CENT will raise capital
CENT Current 171 Target 148 -13%
31 Jul 2022
1 minute read
Sales grew 1%
Last 5 quarters billion rupiah
302, 301, 302, 568, 571
Costs up profit down
Last 5 quarters
-80% -73% -62% -135% -149%
Cashflow last 12 months -14% of market cap
Last 5 quarters billion rupiah
74 -187 -17 -404 -136
Balance sheet change in net cash last 12 months -247% of market cap (needs more capital)
Last 5 quarters billion rupiah
-4,983 -5,106 -16,942 -17,737 -18,153
Capital last 12 months -1% of market cap
Last 5 quarters billion rupiah
-4,571 -4,616 -4,529 -4,654 -4,619
31 Jul 2022
1 minute read
Sales grew 1%
Last 5 quarters billion rupiah
302, 301, 302, 568, 571
- Sales grew 1% in the second quarter to 571 billion rupiah -3% below our 591 billion rupiah forecast.
- This brings the average to 22% growth.
- We predict average growth of 0.3% in this next 12 months to bring sales to 577 billion rupiah in the second quarter 2023.
Costs up profit down
Last 5 quarters
-80% -73% -62% -135% -149%
- The cash cost ratio went from -135% to -149% profit from -478 to -554 billion rupiah in the second quarter.
- The average cost ratio is at -105% now.
- We use a lower -96% cost ratio to predict a -253 billion rupiah profit in the second quarter 2023.
Cashflow last 12 months -14% of market cap
Last 5 quarters billion rupiah
74 -187 -17 -404 -136
- Free cashflow was less negative from -404 to -136 billion rupiah in the second quarter with -231 billion rupiah investment spending.
- Average quarterly Cashflow is at -186 billion rupiah now.
- We assume lower -205 billion rupiah investment spending which with higher sales gives -205 billion rupiah Cashflow in the second quarter 2023.
Balance sheet change in net cash last 12 months -247% of market cap (needs more capital)
Last 5 quarters billion rupiah
-4,983 -5,106 -16,942 -17,737 -18,153
- Cash declined 521 to 346 billion rupiah in the second quarter.
- Liabilities increased 18,258 to 18,499 billion rupiah so net cash worsened -17,737 to -18,153 billion rupiah
- With our forecast cashflow & a 0 billion rupiah equity payout 730 billion rupiah new liabilities net cash will be -18,883 billion rupiah in 12 months time.
Capital last 12 months -1% of market cap
Last 5 quarters billion rupiah
-4,571 -4,616 -4,529 -4,654 -4,619
- CENT 30 quarter capital improved -4,654 to -4,619 billion rupiah in the second quarter with -1 billion rupiah from liabilities + 36 billion rupiah from equity & will be -5,349 billion rupiah in12 months time.
- At the current market value of 5,332 billion rupiah based on our forecasts it’s at 0.28 X assets with a -105 years payback & a 0% yield.
- Our sales forecast is 2,307 billion rupiah which means a 2.3 X valuation. A 2 X valuation gives a -13% lower target price 148 rupiah.
