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BRPT dull with even more negative cashflow
BRPT Current 825 Target 759 -8%
May 18, 2022
1 minute read
Sales declined -3%
Last 5 quarters
9% 14% -9% 11% -3%
Costs down profit up
Last 5 quarters
-78% -80% -90% -92% -91%
Cashflow more negative
Last 5 quarters million dollars
-116 -31 -16 -266 -684
Balance sheet net cash worsened
Last 5 quarters million dollars
-3,510 -3,546 -2,576 -3,100 -3,328
Capital raised worsened a -8% lower target price
Last 5 quarters million dollars , a -8% lower target price
-2,245 -2,249 -3,298 -3,413 -3,870
May 18, 2022
1 minute read
Sales declined -3%
Last 5 quarters
9% 14% -9% 11% -3%
- Sales declined -3% in the first quarter to 813 million dollars -0% below our 817 million dollars forecast.
- This brings the average to 3% growth.
- We predict average growth of 3% again in this next 12 months to bring sales to 913 million dollars in the first quarter 2023.
Costs down profit up
Last 5 quarters
-78% -80% -90% -92% -91%
- The cash cost ratio went from -92% to -91% profit from 26 to 30 million dollars in the first quarter.
- The average cost ratio is at -88% now.
- We use the average -88% cost ratio to predict a 67 million dollars profit in the first quarter 2023.
Cashflow more negative
Last 5 quarters million dollars
-116 -31 -16 -266 -684
- Free cashflow went more negative from -266 to -684 million dollars in the first quarter with -173 million dollars investment spending.
- Average quarterly Cashflow is at -107 million dollars now.
- We assume the same -173 million dollars investment spending which with higher sales gives a still negative -66 million dollars Cashflow in the first quarter 2023.
Balance sheet net cash worsened
Last 5 quarters million dollars
-3,510 -3,546 -2,576 -3,100 -3,328
- Cash declined 1,875 to 1,649 million dollars in the first quarter.
- Liabilities increased 4,975 to 4,977 million dollars so net cash worsened -3,100 to -3,328 million dollars .
- With our forecast cashflow & a 0 million dollars equity payout 270 million dollars liabilities payment net cash will be -3,598 million dollars in 12 months time.
Capital raised worsened a -8% lower target price
Last 5 quarters million dollars , a -8% lower target price
-2,245 -2,249 -3,298 -3,413 -3,870
- BRPT 29 quarter capital raised worsened -3,413 to -3,870 million dollars in the first quarter with 457 million dollars new liabilities & will be -4,141 million dollars in12 months time.
- At the current market value of 5,491 million dollars based on our forecasts it’s at 0.56 X assets with a 18 years payback & a 0% yield.
- Our operating cashflow forecast is 421 million dollars which means a 13 X valuation. A 12 X valuation gives a -8% lower target price 759 rupiah.