PT ERAJAYA SWASEMBADA TBK |
End-of-day quote
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|
5-day change | 1st Jan Change | ||
| 394 IDR | -3.90% |
|
+1.55% | -7.51% |
| Mar. 31 | PT Erajaya Swasembada Tbk Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| 2023 | Nomura Adjusts Erajaya Swasembada's Price Target to IDR540 From INR610, Keeps at Buy | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,726,050 | 6,995,322 | 9,539,076 | 6,192,279 | 6,723,765 | 6,218,693 | - | - |
| Enterprise Value (EV) 2 | 7,860 | 7,279 | 11,158 | 9,931 | 6,724 | 10,548 | 10,551 | 11,257 |
| P/E ratio | 19.5 x | 2.29 x | 9.38 x | 6.14 x | 8.14 x | 6.26 x | 4.91 x | 4.89 x |
| Yield | 2.79% | 3.14% | 3.8% | - | - | 4.83% | 5.68% | 7.61% |
| Capitalization / Revenue | 0.17 x | 0.21 x | 0.22 x | 0.13 x | 0.11 x | 0.09 x | 0.09 x | 0.08 x |
| EV / Revenue | 0.24 x | 0.21 x | 0.26 x | 0.2 x | 0.11 x | 0.16 x | 0.15 x | 0.15 x |
| EV / EBITDA | 12.3 x | 7.32 x | 5.51 x | 4.07 x | 2.65 x | 4.11 x | 3.47 x | 3.33 x |
| EV / FCF | 3.6 x | 2.86 x | -32.9 x | -53 x | - | 14.9 x | 4.58 x | - |
| FCF Yield | 27.8% | 35% | -3.04% | -1.89% | - | 6.71% | 21.8% | - |
| Price to Book | 1.19 x | 1.29 x | 1.55 x | 0.92 x | - | 0.76 x | 0.65 x | 0.61 x |
| Nbr of stocks (in thousands) | 15,950,000 | 15,898,460 | 15,898,460 | 15,796,630 | 15,783,485 | 15,783,485 | - | - |
| Reference price 3 | 359.0 | 440.0 | 600.0 | 392.0 | 426.0 | 394.0 | 394.0 | 394.0 |
| Announcement Date | 4/2/20 | 5/3/21 | 4/14/22 | 4/1/23 | 3/31/24 | - | - | - |
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 | 32,945 | 34,113 | 43,467 | 49,471 | 60,139 | 65,630 | 72,716 | 75,030 |
| EBITDA 1 | 640 | 993.8 | 2,023 | 2,439 | 2,535 | 2,568 | 3,042 | 3,381 |
| EBIT 1 | 777.1 | 857.8 | 1,486 | 1,793 | 1,625 | 1,883 | 2,296 | 2,422 |
| Operating Margin | 2.36% | 2.51% | 3.42% | 3.62% | 2.7% | 2.87% | 3.16% | 3.23% |
| Earnings before Tax (EBT) 1 | 472.7 | 917.3 | 1,495 | 1,497 | 1,242 | 1,342 | 1,750 | 1,801 |
| Net income 1 | 295.1 | 612 | 1,012 | 1,013 | 826 | 1,005 | 1,280 | 1,286 |
| Net margin | 0.9% | 1.79% | 2.33% | 2.05% | 1.37% | 1.53% | 1.76% | 1.71% |
| EPS 2 | 18.40 | 192.0 | 64.00 | 63.87 | 52.34 | 62.94 | 80.27 | 80.65 |
| Free Cash Flow 3 | 2,185,833 | 2,549,395 | -338,769 | -187,516 | - | 708,000 | 2,305,000 | - |
| FCF margin | 6,634.81% | 7,473.28% | -779.37% | -379.04% | - | 1,078.77% | 3,169.86% | - |
| FCF Conversion (EBITDA) | 341,556.58% | 256,529.39% | - | - | - | 27,575.46% | 75,760.07% | - |
| FCF Conversion (Net income) | 740,793.36% | 416,564.65% | - | - | - | 70,440.75% | 180,019.06% | - |
| Dividend per Share 2 | 10.00 | 13.80 | 22.80 | - | - | 19.02 | 22.37 | 30.00 |
| Announcement Date | 4/2/20 | 5/3/21 | 4/14/22 | 4/1/23 | 3/31/24 | - | - | - |
1IDR in Billions2IDR3IDR in Million
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2022 Q1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q3 | 2023 Q4 |
|---|---|---|---|---|---|---|
| Net sales 1 | - | - | 14,531 | 14,793 | - | 17,323 |
| EBITDA | - | - | - | - | - | - |
| EBIT 1 | - | - | 642.1 | - | - | 556.9 |
| Operating Margin | - | - | 4.42% | - | - | 3.21% |
| Earnings before Tax (EBT) | - | - | - | - | - | - |
| Net income 1 | 295.1 | 172.8 | 332.6 | - | 36.17 | 331.2 |
| Net margin | - | - | 2.29% | - | - | 1.91% |
| EPS | 19.00 | 11.00 | - | - | 2.290 | - |
| Dividend per Share | - | - | - | - | - | - |
| Announcement Date | 5/31/22 | 11/15/22 | 4/1/23 | 6/30/23 | 11/1/23 | 3/31/24 |
1IDR in Billions
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,134 | 284 | 1,618 | 3,739 | - | 4,329 | 4,332 | 5,038 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.334 x | 0.2855 x | 0.7999 x | 1.533 x | - | 1.686 x | 1.424 x | 1.49 x |
| Free Cash Flow 2 | 2,185,833 | 2,549,395 | -338,769 | -187,516 | - | 708,000 | 2,305,000 | - |
| ROE (net income / shareholders' equity) | 6.2% | 12% | 17.5% | 15.7% | - | 12.2% | 13.9% | 13.5% |
| ROA (Net income/ Total Assets) | 2.63% | 6% | 8.97% | 7.13% | - | 4.53% | 5.48% | 5.73% |
| Assets 1 | 11,215 | 10,200 | 11,292 | 14,215 | - | 22,171 | 23,387 | 22,422 |
| Book Value Per Share 3 | 302.0 | 340.0 | 386.0 | 427.0 | - | 516.0 | 604.0 | 645.0 |
| Cash Flow per Share | 152.0 | 179.0 | -26.50 | 26.90 | - | - | - | - |
| Capex 1 | 245 | 303 | 361 | 615 | - | 1,226 | 796 | 1,012 |
| Capex / Sales | 0.74% | 0.89% | 0.83% | 1.24% | - | 1.87% | 1.09% | 1.35% |
| Announcement Date | 4/2/20 | 5/3/21 | 4/14/22 | 4/1/23 | 3/31/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
394
IDR
Average target price
530
IDR
Spread / Average Target
+34.52%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -7.51% | 383M | |
| -23.95% | 1.17B | |
| -15.62% | 1.14B | |
| +8.65% | 744M | |
| -0.89% | 309M | |
| +0.06% | 208M | |
| 0.00% | 205M | |
| +12.07% | 87.88M | |
| -13.54% | 59.83M | |
| +16.67% | 61.27M |
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