Stock ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
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Financials PT Indofood CBP Sukses Makmur Tbk

Equities

ICBP

ID1000116700

Food Processing

End-of-day quote INDONESIA S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
10,675 IDR +0.71% Intraday chart for PT Indofood CBP Sukses Makmur Tbk +8.93% +0.95%
Mar. 25 PT Indofood CBP Sukses Makmur Tbk Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Feb. 20 Nomura Adjusts Indofood CBP Sukses Makmur’s Price Target to IDR18,000 From IDR16,500, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 130,030,274 111,662,769 101,458,600 116,619,080 123,324,677 124,490,868 - -
Enterprise Value (EV) 2 124,027 133,852 122,372 146,559 123,325 144,244 139,443 134,491
P/E ratio 25.8 x 16.9 x 15.9 x 25.4 x 17.7 x 13.2 x 11.9 x 11.4 x
Yield 1.93% 2.25% 2.47% - - 3.25% 3.78% 4.46%
Capitalization / Revenue 3.07 x 2.39 x 1.79 x 1.8 x 1.82 x 1.71 x 1.59 x 1.49 x
EV / Revenue 2.93 x 2.87 x 2.15 x 2.26 x 1.82 x 1.98 x 1.78 x 1.61 x
EV / EBITDA 14.4 x 12.5 x 9.21 x 10.4 x 7.49 x 8.4 x 7.4 x 6.77 x
EV / FCF 23.1 x 18 x 21.3 x 20.9 x - 13.4 x 12.8 x 13 x
FCF Yield 4.33% 5.54% 4.69% 4.79% - 7.46% 7.84% 7.69%
Price to Book 5.14 x 3.79 x 2.99 x - - 2.64 x 2.3 x 2.12 x
Nbr of stocks (in thousands) 11,661,908 11,661,908 11,661,908 11,661,908 11,661,908 11,661,908 - -
Reference price 3 11,150 9,575 8,700 10,000 10,575 10,675 10,675 10,675
Announcement Date 3/23/20 3/23/21 3/31/22 3/27/23 3/25/24 - - -
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 42,297 46,641 56,804 64,798 67,910 72,720 78,239 83,297
EBITDA 1 8,605 10,689 13,291 14,117 16,469 17,168 18,852 19,860
EBIT 1 7,400 9,201 11,659 12,414 14,775 15,684 17,083 18,096
Operating Margin 17.5% 19.73% 20.52% 19.16% 21.76% 21.57% 21.83% 21.72%
Earnings before Tax (EBT) 1 7,437 9,959 9,935 7,525 11,445 14,713 16,211 16,780
Net income 1 5,039 6,587 6,388 4,587 6,991 9,351 10,510 11,142
Net margin 11.91% 14.12% 11.25% 7.08% 10.29% 12.86% 13.43% 13.38%
EPS 2 432.0 565.0 548.0 393.0 599.0 808.9 894.4 937.2
Free Cash Flow 3 5,371,972 7,417,610 5,739,288 7,015,618 - 10,756,000 10,935,000 10,344,500
FCF margin 12,700.69% 15,903.61% 10,103.72% 10,826.99% - 14,791.02% 13,976.44% 12,418.76%
FCF Conversion (EBITDA) 62,427.36% 69,397.04% 43,181.55% 49,694.76% - 62,650.81% 58,003% 52,087.98%
FCF Conversion (Net income) 106,612.36% 112,611.43% 89,838.13% 152,933.44% - 115,030.6% 104,044.2% 92,841.01%
Dividend per Share 2 215.0 215.0 215.0 - - 346.4 404.0 475.6
Announcement Date 3/23/20 3/23/21 3/31/22 3/27/23 3/25/24 - - -
1IDR in Billions2IDR3IDR in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 14,423 14,182 - 15,405 32,593 - - - - 16,829 16,603 - - - - -
EBITDA - - - - - - - - - - - - - - - -
EBIT 2,566 2,929 - 2,133 - - - - - - 3,619 - - - - -
Operating Margin 17.79% 20.66% - 13.84% - - - - - - 21.8% - - - - -
Earnings before Tax (EBT) - - - - - - - - - - 904.1 - - - - -
Net income 1,748 1,419 - -10.78 1,930 1,379 1,278 - 1,771 1,335 -69.44 - - - - -
Net margin 12.12% 10.01% - -0.07% 5.92% - - - - 7.93% -0.42% - - - - -
EPS 150.0 122.0 - - - 118.0 109.0 - 152.0 114.0 -6.000 - - - - -
Dividend per Share 1 - 215.0 - - - 215.0 - - - 188.0 - - - 287.1 - -
Announcement Date 12/2/21 3/31/22 5/30/22 8/31/22 8/31/22 11/29/22 3/27/23 5/3/23 8/7/23 10/31/23 3/25/24 - - - - -
1IDR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 22,189 20,914 29,940 - 19,753 14,952 10,000
Net Cash position 1 6,003 - - - - - - -
Leverage (Debt/EBITDA) - 2.076 x 1.574 x 2.121 x - 1.151 x 0.7931 x 0.5035 x
Free Cash Flow 2 5,371,972 7,417,610 5,739,288 7,015,618 - 10,756,000 10,935,000 10,344,500
ROE (net income / shareholders' equity) 21.5% 24.1% 20.2% 13% - 21% 20.3% 19.9%
ROA (Net income/ Total Assets) 13.8% 9.26% 5.76% 3.93% - 7.9% 8.04% 8.33%
Assets 1 36,538 71,149 110,828 116,662 - 118,361 130,762 133,706
Book Value Per Share 3 2,170 2,524 2,905 - - 4,046 4,649 5,032
Cash Flow per Share 3 634.0 801.0 685.0 754.0 - 1,029 1,132 1,069
Capex 1 2,026 1,919 2,250 1,789 - 2,773 2,592 2,619
Capex / Sales 4.79% 4.11% 3.96% 2.76% - 3.81% 3.31% 3.14%
Announcement Date 3/23/20 3/23/21 3/31/22 3/27/23 3/25/24 - - -
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 Indofood CBP Sukses Makmur Tbk

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
18
Last Close Price
10,675 IDR
Average target price
13,381 IDR
Spread / Average Target
+25.34%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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