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DSSA looking sharp as cashflow soars
DSSA Current 44,000 Target 90,148 +105%
Mar 23, 2022
1 minute read
Sales leapt 46%
Last 5 quarters
15% 24% -8% 11% 46%
Costs down profit up
Last 5 quarters
-106% -76% -98% -88% -78%
Cashflow soared
Last 5 quarters million dollars
-77, 2, -38, 7, 171
Balance sheet lower leverage
Last 5 quarters million dollars
-700 -677 -782 -789 -739
Capital raised improved, a 105% higher target price
Last 5 quarters million dollars
-781 -617 -560 -616 -550
Mar 23, 2022
1 minute read
Sales leapt 46%
Last 5 quarters
15% 24% -8% 11% 46%
- Sales leapt 46% in the fourth quarter to 728 million dollars 21% above our 599 million dollars forecast.
- This brings the average to 18% growth.
- We predict average growth of 5% in this next 12 months to bring sales to 874 million dollars in the fourth quarter 2022.
Costs down profit up
Last 5 quarters
-106% -76% -98% -88% -78%
- The cash cost ratio went from -88% to -78% profit from 40 to 129 million dollars in the fourth quarter.
- The average cost ratio is at -85% now.
- We use an -82% cost ratio to predict a 132 million dollars profit in the fourth quarter 2022.
Cashflow soared
Last 5 quarters million dollars
-77, 2, -38, 7, 171
- Free cashflow soared from 7 to 171 million dollars in the fourth quarter with -22 million dollars investment spending.
- Average quarterly Cashflow is at 35 million dollars now.
- We assume the same -22 million dollars investment spending which with higher sales gives 137 million dollars Cashflow in the fourth quarter 2022.
Balance sheet lower leverage
Last 5 quarters million dollars
-700 -677 -782 -789 -739
- Cash increased 416 to 521 million dollars in the fourth quarter.
- Liabilities increased 1,205 to 1,260 million dollars so net cash improved -789 to -739 million dollars
- With our forecast cashflow & a -48 million dollars equity payout -234 million dollars liabilities payment net cash will be -288 million dollars in 12 months time.
Capital raised improved, a 105% higher target price
Last 5 quarters million dollars
-781 -617 -560 -616 -550
- DSSA 24 quarters capital raised improved -616 to -550 million dollars in the fourth quarter with -104 million dollars liabilities 38 million dollars equity & will be -268 million dollars in12 months time.
- At the current market value of 2,422 million dollars based on our forecasts it’s at 0.75 X assets with a 5 years payback & a 2% yield.
- Our cashflow forecast is 496 million dollars which means an 5 X valuation. A 10 X valuation gives a 105% higher target price of 90,148 rupiah.