PT Dian Swastatika Sentosa Tbk, together with its subsidiaries, engages in the coal mining and trading, power generation, technology, and fertilizer and chemical trading businesses. It operates through Supply of Steam and Electricity, Fertilizer and Chemicals Trading, Rent, and Coal Mining and Trading segments. The company owns mining concessions in South Sumatra, Jambi, Central Kalimantan, and South Kalimantan; and mines and trades in metallurgical coal. It also operates 4 captive power plants located in Tangerang, Serang, and Karawang with a total capacity of 300 megawatts (MW). In addition, the company engages in the provision of research and development for mining, energy, and resources industries; management consulting services; and pulp and wood chip mill, forestry, and trading activities, as well as trading chemicals, pesticides, and fertilizers. Further, it offers pay TV and Internet services, venture capital and management, information and communication, and scientific research and technology services. It operates in Indonesia, China, India, Japan, Korea, rest of South East Asia, the Netherland, Hongkong, Pakistan, Hongkong, and Liberia. The company was incorporated in 1996 and is headquartered in Jakarta, Indonesia. PT Dian Swastatika Sentosa Tbk operates as a subsidiary of PT Sinar Mas Tunggal.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	5,956.1	5,014.7	3,017.8	3,117	3,291	3,440	3,440	3,440
Revenue % Chg.	175.1%	-15.8%	-39.8%
EBIT	1,777.1	1,254.8	650.7	704	768	821	821	821
EBIT Margin	29.8%	25%	21.6%
Tax Rate	18.9%	26.7%	23.6%
NOPAT	1,441.6	919.3	497.3	538	586.9	627.4	627.4	627.4
NOPAT Margin	24.2%	18.3%	16.5%	17.3%	17.8%	18.2%	18.2%	18.2%
D&A	293.3	261.5	81.1	77	99	120	120	120
D&A / Revenue	4.9%	5.2%	2.7%
Capex	-187.4	-301.6	-403.3	-292	-696	-580	-580	-580
Capex / Revenue	-3.1%	-6%	-13.4%
Chg. NWC	—	—	—	—	—	—	—	—
Chg. NWC / Revenue	—	—	—
Unlevered FCF (UFCF)	1,547.5	879.2	175.1	323	-10.1	167.4	167.4	167.4
UFCF % Chg.	345.7%	-43.2%	-80.1%	84.4%	-103.1%	-1,760.8%	—	—
PV of UFCF	—	—	—	290.2	-8.1	121.4	109.1	98.1
Sum of PV of UFCF	—	—	—	290.2	282.1	403.5	512.7	610.7

Cost of Debt
Tax Rate
After Tax Cost of Debt	4.6%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	11.5%
Total Debt	1,216.3
Market Cap	37,787.5
Total Capital	39,003.9
Debt Weighting	3.1%
Equity Weighting	96.9%
WACC	11.3%

Exit Multiple EV/FCF
Terminal Value	38,944
PV of Terminal Value	20,492.9
Cumulative PV of UFCF	610.7
Net Debt	771.9
Equity Value	20,331.7
Shares Outstanding	6,164.5
Implied Share Price	3.3
Current Share Price	6.1
Implied Upside / (Downside)	-46.2%