DGIK expensive
DGIK Current 120 Target 94 -22%
September 25, 2022
1 minute read
Sales declined -14%
Last 5 quarters growth & sales million dollars
-2% -13% 91% -27% -14%
81 70 134 98 84
Costs down profit up
Last 5 quarters cost ratio & profit million dollars
-98% -95% -93% -104% -97%
-1 1 6 -7 -0
Cashflow negative
Last 5 quarters operating & investment million dollars
2 -51 77 11 -45
109 5 -119 7 -0
Net cash down
Last 5 quarters cash & liabilities million dollars
174 105 116 126 51
406 34 360 325 307
Capital improved
Last 5 quarters cumulative capital , liabilities & equity million dollars
11 34 0 8 38
-16 22 -34 2 2
0 0 0 5 28
September 25, 2022
1 minute read
- DGIK last 12 months sales growth + 4%
- DGIK last 12 months cash flow -18% of market cap
- DGIK last 12 months Capital 4X average + 4% of market cap
- DGIK latest net cash -40% of market cap
Sales declined -14%
Last 5 quarters growth & sales million dollars
-2% -13% 91% -27% -14%
81 70 134 98 84
- Sales declined -14% in the second quarter to 84 million dollars ; our forecasts v sales is 0% now.
- This brings the average to 9% growth.
- We predict average growth of 8% in this next 12 months to bring sales to 94 million dollars in the second quarter 2023.
Costs down profit up
Last 5 quarters cost ratio & profit million dollars
-98% -95% -93% -104% -97%
-1 1 6 -7 -0
- The cash cost ratio went from -104% to -97% profit from -7 to 0 million dollars in the second quarter.
- The average cost ratio is at -97% now.
- We use the average -97% cost ratio to predict a 0 million dollars profit in the second quarter 2023.
Cashflow negative
Last 5 quarters operating & investment million dollars
2 -51 77 11 -45
109 5 -119 7 -0
- Free cashflow went negative from 18 to -46 million dollars in the second quarter with 0 million dollars investment cashflow.
- Average quarterly Cashflow is at -29 million dollars now.
- We assume the same 0 million dollars investment cashflow which with higher sales gives 3 million dollars average Cashflow in the next 12 months.
Net cash down
Last 5 quarters cash & liabilities million dollars
174 105 116 126 51
406 34 360 325 307
- Cash declined 126 to 51 million dollars in the second quarter.
- Liabilities declined 325 to 307 million dollars so net cash was down -199 to -256 million dollars .
- With our forecast cashflow & 0 million dollars equity -10 million dollars liabilities net cash will be -246 million dollars in 12 months time.
Capital improved
Last 5 quarters cumulative capital , liabilities & equity million dollars
11 34 0 8 38
-16 22 -34 2 2
0 0 0 5 28
- DGIK cumulative capital improved 8 to 38 million dollars with + 2 & + 28 million dollars from liabilities, equity in the second quarter & will be 10 million dollars in12 months time.
- At the current market value of 641 million dollars based on our forecasts it’s at 0.71 X assets with a 86 years payback & a 0% yield.
- Our 12m cashflow forecast is 10 million dollars (vs -116 million dollars the last 12m) which means a 64 X valuation. A 50 X valuation gives a -22% lower target price 94 rupiah.
