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www.pefindo.com<br />
Table 5: GCM Comparison<br />
Valuation, March 19, 2013<br />
JPRS GDST BAJA Average<br />
P/E, [x] 18.2 12.9 23.3 18.1<br />
P/BV, [x] 0.8 1.1 3.8 1.9<br />
Source: Bloomberg, Pefindo Equity & Index Valuation Division Estimates<br />
Table 6: Summary of GCM Method Valuation<br />
Multiples<br />
(x)<br />
Est. EPS<br />
(IDR)<br />
Est. BV/Share<br />
(IDR)<br />
<strong>Jaya</strong> <strong>Pari</strong> <strong>Steel</strong>, <strong>Tbk</strong><br />
Value<br />
(IDR)<br />
P/E 18.1 15 - 280<br />
P/BV 1.9 - 460 880<br />
Source: Bloomberg, Pefindo Equity & Index Valuation Division Estimates<br />
Table 7: Fair Value Reconciliation<br />
Fair Value per Share [IDR]<br />
DCF GCM Average<br />
Upper limit 470 880 590<br />
Bottom limit 430 280 380<br />
Weight 70% 30%<br />
Source: Pefindo Equity & Index Valuation Division Estimates<br />
March 20, 2013 Page 8 of 10
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