WIIM 28% yield forecast!
WIIM Current 535 Target 1,317 + 146%
Jul 30, 2022
1 minute read
Sales grew 15%
Last 5 quarters billion rupiah
606 731 826 758 869
Costs up profit up
Last 5 quarters
-93% -92% -90% -93% -93%
Last 12 months cashflow + 16% of market cap
Last 5 quarters billion rupiah
97 22 26 -2 130
Last 12 months change in net cash + 7% of market cap
Last 5 quarters billion rupiah
70 6 -51 88 152
Last 12 months Capital + 5% of market cap
Last 5 quarters billion rupiah
350 403 403 403 403
Jul 30, 2022
1 minute read
Sales grew 15%
Last 5 quarters billion rupiah
606 731 826 758 869
- Sales grew 15% in the second quarter to 869 billion rupiah 10% above our 788 billion rupiah forecast.
- This brings the average to 10% growth.
- We predict average growth of 4% in this next 12 months to bring sales to 1,016 billion rupiah in the second quarter 2023.
Costs up profit up
Last 5 quarters
-93% -92% -90% -93% -93%
- The cash cost ratio was flat at -93% profit increased from 38 to 44 billion rupiah in the second quarter.
- The average cost ratio is at -92% now.
- We use the average -92% cost ratio to predict a 68 billion rupiah profit in the second quarter 2023.
Last 12 months cashflow + 16% of market cap
Last 5 quarters billion rupiah
97 22 26 -2 130
- Free cashflow went from -2 to 130 billion rupiah in the second quarter with -2 billion rupiah investment cashflow.
- Average quarterly Cashflow is at 44 billion rupiah now.
- We assume the same -2 billion rupiah investment spending which with higher sales gives 77 billion rupiah average Cashflow in the next 12 months.
Last 12 months change in net cash + 7% of market cap
Last 5 quarters billion rupiah
70 6 -51 88 152
- Cash increased 516 to 646 billion rupiah in the second quarter.
- Liabilities increased 428 to 494 billion rupiah so net cash improved 88 to 152 billion rupiah
- With our forecast cashflow & a -310 billion rupiah equity payout 3 billion rupiah liabilities payment net cash will be 149 billion rupiah in 12 months time.
Last 12 months Capital + 5% of market cap
Last 5 quarters billion rupiah
350 403 403 403 403
- WIIM 30 quarter capital was flat at 403 to 403 billion rupiah in the second quarter with 0 billion rupiah from liabilities 0 billion rupiah from equity but will be 710 billion rupiah in12 months time.
- At the current market value of 1,123 billion rupiah based on our forecasts it’s at 0.61 X assets with a 4 years payback & a 28% yield.
- Our cashflow forecast is 307 billion rupiah which means a 4 X valuation. A 9 X valuation gives a 146% higher target price 1,317 rupiah.
