in the ID Food Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap
UNSP Bakrie Sumatera Plantations	0.2x	n/a	US$20.00m
PSDN Prasidha Aneka Niaga	0.9x	n/a	US$7.53m

No more companies available in this PE range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SMAR is good value based on its Price-To-Earnings Ratio (10.5x) compared to the ID Food industry average (16.1x).

Price to Earnings Ratio vs Fair Ratio

What is SMAR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SMAR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SMAR's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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