PT NUSA RAYA CIPTA TBK

Financials PT Nusa Raya Cipta Tbk

Equities

NRCA

ID1000127608

Construction & Engineering

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 20/05/2024 am IST			5-day change	1st Jan Change
354 ^IDR	-0.56%		-3.28%	+6.63%

02/05	PT Nusa Raya Cipta Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
22/04	PT Nusa Raya Cipta 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	9,42,579	9,37,695	9,13,656	7,00,953	7,29,958	8,02,470
Enterprise Value (EV) ¹	2,16,896	3,64,758	5,34,038	2,29,132	3,10,350	3,25,068
P/E ratio	8.04 x	9.37 x	16.6 x	13.6 x	9.78 x	8.06 x
Yield	7.77%	6.51%	3.97%	5.17%	13.9%	-
Capitalization / Revenue	0.38 x	0.36 x	0.44 x	0.42 x	0.3 x	0.28 x
EV / Revenue	0.09 x	0.14 x	0.26 x	0.14 x	0.13 x	0.11 x
EV / EBITDA	1.42 x	2.36 x	4.44 x	1.86 x	1.95 x	1.74 x
EV / FCF	2.59 x	-3.9 x	-6.52 x	1.69 x	-18.4 x	1.92 x
FCF Yield	38.6%	-25.6%	-15.3%	59.2%	-5.45%	52%
Price to Book	0.78 x	0.77 x	0.79 x	0.6 x	0.61 x	0.67 x
Nbr of stocks (in thousands)	24,41,915	24,41,915	24,17,078	24,17,078	24,17,078	24,17,078
Reference price ²	386.0	384.0	378.0	290.0	302.0	332.0
Announcement Date	06/03/19	31/03/20	06/05/21	28/04/22	04/04/23	22/04/24

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	24,56,969	26,17,754	20,85,740	16,69,713	24,62,408	28,95,507
EBITDA ¹	1,52,948	1,54,439	1,20,323	1,23,224	1,58,957	1,87,276
EBIT ¹	1,24,975	1,35,896	1,06,255	1,10,838	1,47,688	1,73,665
Operating Margin	5.09%	5.19%	5.09%	6.64%	6%	6%
Earnings before Tax (EBT) ¹	1,90,503	1,67,544	1,13,191	97,147	1,44,450	1,75,894
Net income ¹	1,17,969	1,01,155	55,123	51,648	74,670	99,509
Net margin	4.8%	3.86%	2.64%	3.09%	3.03%	3.44%
EPS ²	48.00	41.00	22.81	21.37	30.89	41.17
Free Cash Flow ¹	83,782	-93,432	-81,927	1,35,658	-16,909	1,69,067
FCF margin	3.41%	-3.57%	-3.93%	8.12%	-0.69%	5.84%
FCF Conversion (EBITDA)	54.78%	-	-	110.09%	-	90.28%
FCF Conversion (Net income)	71.02%	-	-	262.66%	-	169.9%
Dividend per Share ²	30.00	25.00	15.00	15.00	42.00	-
Announcement Date	06/03/19	31/03/20	06/05/21	28/04/22	04/04/23	22/04/24

¹IDR in Million²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	7,25,683	5,72,937	3,79,618	4,71,821	4,19,608	4,77,402
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	83,782	-93,432	-81,927	1,35,658	-16,909	1,69,067
ROE (net income / shareholders' equity)	9.79%	8.33%	4.64%	4.45%	6.3%	8.29%
ROA (Net income/ Total Assets)	3.4%	3.6%	2.84%	3.17%	4.02%	4.53%
Assets ¹	34,71,411	28,09,249	19,44,107	16,27,027	18,59,735	21,96,226
Book Value Per Share ²	495.0	500.0	477.0	483.0	498.0	496.0
Cash Flow per Share ²	301.0	282.0	239.0	205.0	268.0	254.0
Capex ¹	27,088	6,465	1,851	3,322	13,216	14,155
Capex / Sales	1.1%	0.25%	0.09%	0.2%	0.54%	0.49%
Announcement Date	06/03/19	31/03/20	06/05/21	28/04/22	04/04/23	22/04/24

¹IDR in Million²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Commercial Buildings

	1st Jan change	Capi.
PT NUSA RAYA CIPTA TBK	+6.63%	53.49M
TRAVAUX GENERAUX DE CONSTRUCTION DE CASABLANCA S.A	+73.39%	1.03B
SANDI PROPERTIES CO.,LTD.	+65.05%	153M
ERBUD S.A.	+1.40%	132M
WEE HUR HOLDINGS LTD.	-3.08%	129M
DEKPOL S.A.	+9.26%	126M
SHAPE AUSTRALIA CORPORATION LIMITED	+17.98%	117M
MECOM POWER AND CONSTRUCTION LIMITED	-33.33%	105M
GRAND HOOVER	+70.00%	79.74M
SHINSEGAE ENGINEERING & CONSTRUCTION INC.	-13.49%	60.02M

Commercial Buildings

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Financials PT Nusa Raya Cipta Tbk

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