Financials PT Adi Sarana Armada Tbk

Equities

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
775 ^IDR	+6.16%		+4.73%	-1.90%

Mar. 28	PT Adi Sarana Armada Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	PT Adi Sarana Armada Tbk Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	2,514,150	2,157,412	11,824,943	2,763,907	2,915,999	2,694,530	-
Enterprise Value (EV) ²	2,514	2,157	14,963	5,892	2,916	6,934	7,063
P/E ratio	22.8 x	24.8 x	90.7 x	27.3 x	27.5 x	13.3 x	10.6 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	-	0.71 x	2.32 x	0.47 x	0.66 x	0.56 x	0.52 x
EV / Revenue	-	0.71 x	2.94 x	1 x	0.66 x	1.45 x	1.37 x
EV / EBITDA	-	2.38 x	14.3 x	6.22 x	2.74 x	9.44 x	8.34 x
EV / FCF	-	13.5 x	-70.6 x	-17.5 x	-	-10.7 x	-21 x
FCF Yield	-	7.42%	-1.42%	-5.72%	-	-9.38%	-4.77%
Price to Book	-	1.68 x	7.78 x	1.71 x	-	1.07 x	0.97 x
Nbr of stocks (in thousands)	3,397,500	3,397,500	3,561,730	3,566,331	3,691,138	3,691,138	-
Reference price ³	740.0	635.0	3,320	775.0	790.0	730.0	730.0
Announcement Date	4/1/20	4/13/21	4/13/22	3/31/23	3/28/24	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	-	3,037	5,088	5,870	4,439	4,793	5,155
EBITDA ¹	-	906.2	1,048	947.1	1,064	734.1	847
EBIT ¹	-	297.5	440.9	233.2	296.2	434.2	523.5
Operating Margin	-	9.8%	8.67%	3.97%	6.67%	9.06%	10.15%
Earnings before Tax (EBT) ¹	-	68.5	223.1	7.22	64.82	131.6	212.5
Net income ¹	110.4	87.15	142.6	103	103.8	191.4	243
Net margin	-	2.87%	2.8%	1.76%	2.34%	3.99%	4.71%
EPS ²	32.50	25.65	36.60	28.44	28.68	54.89	69.12
Free Cash Flow ³	-	160,082	-211,994	-336,990	-	-650,110	-336,630
FCF margin	-	5,270.43%	-4,166.47%	-5,740.79%	-	-13,562.42%	-6,530.13%
FCF Conversion (EBITDA)	-	17,664.76%	-	-	-	-	-
FCF Conversion (Net income)	-	183,690.26%	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	4/1/20	4/13/21	4/13/22	3/31/23	3/28/24	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	3,138	3,129	-	4,239	4,368
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	2.995 x	3.303 x	-	5.775 x	5.158 x
Free Cash Flow ²	-	160,082	-211,994	-336,990	-	-650,110	-336,630
ROE (net income / shareholders' equity)	-	7.04%	10.2%	6.57%	-	13.4%	15.1%
ROA (Net income/ Total Assets)	-	1.74%	2.55%	1.55%	-	3.59%	3.82%
Assets ¹	-	5,010	5,602	6,650	-	5,331	6,368
Book Value Per Share ³	-	378.0	427.0	454.0	-	682.0	751.0
Cash Flow per Share ³	-	-	27.70	-40.40	-	42.10	130.0
Capex ¹	-	141	86.7	191	-	660	638
Capex / Sales	-	4.64%	1.7%	3.25%	-	13.76%	12.38%
Announcement Date	4/1/20	4/13/21	4/13/22	3/31/23	3/28/24	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

730 IDR

Average target price

1,584 IDR

Spread / Average Target

+116.95%

	1st Jan change	Capi.
PT ADI SARANA ARMADA TBK	-7.59%	166M
CENTRAL JAPAN RAILWAY COMPANY	+0.92%	22.39B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+17.04%	10.02B
WEST JAPAN RAILWAY COMPANY	+1.82%	9.22B
TOKYU CORPORATION	+8.57%	7.13B
HANKYU HANSHIN HOLDINGS, INC.	-7.91%	6.25B
KEISEI ELECTRIC RAILWAY CO., LTD	-11.57%	6.15B
KINTETSU GROUP HOLDINGS CO.,LTD.	-9.32%	4.97B
SEIBU HOLDINGS INC.	+25.65%	4.77B
TOBU RAILWAY CO., LTD.	-17.26%	4.17B