Astrindo Nusantara Infrastruktur Valuation

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

BIPI (IDR72) is trading above our estimate of [[fair value]] (IDR16.19)

Is BIPI 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-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: BIPI (IDR72) is trading above our estimate of fair value (IDR16.19)

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

Key Valuation Metric

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

Key metric: As BIPI is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BIPI. This is calculated by dividing BIPI's market cap by their current revenue.
What is BIPI's PS Ratio?
PS Ratio	0.5x
Sales	US$575.82m
Market Cap	US$288.97m

BIPI 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	1.6x
Enterprise Value/EBITDA	16.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does BIPI's PS Ratio compare to its peers?

The above table shows the PS ratio for BIPI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	13.8x
KARW Meratus Jasa Prima	48.6x	n/a	Rp3.9t
IPCM Jasa Armada Indonesia	1.2x	n/a	Rp1.4t
IPCC Indonesia Kendaraan Terminal	1.7x	10.3%	Rp1.3t
BBRM Pelayaran Nasional Bina Buana Raya	3.6x	n/a	Rp695.3b
BIPI Astrindo Nusantara Infrastruktur	0.5x	n/a	Rp4.6t

Price-To-Sales vs Peers: BIPI is good value based on its Price-To-Sales Ratio (0.5x) compared to the peer average (13.8x).

Price to Sales Ratio vs Industry

How does BIPI's PS Ratio compare vs other companies in the Asian Infrastructure Industry?

20 Companies	Price / Sales	Estimated Growth	Market Cap

20 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: BIPI is good value based on its Price-To-Sales Ratio (0.5x) compared to the Asian Infrastructure industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

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

BIPI PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.5x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate BIPI's Price-To-Sales 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.