Financials PT Sumber Alfaria Trijaya Tbk

Equities

AMRT

ID1000128705

Food Retail & Distribution

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
2,880 ^IDR	0.00%		-1.71%	-1.71%

May. 02	PT Sumber Alfaria Trijaya Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 23	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	36,541,561	33,219,601	50,452,270	110,039,930	121,666,790	119,590,565	-	-
Enterprise Value (EV) ²	36,542	34,025	49,033	107,787	121,667	113,472	112,023	110,119
P/E ratio	32.8 x	31.3 x	25.9 x	38.5 x	35.7 x	28.8 x	24.7 x	20.7 x
Yield	1.52%	0.75%	1.55%	-	-	1.2%	1.55%	1.78%
Capitalization / Revenue	0.5 x	0.44 x	0.59 x	1.14 x	1.14 x	1 x	0.9 x	0.82 x
EV / Revenue	0.5 x	0.45 x	0.58 x	1.11 x	1.14 x	0.95 x	0.84 x	0.75 x
EV / EBITDA	8.17 x	11.6 x	8.22 x	15.3 x	15 x	12.9 x	11.9 x	9.87 x
EV / FCF	13 x	7.42 x	15.5 x	22 x	-	33.4 x	23.4 x	19.3 x
FCF Yield	7.66%	13.5%	6.43%	4.55%	-	3%	4.27%	5.19%
Price to Book	5.46 x	4.48 x	5.74 x	9.81 x	-	6.83 x	5.77 x	5.04 x
Nbr of stocks (in thousands)	41,524,502	41,524,502	41,524,502	41,524,502	41,524,502	41,524,502	-	-
Reference price ³	880.0	800.0	1,215	2,650	2,930	2,880	2,880	2,880
Announcement Date	3/31/20	4/14/21	3/31/22	3/31/23	3/25/24	-	-	-

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	106,945	119,240	132,701	146,530
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	2,800,522	4,583,340	3,153,652	4,902,386	-	3,398,600	4,779,325	5,719,575
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%	155,846.67%	52,844.45%	69,677.47%	-	38,595.83%	50,861.97%	51,272.74%
FCF Conversion (Net income)	251,729.37%	431,789.32%	161,643.6%	171,695.21%	-	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	3/31/20	4/14/21	3/31/22	3/31/23	3/25/24	-	-	-

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	7/31/23	10/31/23	3/25/24	-	-	-	-	-

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	2,800,522	4,583,340	3,153,652	4,902,386	-	3,398,600	4,779,325	5,719,575
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	3/31/20	4/14/21	3/31/22	3/31/23	3/25/24	-	-	-

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

2,880 IDR

Average target price

3,363 IDR

Spread / Average Target

+16.78%

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	-1.71%	7.44B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-8.81%	39.14B
AVENUE SUPERMARTS LIMITED	+17.54%	37.47B
SEVEN & I HOLDINGS CO., LTD.	+8.02%	33.09B
SM INVESTMENTS CORPORATION	+5.62%	19.62B
COLES GROUP LIMITED	+1.06%	14.3B
JERÓNIMO MARTINS, SGPS, S.A.	-13.89%	13.3B
CASEY'S GENERAL STORES, INC.	+19.49%	12.14B
CARREFOUR	-0.66%	11.93B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores