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BDMN, a 217% higher target price
Current 2,500 Target 7,915 +217%
November 14th 2021
1 minute read
Receipts jumped 15%
Cashflow tripled
Balance sheet, slower growth higher receipts to assets
Valuation, a 217% higher target price
1 minute read
Receipts jumped 15%
- Cashflow receipts jumped 15% in the third quarter to 4,347 billion rupiah & are up 66% from a year ago.
- This brings the quarterly average to 22% growth.
- We predict average growth of 3% in this next 12 months to bring receipts to 20,037 billion rupiah in the third quarter of 2022.
Cashflow tripled
- Free cashflow tripled to 6,165 billion rupiah in the third quarter with -96 billion rupiah investment.
- Average quarterly Cashflow is at 4,783 billion rupiah now.
- We assume -180 billion rupiah investment spending which with higher sales gives a 6,725 billion rupiah Cashflow in the third quarter of 2022.
Balance sheet, slower growth higher receipts to assets
- Non cash asset growth was -3.8% in the third quarter & the quarterly average is now -1.7% growth.
- Liabilities growth was -4.0% in the third quarter & the quarterly average is now -1.5% growth.
- The receipts to asset ratio was higher at 10.5% in the third quarter & the quarterly average is 9.4% now.
Valuation, a 217% higher target price
- BDMN capital from the last 27 quarters increased to 26,756 billion rupiah in the third quarter & will be 27,816 billion rupiah in12 months time.
- At the current market value of 24,430 billion rupiah based on our forecasts it’s at 0.12 X assets with a 4% yield.
- Our cashflow forecast is 25,780 billion rupiah which means an 1 X valuation.
- A 3 X valuation gives a 217% target price of 7,915 rupiah.
