PT SOLUSI BANGUN INDONESIA TBK

Financials PT Solusi Bangun Indonesia Tbk

Equities

SMCB

ID1000072309

Construction Materials

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 21/05/2024 am IST			5-day change	1st Jan Change
1,385 ^IDR	-1.07%		+4.14%	+2.97%

08/03	PT Solusi Bangun Indonesia Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	PT Solusi Bangun Indonesia Tbk Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,44,44,566	90,42,222	1,10,34,576	1,52,42,756	1,28,52,619	1,21,31,069
Enterprise Value (EV) ¹	2,23,61,448	1,73,17,931	1,94,40,889	1,96,60,063	1,54,61,946	1,47,07,718
P/E ratio	-17.4 x	18.1 x	17 x	19.3 x	15.3 x	13.6 x
Yield	-	0.31%	-	1.42%	1.96%	-
Capitalization / Revenue	1.39 x	0.82 x	1.09 x	1.36 x	1.05 x	0.98 x
EV / Revenue	2.15 x	1.57 x	1.92 x	1.75 x	1.26 x	1.19 x
EV / EBITDA	22 x	10.2 x	9.15 x	9.35 x	7.55 x	6.97 x
EV / FCF	142 x	163 x	-8,023 x	26.3 x	8.1 x	147 x
FCF Yield	0.71%	0.61%	-0.01%	3.8%	12.3%	0.68%
Price to Book	2.25 x	1.29 x	1.46 x	1.36 x	1.08 x	0.97 x
Nbr of stocks (in thousands)	76,62,900	76,62,900	76,62,900	90,19,382	90,19,382	90,19,382
Reference price ²	1,885	1,180	1,440	1,690	1,425	1,345
Announcement Date	01/04/19	29/02/20	19/02/21	01/03/22	27/02/23	08/03/24

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	1,03,77,729	1,10,57,843	1,01,08,220	1,12,18,181	1,22,62,048	1,23,71,333
EBITDA ¹	10,16,198	16,98,413	21,25,453	21,03,760	20,48,717	21,10,647
EBIT ¹	-27,414	11,71,960	15,83,524	14,94,608	14,45,977	14,73,691
Operating Margin	-0.26%	10.6%	15.67%	13.32%	11.79%	11.91%
Earnings before Tax (EBT) ¹	-6,84,197	4,07,610	9,77,898	10,88,306	11,69,870	12,30,626
Net income ¹	-8,27,985	4,99,052	6,50,988	7,20,933	8,39,276	8,94,645
Net margin	-7.98%	4.51%	6.44%	6.43%	6.84%	7.23%
EPS ²	-108.1	65.13	84.95	87.64	93.05	99.19
Free Cash Flow ¹	1,58,003	1,06,303	-2,423	7,47,697	19,08,821	99,886
FCF margin	1.52%	0.96%	-0.02%	6.67%	15.57%	0.81%
FCF Conversion (EBITDA)	15.55%	6.26%	-	35.54%	93.17%	4.73%
FCF Conversion (Net income)	-	21.3%	-	103.71%	227.44%	11.16%
Dividend per Share	-	3.600	-	23.98	27.92	-
Announcement Date	01/04/19	29/02/20	19/02/21	01/03/22	27/02/23	08/03/24

¹IDR in Million²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	79,16,882	82,75,709	84,06,313	44,17,307	26,09,327	25,76,649
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.791 x	4.873 x	3.955 x	2.1 x	1.274 x	1.221 x
Free Cash Flow ¹	1,58,003	1,06,303	-2,423	7,47,697	19,08,821	99,886
ROE (net income / shareholders' equity)	-12.2%	7.45%	8.95%	7.69%	7.28%	7.34%
ROA (Net income/ Total Assets)	-0.09%	3.83%	4.91%	4.42%	4.22%	4.23%
Assets ¹	92,61,57,718	1,30,25,317	1,32,55,982	1,62,95,954	1,99,05,982	2,11,68,015
Book Value Per Share ²	837.0	911.0	987.0	1,240	1,315	1,386
Cash Flow per Share ²	43.90	50.50	68.70	32.20	32.60	37.60
Capex ¹	3,97,046	2,76,433	3,89,693	4,85,159	8,69,504	7,61,667
Capex / Sales	3.83%	2.5%	3.86%	4.32%	7.09%	6.16%
Announcement Date	01/04/19	29/02/20	19/02/21	01/03/22	27/02/23	08/03/24

¹IDR in Million²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
PT SOLUSI BANGUN INDONESIA TBK	+2.97%	782M
HOLCIM LTD	+18.60%	48.31B
ANHUI CONCH CEMENT COMPANY LIMITED	+13.36%	17.41B
JAMES HARDIE INDUSTRIES PLC	-16.50%	13.5B
SHREE CEMENT LIMITED	-10.38%	11.19B
EAGLE MATERIALS INC.	+19.45%	8.35B
BUZZI S.P.A.	+43.72%	7.99B
TAIWAN CEMENT CORP.	-4.30%	7.77B
TIANSHAN MATERIAL CO., LTD.	-3.29%	7.74B
DANGOTE CEMENT PLC	+105.28%	7.19B

Cement & Concrete Manufacturing

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Financials PT Solusi Bangun Indonesia Tbk

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