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MBSS, an 8.3% yield
Current, target price 550, 2,878 (+423%)
August 4th, 2021
1 minute read
Sales jumped
Costs lower
1 minute read
Sales jumped
- Sales jumped by 20% in the second quarter to 18.2 million dollars which is below our forecast 19.5 million dollars.
- This brings the average quarterly growth to 10%
- We predict average growth of 4% in this next 12 months to bring sales to 21.3 million dollars in the second quarter 2022.
Costs lower
- The cash cost ratio of net profit add on cash costs minus sales as a percent of sales improved significantly to -62% in the second quarter & profit turned positive 1.8 million dollars.
- Average quarterly costs are now at -73%.
- We use the average -73% costs to predict a 0.5 million dollars net profit in the second quarter of 2022.
Cashflow higher
Balance sheet net cash
Value, an 8.3% yield
- Cashflow increased to 4.0 million dollars even with higher investment spending of -2.7 million dollars in the second quarter.
- Average quarterly Cashflow has now improved to 3.1 million dollars.
- We use lower -2.0 million dollars investment spending which with higher sales gives a higher 3.7 million dollars cashflow in the second quarter 2022.
Balance sheet net cash
- With positive cashflow cash increased in the second quarter from 33 to 34 million dollars.
- Liabilities declined from 33 to 29 million dollars so the net cash improved from 0 to 5 million dollars.
- With our forecast positive cashflow & an -5.7 million dollars equity payout, the net cash will still rise to 13.7 billion rupiah in 12 months time.
Value, an 8.3% yield
- MBBS capital from the last six years improved to 90.9 million dollars in the second quarter.
- At the current market value of 68.7 million dollars, based on our forecasts, it’s at 0.8X sales & only 0.4X assets with an 8.3% yield.
- Our free cashflow forecast is 14.4 billion rupiah. At 25.0 (a 4% yield), this gives a 423.4% higher target price of 2,878 rupiah.
