PPRO Cashflow negative again
Current 50 Target 52 + 4%
Mar 15, 2023
1 minute read
Sales declined -6%
Last 5 quarters quarterly sales growth, quarterly sales
-98% 2,440% 59% -39% -6%
15 ; 381 ; 604 ; 371 ; 348 billion rupiah
Margin up profit up
Last 5 quarters cash profit margin, net profit
53% 0% 1% 0% 5%
8 ; 2 ; 4 ; 1 ; 18 billion rupiah
Cashflow negative
Last 5 quarters operating, investment cashflow
-93 ; -240 ; -287 ; 59 ; 259 billion rupiah
48 ; -98 ; -26 ; -15 ; -503 billion rupiah
Net cash down
Last 5 quarters cash, liabilities
1,689 ; 1,725 ; 1,437 ; 1,465 ; 1,482 billion rupiah
16,588 ; 16,895 ; 16,842 ; 17,197 ; 17,257 billion rupiah
Capital (raised)
Last 5 quarters capital (raised) paid from liabilities, equity
0 ; 0 ; 0 ; 0 ; 0 billion rupiah
0 ; 0 ; 0 ; 0 ; 0 billion rupiah
Mar 15, 2023
1 minute read
- Last 12 months sales growth + 2,220%
- Last 12 months cash flow -28% of market cap
- Last 12 months Capital (debt & equity) paid (raised) -21% of market cap
- Latest cash minus liabilities -512% of market cap
Sales declined -6%
Last 5 quarters quarterly sales growth, quarterly sales
-98% 2,440% 59% -39% -6%
15 ; 381 ; 604 ; 371 ; 348 billion rupiah
- Sales declined -6% in the fourth quarter to 348 billion rupiah .
- This brings the quarterly average to 613% growth.
- We predict average growth of 23% in this next 12 months to bring sales to 745 billion rupiah in the fourth quarter 2023.
Margin up profit up
Last 5 quarters cash profit margin, net profit
53% 0% 1% 0% 5%
8 ; 2 ; 4 ; 1 ; 18 billion rupiah
- The cash profit margin went from 0% to 5% net profit from 1 to 18 billion rupiah in the fourth quarter.
- The average margin is at 2% now.
- We use a 5% cash profit margin to predict a 39 billion rupiah net profit in the fourth quarter 2023.
Cashflow negative
Last 5 quarters operating, investment cashflow
-93 ; -240 ; -287 ; 59 ; 259 billion rupiah
48 ; -98 ; -26 ; -15 ; -503 billion rupiah
- Free cashflow went from 44 to -244 billion rupiah in the fourth quarter with -503 billion rupiah investment cashflow.
- Average quarterly Cashflow is at -213 billion rupiah now.
- We assume 0 billion rupiah investment spending which with higher sales gives 28 billion rupiah average Cashflow in the next 12 months.
Net cash down
Last 5 quarters cash, liabilities
1,689 ; 1,725 ; 1,437 ; 1,465 ; 1,482 billion rupiah
16,588 ; 16,895 ; 16,842 ; 17,197 ; 17,257 billion rupiah
- Cash increased 1,465 to 1,482 billion rupiah in the fourth quarter.
- Liabilities increased 17,197 to 17,257 billion rupiah so net cash was down -15,732 to -15,775 billion rupiah .
- With our forecast cashflow & a 0 billion rupiah equity payout -111 billion rupiah liabilities net cash will be -15,664 billion rupiah in 12 months time.
Capital (raised)
Last 5 quarters capital (raised) paid from liabilities, equity
0 ; 0 ; 0 ; 0 ; 0 billion rupiah
0 ; 0 ; 0 ; 0 ; 0 billion rupiah
- PPRO.jk (raised) 0 billion rupiah in the fourth quarter 0 billion rupiah liabilities 0 billion rupiah equity, will pay 111 billion rupiah this next 12 months.
- At the current market cap of 3,084 billion rupiah based on our forecasts it’s at 0.14 X assets with a 184 years payback & a 0% yield forecast.
- Our cashflow forecast is 111 billion rupiah which means a 28 X valuation. A 29 X valuation gives a 4% higher target price 52 rupiah.