Other stocks here
SRTG sharper as cashflow turns positive again
SRTG Current 2,930 Target 2,814 -4%
Jun 14, 2022
1 minute read
Sales grew 72%
Last 5 quarters
-20% 34% -16% 5% 72%
Costs down profit up
Last 5 quarters
-95% -87% -114% -127% -80%
Cashflow higher
Last 5 quarters billion rupiah
-316, 652, -310, -389, 501
Balance sheet net cash improved
Last 5 quarters billion rupiah
-3,399 -3,057 -3,822 -4,675 -4,526
Capital raised improved , a -4% lower target price
Last 5 quarters billion rupiah
-1,646, -765, -755, -1,205, -1,060
Jun 14, 2022
1 minute read
Sales grew 72%
Last 5 quarters
-20% 34% -16% 5% 72%
- Sales grew 72% in the first quarter to 568 billion rupiah 38% above our 412 billion rupiah forecast.
- This brings the average to 24% growth.
- We predict average growth of 5% in this next 12 months to bring sales to 681 billion rupiah in the first quarter 2023.
Costs down profit up
Last 5 quarters
-95% -87% -114% -127% -80%
- The cash cost ratio went from -127% to -80% profit from -91 to 114 billion rupiah in the first quarter.
- The average cost ratio is at -102% now.
- We use the average -77% cost ratio to predict a 159 billion rupiah profit in the first quarter 2023.
Cashflow higher
Last 5 quarters billion rupiah
-316, 652, -310, -389, 501
- Free cashflow went from -389 to 501 billion rupiah in the first quarter with -0 billion rupiah investment spending.
- Average quarterly Cashflow is at 113 billion rupiah now.
- We assume the same -0 billion rupiah investment spending which with higher sales gives 159 billion rupiah Cashflow in the first quarter 2023.
Balance sheet net cash improved
Last 5 quarters billion rupiah
-3,399 -3,057 -3,822 -4,675 -4,526
- Cash increased 462 to 819 billion rupiah in the first quarter.
- Liabilities increased 5,137 to 5,345 billion rupiah so net cash improved -4,675 to -4,526 billion rupiah .
- With our forecast cashflow & a -234 billion rupiah equity payout -350 billion rupiah liabilities payment net cash will be -4,325 billion rupiah in 12 months time.
Capital raised improved , a -4% lower target price
Last 5 quarters billion rupiah
-1,646, -765, -755, -1,205, -1,060
- SRTG 49 quarter capital raised improved -1,205 to -1,060 billion rupiah in the first quarter with -145 billion rupiah liabilities & will be almost positive -10 billion rupiah in12 months time.
- At the current market value of 39,547 billion rupiah based on our forecasts it’s at 0.65 X assets with a 104 years payback & a 1% yield.
- Our cashflow forecast is 584 billion rupiah which means a 68 X valuation. A 65 X valuation gives a -4% lower target price 2,814 rupiah.