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HRUM looking sharp with sales at a new record high
HRUM Current 10,350 Target 13,418 + 30%
May 12, 2022
1 minute read
Sales grew 16%
Last 5 quarters
162% 3% 53% 46% 16%
Costs down profit up
Last 5 quarters
-70% -67% -57% -61% -46%
Cashflow higher
Last 5 quarters million dollars
-134, -23, -16, 26, 31
Balance sheet net cash improved
Last 5 quarters million dollars
27, -10, -9, -75, -45
Capital raised worsened , a 30% higher target price
Last 5 quarters million dollars
23 10 -24 8 -12
May 12, 2022
1 minute read
Sales grew 16%
Last 5 quarters
162% 3% 53% 46% 16%
- Sales grew 16% in the first quarter to 152 million dollars 11% above our 137 million dollars forecast.
- This brings the average to 29% growth.
- We predict average growth of 5% in this next 12 months to bring sales to 185 million dollars in the first quarter 2023.
Costs down profit up
Last 5 quarters
-70% -67% -57% -61% -46%
- The cash cost ratio went from -61% to -46% profit from 46 to 77 million dollars in the first quarter
- The average cost ratio is at -58% now.
- We use the average -58% cost ratio to predict a 73 million dollars profit in the first quarter 2023.
Cashflow higher
Last 5 quarters million dollars
-134, -23, -16, 26, 31
- Free cashflow went from 26 to 31 million dollars in the first quarter with -1 million dollars investment spending.
- Average quarterly Cashflow is at 5 million dollars now.
- We assume the same -1 million dollars investment spending which with higher sales gives 77 million dollars Cashflow in the first quarter 2023.
Balance sheet net cash improved
Last 5 quarters million dollars
27, -10, -9, -75, -45
- Cash increased 149 to 200 million dollars in the first quarter
- Liabilities increased 224 to 245 million dollars so net cash improved -75 to -45 million dollars
- With our forecast cashflow & a -167 million dollars equity payout -45 million dollars liabilities payment net cash will be 84 million dollars in 12 months time.
Capital raised worsened , a 30% higher target price
Last 5 quarters million dollars
23 10 -24 8 -12
- HRUM 25 quarter capital raised worsened 8 to -12 million dollars in the first quarter with 3 million dollars new liabilities 17 million dollars new equity but will be postive 201 million dollars in12 months time.
- At the current market value of 1,828 million dollars based on our forecasts it’s at 1.7 X assets with a 3 years payback & a 9% yield.
- Our cashflow forecast is 296 million dollars which means an 6 X valuation. A 8 X valuation gives a 30% higher target price 13,418 rupiah.