PT PANINVEST TBK

Financials PT Paninvest Tbk

Equities

PNIN

ID1000094907

Life & Health Insurance

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
850 ^IDR	0.00%		-1.16%	-13.71%

Apr. 01	PT Paninvest Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	PT Paninvest Tbk Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	4,271,740	4,454,815	3,519,100	2,766,460	5,065,063	4,007,299
Enterprise Value (EV) ¹	334,188	248,517	-3,007,294	-4,339,095	708,469	-1,487,780
P/E ratio	3.38 x	3.23 x	3.35 x	3.38 x	3.09 x	7.5 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	0.94 x	0.95 x	1.18 x	0.97 x	1.63 x	0.22 x
EV / Revenue	0.07 x	0.05 x	-1.01 x	-1.52 x	0.23 x	-0.08 x
EV / EBITDA	0.5 x	0.33 x	-5.93 x	-8.05 x	0.74 x	-0.12 x
EV / FCF	5.48 x	0.18 x	-10.1 x	-10.3 x	0.7 x	0.6 x
FCF Yield	18.3%	559%	-9.94%	-9.68%	144%	168%
Price to Book	0.29 x	0.27 x	0.2 x	0.15 x	0.25 x	0.2 x
Nbr of stocks (in thousands)	4,068,324	4,068,324	4,068,324	4,068,324	4,068,324	4,068,324
Reference price ²	1,050	1,095	865.0	680.0	1,245	985.0
Announcement Date	3/29/19	5/29/20	5/31/21	4/28/22	4/3/23	4/1/24

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	4,545,433	4,681,930	2,972,113	2,846,545	3,103,866	18,176,182
EBITDA ¹	673,100	751,261	507,180	539,311	957,032	12,642,168
EBIT ¹	663,592	742,803	499,772	533,609	950,337	12,279,245
Operating Margin	14.6%	15.87%	16.82%	18.75%	30.62%	67.56%
Earnings before Tax (EBT) ¹	2,142,497	2,295,789	1,933,521	1,488,683	2,387,406	4,406,082
Net income ¹	1,265,045	1,379,385	1,051,980	819,323	1,639,166	199,493
Net margin	27.83%	29.46%	35.4%	28.78%	52.81%	1.1%
EPS ²	311.0	339.1	258.6	201.4	402.9	131.3
Free Cash Flow ¹	61,021	1,388,911	299,058	420,173	1,017,502	-2,497,458
FCF margin	1.34%	29.67%	10.06%	14.76%	32.78%	-13.74%
FCF Conversion (EBITDA)	9.07%	184.88%	58.96%	77.91%	106.32%	-
FCF Conversion (Net income)	4.82%	100.69%	28.43%	51.28%	62.07%	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	3/29/19	5/29/20	5/31/21	4/28/22	4/3/23	4/1/24

¹IDR in Million²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	3,937,552	4,206,298	6,526,394	7,105,555	4,356,594	5,495,079
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	61,021	1,388,911	299,059	420,173	1,017,502	-2,497,458
ROE (net income / shareholders' equity)	8.54%	8.56%	6.71%	4.91%	7.72%	5.7%
ROA (Net income/ Total Assets)	1.4%	1.49%	0.94%	0.96%	1.67%	3.32%
Assets ¹	90,141,442	92,781,664	111,912,766	85,355,037	97,930,816	6,011,723
Book Value Per Share ²	3,681	4,076	4,330	4,524	5,031	4,885
Cash Flow per Share ²	968.0	1,034	1,609	1,750	1,073	5,350
Capex ¹	2,319	1,729	2,411	3,734	15,739	164,558
Capex / Sales	0.05%	0.04%	0.08%	0.13%	0.51%	0.91%
Announcement Date	3/29/19	5/29/20	5/31/21	4/28/22	4/3/23	4/1/24

¹IDR in Million²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Life Insurance

	1st Jan change	Capi.
PT PANINVEST TBK	-13.71%	215M
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.	+6.53%	103B
CHINA LIFE INSURANCE COMPANY LIMITED	+14.23%	102B
AIA GROUP LIMITED	-5.66%	91.99B
LIFE INSURANCE CORPORATION OF INDIA	+9.42%	68.97B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+16.27%	33.18B
FUBON FINANCIAL HOLDING CO., LTD.	+10.80%	28.79B
JAPAN POST HOLDINGS CO., LTD.	+20.56%	28.74B
SBI LIFE INSURANCE COMPANY LIMITED	-0.05%	17.17B
HDFC LIFE INSURANCE COMPANY LIMITED	-15.18%	14.12B

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