JRPT cashflow is strong
JRPT Current 480 Target 910 + 90%
Aug 12, 2022
1 minute read
Sales grew 7%
Last 5 quarters growth & sales billion rupiah
5% 37% -31% 1% 7%
509 696 482 487 522
Costs down profit up
Last 5 quarters cost ratio & profit billion rupiah
-62% -57% -64% -58% -57%
185 283 126 179 195
Cashflow lower
Last 5 quarters operating & investment billion rupiah
275 180 160 356 242
-111 -32 -632 -85 -39
Net cash down
Last 5 quarters cash & liabilities billion rupiah
1,292 1,059 546 774 958
4,105 3,628 3,594 3,735 4,013
Capital improved
Last 5 quarters cumulative capital , liabilities & equity
1,446 1,828 1,869 1,912 1,931
0 -3 3 0 1
8 385 38 43 18
Aug 12, 2022
1 minute read
- Last 12 months cash flow + 2% of market cap
- Last 12 months Capital + 8% of market cap
- Latest net cash -48% of market cap
Sales grew 7%
Last 5 quarters growth & sales billion rupiah
5% 37% -31% 1% 7%
509 696 482 487 522
- Sales grew 7% in the second quarter to 522 billion rupiah ; our forecasts v sales is -3% now.
- This brings the average to 4% growth.
- We predict average growth of 5% in this next 12 months to bring sales to 580 billion rupiah in the second quarter 2023.
Costs down profit up
Last 5 quarters cost ratio & profit billion rupiah
-62% -57% -64% -58% -57%
185 283 126 179 195
- The cash cost ratio went from -58% to -57% profit from 179 to 195 billion rupiah in the second quarter.
- The average cost ratio is at -59% now.
- We use the latest -57% cost ratio to predict a 232 billion rupiah profit in the second quarter 2023.
Cashflow lower
Last 5 quarters operating & investment billion rupiah
275 180 160 356 242
-111 -32 -632 -85 -39
- Free cashflow went from 271 to 203 billion rupiah in the second quarter with -39 investment cashflow.
- Average quarterly Cashflow is at 38 billion rupiah now.
- We assume the same -39 billion rupiah investment cashflow which with higher sales gives 215 billion rupiah average Cashflow in the next 12 months.
Net cash down
Last 5 quarters cash & liabilities billion rupiah
1,292 1,059 546 774 958
4,105 3,628 3,594 3,735 4,013
- Cash increased 774 to 958 billion rupiah in the second quarter.
- Liabilities increased 3,735 to 4,013 billion rupiah so net cash was down -2,961 to -3,055 billion rupiah .
- With our forecast cashflow & a -190 billion rupiah equity payout -663 billion rupiah liabilities payment net cash will be -2,383 billion rupiah in 12 months time.
Capital improved
Last 5 quarters cumulative capital , liabilities & equity
1,446 1,828 1,869 1,912 1,931
0 -3 3 0 1
8 385 38 43 18
- JRPT cumulative capital improved 1,912 to 1,931 billion rupiah with + 1 & + 18 billion rupiah from liabilities, equity in the second quarter & will be 2,784 billion rupiah in12 months time.
- At the current market value of 6,364 billion rupiah based on our forecasts it’s at 0.52 X assets with a 13 years payback & a 3% yield.
- Our cashflow forecast is 862 billion rupiah which means a 7 X valuation. A 14 X valuation gives a 90% higher target price 910 rupiah.
