Financials PT Adi Sarana Armada Tbk

Equities

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
785 ^IDR	+1.29%		-3.68%	-0.63%

01/05	PT Adi Sarana Armada Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
28/03	PT Adi Sarana Armada Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	25,14,150	21,57,412	1,18,24,943	27,63,907	29,15,999	28,97,543	-
Enterprise Value (EV) ²	2,514	2,157	14,963	5,892	2,916	7,137	7,266
P/E ratio	22.8 x	24.8 x	90.7 x	27.3 x	27.5 x	11.1 x	8.51 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	-	0.71 x	2.32 x	0.47 x	0.66 x	0.6 x	0.54 x
EV / Revenue	-	0.71 x	2.94 x	1 x	0.66 x	1.49 x	1.35 x
EV / EBITDA	-	2.38 x	14.3 x	6.22 x	2.74 x	9.01 x	7.46 x
EV / FCF	-	13.5 x	-70.6 x	-17.5 x	-	-11 x	-21.6 x
FCF Yield	-	7.42%	-1.42%	-5.72%	-	-9.11%	-4.63%
Price to Book	-	1.68 x	7.78 x	1.71 x	-	1.39 x	1.2 x
Nbr of stocks (in thousands)	33,97,500	33,97,500	35,61,730	35,66,331	36,91,138	36,91,138	-
Reference price ³	740.0	635.0	3,320	775.0	790.0	785.0	785.0
Announcement Date	01/04/20	13/04/21	13/04/22	31/03/23	28/03/24	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	-	3,037	5,088	5,870	4,439	4,800	5,386
EBITDA ¹	-	906.2	1,048	947.1	1,064	792.3	973.9
EBIT ¹	-	297.5	440.9	233.2	296.2	481.5	634
Operating Margin	-	9.8%	8.67%	3.97%	6.67%	10.03%	11.77%
Earnings before Tax (EBT) ¹	-	68.5	223.1	7.22	64.82	166.3	293.9
Net income ¹	110.4	87.15	142.6	103	103.8	278	328
Net margin	-	2.87%	2.8%	1.76%	2.34%	5.79%	6.09%
EPS ²	32.50	25.65	36.60	28.44	28.68	70.78	92.23
Free Cash Flow ³	-	1,60,082	-2,11,994	-3,36,990	-	-6,50,110	-3,36,630
FCF margin	-	5,270.43%	-4,166.47%	-5,740.79%	-	-13,543.97%	-6,250.02%
FCF Conversion (EBITDA)	-	17,664.76%	-	-	-	-	-
FCF Conversion (Net income)	-	1,83,690.26%	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	01/04/20	13/04/21	13/04/22	31/03/23	28/03/24	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	3,138	3,129	-	4,239	4,368
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	2.995 x	3.303 x	-	5.351 x	4.485 x
Free Cash Flow ²	-	1,60,082	-2,11,994	-3,36,990	-	-6,50,110	-3,36,630
ROE (net income / shareholders' equity)	-	7.04%	10.2%	6.57%	-	10.2%	15.1%
ROA (Net income/ Total Assets)	-	1.74%	2.55%	1.55%	-	5.38%	5.43%
Assets ¹	-	5,010	5,602	6,650	-	5,168	6,038
Book Value Per Share ³	-	378.0	427.0	454.0	-	563.0	655.0
Cash Flow per Share ³	-	-	27.70	-40.40	-	42.10	130.0
Capex ¹	-	141	86.7	191	-	800	800
Capex / Sales	-	4.64%	1.7%	3.25%	-	16.67%	14.85%
Announcement Date	01/04/20	13/04/21	13/04/22	31/03/23	28/03/24	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

785 IDR

Average target price

1,609 IDR

Spread / Average Target

+104.94%

	1st Jan change	Capi.
PT ADI SARANA ARMADA TBK	-0.63%	180M
CENTRAL JAPAN RAILWAY COMPANY	-2.65%	21.78B
WEST JAPAN RAILWAY COMPANY	+7.02%	9.76B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+15.68%	9.48B
TOKYU CORPORATION	+8.83%	7.07B
HANKYU HANSHIN HOLDINGS, INC.	-8.82%	6.25B
KEISEI ELECTRIC RAILWAY CO., LTD	-11.85%	6.12B
KINTETSU GROUP HOLDINGS CO.,LTD.	-11.94%	4.75B
ODAKYU ELECTRIC RAILWAY CO., LTD.	-17.04%	4.04B
SEIBU HOLDINGS INC.	+9.40%	4.05B