Financials PT Malindo Feedmill Tbk

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ID1000119407

Fishing & Farming

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
535 ^IDR	+5.94%		+8.74%	+3.88%

Mar. 28	PT Malindo Feedmill Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	PT Malindo Feedmill 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	2,249,944	1,656,675	1,499,962	1,096,988	1,152,956	1,197,731	-	-
Enterprise Value (EV) ¹	2,251,773	1,656,675	1,499,962	1,099,220	1,152,956	1,197,731	1,197,731	1,197,731
P/E ratio	14.8 x	-43.5 x	24.8 x	40.8 x	18.4 x	11.9 x	5.71 x	4.44 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.3 x	0.24 x	0.16 x	0.1 x	0.1 x	0.09 x	0.09 x	0.09 x
EV / Revenue	0.3 x	0.24 x	0.16 x	0.1 x	0.1 x	0.09 x	0.09 x	0.09 x
EV / EBITDA	3.64 x	3.57 x	4.22 x	2.5 x	2.07 x	1.82 x	1.6 x	1.47 x
EV / FCF	-11,429,052 x	-42,656,737 x	-2,466,080 x	-143,906,526 x	-	-	-	-
FCF Yield	-0%	-0%	-0%	-0%	-	-	-	-
Price to Book	1.11 x	0.83 x	0.73 x	0.53 x	-	0.46 x	0.43 x	0.39 x
Nbr of stocks (in thousands)	2,238,750	2,238,750	2,238,750	2,238,750	2,238,750	2,238,750	-	-
Reference price ²	1,005	740.0	670.0	490.0	515.0	535.0	535.0	535.0
Announcement Date	4/30/20	3/31/21	3/31/22	5/3/23	3/28/24	-	-	-

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,455	7,001	9,131	11,102	12,058	12,649	13,275	13,539
EBITDA ¹	617.4	464.4	355.4	438.4	555.8	657	748	813
EBIT ¹	377.9	200.1	87.1	165	372.7	383	469	528
Operating Margin	5.07%	2.86%	0.95%	1.49%	3.09%	3.03%	3.53%	3.9%
Earnings before Tax (EBT) ¹	248.8	20.07	76.26	31.83	111.4	139	291	372
Net income ¹	152.5	-38.84	60.38	26.24	63.37	101	210	270
Net margin	2.05%	-0.55%	0.66%	0.24%	0.53%	0.8%	1.58%	1.99%
EPS ²	68.00	-17.00	27.00	12.00	28.00	45.00	93.70	120.5
Free Cash Flow	-196,862	-38,837	-608,237	-7,623	-	-	-	-
FCF margin	-2,640.7%	-554.77%	-6,661.51%	-68.66%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	4/30/20	3/31/21	3/31/22	5/3/23	3/28/24	-	-	-

¹IDR in Billions²IDR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2022 Q4
Net sales ¹	-	3,808	2,731
EBITDA	-	-	-
EBIT	-	195	-
Operating Margin	-	5.12%	-
Earnings before Tax (EBT)	-	-	-
Net income	-44.22	5.382	-
Net margin	-	0.14%	-
EPS	-20.00	-	-
Dividend per Share	-	-	-
Announcement Date	8/3/20	3/31/21	5/3/23

¹IDR in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	1,829	-	-	2,233	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.963 x	-	-	5.093 x	-	-	-	-
Free Cash Flow	-196,862	-38,837	-608,237	-7,623	-	-	-	-
ROE (net income / shareholders' equity)	7.76%	-1.93%	2.99%	1.27%	-	4.9%	7.8%	9.2%
ROA (Net income/ Total Assets)	3.39%	-0.83%	1.19%	0.47%	-	1.8%	3.7%	4.5%
Assets ¹	4,492	4,661	5,055	5,591	-	5,611	5,676	6,000
Book Value Per Share ²	907.0	887.0	917.0	928.0	-	1,161	1,255	1,375
Cash Flow per Share	-	127.0	-272.0	120.0	-	-	-	-
Capex ¹	510	323	335	277	-	105	109	112
Capex / Sales	6.84%	4.62%	3.67%	2.49%	-	0.83%	0.82%	0.83%
Announcement Date	4/30/20	3/31/21	3/31/22	5/3/23	3/28/24	-	-	-

¹IDR in Billions²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for PT Malindo Feedmill Tbk

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

535 IDR

Average target price

575 IDR

Spread / Average Target

+7.48%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Animal Feed

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Animal Feed