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Other stocks here

RMBA, a 26% higher target price
Current, target price 306, 387 (+26%)

August 28th, 2021
1 minute read

Sales up
  • Sales increased by 17% in the second quarter to 2,612 billion rupiah which is below our forecast 3,231 billion rupiah.
  • This brings the average quarterly growth to -3%.
  • We predict average growth of 12% in this next 12 months to bring sales back to 3,882 billion rupiah in the second quarter 2022.

Costs flat
  • The cash cost ratio of net profit add non cash costs minus sales as a percent of sales was flat at -98% in the second quarter & profit improved to -9 billion rupiah.
  • Average quarterly costs are now at -106%.
  • We use lower -94% costs to predict a 180 billion rupiah profit in the second quarter of 2022.
Data & financial model
Cashflow jumps
  • Cashflow jumped to 1,454 billion rupiah with lower investment spending of -4 billion rupiah in the second quarter.
  • Average quarterly Cashflow has now improved to 367 billion rupiah.
  • We use the same -4 billion rupiah investment spending which with higher sales gives a 198 billion rupiah cashflow in the second quarter of 2022.

Balance sheet, lower leverage
  • With the positive cashflow, cash increased from 284 to 582 billion rupiah in the second quarter.
  • Liabilities declined from 5,701 to 5,701 billion rupiah so net cash improved from -5,417 to -4,363 billion rupiah.
  • With our forecast cashflow & a -171 billion rupiah equity payout, net cash will be -3,707 billion rupiah in 12 months time.

Value, a 26% higher target price
  • RMBA capital from the last six years Improved to -9,251 billion rupiah in the second quarter.
  • At the current market value of 11,140 billion rupiah, based on our forecasts, it’s at 0.85X sales & 1.07X assets with a 2% yield.
  • Our free cashflow forecast is 640 billion rupiah. At 20X, this gives a 26% higher target price of 387 rupiah.
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