BUMI 2017 NET PFT $350 MLN (IDR4.7 TLN; CONSERVATIVE); EPS 70 RUPIAH A SHARE (POST RIGHTS ISSUE; TOTAL SHARES 66 BLN SHARES); 2017 PER: 4.5X. VS ADRO NET PFT: 5.8 TLN RUPIAH (WEIGHED DOWN BY LEVERAGING COST) EPS 181 RUPIAH A SHARE; 2017 PER: 9.5X.
COAL COS AVG PER: 18.4X
BUMI FAIR VALUE: 18.4 X 70 RUPIAH: 1288 RUPIAH VS ADRO: 3330 RUPIAH A SHARE.
VALUATIONS ARE SUBJECT TO COAL PRICES OUTLOOK FOR 2017 AND BEYOND.
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