Lippo Karawaci Tbk
09/30/2023 |
EBITDA Multiple |
|||||||
---|---|---|---|---|---|---|---|---|
(IDR in Billions) |
Amount |
Price |
Mkt. Val. |
Maturity |
Rate |
Yield |
Book |
Market |
|
||||||||
Bank Negara Indonesia 1 |
770.0 |
|
770.0 |
Jun-12-2024 |
7.500% |
|
||
Bank Mandiri 2 |
551.3 |
|
551.3 |
Mar-2024 |
7.750% |
|
||
Bank CIMB Niaga 3 |
450.0 |
|
450.0 |
Jun-30-2024 |
9.000% |
|
||
Bank Permata 4 |
500.0 |
|
500.0 |
May-27-2024 |
Reference Rate + 1.000% |
|
||
Bank Sahabat Sampoerna 5 |
- |
|
- |
Jun-15-2024 |
Reference Rate + 13.000% |
|
||
Total Bank Loans (Short-term) |
2,271.3 |
2,271.3 |
0.5x |
0.5x |
||||
Bank J Trust Indonesia 6 |
- |
|
- |
Apr-18-2023 |
12.750% |
|
||
Bank Ganesha 7 |
- |
|
- |
Jan-30-2023 |
10.500% |
|
||
Bank KEB Hana Indonesia 8 |
- |
|
- |
Oct-2023 |
10.500% |
|
||
Bank Mandiri 9 |
150.0 |
|
150.0 |
Jun-13-2026 |
8.000% |
|
||
Bank Tabungan Negara (Persero) 10 |
380.0 |
|
380.0 |
Apr-08-2026 |
7.000% |
|
||
Syndicated Loan - BNI/ CIMB Niaga 11 |
5,145.0 |
|
5,145.0 |
Feb-06-2030 |
Reference Rate + 2.250% |
|
||
Total Bank Loans (Long-term) |
5,675.0 |
5,675.0 |
1.9x |
1.9x |
||||
Finance lease - PT Century Tokyo Leasing 12 |
- |
|
- |
|
|
|
||
Finance lease - PT Mitsubishi UFJ & Leasing 12 |
8.6 |
|
8.6 |
|
|
|
||
PT Bumiputera - BOT Finance |
41.9 |
|
41.9 |
|
|
|
||
Operating leases capitalised (PSAK 73) 13 |
5,937.4 |
|
5,937.4 |
|
|
|
||
Total Leases |
5,987.9 |
5,987.9 |
3.3x |
3.3x |
||||
LPKR $425mil 6.75% Oct'26 senior notes 14 |
3,022.3 |
|
3,022.3 |
Oct-31-2026 |
6.750% |
|
||
LPKR $420mil 8.125% Jan'25 senior notes 15 |
3,681.9 |
|
3,681.9 |
Jan-22-2025 |
8.125% |
|
||
Total Senior Notes |
6,704.2 |
6,704.2 |
4.9x |
4.9x |
||||
Total Debt |
20,638.4 |
20,638.4 |
4.9x |
4.9x |
||||
Less: Cash and Equivalents |
(2,309.0) |
(2,309.0) |
||||||
Net Debt |
18,329.4 |
18,329.4 |
4.4x |
4.4x |
||||
Plus: Market Capitalization |
6,240.0 |
6,240.0 |
||||||
Enterprise Value |
24,569.4 |
24,569.4 |
5.9x |
5.9x |
||||
Operating Metrics |
||||||||
LTM Reported EBITDA |
4,175.0 |
|||||||
|
||||||||
Liquidity |
||||||||
Plus: Cash and Equivalents |
2,309.0 |
|||||||
Total Liquidity |
2,309.0 |
|||||||
Credit Metrics |
||||||||
Gross Leverage |
4.9x |
|||||||
Net Leverage |
4.4x |
|||||||
Notes: LPKR adopted PSAK 73 in 2020; NCI of IDR 4.2T; LMIRT deconsolidated in Q4'21; Deconsolidated cash excl LPCK, SILO ~IDR 1.1T 1. This loan is secured by land plots on the LPKR level 2. Mostly at LPKR level secured by 15 lots of land, 20.4ha, remainder at GMTD level secured by land for development in Barombong Village, District Tamalate, Makassar City 3. LPCK, SILO level; secured by land 4. LPKR level, secured by "Pawn Deposit" 5. - GMTD level 6. ASF level, secured by receivables; gearing ratio < 9x 7. ASF level, secured by receivables 8. Rate: 10.5% - 11%, maturity: Dec'22 - Oct'23, SILO and ASF levels, mostly latter 9. LPKR level, DSCR> 1.2x 10. LPCK level, secured by land, HGB, current ratio >1x, D/E<2.7x, DSCR>100%, IDR500B facility size 11. IDR 6T facility, LPKR level; BNI: IDR 2.94T, CIMB: IDR 2.205T 12. SILO Level, rate and maturity not available 13. Adoption of PSAK 73, rate and maturity not available 14. See Reorg cov brief; $194.7mil outstanding as of Sep'23 15. $237.1mil outstanding as of Sep'23 |
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