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BVIC less dull as sales & cashflow jump, but more capital raised
BVIC Current 130 Target 133 + 2%
Jul 20, 2022
1 minute read
Other assets declined -5%
Last 5 quarters
0% -4% 4% 4% -5%
The sales to assets ratio jumped 1.9% to 2.4%
Last 5 quarters
2.6% 2.0% 2.3% 1.9% 2.4%
The cash cost ratio improved -79% to -64%
Last 5 quarters
-63% -82% -71% -79% -64%
Free cashflow turned positive again -322 to 273 billion rupiah
Last 5 quarters billion rupiah
318, 936, -904, -322, 273
Capital raised worsened, a +2% target price
Last 5 quarters billion rupiah
48, 48, -466, -416, -667
Jul 20, 2022
1 minute read
Other assets declined -5%
Last 5 quarters
0% -4% 4% 4% -5%
- Other assets declined -5% first to second quarter to 22,847 billion rupiah bringing average quarter growth to -0%…
The sales to assets ratio jumped 1.9% to 2.4%
Last 5 quarters
2.6% 2.0% 2.3% 1.9% 2.4%
- The sales to assets ratio jumped 1.9% to 2.4% first to second quarter bringing sales up 451 to 557 billion rupiah vs our forecast 0 billion rupiah (new coverage).
- We predict average asset growth of 3% in the next 12 months with a sales to asset ratio 2.4% to bring sales up to 633 billion rupiah in the second quarter 2023.
The cash cost ratio improved -79% to -64%
Last 5 quarters
-63% -82% -71% -79% -64%
- The cash cost ratio improved -79% to -64% first to second quarter .
- Provisions increased 68 to 148 billion rupiah so net profit increased 22 to 49 billion rupiah first to second quarter .
- We use a -74% cost ratio & 108 billion rupiah provisions to predict a 52 billion rupiah profit in the second quarter 2023.
Free cashflow turned positive again -322 to 273 billion rupiah
Last 5 quarters billion rupiah
318, 936, -904, -322, 273
- Free cashflow turned positive again -322 to 273 billion rupiah first to second quarter with 1,487 billion rupiah investment cashflow.
- Average quarter free cashflow is now -4 billion rupiah
- We use -20 billion rupiah investment cashflow to predict a positive 146 billion rupiah free cashflow in the second quarter 2023.
Capital raised worsened, a +2% target price
Last 5 quarters billion rupiah
48, 48, -466, -416, -667
- Capital raised worsened -416 to -667 billion rupiah first to second quarter with 0 billion rupiah from liabilities -251 billion rupiah from new equity but will be -649 billion rupiah in 12 months time.
- At the current market value 1,363 billion rupiah the dividend yield will be 1% in the next 12 months.
- Our free cashflow forecast is 559 billion rupiah which is a 2.4 X multiple. A 2.5 X multiple gives a 2% target price 133 rupiah.
