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KRAS sharper as cashflow positive for a second quarter
KRAS Current 362 Target 457 + 26%
May 10, 2022
1 minute read
Sales jumped 24%
Last 5 quarters
17% 18% -3% -2% 24%
Costs down profit up
Last 5 quarters
-99% -101% -98% -104% -97%
Cashflow higher
Last 5 quarters million dollars
71, -94, -82, 15, 43
Balance sheet net cash flat
Last 5 quarters million dollars
-2,872 -3,109 -3,227 -3,235 -3,235
Capital raised improved, a 26% higher target price
Last 5 quarters million dollars
-636 -684 -787 -694 -692
May 10, 2022
1 minute read
Sales jumped 24%
Last 5 quarters
17% 18% -3% -2% 24%
- Sales jumped 24% in the first quarter to 676 million dollars 19% above our 566 million dollars forecast.
- This brings the average to 9% growth.
- We predict average growth of 4% in this next 12 months to bring sales to 783 million dollars in the first quarter 2023.
Costs down profit up
Last 5 quarters
-99% -101% -98% -104% -97%
- The cash cost ratio went from -104% to -97% profit from 3 to 27 million dollars in the first quarter.
- The average cost ratio is at -100% now.
- We use the latest -97% cost ratio to predict a 30 million dollars profit in the first quarter 2023.
Cashflow higher
Last 5 quarters million dollars
71, -94, -82, 15, 43
- Free cashflow went from 15 to 43 million dollars in the first quarter with -15 million dollars investment spending.
- Average quarterly Cashflow is at -29 million dollars now.
- We assume the same -15 million dollars investment spending which with higher sales gives 11 million dollars Cashflow in the first quarter 2023.
Balance sheet net cash flat
Last 5 quarters million dollars
-2,872 -3,109 -3,227 -3,235 -3,235
- Cash increased 17 to 124 million dollars in the first quarter.
- Liabilities increased 3,252 to 3,359 million dollars so net cash was flat -3,235 million dollars
- With our forecast cashflow & a 0 million dollars equity payout -39 million dollars liabilities payment net cash will be -3,196 million dollars in 12 months time.
Capital raised improved, a 26% higher target price
Last 5 quarters million dollars
-636 -684 -787 -694 -692
- KRAS 21 quarter capital raised improved -694 to -692 million dollars in the first quarter with a -2 million dollars liabilities payment & will be -652 million dollars in12 months time.
- At the current market value of 500 million dollars based on our forecasts it’s at 0.13 X assets with a 96 years payback & a 0% yield.
- Our cashflow forecast is 39 million dollars which means an 13 X valuation. A 16 X valuation gives a 26% higher target price 457 rupiah.