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TURI looking sharp as sales rise to a record

TURI Current 1,310 Target 2,525 + 93%

12 May 2022
1 minute read

Sales grew 16%
Last 5 quarters
23% 12% 2% 16% 16%
  • Sales grew 16% in the fourth quarter to 4,068 billion rupiah 1% above our 4,035 billion rupiah forecast.
  • This brings the quarterly average to 12% growth.
  • We predict average growth of 5% in this next 12 months to bring sales to 4,916 billion rupiah in the fourth quarter of 2023.
​
Costs down profit up
Last 5 quarters
-95% -94% -94% -96% -94%
  • The cash cost ratio went from -96% to -94% profit from 173 to 210 billion rupiah in the fourth quarter.
  • The average cost ratio is at -95% now.
  • We use the latest -94% cost ratio to predict a 257 billion rupiah profit in the fourth quarter of 2023.
​
Cashflow lower
Last 5 quarters billion rupiah
82, 74, -219, 377, 36
  • Free cashflow went from 377 to 36 billion rupiah in the fourth quarter with -10 billion rupiah investment Cashflow & negative working capital.
  • Average quarterly Cashflow is at 67 billion rupiah now.
  • We assume the same -10 billion rupiah investment spending which with higher sales gives a 267 billion rupiah Cashflow in the fourth quarter of 2023.
​
Balance sheet net cash improved
Last 5 quarters billion rupiah
-892 -908 -1,116 -1,245 -1,096
  • Cash declined 1,313 to 1,158 billion rupiah in the fourth quarter.
  • Liabilities declined 2,558 to 2,254 billion rupiah so net cash improved -1,245 to -1,096 billion rupiah
  • With our forecast cashflow & a -270 billion rupiah equity payout -418 billion rupiah liabilities payment net cash will be -426 billion rupiah in 12 months time. .
​
Capital paid improved , a 93% higher target price
Last 5 quarters billion rupiah
834, 789, 890, 986, 1,177
  • TURI 29 quarters capital paid improved 986 to 1,177 billion rupiah in the fourth quarter. with a -191 liabilities payment & will be 1,865 billion rupiah in12 months time.
  • At the current market value of 7,310 billion rupiah based on our forecasts it’s at 1.05 X assets with a 6 years payback & a 4% yield.
  • Our cashflow forecast is 939 billion rupiah which means an 8 X valuation. A 15 X valuation gives a 93% higher target price 2,525 rupiah.
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