Stock INDF PT INDOFOOD SUKSES MAKMUR TBK
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Financials PT Indofood Sukses Makmur Tbk

Equities

INDF

ID1000057003

Food Processing

End-of-day quote INDONESIA S.E.
Other stock markets
 06:00:00 2024-05-21 pm EDT 		5-day change 1st Jan Change
6,150 IDR 0.00% Intraday chart for PT Indofood Sukses Makmur Tbk +0.82% -4.65%
Apr. 15 PT Indofood Sukses Makmur Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Feb. 20 Nomura Adjusts Indofood Sukses Makmur's Price Target to IDR11,850 From IDR11,600, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 69,584,880 60,145,922 55,536,198 59,048,368 56,633,751 53,999,623 - -
Enterprise Value (EV) 2 79,271 96,844 87,554 98,976 85,268 81,215 82,058 69,778
P/E ratio 14.2 x 9.32 x 7.27 x 9.29 x 6.95 x 5.67 x 4.92 x 4.75 x
Yield 2.98% 4.06% 4.4% - - 5.36% 7.28% 7.38%
Capitalization / Revenue 0.91 x 0.74 x 0.56 x 0.53 x 0.51 x 0.47 x 0.43 x 0.42 x
EV / Revenue 1.03 x 1.18 x 0.88 x 0.89 x 0.76 x 0.71 x 0.66 x 0.54 x
EV / EBITDA 6.32 x 6.16 x 4.27 x 4.51 x 3.7 x 3.29 x 3.15 x 2.51 x
EV / FCF 9.12 x 10.5 x 8.84 x 10.3 x 5.88 x 6.11 x 5.82 x 5.25 x
FCF Yield 11% 9.57% 11.3% 9.74% 17% 16.4% 17.2% 19%
Price to Book 1.84 x 1.42 x 1.15 x 1.1 x 0.96 x 0.82 x 0.74 x 0.67 x
Nbr of stocks (in thousands) 8,780,427 8,780,427 8,780,427 8,780,427 8,780,427 8,780,426 - -
Reference price 3 7,925 6,850 6,325 6,725 6,450 6,150 6,150 6,150
Announcement Date 3/23/20 3/23/21 3/31/22 3/27/23 1/15/24 - - -
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 76,593 81,731 99,346 110,830 111,704 114,658 124,520 129,629
EBITDA 1 12,544 15,732 20,483 21,953 23,063 24,651 26,050 27,807
EBIT 1 9,530 12,657 17,100 18,683 19,679 21,027 21,958 23,483
Operating Margin 12.44% 15.49% 17.21% 16.86% 17.62% 18.34% 17.63% 18.12%
Earnings before Tax (EBT) 1 8,749 12,426 14,456 12,319 15,615 16,774 20,022 21,917
Net income 1 4,908 6,456 7,642 6,359 8,147 9,067 10,825 11,317
Net margin 6.41% 7.9% 7.69% 5.74% 7.29% 7.91% 8.69% 8.73%
EPS 2 559.0 735.0 870.0 724.0 928.0 1,085 1,250 1,294
Free Cash Flow 3 8,694,368 9,263,193 9,907,973 9,645,182 14,492,760 13,282,000 14,088,400 13,289,500
FCF margin 11,351.39% 11,333.69% 9,973.24% 8,702.66% 12,974.3% 11,584.01% 11,314.14% 10,251.98%
FCF Conversion (EBITDA) 69,310.28% 58,881.05% 48,371.69% 43,936.05% 62,840.94% 53,880.82% 54,083.13% 47,792.04%
FCF Conversion (Net income) 177,140.65% 143,490.1% 129,648.23% 151,675.41% 177,890.34% 146,493.76% 130,151.03% 117,433.63%
Dividend per Share 2 236.0 278.0 278.0 - - 329.3 447.5 454.0
Announcement Date 3/23/20 3/23/21 3/31/22 3/27/23 1/15/24 - - -
1IDR in Billions2IDR3IDR in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q2 2022 S1
Net sales 1 26,537 25,341 52,787
EBITDA - - -
EBIT 4,987 - -
Operating Margin 18.79% - -
Earnings before Tax (EBT) - - -
Net income 1 - 542.9 2,901
Net margin - 2.14% 5.5%
EPS - - -
Dividend per Share - - -
Announcement Date 3/31/22 8/31/22 8/31/22
1IDR in Billions
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 9,686 36,698 32,018 39,928 28,634 27,216 28,058 15,779
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7722 x 2.333 x 1.563 x 1.819 x 1.242 x 1.104 x 1.077 x 0.5674 x
Free Cash Flow 2 8,694,368 9,263,193 9,907,973 9,645,182 14,492,760 13,282,000 14,088,400 13,289,500
ROE (net income / shareholders' equity) 13.7% 16.1% 16.9% 12.4% 14.4% 14.2% 14.6% 14.8%
ROA (Net income/ Total Assets) 5.09% 4.98% 4.46% 3.54% 4.44% 4.37% 5.72% 6.13%
Assets 1 96,368 129,657 171,246 179,854 183,512 207,676 189,233 184,472
Book Value Per Share 3 4,303 4,826 5,497 6,132 6,741 7,506 8,324 9,118
Cash Flow per Share 3 1,520 1,578 1,673 1,547 2,102 2,378 2,471 2,892
Capex 1 4,650 4,592 4,785 3,943 3,968 5,207 5,009 5,381
Capex / Sales 6.07% 5.62% 4.82% 3.56% 3.55% 4.54% 4.02% 4.15%
Announcement Date 3/23/20 3/23/21 3/31/22 3/27/23 1/15/24 - - -
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 Indofood Sukses Makmur Tbk

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
6,150 IDR
Average target price
8,143 IDR
Spread / Average Target
+32.40%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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Other Food Processing
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