ANJT cashflow positive again
ANJT Current 715 Target 1,088 + 52%
11/8/22
1 minute read
Sales declined -16%
Last 5 quarters growth, sales million dollars
14% 8% -1% -9% -16%
71 76 76 69 58
Costs up profit down
Last 5 quarters cost ratio, profit million dollars
-72% -73% -76% -78% -85%
13.4 14.0 11.2 8.1 1.7
Cashflow positive
Last 5 quarters operating, investment cashflow million dollars
22 23 23 0 10
-9 -14 -3 -9 -8
Net cash up
Last 5 quarters cash, liabilities million dollars
24 27 39 27 18
225 219 219 212 199
Capital improved
Last 5 quarters cumulative capital, from liabilities, equity million dollars
-142 -135 -127 -123 -113
1 1 1 2 1
10 7 8 5 1
11/8/22
1 minute read
- Last 12 months sales growth -18%
- Last 12 months cash flow + 14% of market cap
- Last 12 months Capital + 19% of market cap
- Latest net cash -114% of market cap
Sales declined -16%
Last 5 quarters growth, sales million dollars
14% 8% -1% -9% -16%
71 76 76 69 58
- Sales declined -16% in the third quarter to 58 million dollars ; our forecasts v sales is -0% now.
- This brings the average to -4% growth.
- We predict average growth of 3% in this next 12 months to bring sales to 64 million dollars in the third quarter 2023.
Costs up profit down
Last 5 quarters cost ratio, profit million dollars
-72% -73% -76% -78% -85%
13.4 14.0 11.2 8.1 1.7
- The cash cost ratio went from -78% to -85% profit from 8.1 to 1.7 million dollars in the third quarter.
- The average cost ratio is at -78% now.
- We use a -75% cost ratio to predict a 9.2 million dollars profit in the third quarter 2023.
Cashflow positive
Last 5 quarters operating, investment cashflow million dollars
22 23 23 0 10
-9 -14 -3 -9 -8
- Free cashflow went positive from -9 to 2 million dollars in the third quarter with -8 investment cashflow.
- Average quarterly Cashflow is at 6 million dollars now.
- We assume -7 million dollars investment cashflow which with higher sales gives 9 million dollars average Cashflow in the next 12 months.
Net cash up
Last 5 quarters cash, liabilities million dollars
24 27 39 27 18
225 219 219 212 199
- Cash declined 27 to 18 million dollars in the third quarter.
- Liabilities declined 212 to 199 million dollars so net cash was up -185 to -181 million dollars .
- With our forecast cashflow & a -3 million dollars equity payout -33 million dollars liabilities net cash will be -148 million dollars in 12 months time.
Capital improved
Last 5 quarters cumulative capital, from liabilities, equity million dollars
-142 -135 -127 -123 -113
1 1 1 2 1
10 7 8 5 1
- ANJT cumulative capital improved -123 to -113 million dollars with + 1 & + 1 million dollars from liabilities, equity in the third quarter & will be -76 million dollars in12 months time.
- At the current market value of 159 million dollars based on our forecasts it’s at 0.26 X assets with a 17 years payback & a 2% yield.
- Our cashflow forecast is 36 million dollars which means a 4 X valuation. An 8 X valuation gives a 52% higher target price 1,088 rupiah.
