PT ACSET INDONUSA TBK

Financials PT Acset Indonusa Tbk

Equities

ACST

ID1000127509

Construction & Engineering

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 08/05/2024 am IST			5-day change	1st Jan Change
115 ^IDR	-1.71%		-2.54%	-15.44%

26/04	PT Acset Indonusa Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
26/02	PT Acset Indonusa Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	10,88,500	6,79,000	28,27,070	26,61,784	19,90,000	17,23,822
Enterprise Value (EV) ¹	40,49,098	47,07,564	38,36,042	22,41,696	18,06,365	14,68,489
P/E ratio	59.5 x	-0.6 x	-0.79 x	-2.57 x	-4.43 x	-6.38 x
Yield	0.32%	-	-	-	-	-
Capitalization / Revenue	0.29 x	0.17 x	2.35 x	1.78 x	1.92 x	0.73 x
EV / Revenue	1.09 x	1.19 x	3.18 x	1.5 x	1.74 x	0.62 x
EV / EBITDA	6.51 x	-15.4 x	-4.01 x	-4.51 x	-5.1 x	-16.6 x
EV / FCF	-3.88 x	-14.7 x	1.82 x	13.3 x	-14.1 x	5.78 x
FCF Yield	-25.8%	-6.81%	54.9%	7.51%	-7.08%	17.3%
Price to Book	0.79 x	2.97 x	10.3 x	2.45 x	3.1 x	4.6 x
Nbr of stocks (in thousands)	7,00,000	7,00,000	64,25,160	1,26,75,160	1,26,75,160	1,26,75,160
Reference price ²	1,555	970.0	440.0	210.0	157.0	136.0
Announcement Date	28/02/19	26/02/20	15/03/21	15/03/22	28/02/23	26/02/24

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	37,25,296	39,47,173	12,04,429	14,94,671	10,36,870	23,49,638
EBITDA ¹	6,21,841	-3,06,643	-9,57,036	-4,97,358	-3,54,321	-88,291
EBIT ¹	4,97,768	-4,30,375	-10,82,033	-6,14,271	-4,64,514	-1,90,416
Operating Margin	13.36%	-10.9%	-89.84%	-41.1%	-44.8%	-8.1%
Earnings before Tax (EBT) ¹	1,66,059	-10,07,209	-13,01,675	-6,52,808	-4,22,526	-2,11,690
Net income ¹	18,285	-11,36,236	-13,23,209	-6,95,549	-4,48,905	-2,70,149
Net margin	0.49%	-28.79%	-109.86%	-46.54%	-43.29%	-11.5%
EPS ²	26.12	-1,623	-558.3	-81.75	-35.42	-21.31
Free Cash Flow ¹	-10,43,329	-3,20,618	21,04,687	1,68,389	-1,27,886	2,53,879
FCF margin	-28.01%	-8.12%	174.75%	11.27%	-12.33%	10.81%
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	5.000	-	-	-	-	-
Announcement Date	28/02/19	26/02/20	15/03/21	15/03/22	28/02/23	26/02/24

¹IDR in Million²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	29,60,598	40,28,564	10,08,972	-	-	-
Net Cash position ¹	-	-	-	4,20,088	1,83,635	2,55,333
Leverage (Debt/EBITDA)	4.761 x	-13.14 x	-1.054 x	-	-	-
Free Cash Flow ¹	-10,43,329	-3,20,618	21,04,687	1,68,389	-1,27,886	2,53,879
ROE (net income / shareholders' equity)	1.5%	-132%	-439%	-96.3%	-50.6%	-51.9%
ROA (Net income/ Total Assets)	4.37%	-2.78%	-10%	-13.9%	-12.7%	-5.04%
Assets ¹	4,18,565	4,09,39,540	1,32,08,842	50,12,857	35,48,432	53,56,911
Book Value Per Share ²	1,962	326.0	42.80	85.60	50.70	29.50
Cash Flow per Share ²	318.0	260.0	11.40	37.20	16.20	23.60
Capex ¹	2,71,043	1,80,133	63,513	10,025	3,860	9,764
Capex / Sales	7.28%	4.56%	5.27%	0.67%	0.37%	0.42%
Announcement Date	28/02/19	26/02/20	15/03/21	15/03/22	28/02/23	26/02/24

¹IDR in Million²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Construction & Engineering

	1st Jan change	Capi.
PT ACSET INDONUSA TBK	-15.44%	90.73M
VINCI	+1.67%	71.03B
LARSEN & TOUBRO LIMITED	-8.14%	53.83B
QUANTA SERVICES, INC.	+25.80%	39.74B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+13.93%	31.57B
FERROVIAL SE	+4.72%	27.28B
CHINA RAILWAY GROUP LIMITED	+17.96%	21.32B
EMCOR GROUP, INC.	+76.52%	17.87B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+37.93%	17.66B
CHINA RAILWAY CONSTRUCTION CORPORATION LIMITED	+14.98%	15.39B

Other Construction & Engineering

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Financials PT Acset Indonusa Tbk

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