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Picture

PSKT small positive Cashflow

PSKT.jk Current 71 Target 58 -18%

12/15/2022
1 minute read

  • Last 12 months sales growth + 51%
  • Last 12 months cash flow + 1% of market cap
  • Last 12 months Capital + 0% of market cap
  • Latest net cash -7% of market cap

Sales grew 13%
Last 5 quarters growth, sales billion rupiah
-9% 50% -12% 2% 13%
10 ; 15 ; 13 ; 13 ; 15
  • Sales grew 13% in the third quarter to 15 billion rupiah ; our forecasts v sales is -5% now.
  • This brings the average to 13% growth.
  • We predict average growth of 4% in this next 12 months to bring sales to 17 billion rupiah in the third quarter 2023.
​
Margin up profit up
Last 5 quarters cash margin, profit billion rupiah
-40% 0% 2% 4% 9%
-4 ; 0 ; -2 ; -2 ; -1
  • The cash margin went from 4% to 9% profit from -2 to -1 billion rupiah in the third quarter.
  • The average cash margin is at 4% now.
  • We use a 14% cash margin to predict a -0 billion rupiah profit in the third quarter 2023.
​
Cashflow small positive
Last 5 quarters operating, investment cashflow billion rupiah
-0 ; 3 ; 7 ; -0 ; 2
-0 ; -0 ; -1 ; -0 ; -1
  • Free cashflow went from -1 to 1 billion rupiah in the third quarter with -1 billion rupiah investment cashflow.
  • Average quarterly Cashflow is at 2 billion rupiah now.
  • We assume -0 billion rupiah investment spending which with higher sales gives 2 billion rupiah average Cashflow in the next 12 months.

Net cash up
Last 5 quarters cash, liabilities billion rupiah
5 ; 8 ; 14 ; 12 ; 12
67 ; 67 ; 68 ; 67 ; 66
  • Cash increased 12 to 12 billion rupiah in the third quarter.
  • Liabilities declined 67 to 66 billion rupiah so net cash was up -55 to -54 billion rupiah .
  • With our forecast cashflow & a 0 billion rupiah equity payout -7 billion rupiah liabilities net cash will be -47 billion rupiah in 12 months time.
​
Capital paid
Last 5 quarters capital (raised) paid from liabilities, equity billion rupiah
0 ; 0 ; 0 ; 1 ; 1
0 ; 0 ; 0 ; 0 ; 0
  • PSKT.jk paid 1 billion rupiah in the third quarter 1 billion rupiah liabilities 0 billion rupiah equity, will pay 7 billion rupiah this next 12 months.
  • At the current market value of 735 billion rupiah based on our forecasts it’s at 1.79 X assets with a 53 years payback & a 0% yield.
  • Our cashflow forecast is 7 billion rupiah which means a 98 X valuation. A 80 X valuation gives a -18% lower target price 58 rupiah.
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