Tango with the sea
Should the acquisition of Petrosea materialize as reported in Bisnis Indonesia, we believe it will bode well for Indika to stregthen its thrust toward full integration as an energy company. With the reported acquisition price of about US$80mn for Clough’s 82% existing stake, this translates to price to annualized EBITDA of 3.6x, a fair deal in our view (taking into account Bumi’s acquisition of Dewa at 5.5x). With! out incor porating any element from this reported acquisition we maintain buy with TP of Rp2,180/share, a 40.6% upside from current levels.
Maintain Buy. With its vast cash chest, the company should be able to pursue acquisitions with the absence of funding issues, thereby increasing value in particular at parent level, whose remaining sales contract backlog (via Tripatra) is fast diminishing (at US$184mn to last until end09). Key risks are (1) drop in coal prices and (b) inability to secure new EPC and related projects. We maintain buy for the stock at TP of Rp 2,180/share, which now trades at PER09F of 5.5x.
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