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DOID, only 0.26X assets
Current, target price 332, 1,833 (+452%)
July 3rd, 2021
1 minute read
Sales jump
Costs, higher
1 minute read
Sales jump
- Sales increased by 49% in the first quarter to 160 million dollars which is slightly below our forecast 165 million dollars.
- This brings the average quarterly growth up to -1%.
- We predict average growth of 5% in this next 12 months to bring sales to 192 million dollars in the first quarter 2022.
Costs, higher
- The cash cost ratio of net profit add depreciation minus sales as a percent of sales was higher -90% in the first quarter & profit was -26 million dollars.
- Average quarterly costs are however at -79%.
- We use the average -79% costs to predict a -2 million dollars net profit in the first quarter of 2022.
Cashflow, lower receipts
Balance sheet, higher leverage
Value, only 0.26X assets
- Lower cash receipts meant cashflow was down to -29 million dollars with investment spending of -2 million dollars in the first quarter.
- Average quarterly Cashflow has now declined to 4 million dollars.
- We use the same -2 million dollars investment spending which with higher sales gives a 17 million dollars cashflow in the first quarter 2022.
Balance sheet, higher leverage
- With negative cashflow, cash declined from 112 to 76 million dollars in the first quarter.
- Liabilities increased from 710 to 714 so net cash worsened from -598 to -638 million dollars.
- With our forecast higher cashflow & assuming there’s no equity payout, net cash will improve to -494 million dollars in 12 months time.
Value, only 0.26X assets
- DOID capital from the last six years improved to 191 million dollars in the first quarter.
- At the current market value of 204 million dollars, based on our forecasts, it’s at 0.28X sales & 0.26X assets with a 0% yield.
- Our free cashflow forecast is 56 million dollars. At 20X (5% yield), this gives a 452% higher target price of 1,833 rupiah.
