PT WEHA TRANSPORTASI INDONESIA TBK

Financials PT WEHA Transportasi Indonesia Tbk

Equities

WEHA

ID1000105901

Passenger Transportation, Ground & Sea

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
107 ^IDR	+0.94%		+1.90%	-35.93%

Mar. 25	PT WEHA Transportasi Indonesia Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	PT WEHA Transportasi Indonesia 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	134,735	131,189	55,844	187,919	160,661	243,913
Enterprise Value (EV) ¹	264,756	210,661	132,824	276,774	198,115	305,183
P/E ratio	132 x	33.7 x	-1.66 x	-19.5 x	6.06 x	7.69 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	0.84 x	0.9 x	0.79 x	2.01 x	0.88 x	0.91 x
EV / Revenue	1.66 x	1.44 x	1.88 x	2.96 x	1.08 x	1.14 x
EV / EBITDA	5.93 x	5.26 x	-11.5 x	14.6 x	3.76 x	3.8 x
EV / FCF	586 x	78.6 x	38.6 x	380 x	-12.8 x	-6.66 x
FCF Yield	0.17%	1.27%	2.59%	0.26%	-7.82%	-15%
Price to Book	0.94 x	0.87 x	0.47 x	1.74 x	0.82 x	1.07 x
Nbr of stocks (in thousands)	886,411	886,411	886,411	886,411	1,460,555	1,460,555
Reference price ²	152.0	148.0	63.00	212.0	110.0	167.0
Announcement Date	3/29/19	4/5/20	6/30/21	3/21/22	3/24/23	3/25/24

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	159,847	146,173	70,514	93,435	183,436	267,169
EBITDA ¹	44,653	40,038	-11,575	18,977	52,699	80,280
EBIT ¹	20,750	13,368	-39,810	-4,375	28,906	46,133
Operating Margin	12.98%	9.15%	-56.46%	-4.68%	15.76%	17.27%
Earnings before Tax (EBT) ¹	4,853	6,505	-43,981	-10,330	25,662	40,732
Net income ¹	1,022	3,898	-33,547	-9,625	19,925	31,723
Net margin	0.64%	2.67%	-47.57%	-10.3%	10.86%	11.87%
EPS ²	1.152	4.398	-37.85	-10.86	18.14	21.72
Free Cash Flow ¹	452	2,681	3,441	728.1	-15,500	-45,798
FCF margin	0.28%	1.83%	4.88%	0.78%	-8.45%	-17.14%
FCF Conversion (EBITDA)	1.01%	6.7%	-	3.84%	-	-
FCF Conversion (Net income)	44.25%	68.78%	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	3/29/19	4/5/20	6/30/21	3/21/22	3/24/23	3/25/24

¹IDR in Million²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	130,022	79,473	76,981	88,855	37,453	61,271
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.912 x	1.985 x	-6.651 x	4.682 x	0.7107 x	0.7632 x
Free Cash Flow ¹	452	2,681	3,441	728	-15,500	-45,798
ROE (net income / shareholders' equity)	2.09%	2.97%	-24.9%	-8.5%	13.1%	14.9%
ROA (Net income/ Total Assets)	4.11%	2.78%	-10.1%	-1.18%	7.03%	8.96%
Assets ¹	24,867	140,201	330,662	813,718	283,487	353,961
Book Value Per Share ²	161.0	171.0	133.0	122.0	134.0	156.0
Cash Flow per Share ²	5.100	4.850	1.750	3.690	21.90	21.40
Capex ¹	22,471	16,291	5,358	16,649	52,108	47,551
Capex / Sales	14.06%	11.15%	7.6%	17.82%	28.41%	17.8%
Announcement Date	3/29/19	4/5/20	6/30/21	3/21/22	3/24/23	3/25/24

¹IDR in Million²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
PT WEHA TRANSPORTASI INDONESIA TBK	-35.93%	9.64M
CENTRAL JAPAN RAILWAY COMPANY	-2.90%	21.72B
WEST JAPAN RAILWAY COMPANY	+7.19%	9.76B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+11.57%	9.53B
TOKYU CORPORATION	+8.86%	7.18B
HANKYU HANSHIN HOLDINGS, INC.	-9.04%	6.25B
KEISEI ELECTRIC RAILWAY CO., LTD	-11.82%	6.14B
KINTETSU GROUP HOLDINGS CO.,LTD.	-12.16%	4.73B
ODAKYU ELECTRIC RAILWAY CO., LTD.	-16.64%	4.06B
SEIBU HOLDINGS INC.	+8.48%	3.96B

Other Passenger Transportation, Ground & Sea

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WEHA Stock
Financials PT WEHA Transportasi Indonesia Tbk

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