## GDYR, great results, a 6X target

Current, target price Rp1,460, 8,827 (+505%%)

April 30th , 2021

1 minute read

Sales, up again

Cashflow, very strong

1 minute read

Sales, up again

- Sales jumped by 19% in the first quarter to 40 million dollars, which is +18% compared to our forecast.
- This is after an 18% increase in the fourth quarter & brings the quarterly average growth to 24%.
- We predict average growth of 4% a quarter in this next 12 months which will bring sales to 46 million dollars by the first quarter of 2022.

Cashflow, very strong

- Cashflow soared to 10 million dollars in the first quarter after 5 million dollars in the fourth quarter.
- Average quarterly cashflow is now positive 4 million dollars.
- We use flat investment spending of -1 million dollars, which with higher sales, gives a average quarterly cashflow of 2.1 million dollars in this next 12 months.

## Sales up strongly again, strong margins, record 10 million dollars Cashflow, de leveraging, capital payer now, cheap, a 6X target price...

Balance sheet, de leveraging

Profit, strong margins

Value, turned capital payer

- The net leverage of cash minus total liabilities was -57 million dollars in the first quarter from -56 million dollars in the fourth quarter & -63 million dollars a year ago.
- With our forecast higher cashflow & assuming a dividend payout of -2 million dollars...
- ...net cash will improve to -50 million dollars in 12 months time.

Profit, strong margins

- Net profit was positive at 2 million dollars in the first quarter from a -2.8 million dollars loss in the fourth quarter.
- The cash cost ratio of net profit add back non cash costs minus sales as a percent of sales improved sharply to -90%.
- We use -92% costs, to predict a positive next 12 months profit of 6 million dollars.

Value, turned capital payer

- GDYR cumulative net capital is now positive +5 million dollars from the last five years.
- At the current market value of 44 million dollars, based on forecasts it’s only 3.10X capital paid, 0.27X sales, 0.37X assets, 0.86X equity, with a 12.0% profitability & a 4.2% yield.
- Our free cashflow forecast is 9 billion rupiah. At 1.6% with a 0.5X adjustment, gives a 505% higher target price of 8,827 rupiah.