Financials PT Erajaya Swasembada Tbk

Equities

ERAA

ID1000121601

Computer & Electronics Retailers

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
408 ^IDR	+2.51%		-2.39%	-4.23%

May. 01	PT Erajaya Swasembada Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 31	PT Erajaya Swasembada 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	5,726,050	6,995,322	9,539,076	6,192,279	6,723,765	6,439,662	-	-
Enterprise Value (EV) ²	7,860	7,279	11,158	9,931	6,724	10,769	10,772	11,478
P/E ratio	19.5 x	2.29 x	9.38 x	6.14 x	8.14 x	6.6 x	5.33 x	5.18 x
Yield	2.79%	3.14%	3.8%	-	-	4.08%	4.75%	6.12%
Capitalization / Revenue	0.17 x	0.21 x	0.22 x	0.13 x	0.11 x	0.1 x	0.09 x	0.08 x
EV / Revenue	0.24 x	0.21 x	0.26 x	0.2 x	0.11 x	0.16 x	0.15 x	0.15 x
EV / EBITDA	12.3 x	7.32 x	5.51 x	4.07 x	2.65 x	4.32 x	3.59 x	3.58 x
EV / FCF	3.6 x	2.86 x	-32.9 x	-53 x	-	15.2 x	4.67 x	-
FCF Yield	27.8%	35%	-3.04%	-1.89%	-	6.57%	21.4%	-
Price to Book	1.19 x	1.29 x	1.55 x	0.92 x	-	0.79 x	0.71 x	0.64 x
Nbr of stocks (in thousands)	15,950,000	15,898,460	15,898,460	15,796,630	15,783,485	15,783,485	-	-
Reference price ³	359.0	440.0	600.0	392.0	426.0	408.0	408.0	408.0
Announcement Date	4/2/20	5/3/21	4/14/22	4/1/23	3/31/24	-	-	-

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	32,945	34,113	43,467	49,471	60,139	65,884	74,153	76,421
EBITDA ¹	640	993.8	2,023	2,439	2,535	2,490	3,003	3,210
EBIT ¹	777.1	857.8	1,486	1,793	1,625	1,858	2,272	2,400
Operating Margin	2.36%	2.51%	3.42%	3.62%	2.7%	2.82%	3.06%	3.14%
Earnings before Tax (EBT) ¹	472.7	917.3	1,495	1,497	1,242	1,351	1,680	1,799
Net income ¹	295.1	612	1,012	1,013	826	983.5	1,219	1,255
Net margin	0.9%	1.79%	2.33%	2.05%	1.37%	1.49%	1.64%	1.64%
EPS ²	18.40	192.0	64.00	63.87	52.34	61.82	76.57	78.73
Free Cash Flow ³	2,185,833	2,549,395	-338,769	-187,516	-	708,000	2,305,000	-
FCF margin	6,634.81%	7,473.28%	-779.37%	-379.04%	-	1,074.62%	3,108.45%	-
FCF Conversion (EBITDA)	341,556.58%	256,529.39%	-	-	-	28,433.73%	76,762.97%	-
FCF Conversion (Net income)	740,793.36%	416,564.65%	-	-	-	71,986.33%	189,030.49%	-
Dividend per Share ²	10.00	13.80	22.80	-	-	16.65	19.40	24.95
Announcement Date	4/2/20	5/3/21	4/14/22	4/1/23	3/31/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q3	2022 Q4	2023 Q1	2023 Q3	2023 Q4
Net sales ¹	-	-	14,531	14,793	-	17,323
EBITDA	-	-	-	-	-	-
EBIT ¹	-	-	642.1	-	-	556.9
Operating Margin	-	-	4.42%	-	-	3.21%
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income ¹	295.1	172.8	332.6	-	36.17	331.2
Net margin	-	-	2.29%	-	-	1.91%
EPS	19.00	11.00	-	-	2.290	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	5/31/22	11/15/22	4/1/23	6/30/23	11/1/23	3/31/24

¹IDR in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,134	284	1,618	3,739	-	4,329	4,332	5,038
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.334 x	0.2855 x	0.7999 x	1.533 x	-	1.739 x	1.443 x	1.57 x
Free Cash Flow ²	2,185,833	2,549,395	-338,769	-187,516	-	708,000	2,305,000	-
ROE (net income / shareholders' equity)	6.2%	12%	17.5%	15.7%	-	11.8%	13.5%	13.2%
ROA (Net income/ Total Assets)	2.63%	6%	8.97%	7.13%	-	4.35%	5%	5.45%
Assets ¹	11,215	10,200	11,292	14,215	-	22,610	24,388	23,034
Book Value Per Share ³	302.0	340.0	386.0	427.0	-	513.0	572.0	633.0
Cash Flow per Share	152.0	179.0	-26.50	26.90	-	-	-	-
Capex ¹	245	303	361	615	-	1,214	944	1,158
Capex / Sales	0.74%	0.89%	0.83%	1.24%	-	1.84%	1.27%	1.52%
Announcement Date	4/2/20	5/3/21	4/14/22	4/1/23	3/31/24	-	-	-

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 Erajaya Swasembada Tbk

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

408 IDR

Average target price

515 IDR

Spread / Average Target

+26.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Mobile Phone Retailers

	1st Jan change	Capi.
PT ERAJAYA SWASEMBADA TBK	-4.23%	390M
COM7	-18.91%	1.26B
TELLING TELECOMMUNICATION HOLDING CO.,LTD	-15.09%	1.14B
T-GAIA CORPORATION	+3.52%	717M
SENAO INTERNATIONAL CO.,LTD.	+0.25%	315M
BELL-PARK CO.,LTD.	+2.30%	213M
BEIJING DIGITAL TELECOM CO., LTD.	0.00%	205M
OEX S.A.	+19.40%	95.11M
CELLULARLINE S.P.A.	+17.95%	62.63M
SUNY CELLULAR COMMUNICATION LTD	+15.02%	61.65M

Mobile Phone Retailers