WINS sales up again
WINS Current 296 Target 368 + 24%
28/10/22
1 minute read
Sales grew 14%
Last 5 quarters growth & sales million dollars
2% 20% -13% 38% 14%
10 12 11 15 17
Costs down profit down
Last 5 quarters cost ratio & profit million dollars
-63% -76% -90% -76% -73%
0.5 -0.4 -2.1 0.4 -1.1
Cashflow much higher
Last 5 quarters operating & investment million dollars
-0.9 2.7 1.6 2.2 8.3
10.0 9.0 -8.0 -0.9 -2.4
Net cash up
Last 5 quarters cash & liabilities million dollars
3.5 9.7 1.2 2.3 3.5
59.6 42.0 41.9 42.0 35.1
Capital improved
Last 5 quarters cumulative capital , liabilities & equity million dollars
114.4 108.9 111.0 111.1 115.7
8.0 6.5 2.1 0.1 4.6
0.0 -12.0 0.0 0.0 0.0
28/10/22
1 minute read
- WINS last 12 months sales growth + 64%
- WINS last 12 months cash flow + 14% of market cap
- WINS last 12 months Capital + 1% of market cap
- WINS latest net cash -36% of market cap
Sales grew 14%
Last 5 quarters growth & sales million dollars
2% 20% -13% 38% 14%
10 12 11 15 17
- Sales grew 14% in the third quarter to 17 million dollars ; our forecasts v sales is -8% now.
- This brings the average to 15% growth.
- We predict average growth of 4% in this next 12 months to bring sales to -0.3 million dollars in the third quarter 2023.
Costs down profit down
Last 5 quarters cost ratio & profit million dollars
-63% -76% -90% -76% -73%
0.5 -0.4 -2.1 0.4 -1.1
- The cash cost ratio went from -76% to -73% profit from 0.4 to -1.1 million dollars in the third quarter on non cash costs.
- The average cost ratio is at -79% now.
- We use a -73% cost ratio to predict a -0.3 million dollars profit in the third quarter 2023.
Cashflow much higher
Last 5 quarters operating & investment million dollars
-0.9 2.7 1.6 2.2 8.3
10.0 9.0 -8.0 -0.9 -2.4
- Free cashflow went from 1.3 to 5.9 million dollars in the third quarter with -2.4 million dollars investment cashflow.
- Average quarterly Cashflow is at 3.1 million dollars now.
- We assume -1.7 million dollars investment cashflow which with lower sales gives 3.2 million dollars average Cashflow in the next 12 months.
Net cash up
Last 5 quarters cash & liabilities million dollars
3.5 9.7 1.2 2.3 3.5
59.6 42.0 41.9 42.0 35.1
- Cash increased 2.3 to 3.5 million dollars in the third quarter.
- Liabilities declined 42.0 to 35.1 million dollars so net cash was up -40 to -32 million dollars .
- With our forecast cashflow & a 0.0 million dollars equity payout -6.5 million dollars liabilities net cash will be -19 million dollars in 12 months time.
Capital improved
Last 5 quarters cumulative capital , liabilities & equity million dollars
114.4 108.9 111.0 111.1 115.7
8.0 6.5 2.1 0.1 4.6
0.0 -12.0 0.0 0.0 0.0
- WINS cumulative capital improved 111.1 to 115.7 million dollars with + 4.6 & 0.0 million dollars from liabilities, equity in the third quarter & will be 122 million dollars in12 months time.
- At the current market value of 89 million dollars based on our forecasts it’s at 0.50 X assets with a 14 years payback & a 0% yield.
- Our 12m cashflow forecast is 13 million dollars (vs 13 million dollars the last 12m) which means a 7 X valuation. A 9 X valuation gives a 24% higher target price 368 rupiah.
