Financials PT Bukit Asam Tbk

Equities

PTBA

ID1000094006

Coal

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2,880 ^IDR	-0.35%		-8.28%	+18.03%

Mar. 04	PT Bukit Asam Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	PT Bukit Asam Tbk Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,510,757	31,427,212	31,130,337	42,387,803	28,028,791	33,083,163	-	-
Enterprise Value (EV) ²	25,205	27,717	27,783	36,720	28,029	27,972	28,366	30,702
P/E ratio	7.17 x	13.2 x	3.86 x	3.37 x	4.59 x	6.12 x	6.86 x	9.58 x
Yield	12.3%	2.67%	25.4%	18.7%	-	12.6%	9.55%	8.63%
Capitalization / Revenue	1.35 x	1.81 x	1.06 x	0.99 x	0.73 x	0.85 x	0.91 x	0.78 x
EV / Revenue	1.16 x	1.6 x	0.95 x	0.86 x	0.73 x	0.72 x	0.78 x	0.72 x
EV / EBITDA	4.34 x	7.79 x	2.48 x	2.2 x	3.11 x	3.6 x	4.49 x	6.77 x
EV / FCF	8.26 x	9.89 x	2.82 x	3.13 x	-	7.19 x	9.95 x	12.4 x
FCF Yield	12.1%	10.1%	35.4%	32%	-	13.9%	10%	8.04%
Price to Book	1.63 x	1.88 x	1.29 x	1.48 x	-	1.51 x	1.33 x	1.42 x
Nbr of stocks (in thousands)	11,094,270	11,184,061	11,487,209	11,487,209	11,487,209	11,487,209	-	-
Reference price ³	2,660	2,810	2,710	3,690	2,440	2,880	2,880	2,880
Announcement Date	3/3/20	3/11/21	3/7/22	3/2/23	3/4/24	-	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,788	17,325	29,261	42,649	38,489	39,091	36,487	42,473
EBITDA ¹	5,806	3,558	11,203	16,678	9,006	7,763	6,324	4,537
EBIT ¹	5,014	2,520	9,959	15,145	7,203	5,688	5,106	2,809
Operating Margin	23.01%	14.55%	34.03%	35.51%	18.71%	14.55%	13.99%	6.61%
Earnings before Tax (EBT) ¹	5,455	3,232	10,359	16,202	8,154	6,891	6,232	4,480
Net income ¹	4,057	2,387	7,909	12,568	6,106	5,390	4,823	3,444
Net margin	18.62%	13.78%	27.03%	29.47%	15.86%	13.79%	13.22%	8.11%
EPS ²	371.0	213.0	702.0	1,094	532.0	470.5	419.6	300.5
Free Cash Flow ³	3,050,610	2,802,310	9,840,444	11,746,893	-	3,891,500	2,849,667	2,468,000
FCF margin	14,001.61%	16,174.77%	33,629.36%	27,543.45%	-	9,954.88%	7,810.06%	5,810.74%
FCF Conversion (EBITDA)	52,539.91%	78,753.23%	87,839.05%	70,433.52%	-	50,128.16%	45,057.77%	54,400.99%
FCF Conversion (Net income)	75,195.82%	117,407.73%	124,419.06%	93,469.79%	-	72,193.48%	59,078.92%	71,670.86%
Dividend per Share ²	326.0	75.00	689.0	688.5	-	362.3	275.2	248.5
Announcement Date	3/3/20	3/11/21	3/7/22	3/2/23	3/4/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	9,090	9,880	8,205	10,218	12,648	11,578	9,957	8,901	8,879	10,751	9,826	9,448	10,808	11,640	11,281
EBITDA ¹	4,308	4,006	3,215	4,694	5,288	3,481	1,729	2,105	1,690	3,482	1,723	1,984	2,272	3,184	2,655
EBIT ¹	3,991	3,643	2,865	4,327	4,874	3,080	1,319	1,696	1,286	2,900	1,190	1,467	1,721	2,648	2,136
Operating Margin	43.91%	36.87%	34.92%	42.35%	38.54%	26.6%	13.25%	19.06%	14.49%	26.98%	12.11%	15.53%	15.92%	22.75%	18.93%
Earnings before Tax (EBT) ¹	4,088	3,913	3,023	4,802	5,022	3,356	1,521	2,121	1,380	3,133	1,374	1,707	1,921	2,862	2,413
Net income ¹	2,989	3,141	2,275	3,881	3,845	2,566	1,163	1,613	1,024	2,327	1,084	1,324	1,499	2,230	1,878
Net margin	32.88%	31.79%	27.73%	37.99%	30.4%	22.17%	11.68%	18.12%	11.54%	21.64%	11.03%	14.02%	13.87%	19.16%	16.65%
EPS ²	267.0	276.0	198.0	338.0	335.0	223.0	101.0	141.0	87.00	203.0	92.65	114.9	130.1	193.5	163.0
Dividend per Share ²	-	-	-	689.0	-	-	-	-	-	-	-	319.7	-	-	-
Announcement Date	10/25/21	3/7/22	5/18/22	8/28/22	10/27/22	3/2/23	4/29/23	8/29/23	10/30/23	3/4/24	-	-	-	-	-

¹IDR in Billions²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	4,305	3,710	3,347	5,668	-	5,111	4,717	2,381
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	3,050,610	2,802,310	9,840,444	11,746,893	-	3,891,500	2,849,667	2,468,000
ROE (net income / shareholders' equity)	23.7%	13.6%	38.7%	47.6%	-	25.8%	16.7%	14.7%
ROA (Net income/ Total Assets)	16.1%	9.52%	26.3%	30.8%	-	13.7%	9.61%	6.78%
Assets ¹	25,136	25,077	30,090	40,742	-	39,448	50,182	50,763
Book Value Per Share ³	1,632	1,498	2,094	2,499	-	1,912	2,173	2,033
Cash Flow per Share ³	393.0	314.0	958.0	1,091	-	665.0	695.0	-
Capex ¹	1,246	711	955	889	-	2,974	2,089	2,305
Capex / Sales	5.72%	4.11%	3.26%	2.08%	-	7.61%	5.72%	5.43%
Announcement Date	3/3/20	3/11/21	3/7/22	3/2/23	3/4/24	-	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PT Bukit Asam Tbk

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,880 IDR

Average target price

2,742 IDR

Spread / Average Target

-4.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Coal

	1st Jan change	Capi.
PT BUKIT ASAM TBK	+18.03%	2.04B
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PT BAYAN RESOURCES TBK.	-5.15%	38.78B
COAL INDIA LIMITED	+21.22%	33.68B
SHAANXI COAL INDUSTRY COMPANY LIMITED	+19.96%	33.53B
YANKUANG ENERGY GROUP COMPANY LIMITED	+11.73%	20.45B
CHINA COAL ENERGY COMPANY LIMITED	+7.75%	18.4B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	-4.70%	8.62B
SHANXI COKING COAL ENERGY GROUP CO., LTD.	+6.48%	8.24B
INNER MONGOLIA YITAI COAL CO.,LTD	+19.73%	5.4B

Other Coal