Multiples for com

Column1 Column2 Column3 Column4

Book
Sales Earnings Value
Sinar mas 37,391,643,000 803,138,000 12,249,205,000
Sampoerna 3,207,181,767 82,848,905 4,028,849,658
Astra 19,084,387,000 1,672,016,000 19,474,522,000

Applying comparable firm multiples to Astra's

Average Multiple for
Comparables
Astra's Number
Sales 827.3526676252 x 19,084,387,000
Earnings 33248.2120867028 x 1,672,016,000
Book value 1009.6148155113 x 19,474,522,000
CFO 12702.0081684175 x 2,045,235,000
Average Valuation

Po Av Value IDR 15,200

Outstanding shares
Plo Low Value IDR 8,204
Outstanding shares
Phi High Value IDR 28,883
Outstanding shares
 Multiples for comparable firms
Column5 Column6 Column7 Column8
Market
CFO Value P/S P/E
772,851,000 IDR 11,632,383,132,300 311.095801067 14483.666732616
416,237,070 IDR 4,309,200,000,000 1343.60953418 52012.757440789
2,045,235,000 IDR 19,198,766,121,675 1005.99333485 11482.405743531

tiples to Astra's

Astra's Valuation
= IDR 15,789,518,494,442
= IDR 55,591,542,580,361
= IDR 19,661,765,936,200
= IDR 25,978,591,676,333
IDR 29,255,354,671,834
Column9 Column10

P/B P/CFO
949.6439265 15051.2623161515
1069.585705 10352.7540206835
985.8401722 9387.0709828822