Financials PT Ciputra Development Tbk

Equities

CTRA

ID1000115306

Real Estate Development & Operations

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
1,100 ^IDR	-5.98%		-3.51%	-5.98%

Apr. 30	PT Ciputra Development Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	PT Ciputra Development Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,277,123	18,257,660	17,979,624	17,423,554	21,686,763	20,389,265	-	-
Enterprise Value (EV) ²	24,215	23,006	20,373	17,298	21,687	17,035	15,929	14,574
P/E ratio	16.8 x	13.9 x	10.3 x	9.31 x	11.7 x	10.2 x	8.64 x	8.15 x
Yield	0.96%	0.86%	1.44%	-	-	1.48%	1.7%	1.91%
Capitalization / Revenue	2.53 x	2.26 x	1.85 x	1.91 x	2.35 x	2 x	1.85 x	1.71 x
EV / Revenue	3.18 x	2.85 x	2.09 x	1.9 x	2.35 x	1.67 x	1.44 x	1.22 x
EV / EBITDA	9.77 x	7.81 x	5.56 x	5.08 x	6.56 x	4.82 x	4.02 x	3.53 x
EV / FCF	-431 x	49 x	7.06 x	5.57 x	-	7.6 x	9.85 x	6.64 x
FCF Yield	-0.23%	2.04%	14.2%	17.9%	-	13.2%	10.1%	15.1%
Price to Book	1.26 x	1.19 x	1.06 x	0.94 x	-	0.94 x	0.86 x	0.79 x
Nbr of stocks (in thousands)	18,535,695	18,535,695	18,535,695	18,535,695	18,535,695	18,535,695	-	-
Reference price ³	1,040	985.0	970.0	940.0	1,170	1,100	1,100	1,100
Announcement Date	4/9/20	4/15/21	4/15/22	3/31/23	4/1/24	-	-	-

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	7,608	8,071	9,730	9,127	9,245	10,187	11,047	11,951
EBITDA ¹	2,479	2,947	3,667	3,405	3,307	3,531	3,962	4,130
EBIT ¹	2,183	2,648	3,358	3,064	2,951	3,209	3,639	3,774
Operating Margin	28.7%	32.81%	34.51%	33.57%	31.92%	31.5%	32.95%	31.58%
Earnings before Tax (EBT) ¹	1,613	1,659	2,397	2,310	1,968	2,436	2,860	2,994
Net income ¹	1,158	1,260	1,735	1,863	1,846	1,978	2,402	2,536
Net margin	15.22%	15.62%	17.84%	20.42%	19.97%	19.42%	21.75%	21.22%
EPS ²	62.00	71.00	94.00	101.0	100.0	107.4	127.3	135.0
Free Cash Flow ³	-56,124	469,674	2,885,978	3,103,445	-	2,242,800	1,616,600	2,194,733
FCF margin	-737.67%	5,819.47%	29,661.68%	34,003.65%	-	22,015.72%	14,634.3%	18,364.02%
FCF Conversion (EBITDA)	-	15,936.52%	78,696.1%	91,151.52%	-	63,509.89%	40,802.48%	53,146.74%
FCF Conversion (Net income)	-	37,265.72%	166,307.25%	166,551.46%	-	113,371.73%	67,294.81%	86,544.62%
Dividend per Share ²	10.00	8.500	14.00	-	-	16.23	18.66	21.00
Announcement Date	4/9/20	4/15/21	4/15/22	3/31/23	4/1/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,081	2,234	2,431	2,562	1,900	2,131	2,339	2,120	2,656	2,316	1,998	2,497	2,996	2,658	2,126
EBITDA ¹	1,180	851.4	963.6	887.5	702.1	779.3	732.4	754.4	1,041	876.8	671.2	839	1,007	883.9	707.2
EBIT ¹	1,105	766.6	878.1	802.2	616.6	690.8	644.6	663.2	952.8	786.2	594.4	743	891.6	781.8	625.5
Operating Margin	35.85%	34.31%	36.12%	31.32%	32.46%	32.42%	27.56%	31.29%	35.87%	33.94%	29.76%	29.76%	29.76%	29.42%	29.42%
Earnings before Tax (EBT) ¹	930.1	541	699.3	631.3	437.9	497.5	468.9	485.5	515.7	598.1	487.1	608.8	730.6	675.7	540.6
Net income ¹	306.2	420.7	584.1	520.1	338.5	412.9	366.1	402.3	664.8	483.4	390.4	487.9	585.5	546.7	437.4
Net margin	9.94%	18.83%	24.03%	20.3%	17.82%	19.38%	15.66%	18.98%	25.03%	20.87%	19.54%	19.54%	19.54%	20.57%	20.57%
EPS ²	39.00	-	31.00	28.00	19.00	22.00	22.00	20.00	36.00	26.00	21.06	26.32	31.59	29.50	23.60
Dividend per Share ²	14.00	-	-	-	-	-	-	-	-	-	2.774	3.468	4.161	3.666	2.933
Announcement Date	4/15/22	5/14/22	8/15/22	10/31/22	3/31/23	5/3/23	7/31/23	10/31/23	4/1/24	4/30/24	-	-	-	-	-

¹IDR in Billions²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,938	4,748	2,393	-	-	-	-	-
Net Cash position ¹	-	-	-	125	-	3,355	4,460	5,815
Leverage (Debt/EBITDA)	1.992 x	1.611 x	0.6527 x	-	-	-	-	-
Free Cash Flow ²	-56,124	469,674	2,885,978	3,103,445	-	2,242,800	1,616,600	2,194,733
ROE (net income / shareholders' equity)	7.79%	8.61%	10.7%	10.5%	-	9.66%	10.1%	10.1%
ROA (Net income/ Total Assets)	3.29%	3.5%	4.34%	4.51%	-	5.25%	5.68%	6.03%
Assets ¹	35,242	36,000	39,985	41,285	-	37,681	42,293	42,028
Book Value Per Share ³	828.0	827.0	916.0	995.0	-	1,176	1,273	1,399
Cash Flow per Share ³	52.90	65.50	197.0	203.0	-	68.30	108.0	140.0
Capex ¹	1,036	744	761	656	-	812	633	723
Capex / Sales	13.62%	9.22%	7.83%	7.19%	-	7.97%	5.73%	6.05%
Announcement Date	4/9/20	4/15/21	4/15/22	3/31/23	4/1/24	-	-	-

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 Ciputra Development Tbk

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,100 IDR

Average target price

1,410 IDR

Spread / Average Target

+28.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
PT CIPUTRA DEVELOPMENT TBK	-5.98%	1.26B
SUN HUNG KAI PROPERTIES LIMITED	-11.78%	26.36B
CHINA RESOURCES LAND LIMITED	+3.75%	25.9B
MITSUI FUDOSAN CO., LTD.	+27.31%	25.67B
DLF LIMITED	+19.69%	24.19B
MITSUBISHI ESTATE CO., LTD.	+36.75%	20.37B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+10.32%	20.63B
EMAAR PROPERTIES	-4.80%	18.43B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+3.23%	16.74B
MACROTECH DEVELOPERS LIMITED	+39.70%	16.42B

Other Real Estate Development & Operations