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DSSA looking less sharp with big capital raising
DSSA Current 33,425 Target 37,737 + 13%
May 31, 2022
1 minute read
Sales grew 3%
Last 5 quarters
24% -8% 11% 46% 3%
Costs down profit up
Last 5 quarters
-76% -98% -88% -78% -74%
Cashflow lower
Last 5 quarters million dollars
2, -38, 7, 171, 78
Balance sheet net cash improved
Last 5 quarters million dollars
-677 -782 -789 -739 -454
Capital raised worsened
Last 5 quarters million dollars
-617 -560 -616 -550 -972
May 31, 2022
1 minute read
Sales grew 3%
Last 5 quarters
24% -8% 11% 46% 3%
- Sales grew 3% in the first quarter to 749 million dollars -2% below our 764 million dollars forecast.
- This brings the average to 13% growth.
- We predict average growth of 2% in this next 12 months to bring sales to 802 million dollars in the first quarter 2023.
Costs down profit up
Last 5 quarters
-76% -98% -88% -78% -74%
- The cash cost ratio went from -78% to -74% profit from 129 to 178 million dollars in the first quarter.
- The average cost ratio is at -85% now.
- We use a higher -78% cost ratio to predict a 155 million dollars profit in the first quarter 2023.
Cashflow lower
Last 5 quarters million dollars
2, -38, 7, 171, 78
- Free cashflow went from 171 to 78 million dollars in the first quarter with -77 million dollars investment spending.
- Average quarterly Cashflow is at 54 million dollars now.
- We assume the same -77 million dollars investment spending which with higher sales gives 96 million dollars Cashflow in the first quarter 2023.
Balance sheet net cash improved
Last 5 quarters million dollars
-677 -782 -789 -739 -454
- Cash increased 521 to 1,021 million dollars in the first quarter.
- Liabilities increased 1,260 to 1,475 million dollars so net cash improved -739 to -454 million dollars .
- With our forecast cashflow & a -58 million dollars equity payout -274 million dollars liabilities payment net cash will be -165 million dollars in 12 months time.
Capital raised worsened
Last 5 quarters million dollars
-617 -560 -616 -550 -972
- DSSA 25 quarter capital raised worsened -550 to -972 million dollars in the first quarter with 193 million dollars new liabilities 232 million dollars new equity but will be -641 million dollars in12 months time.
- At the current market value of 1,840 million dollars based on our forecasts it’s at 0.47 X assets with a 8 years payback & a 3% yield.
- Our cashflow forecast is 346 million dollars which means a 5 X valuation. A 6 X valuation gives a 13% higher target price of 37,737 rupiah.