Financials PT Saratoga Investama Sedaya Tbk

Equities

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 28/06/2024 am IST			5-day change	1st Jan Change
1,435 ^IDR	+5.51%		+14.80%	-12.50%

30/04	PT Saratoga Investama Sedaya Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
18/03	PT Saratoga Investama Sedaya Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	92,40,064	3,77,92,335	3,41,97,434	2,22,00,273	1,84,09,635	-	-
Enterprise Value (EV) ²	9,240	41,266	34,879	22,461	17,419	15,959	14,336
P/E ratio	0.21 x	1.53 x	7.49 x	-2.19 x	9 x	8.13 x	7.34 x
Yield	-	0.79%	-	-	3.48%	3.48%	3.83%
Capitalization / Revenue	-	1.45 x	5.39 x	-2.02 x	5.92 x	5.39 x	4.9 x
EV / Revenue	-	1.58 x	5.5 x	-2.04 x	5.61 x	4.67 x	3.82 x
EV / EBITDA	-	1.59 x	5.73 x	-2 x	6.08 x	5.05 x	4.11 x
EV / FCF	-	-114 x	9.41 x	16 x	7.79 x	6.46 x	5.26 x
FCF Yield	-	-0.88%	10.6%	6.26%	12.8%	15.5%	19%
Price to Book	-	0.67 x	0.57 x	0.46 x	0.39 x	0.37 x	0.36 x
Nbr of stocks (in thousands)	1,34,69,481	1,34,97,263	1,35,16,772	1,35,36,752	1,35,36,496	-	-
Reference price ³	686.0	2,800	2,530	1,640	1,435	1,435	1,435
Announcement Date	08/03/21	07/04/22	13/03/23	18/03/24	-	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	26,073	6,344	-10,991	3,108	3,417	3,756
EBITDA ¹	-	25,889	6,088	-11,233	2,865	3,163	3,491
EBIT ¹	-	25,888	6,087	-11,234	2,865	3,163	3,491
Operating Margin	-	99.29%	95.95%	102.21%	92.2%	92.58%	92.94%
Earnings before Tax (EBT) ¹	-	25,696	5,859	-11,309	2,770	3,068	3,396
Net income ¹	8,825	24,890	4,616	-10,150	2,162	2,395	2,650
Net margin	-	95.46%	72.77%	92.34%	69.58%	70.08%	70.56%
EPS ²	3,214	1,825	338.0	-750.0	159.4	176.5	195.4
Free Cash Flow ³	-	-3,63,096	37,05,911	14,07,028	22,36,000	24,69,000	27,25,000
FCF margin	-	-1,392.6%	58,420.36%	-12,801.32%	71,949.46%	72,264.39%	72,543%
FCF Conversion (EBITDA)	-	-	60,876.63%	-	78,040.17%	78,059.43%	78,055.82%
FCF Conversion (Net income)	-	-	80,277.65%	-	1,03,411.45%	1,03,110.97%	1,02,813.17%
Dividend per Share ²	-	22.00	-	-	50.00	50.00	55.00
Announcement Date	08/03/21	07/04/22	13/03/23	18/03/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	3,473	681	261	-	-	-
Net Cash position ¹	-	-	-	-	990	2,451	4,073
Leverage (Debt/EBITDA)	-	0.1342 x	0.1119 x	-0.0232 x	-	-	-
Free Cash Flow ²	-	-3,63,096	37,05,911	14,07,028	22,36,000	24,69,000	27,25,000
ROE (net income / shareholders' equity)	-	57%	7.97%	-18.7%	4.37%	4.69%	5.01%
ROA (Net income/ Total Assets)	-	51.7%	7.39%	-17.7%	4.22%	4.57%	4.89%
Assets ¹	-	48,100	62,461	57,360	51,226	52,362	54,168
Book Value Per Share ³	-	4,153	4,425	3,591	3,700	3,827	3,967
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	08/03/21	07/04/22	13/03/23	18/03/24	-	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,360 IDR

Average target price

2,100 IDR

Spread / Average Target

+54.41%

	1st Jan change	Capi.
PT SARATOGA INVESTAMA SEDAYA TBK	-12.50%	112.43Cr
MACQUARIE GROUP LIMITED	+11.47%	4.94TCr
EQUITABLE HOLDINGS, INC.	+22.85%	1.32TCr
SBI HOLDINGS, INC.	+28.22%	759.51Cr
VOYA FINANCIAL, INC.	-2.04%	718.2Cr
INVESTEC GROUP	+4.31%	638.84Cr
FIRST CAPITAL SECURITIES CO., LTD.	-12.39%	298.33Cr
AJ BELL PLC	+21.25%	198.13Cr
AMP LIMITED	+17.74%	191.79Cr
L1 LONG SHORT FUND LIMITED	+7.43%	131.91Cr