Financials PT Sumber Alfaria Trijaya Tbk

Equities

AMRT

ID1000128705

Food Retail & Distribution

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
2,830 ^IDR	-1.74%		-2.41%	-3.41%

02/05	PT Sumber Alfaria Trijaya Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
23/04	Nomura Adjusts Sumber Alfaria Trijaya’s Price Target to 3,830 Rupiahs From 3,800 Rupiahs, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,65,41,561	3,32,19,601	5,04,52,270	11,00,39,930	12,16,66,790	11,75,14,340	-	-
Enterprise Value (EV) ²	36,542	34,025	49,033	1,07,787	1,21,667	1,11,396	1,09,947	1,08,043
P/E ratio	32.8 x	31.3 x	25.9 x	38.5 x	35.7 x	28.3 x	24.3 x	20.3 x
Yield	1.52%	0.75%	1.55%	-	-	1.22%	1.58%	1.81%
Capitalization / Revenue	0.5 x	0.44 x	0.59 x	1.14 x	1.14 x	0.99 x	0.89 x	0.8 x
EV / Revenue	0.5 x	0.45 x	0.58 x	1.11 x	1.14 x	0.93 x	0.83 x	0.74 x
EV / EBITDA	8.17 x	11.6 x	8.22 x	15.3 x	15 x	12.7 x	11.7 x	9.69 x
EV / FCF	13 x	7.42 x	15.5 x	22 x	-	32.8 x	23 x	18.9 x
FCF Yield	7.66%	13.5%	6.43%	4.55%	-	3.05%	4.35%	5.29%
Price to Book	5.46 x	4.48 x	5.74 x	9.81 x	-	6.71 x	5.67 x	4.95 x
Nbr of stocks (in thousands)	4,15,24,502	4,15,24,502	4,15,24,502	4,15,24,502	4,15,24,502	4,15,24,502	-	-
Reference price ³	880.0	800.0	1,215	2,650	2,930	2,830	2,830	2,830
Announcement Date	31/03/20	14/04/21	31/03/22	31/03/23	25/03/24	-	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	72,945	75,827	84,904	96,925	1,06,945	1,19,240	1,32,701	1,46,530
EBITDA ¹	4,472	2,941	5,968	7,036	8,086	8,806	9,397	11,155
EBIT ¹	899.9	1,688	2,811	3,770	4,429	4,773	5,565	6,551
Operating Margin	1.23%	2.23%	3.31%	3.89%	4.14%	4%	4.19%	4.47%
Earnings before Tax (EBT) ¹	1,454	1,389	2,469	3,617	4,333	5,227	6,066	7,442
Net income ¹	1,113	1,061	1,951	2,855	3,404	4,136	4,961	5,850
Net margin	1.53%	1.4%	2.3%	2.95%	3.18%	3.47%	3.74%	3.99%
EPS ²	26.79	25.56	46.98	68.76	81.97	100.1	116.5	139.4
Free Cash Flow ³	28,00,522	45,83,340	31,53,652	49,02,386	-	33,98,600	47,79,325	57,19,575
FCF margin	3,839.22%	6,044.48%	3,714.36%	5,057.93%	-	2,850.22%	3,601.57%	3,903.34%
FCF Conversion (EBITDA)	62,626.31%	1,55,846.67%	52,844.45%	69,677.47%	-	38,595.83%	50,861.97%	51,272.74%
FCF Conversion (Net income)	2,51,729.37%	4,31,789.32%	1,61,643.6%	1,71,695.21%	-	82,180.32%	96,341.86%	97,777.33%
Dividend per Share ²	13.38	6.030	18.78	-	-	34.49	44.58	51.25
Announcement Date	31/03/20	14/04/21	31/03/22	31/03/23	25/03/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	-	26,191	26,920	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	836.9	-	1,213	-	-	-	-	-
Net margin	-	-	4.51%	-	-	-	-	-
EPS ¹	20.16	13.91	29.22	19.49	16.75	37.20	-	-
Dividend per Share ¹	-	-	-	16.65	-	16.65	-	39.08
Announcement Date	31/07/23	31/10/23	25/03/24	-	-	-	-	-

¹IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	806	-	-	-	-	-	-
Net Cash position ¹	-	-	1,419	2,253	-	6,118	7,567	9,472
Leverage (Debt/EBITDA)	-	0.2739 x	-	-	-	-	-	-
Free Cash Flow ²	28,00,522	45,83,340	31,53,652	49,02,386	-	33,98,600	47,79,325	57,19,575
ROE (net income / shareholders' equity)	17.7%	15%	24.1%	27.9%	-	25.7%	25.6%	25.9%
ROA (Net income/ Total Assets)	4.82%	4.25%	7.3%	9.83%	-	11.2%	11.7%	12.9%
Assets ¹	23,081	24,976	26,732	29,058	-	37,042	42,484	45,418
Book Value Per Share ³	161.0	179.0	212.0	270.0	-	422.0	499.0	572.0
Cash Flow per Share ³	130.0	158.0	153.0	170.0	-	214.0	253.0	215.0
Capex ¹	2,609	1,977	3,213	2,160	-	3,769	3,949	3,833
Capex / Sales	3.58%	2.61%	3.78%	2.23%	-	3.16%	2.98%	2.62%
Announcement Date	31/03/20	14/04/21	31/03/22	31/03/23	25/03/24	-	-	-

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 Sumber Alfaria Trijaya Tbk

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,830 IDR

Average target price

3,363 IDR

Spread / Average Target

+18.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
PT SUMBER ALFARIA TRIJAYA TBK	-3.41%	7.44B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-8.11%	38.89B
AVENUE SUPERMARTS LIMITED	+14.97%	37.37B
SEVEN & I HOLDINGS CO., LTD.	+8.50%	33.78B
SM INVESTMENTS CORPORATION	+1.49%	18.67B
COLES GROUP LIMITED	+0.37%	14.31B
JERÓNIMO MARTINS, SGPS, S.A.	-13.76%	13.79B
CASEY'S GENERAL STORES, INC.	+23.85%	12.5B
CARREFOUR	+1.36%	12.28B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores