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INDY, only 0.16X assets
Current, target price 1,455, 5,770 (+297%)
August 18th, 2021
1 minute read
Sales up 21%
Costs lower
1 minute read
Sales up 21%
- Sales increased by 21% in the second quarter to 706 million dollars which well above is our forecast 605 million dollars.
- This brings the average quarterly growth to 11%.
- We predict average growth of 5% in this next 12 months to bring sales to 837 million dollars in the second quarter 2022.
Costs lower
- The cash cost ratio of net profit add non cash costs minus sales as a percent of sales fell to -88% in the second quarter & profit jumped to 32 million dollars.
- Average quarterly costs are now at -92%.
- We use the latest -88% costs to predict a 48 million dollars profit in the second quarter of 2022.
Cashflow jumps
Balance sheet, lower leverage
Value, only 0.16X assets
- Cashflow was 65 million dollars with investment spending of -26 million dollars in the second quarter.
- Average quarterly Cashflow has now improved to 20 million dollars.
- We use the same -26 million dollars investment spending which with higher sales gives a 78 million dollars cashflow in the second quarter 2022.
Balance sheet, lower leverage
- Cash increased from 578 to 615 million dollars in the second quarter.
- Liabilities increased from 2,699 to 2,708 million dollars so net cash improved from -2,121 to -2,093 million dollars.
- With our forecast cashflow & a -45 million dollars equity payout, net cash will be -1,870 million dollars in 12 months time.
Value, only 0.16X assets
- INDY capital from the last five years improved to -195 million dollars in the second quarter.
- At the current market value of 540 million dollars, based on our forecasts, it’s at 0.18X sales & 0.16X assets with an 8% yield.
- Our free cashflow forecast is 268 million dollars. At 8X (a 12.5% yield), this gives a 297% higher target price of 5,770 rupiah.
