## DOID, a 48% higher target price

Current 292 Target 432 +48%

November 26th 2021

1 minute read

Sales jumped 31%

Costs 9 point lower

Cashflow negative again with high investment spend

Balance sheet, higher leverage again

Valuation capital negative again but should rebound, a 48% higher target price

1 minute read

Sales jumped 31%

- Sales jumped 31% in the third quarter to 248 million dollars vs our 208 million dollars forecast.
- This brings the quarterly average to 18% growth.
- We predict average growth of 5% to bring sales to 294 million dollars in the third quarter of 2022.

Costs 9 point lower

- The cash cost ratio was 9 points lower at -77% in the third quarter giving a 17 million dollars net profit.
- The average Cashflow cost ratio is at -85% now.
- We use the latest -77% cost ratio to predict a 27 million dollars profit in the third quarter of 2022.

Cashflow negative again with high investment spend

- Free cashflow was negative -99 million dollars in the third quarter with much higher -93 million dollars investment Cashflow.
- Average quarterly Cashflow is at -27 million dollars now.
- We assume lower -30 million dollars investment spending which with higher sales gives a 14 million dollars Cashflow in the third quarter of 2022.

Balance sheet, higher leverage again

- Cash increased from 105 to 357 million dollars in the third quarter.
- Liabilities increased from 779 to 1,144 million dollars so net cash worsened from -674 to -787 million dollars.
- With our forecast cashflow & a 0 million dollars equity payout net cash will be -657 million dollars in 12 months time.

Valuation capital negative again but should rebound, a 48% higher target price

- DOID capital from the last 23 quarters turned negative -158 million dollars in the third quarter with 349 billion rupiah new liabilities but will be positive again 230 million dollars in12 months time.
- At the current market value of 180 million dollars based on our forecasts it’s at 0.13 X assets with a 27 years payback & a 0% yield.
- Our cashflow forecast is 38 million dollars which means an 5 X valuation. A 7 X valuation gives a 48% higher target price of 432 rupiah.