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PTRO, a 10% yield
Current, target price 1,970, (+605%)
August 7th, 2021
1 minute read
Sales jump
Costs lower
1 minute read
Sales jump
- Sales jumped by 12% in the second quarter to 102.2 million dollars which is above our forecast 96.6 million dollars.
- This brings the average quarterly growth to 9%.
- We predict average growth of 5% in this next 12 months to bring sales to 122.8 million dollars in the second quarter 2022.
Costs lower
- The cash cost ratio of net profit add depreciation minus sales as a percent of sales was -72% in the second quarter profit was at 8.1 million dollars.
- Average quarterly costs are now at -69%.
- We use the latest -72% costs to predict a 13.9 million dollars net profit in the second quarter of 2022.
Cashflow positive
Balance sheet, lower leverage
Value, a 10% yield
- Cashflow was up to 32 million dollars with higher investment spending of -24 million dollars in the second quarter.
- Average quarterly Cashflow is 7 million dollars.
- We use -15.8 million dollars investment spending which with higher sales gives a 14 million dollars cashflow in the second quarter 2022.
Balance sheet, lower leverage
- Cash increased from 81 to 91 million dollars in the second quarter.
- Liabilities declined from 279 to 275 million dollars so net cash improved from -198 to -184 million dollars.
- With our forecast cashflow & assuming there’s a -14.5 million dollars equity payout, net cash will be -131 million dollars in 12 months time.
Value, a 10% yield
- PTRO capital from the last six years increased to 67 million dollars in the second quarter.
- At the current market value of 140 million dollars, based on our forecasts, it’s at 0.30X sales & 0.28X assets with a 10% yield.
- Our free cashflow forecast is 49 million dollars. At 8X (a 12% yield), this gives a 182% higher target price of 5,553 rupiah.
