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MANU, a 9% higher target price
Current 14 Target 16 +9%

December 27th 2021
1 minute read

Sales grew 35%
  • Sales grew 35% in the third quarter to 126 million pounds vs our 99 million pounds forecast.
  • This brings the quarterly average to 10% growth.
  • We predict average growth of 6% in this next 12 months to bring sales to 145 million pounds in the third quarter of 2022.
​
Costs -91 points lower, lower loss
  • The cash cost ratio went from -179% to -87% profit from -108 to -16 million pounds in the third quarter.
  • The average Cashflow cost ratio is at -103% now.
  • We use a lower -81% cost ratio to predict a -4 million pounds profit in the third quarter of 2022.
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Cashflow lower on investment spending
  • Free cashflow went from 26 to 7 million pounds in the third quarter with higher -65 million pounds investment Cashflow.
  • Average quarterly Cashflow is at 3 million pounds now.
  • We assume a lower -15 million pounds investment spending which with higher sales gives a 13 million pounds Cashflow in the third quarter of 2022.
​
Balance sheet higher leverage
  • Cash declined 111 to 99 million pounds in the third quarter.
  • Liabilities increased 988 to 1,135 million pounds so net cash worsened -877 to -1,036 million pounds.
  • With our forecast cashflow & a -1 million pounds equity payout -53 million pounds liabilities payment net cash will be -983 million pounds in 12 months time.
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Valuation, a 9% higher target price
  • MANU capital from the last 23 quarters improved 78 to 89 million pounds in the third quarter​ with a -11 million pounds liabilities payment & will be 143 million pounds in12 months time.
  • At the current market value of 1,719 million pounds based on our forecasts it’s at 1.31 X assets with a 24 years payback & a 0% yield.
  • Our cashflow forecast is 54 million pounds which means an 32 X valuation. A 35 X valuation gives a 9% higher target price of 16 rupiah.
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  • Files1
  • ADMF
  • AVIA
  • BBTN
  • BNII
  • ITMG
  • MEGA
  • MPMX
  • MTEL
  • NISP
  • VICI
  • WOMF4
  • Home
  • CVX
  • FB
  • MAR
  • TSN
  • TWTR
  • Presents
  • Kenny
  • Ranks
  • Palmweekly
  • WEHA
  • stockbit
  • TIRA