Financials PT Adhi Karya (Persero) Tbk

Equities

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
254 ^IDR	-2.31%		-3.05%	-18.59%

Mar. 25	PT Adhi Karya Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Mar. 19	Indonesia proposes injecting $2.82 bln into 16 state firms next year, SOE minister says	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,183,998	5,465,904	3,186,960	4,069,283	2,623,174	2,135,533	-	-
Enterprise Value (EV) ¹	4,191,265	5,473,285	3,186,960	4,075,410	2,623,174	2,135,533	2,135,533	2,135,533
P/E ratio	6.32 x	219 x	55.9 x	26 x	12.3 x	8.61 x	6.79 x	6.45 x
Yield	3.08%	-	-	-	-	-	2.32%	2.95%
Capitalization / Revenue	0.27 x	0.5 x	0.28 x	0.3 x	-	0.1 x	0.08 x	0.07 x
EV / Revenue	0.27 x	0.5 x	0.28 x	0.3 x	-	0.1 x	0.08 x	0.07 x
EV / EBITDA	2.14 x	4.49 x	2.43 x	3.36 x	-	0.9 x	0.77 x	0.68 x
EV / FCF	22,949,169 x	4,868,700 x	2,237,692 x	3,642,600 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	0.62 x	0.99 x	0.57 x	0.48 x	-	0.24 x	0.23 x	0.22 x
Nbr of stocks (in thousands)	3,560,849	3,560,849	3,560,849	8,407,609	8,407,609	8,407,609	-	-
Reference price ²	1,175	1,535	895.0	484.0	312.0	254.0	254.0	254.0
Announcement Date	4/13/20	4/6/21	3/16/22	3/8/23	3/8/24	-	-	-

¹IDR in Million²IDR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,308	10,828	11,530	13,549	-	21,517	25,224	28,667
EBITDA ¹	1,959	1,218	1,314	1,213	-	2,367	2,767	3,145
EBIT ¹	1,442	1,008	1,121	1,070	-	2,218	2,603	2,965
Operating Margin	9.42%	9.31%	9.72%	7.9%	-	10.31%	10.32%	10.34%
Earnings before Tax (EBT) ¹	1,184	356.3	443.1	551.4	-	1,057	1,386	1,542
Net income ¹	663.8	23.98	55.19	81.24	214	248	315	331
Net margin	4.34%	0.22%	0.48%	0.6%	-	1.15%	1.25%	1.15%
EPS ²	186.0	7.000	16.00	18.59	25.46	29.50	37.40	39.40
Free Cash Flow	182,316	1,122,662	1,424,218	1,117,137	-	-	-	-
FCF margin	1,191%	10,368.44%	12,351.77%	8,245.16%	-	-	-	-
FCF Conversion (EBITDA)	9,308.06%	92,203.21%	108,419.14%	92,126.86%	-	-	-	-
FCF Conversion (Net income)	27,465.22%	4,682,266.69%	2,580,796.84%	1,375,069.75%	-	-	-	-
Dividend per Share ²	36.20	-	-	-	-	-	5.900	7.500
Announcement Date	4/13/20	4/6/21	3/16/22	3/8/23	3/8/24	-	-	-

¹IDR in Billions²IDR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	7,267	7,382	-	6,127	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.71 x	6.062 x	-	5.053 x	-	-	-	-
Free Cash Flow	182,316	1,122,662	1,424,218	1,117,137	-	-	-	-
ROE (net income / shareholders' equity)	10.1%	0.39%	0.99%	1.16%	-	2.8%	3.4%	3.5%
ROA (Net income/ Total Assets)	1.99%	0.06%	0.14%	0.2%	-	0.5%	0.6%	0.6%
Assets ¹	33,304	37,289	39,000	39,942	-	49,600	52,500	55,167
Book Value Per Share ²	1,908	1,558	1,573	998.0	-	1,061	1,099	1,138
Cash Flow per Share	139.0	-	-	280.0	-	-	-	-
Capex ¹	314	255	54.9	107	-	1,145	1,298	1,479
Capex / Sales	2.05%	2.36%	0.48%	0.79%	-	5.32%	5.15%	5.16%
Announcement Date	4/13/20	4/6/21	3/16/22	3/8/23	3/8/24	-	-	-

¹IDR in Billions²IDR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

254 IDR

Average target price

648.3 IDR

Spread / Average Target

+155.25%

	1st Jan change	Capi.
PT ADHI KARYA (PERSERO) TBK	-18.59%	132M
VINCI	-2.29%	67.67B
LARSEN & TOUBRO LIMITED	+2.13%	59.37B
QUANTA SERVICES, INC.	+21.25%	38.3B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+11.23%	30.73B
FERROVIAL SE	+2.06%	26.35B
CHINA RAILWAY GROUP LIMITED	+22.89%	22.01B
WSP GLOBAL INC.	+15.06%	19.47B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+22.99%	17.6B
EMCOR GROUP, INC.	+64.33%	16.64B