ITMG $1.2 billion cash
ITMG Current 41,925 Target 76,036 + 81%
11/10/22
1 minute read
Sales grew 53%
Last 5 quarters growth, sales million dollars
65% 116% -54% 22% 53%
647 1,401 640 782 1,195
Costs down profit up
Last 5 quarters cost ratio, profit million dollars
-68% -82% -61% -64% -60%
154 204 213 248 433
Cashflow much higher
Last 5 quarters operating, investment cashflow million dollars
129 282 184 144 464
-10 -3 -13 -15 -13
Net cash up
Last 5 quarters cash, liabilities million dollars
510 691 691 808 1,251
472 465 748 492 552
Capital improved
Last 5 quarters cumulative capital, from liabilities, equity million dollars
760 857 798 1,036 1,041
0 4 0 5 5
0 94 -60 234 0
11/10/22
1 minute read
- Last 12 months sales growth + 85%
- Last 12 months cash flow + 32% of market cap
- Last 12 months Capital + 9% of market cap
- Latest net cash 21% of market cap
Sales grew 53%
Last 5 quarters growth, sales million dollars
65% 116% -54% 22% 53%
647 1,401 640 782 1,195
- Sales grew 53% in the third quarter to 1,195 million dollars ; our forecasts v sales is -12% now.
- This brings the average to 34% growth.
- We predict average growth of -1% in this next 12 months to bring sales to 1,147 million dollars in the third quarter 2023.
Costs down profit up
Last 5 quarters cost ratio, profit million dollars
-68% -82% -61% -64% -60%
154 204 213 248 433
- The cash cost ratio went from -64% to -60% profit from 248 to 433 million dollars in the third quarter.
- The average cost ratio is at -67% now.
- We use a -67% cost ratio to predict a 350 million dollars profit in the third quarter 2023.
Cashflow much higher
Last 5 quarters operating, investment cashflow million dollars
129 282 184 144 464
-10 -3 -13 -15 -13
- Free cashflow went from 130 to 451 million dollars in the third quarter with -13 investment cashflow.
- Average quarterly Cashflow is at 258 million dollars now.
- We assume -13 million dollars investment cashflow which with lower sales gives 370 million dollars average Cashflow in the next 12 months.
Net cash up
Last 5 quarters cash, liabilities million dollars
510 691 691 808 1,251
472 465 748 492 552
- Cash increased 808 to 1,251 million dollars in the third quarter.
- Liabilities increased 492 to 552 million dollars so net cash was up 316 to 699 million dollars .
- With our forecast cashflow & a -1,270 million dollars equity payout + -91 million dollars liabilities net cash will be 527 million dollars in 12 months time.
Capital improved
Last 5 quarters cumulative capital, from liabilities, equity million dollars
760 857 798 1,036 1,041
0 4 0 5 5
0 94 -60 234 0
- ITMG cumulative capital improved 1,036 to 1,041 million dollars with + 5 & + 0 million dollars from liabilities, equity in the third quarter & will be 2,397 million dollars in12 months time.
- At the current market value of 3,267 million dollars based on our forecasts it’s at 1.61 X assets with a 1 years payback & a 39% yield.
- Our cashflow forecast is 1,481 million dollars which means a 2 X valuation. A 4 X valuation gives a 81% higher target price 76,036 rupiah.
