sharpfokus
  • Files1
  • ADMF
  • AVIA
  • BBTN
  • BNII
  • ITMG
  • MEGA
  • MPMX
  • MTEL
  • NISP
  • VICI
  • WOMF4
  • Home
  • CVX
  • FB
  • MAR
  • TSN
  • TWTR
  • Presents
  • Kenny
  • Ranks
  • Palmweekly
  • WEHA
  • stockbit
  • TIRA
Picture
Other stocks here

WSBP , a -8% lower target price
​Current 124 Target 114 -8%

December 5th 2021
1 minute read
​
Sales jumped 59%
  • Sales jumped 59% in the third quarter to 333 billion rupiah vs our 220 billion rupiah forecast.
  • This brings the quarterly average to 30% growth.
  • We predict average growth of 31% in this next 12 months to bring sales to 908 billion rupiah in the third quarter of 2022.
​
Costs 47 points higher, improved loss on other income
  • The cash cost ratio was 47 points higher at -149% in the third quarter but with other income gave a -125 billion rupiah improved net loss.
  • The average Cashflow cost ratio is at -126% now.
  • We use lower -97% cost ratio to predict a -23 billion rupiah profit in the third quarter of 2022.
​
Cashflow negative again
  • Free cashflow was negative again at -360 billion rupiah in the third quarter with negative working capital & higher -88 billion rupiah investment spending.
  • Average quarterly Cashflow is at -46 billion rupiah now.
  • We assume lower -2 billion rupiah investment spending which with higher sales gives a positive 30 billion rupiah Cashflow in the third quarter of 2022.

Balance sheet, slightly higher leverage
  • Cash declined from 74 to 48 billion rupiah in the third quarter.
  • Liabilities declined from 9,197 to 9,185 billion rupiah so net cash worsened slightly from -9,123 to -9,137 billion rupiah.
  • With our forecast cashflow & a 0 billion rupiah equity payout net cash will be -9,049 billion rupiah in 12 months time.
​
Valuation, a -8% lower target price
  • WSBP capital from the last 27 quarters worsened to -8,064 billion rupiah in the third quarter with 333 billion rupiah new liabilities & will be -7,976 billion rupiah in12 months time.
  • At the current market value of 3,040 billion rupiah based on our forecasts it’s at 0.31 X assets with a 116 years payback & a 0% yield.
  • Our 12 month cashflow forecast is 88 billion rupiah which means an 35 X valuation. A 32 X valuation gives a -8% lower target price of 114 rupiah.
Data file & model
  • Files1
  • ADMF
  • AVIA
  • BBTN
  • BNII
  • ITMG
  • MEGA
  • MPMX
  • MTEL
  • NISP
  • VICI
  • WOMF4
  • Home
  • CVX
  • FB
  • MAR
  • TSN
  • TWTR
  • Presents
  • Kenny
  • Ranks
  • Palmweekly
  • WEHA
  • stockbit
  • TIRA