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MDKA, plenty of capital to payback
Current, target price 2,740, 1,698 (-38%)
August 31st, 2021
1 minute read
Sales continue strong recovery
Costs much lower
1 minute read
Sales continue strong recovery
- Sales continued to recover & grew by 91% in the second quarter to 89 million dollars which is well above our forecast 51 million dollars.
- This brings the average quarterly growth to 26%.
- We predict average growth of 6% in this next 12 months to bring sales to 112.2 million dollars in the second quarter 2022.
Costs much lower
- The cash cost ratio of net profit add non cash costs minus sales as a percent of sales was much lower at -49% in the second quarter & profit returned to a positive 10 million dollars.
- Average quarterly costs are now at -87%.
- We use a higher -69% costs to predict a small -0.4 million dollars loss in the second quarter of 2022.
Cashflow small positive
Balance sheet, higher leverage
Value, lots of capital to payback
- Cashflow also returned to a positive 4 million dollars with investment spending of -5 million dollars in the second quarter.
- Average quarterly Cashflow is now at 2 million dollars.
- We use the same -5.0 million dollars investment spending which with higher sales gives a higher 23 million dollars cashflow in the second quarter 2022.
Balance sheet, higher leverage
- Cash increased from 277 to 278 million dollars in the second quarter.
- Liabilities increased from 439 to 455 million dollars so net cash worsened from -162 to -177 million dollars.
- With our forecast cashflow & no equity payout, net cash will improve to -63 million dollars in 12 months time.
Value, lots of capital to payback
- MDKA capital from the last six years worsened to -565 million dollars in the second quarter.
- At the current market value of 4,483 million dollars, based on our forecasts, it’s at 10.44X sales & 4.08X assets with a 0% yield.
- Our free cashflow forecast is 87 million dollars. At a higher 32x, this gives a -38% higher target price of 1,698 rupiah.
