Financials PT Multi Bintang Indonesia Tbk

Equities

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
6,500 ^IDR	-0.38%		-1.52%	-16.13%

26/04	PT Multi Bintang Indonesia Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
25/04	Multi Bintang Indonesia Appoints Martijn Rene Van Keulen as Managing Director, Effective 1 July 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	3,26,58,500	2,04,37,900	1,64,34,600	1,88,57,650	1,63,29,250	1,36,95,500	-
Enterprise Value (EV) ²	32,931	20,110	16,196	18,415	16,329	13,332	13,274
P/E ratio	27.1 x	71.3 x	24.7 x	20.4 x	15.3 x	12.2 x	11 x
Yield	0.3%	4.9%	6.09%	5.04%	-	8.18%	9.12%
Capitalization / Revenue	8.8 x	10.3 x	6.64 x	6.05 x	4.92 x	3.68 x	3.35 x
EV / Revenue	8.87 x	10.1 x	6.55 x	5.91 x	4.92 x	3.58 x	3.25 x
EV / EBITDA	17.3 x	26.6 x	13.5 x	12.3 x	9.66 x	7.21 x	6.45 x
EV / FCF	32.5 x	32.6 x	17.7 x	15.7 x	-	15.3 x	11.3 x
FCF Yield	3.07%	3.07%	5.65%	6.36%	-	6.55%	8.87%
Price to Book	28.5 x	14.3 x	15 x	17.6 x	-	8.81 x	8.14 x
Nbr of stocks (in thousands)	21,07,000	21,07,000	21,07,000	21,07,000	21,07,000	21,07,000	-
Reference price ³	15,500	9,700	7,800	8,950	7,750	6,500	6,500
Announcement Date	25/02/20	08/03/21	25/02/22	06/03/23	27/03/24	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	3,711	1,985	2,474	3,115	3,322	3,726	4,086
EBITDA ¹	1,899	755.9	1,198	1,495	1,691	1,848	2,058
EBIT ¹	1,645	490.4	872.7	1,264	1,409	1,491	1,638
Operating Margin	44.31%	24.7%	35.28%	40.59%	42.42%	40.02%	40.09%
Earnings before Tax (EBT) ¹	1,627	396.5	877.8	1,246	1,398	1,495	1,665
Net income ¹	1,206	285.7	665.7	924.8	1,066	1,121	1,249
Net margin	32.5%	14.39%	26.91%	29.69%	32.09%	30.09%	30.57%
EPS ²	572.0	136.0	316.0	439.0	506.0	532.0	592.6
Free Cash Flow ³	10,12,240	6,17,243	9,15,639	11,71,323	-	8,73,000	11,77,000
FCF margin	27,273.77%	31,095.22%	37,015.24%	37,603.79%	-	23,429.95%	28,805.68%
FCF Conversion (EBITDA)	53,300.64%	81,652.16%	76,427%	78,329.3%	-	47,240.26%	57,191.45%
FCF Conversion (Net income)	83,929.56%	2,16,071.57%	1,37,549.01%	1,26,661.42%	-	77,876.9%	94,235.39%
Dividend per Share ²	47.00	475.0	475.0	451.4	-	532.0	592.6
Announcement Date	25/02/20	08/03/21	25/02/22	06/03/23	27/03/24	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	272	-	-	-	-	-	-
Net Cash position ¹	-	328	238	442	-	364	421
Leverage (Debt/EBITDA)	0.1433 x	-	-	-	-	-	-
Free Cash Flow ²	10,12,240	6,17,243	9,15,639	11,71,323	-	8,73,000	11,77,000
ROE (net income / shareholders' equity)	104%	22.2%	52.6%	85.2%	-	74.4%	77.2%
ROA (Net income/ Total Assets)	41.7%	9.84%	-	29.4%	-	-	-
Assets ¹	2,893	2,902	-	3,148	-	-	-
Book Value Per Share ³	544.0	680.0	521.0	509.0	-	737.0	798.0
Cash Flow per Share	633.0	414.0	-	707.0	-	-	-
Capex ¹	322	255	252	319	-	629	516
Capex / Sales	8.68%	12.87%	10.2%	10.23%	-	16.88%	12.63%
Announcement Date	25/02/20	08/03/21	25/02/22	06/03/23	27/03/24	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6,500 IDR

Average target price

10,600 IDR

Spread / Average Target

+63.08%

	1st Jan change	Capi.
PT MULTI BINTANG INDONESIA TBK	-16.13%	851M
ANHEUSER-BUSCH INBEV SA/NV	+3.56%	130B
HEINEKEN N.V.	+1.98%	57.47B
CONSTELLATION BRANDS, INC.	+5.06%	46.47B
AMBEV S.A.	-11.43%	37.3B
HEINEKEN HOLDING N.V.	+1.37%	23.81B
CARLSBERG A/S	+15.07%	19.61B
BUDWEISER BREWING COMPANY APAC LIMITED	-23.39%	18.9B
ASAHI GROUP HOLDINGS, LTD.	+10.52%	17.88B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	+10.38%	15.68B