## BYAN, a 9.6% yield

Current, target price Rp12,416, 52,230 (+321%)

April 26th, 2021

1 minute read

Sales, jump

Cashflow, jumps more

1 minute read

Sales, jump

- Sales jumped by 28% in the first quarter to 501 million dollars, which is +24% compared to our forecast.
- This is after a 28% increase in the fourth quarter & brings the quarterly average growth to 13%.
- We predict average growth of 4% a quarter in this next 12 months which will bring sales to 585 million dollars by the first quarter of 2022.

Cashflow, jumps more

- Cashflow also jumped to positive 222 million dollars in the first quarter after positive 40 million dollars in the fourth quarter.
- Average quarterly cashflow is now positive 105 million dollars.
- We use higher investment spending of -33 million dollars, which with higher sales, gives a higher average quarterly cashflow of 124 million dollars in this next 12 months.

## Sales up 28% for a second quarter, margins up, record high cashflow, de leveraging to net cash, a 9.6% yield, much higher target price...

Balance sheet, heading to net cash

Profit, very high margins

Value, a 9.6% yield

- With positive cashflow, the net leverage of cash minus total liabilities was -157 million dollars in the first quarter from -720 million dollars in the fourth quarter & -530 million dollars a year ago.
- With our forecast higher cashflow & assuming a dividend payout of -285 million dollars ...
- ...net cash will turn positive +55 million dollars in 12 months time.

Profit, very high margins

- Net profit was lower at 177 million dollars in the first quarter from 227 million dollars in the fourth quarter on less non cash gains.
- The cash cost ratio of net profit add back non cash costs minus sales as a percent of sales was down to -62%.
- We use average -71% costs, to predict a higher next 12 months profit of 570 million dollars.

Value, a 9.6% yield

- BYAN cumulative net capital has jumped to now +1,468 million dollars from the last five years.
- At the current market value of 2,956 million dollars, based on forecasts it’s omly 1.6X capital paid, 1.4X sales, 1.5X assets, 2.2X equity, with a 42.1% profitability & a 9.6% yield.
- Our free cashflow forecast is 497 million dollars. At 1.6% with a 0.4X adjustment, gives a 321% higher target price of 52,230 rupiah.