INCO a quarter billion dollars net cash now…
INCO Current 6,175 Target 9,783 + 58%
Jul 29, 2022
1 minute read
Sales grew 32%
Last 5 quarters million dollars
208, 272, 267, 235, 311
Costs up profit up
Last 5 quarters
-69% -40% -91% -54% -61%
Cashflow much higher
Last 5 quarters million dollars
74 44 39 11 69
Balance sheet net cash improved
Last 5 quarters million dollars
135 177 190 196 274
Last 12 months capital + 0% of market cap
Last 5 quarters million dollars
206 208 208 208 208
Jul 29, 2022
1 minute read
Sales grew 32%
Last 5 quarters million dollars
208, 272, 267, 235, 311
- Sales grew 32% in the second quarter to 311 million dollars 26% above our 247 million dollars forecast.
- This brings the quarterly average to 12% growth.
- We predict average growth of 3% in this next 12 months to bring sales to 353 million dollars in the second quarter 2023.
Costs up profit up
Last 5 quarters
-69% -40% -91% -54% -61%
- The cash cost ratio went from -54% to -61% profit from 68 to 83 million dollars in the second quarter.
- The average cost ratio is at -61% now.
- We use the average -61% cost ratio to predict a 97 million dollars profit in the second quarter 2023.
Cashflow much higher
Last 5 quarters million dollars
74 44 39 11 69
- Free cashflow went from 11 to 69 million dollars in the second quarter with -45 million dollars investment Cashflow.
- Average quarterly Cashflow is at 41 million dollars 4% of market cap.
- We assume the same -45 million dollars investment spending which with higher sales gives a 87 million dollars average Cashflow in the next 12 months.
Balance sheet net cash improved
Last 5 quarters million dollars
135 177 190 196 274
- Cash increased 518 to 586 million dollars in the 0 quarter.
- Liabilities declined 322 to 312 million dollars so net cash improved 196 to 274 million dollars
- With our forecast cashflow & a 0 million dollars equity payout -58 million dollars liabilities payment net cash will be 620 million dollars in 12 months time.
Last 12 months capital + 0% of market cap
Last 5 quarters million dollars
206 208 208 208 208
- INCO capital from the last 30 quarters was flat at 208 million dollars in the second quarter with -0 million dollars from liabilities 0 million dollars from equity but will be 266 million dollars in12 months time.
- At the current market value of 4,232 million dollars based on our forecasts it’s at 1.4 X assets with a 6 years payback & a 0% yield.
- Our cashflow forecast is 346 million dollars which means a 12 X valuation. A 16 X valuation gives a 58% higher target price 9,783 rupiah.
