Pabrik Kertas Tjiwi Kimia Valuation

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

TKIM (IDR6300) is trading above our estimate of [[fair value]] (IDR229)

Is TKIM 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 TKIM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TKIM (IDR6300) is trading above our estimate of fair value (IDR229)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TKIM. This is calculated by dividing TKIM's market cap by their current earnings.
What is TKIM's PE Ratio?
PE Ratio	8.8x
Earnings	US$140.58m
Market Cap	US$1.24b

TKIM 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	1.7x
Enterprise Value/EBITDA	12.8x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TKIM 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	18.4x
INKP Indah Kiat Pulp & Paper	7.9x	36.4%	Rp39.5t
SPMA Suparma	6.3x	n/a	Rp946.2b
SMGR Semen Indonesia (Persero)	21x	29.0%	Rp24.6t
IMPC Impack Pratama Industri	38.5x	10.7%	Rp18.8t
TKIM Pabrik Kertas Tjiwi Kimia	8.8x	n/a	Rp19.6t

Price-To-Earnings vs Peers: TKIM is good value based on its Price-To-Earnings Ratio (8.8x) compared to the peer average (18.4x).

Price to Earnings Ratio vs Industry

How does TKIM's PE Ratio compare vs other companies in the Asian Forestry Industry?

6 Companies	Price / Earnings	Estimated Growth	Market Cap

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TKIM is good value based on its Price-To-Earnings Ratio (8.8x) compared to the Asian Forestry industry average (18.2x).

Price to Earnings Ratio vs Fair Ratio

What is TKIM'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.

TKIM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.8x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TKIM'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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