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ARTO looking sharper as cashflow positive now
ARTO Current 9,975 Target 8,057 -19%
Jul 21, 2022
1 minute read
Other assets grew 13%
Last 5 quarters
264% 20% 28% 2% 13%
The sales to assets ratio declined 3.1% to 3.0%
Last 5 quarters
1.8% 2.4% 2.5% 3.1% 3.0%
The cash cost ratio improved -71% to -62%
Last 5 quarters
-87% -77% -33% -71% -62%
Free cashflow increased 291 to 303 billion rupiah
Last 5 quarters billion rupiah
-4,272, -528, -1,060, 291, 303
Capital raised flat
Last 5 quarters billion rupiah
-8,352 -8,352 -8,352 -8,352 -8,352
Jul 21, 2022
1 minute read
Other assets grew 13%
Last 5 quarters
264% 20% 28% 2% 13%
- Other assets grew 13% first to second quarter to 12,599 billion rupiah.
- This brings average quarter growth to 16%.
- We predict average growth of 11% this next 12 months to bring other assets to 18,331 billion rupiah in the second quarter 2023.
The sales to assets ratio declined 3.1% to 3.0%
Last 5 quarters
1.8% 2.4% 2.5% 3.1% 3.0%
- The sales to assets ratio declined 3.1% to 3.0% first to second quarter bringing sales up 347 to 375 billion rupiah -12% vs our forecast 429 billion rupiah.
- The average sales to assets ratio is now 2.7%.
- We use a sales to asset ratio of 3.0% to bring sales to 562 billion rupiah in the second quarter 2023.
The cash cost ratio improved -71% to -62%
Last 5 quarters
-87% -77% -33% -71% -62%
- The cash cost ratio improved -71% to -62% first to second quarter .
- Provisions increased 60 to 109 billion rupiah so net profit declined 19 to 10 billion rupiah first to second quarter .
- We use a -61% cost ratio & -109 billion rupiah provisions to predict a 169 billion rupiah profit in the second quarter 2023.
Free cashflow increased 291 to 303 billion rupiah
Last 5 quarters billion rupiah
-4,272, -528, -1,060, 291, 303
- Free cashflow increased 291 to 303 billion rupiah first to second quarter with -685 billion rupiah investment cashflow.
- Average quarter free cashflow is now -249 billion rupiah
- We use -22 billion rupiah investment cashflow to predict 279 billion rupiah free cashflow in the second quarter 2023.
Capital raised flat
Last 5 quarters billion rupiah
-8,352 -8,352 -8,352 -8,352 -8,352
- Capital raised was flat at -8,352 billion rupiah in the second quarter with 0 billion rupiah from liabilities 0 billion rupiah from equity but will be -8,215 billion rupiah in 12 months time.
- At the current market value 138,216 billion rupiah the dividend yield will be 0% in the next 12 months.
- Our cashflow forecast is 1,116 billion rupiah which is a 124 X multiple. A 100 X multiple gives a -19% target price 8,057 rupiah.
