Financials PT Ramayana Lestari Sentosa Tbk

Equities

RALS

ID1000099500

Department Stores

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
480 ^IDR	+4.80%		+8.60%	-6.80%

30/04	PT Ramayana Lestari Sentosa Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
27/03	PT Ramayana Lestari Sentosa Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	71,81,102	52,25,685	42,00,687	35,45,174	30,96,516	28,05,843	-
Enterprise Value (EV) ²	4,148	3,189	2,145	1,367	1,897	399.4	204.8
P/E ratio	11.1 x	-37.6 x	25.1 x	10.1 x	10.4 x	9.29 x	8.97 x
Yield	4.69%	6.45%	-	5.26%	-	5.06%	5.27%
Capitalization / Revenue	1.28 x	2.07 x	1.62 x	1.18 x	1.13 x	0.95 x	0.88 x
EV / Revenue	0.74 x	1.26 x	0.83 x	0.46 x	0.69 x	0.14 x	0.06 x
EV / EBITDA	4.75 x	21.1 x	5.89 x	2.33 x	3.96 x	0.62 x	0.31 x
EV / FCF	4.4 x	31.3 x	5.49 x	2.3 x	3.94 x	1.65 x	1.12 x
FCF Yield	22.7%	3.2%	18.2%	43.5%	25.4%	60.6%	89.5%
Price to Book	1.72 x	1.41 x	1.15 x	0.96 x	0.88 x	0.81 x	0.77 x
Nbr of stocks (in thousands)	67,42,819	67,42,819	64,13,262	62,19,604	60,12,653	59,69,880	-
Reference price ³	1,065	775.0	655.0	570.0	515.0	470.0	470.0
Announcement Date	29/04/20	14/04/21	31/03/22	31/03/23	28/03/24	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	5,596	2,528	2,593	2,997	2,744	2,955	3,170
EBITDA ¹	873.3	151.2	364.3	585.9	479.5	640.1	670.7
EBIT ¹	571.5	-296	-65.82	193.8	155.4	250.4	266.8
Operating Margin	10.21%	-11.71%	-2.54%	6.47%	5.66%	8.47%	8.42%
Earnings before Tax (EBT) ¹	733.2	-181.4	191.6	425.1	338.5	415.3	434.7
Net income ¹	647.9	-138.9	170.6	352	300.4	352.8	365.6
Net margin	11.58%	-5.49%	6.58%	11.75%	10.94%	11.94%	11.53%
EPS ²	96.12	-20.60	26.12	56.17	49.30	50.60	52.40
Free Cash Flow ³	9,42,358	1,01,954	3,90,710	5,94,974	4,81,474	2,42,200	1,83,400
FCF margin	16,838.65%	4,033.07%	15,069.72%	19,854.88%	17,543.7%	8,196.28%	5,784.58%
FCF Conversion (EBITDA)	1,07,907.58%	67,434.8%	1,07,262.77%	1,01,547.17%	1,00,411.47%	37,837.84%	27,344.57%
FCF Conversion (Net income)	1,45,448.51%	-	2,29,054.67%	1,69,027.66%	1,60,297.37%	68,650.79%	50,159.54%
Dividend per Share ²	50.00	50.00	-	30.00	-	23.80	24.76
Announcement Date	29/04/20	14/04/21	31/03/22	31/03/23	28/03/24	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3	2022 Q4	2023 Q3	2023 Q4
Net sales ¹	-	546.5	-	-	604.3
EBITDA	-	-	-	-	-
EBIT ¹	-	-	-	-	-58.24
Operating Margin	-	-	-	-	-9.64%
Earnings before Tax (EBT)	-	-	-	-	-
Net income ¹	-	-	53.87	8.029	45.66
Net margin	-	-	-	-	7.56%
EPS	40.70	1.990	-	1.510	-
Dividend per Share	-	-	-	-	-
Announcement Date	29/07/22	31/10/22	31/03/23	31/10/23	28/03/24

¹IDR in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	3,033	2,036	2,056	2,178	1,199	2,406	2,601
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ²	9,42,358	1,01,954	3,90,710	5,94,974	4,81,474	2,42,200	1,83,400
ROE (net income / shareholders' equity)	16.2%	-3.52%	4.66%	9.58%	8.22%	8.8%	8.73%
ROA (Net income/ Total Assets)	11.9%	-2.54%	3.35%	6.83%	5.93%	6.45%	5.9%
Assets ¹	5,449	5,467	5,085	5,156	5,065	5,470	6,197
Book Value Per Share ³	618.0	552.0	568.0	595.0	587.0	577.0	607.0
Cash Flow per Share	160.0	25.00	68.80	111.0	107.0	-	-
Capex ¹	133	66.5	58.9	100	169	191	192
Capex / Sales	2.38%	2.63%	2.27%	3.35%	6.17%	6.47%	6.05%
Announcement Date	29/04/20	14/04/21	31/03/22	31/03/23	28/03/24	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PT Ramayana Lestari Sentosa Tbk

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

470 IDR

Average target price

496.2 IDR

Spread / Average Target

+5.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Department Stores

	1st Jan change	Capi.
PT RAMAYANA LESTARI SENTOSA TBK	-6.80%	174M
TRENT LIMITED	+49.12%	19.79B
MINISO GROUP HOLDING LIMITED	+18.63%	7.5B
DILLARD'S, INC.	+6.85%	7B
FALABELLA S.A.	+17.73%	6.73B
CANADIAN TIRE CORPORATION, LIMITED	-5.85%	5.62B
ISETAN MITSUKOSHI HOLDINGS LTD.	+45.99%	5.52B
CCOOP GROUP CO., LTD	+31.51%	5.08B
MACY'S, INC.	-4.97%	5.26B
HARVEY NORMAN HOLDINGS LIMITED	+4.76%	3.58B

Retail - Department Stores