Financials PT Suparma Tbk

Equities

SPMA

ID1000054307

Paper Products

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
302 ^IDR	-1.95%		-6.21%	-13.22%

Apr. 29	PT Suparma Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	PT Suparma Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	524,414	706,267	655,517	1,953,863	1,564,430	1,097,624
Enterprise Value (EV) ¹	1,123,958	1,246,501	1,037,500	2,394,353	1,980,887	1,403,490
P/E ratio	6.38 x	5.39 x	4.03 x	5.78 x	4.65 x	6.14 x
Yield	-	-	4.84%	-	-	-
Capitalization / Revenue	0.22 x	0.28 x	0.3 x	0.7 x	0.5 x	0.41 x
EV / Revenue	0.47 x	0.5 x	0.48 x	0.86 x	0.63 x	0.53 x
EV / EBITDA	3.8 x	4.49 x	3.22 x	4.75 x	3.21 x	3.99 x
EV / FCF	8.81 x	-241 x	8.66 x	21,854 x	13.9 x	7.83 x
FCF Yield	11.3%	-0.41%	11.6%	0%	7.19%	12.8%
Price to Book	0.42 x	0.51 x	0.43 x	1.08 x	0.73 x	0.47 x
Nbr of stocks (in thousands)	3,154,094	3,154,094	3,154,094	3,154,094	3,154,092	3,154,092
Reference price ²	166.3	223.9	207.8	619.5	496.0	348.0
Announcement Date	3/28/19	6/16/20	3/26/21	3/26/22	3/31/23	4/1/24

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	2,389,269	2,514,161	2,151,495	2,794,453	3,138,054	2,658,521
EBITDA ¹	295,782	277,540	322,223	503,972	617,539	352,014
EBIT ¹	208,400	188,422	228,817	412,683	526,794	255,063
Operating Margin	8.72%	7.49%	10.64%	14.77%	16.79%	9.59%
Earnings before Tax (EBT) ¹	109,673	176,640	195,503	377,510	431,446	237,849
Net income ¹	82,233	131,006	162,525	294,326	336,138	178,658
Net margin	3.44%	5.21%	7.55%	10.53%	10.71%	6.72%
EPS ²	26.07	41.54	51.53	107.1	106.6	56.64
Free Cash Flow ¹	127,514	-5,164	119,861	109.6	142,524	179,253
FCF margin	5.34%	-0.21%	5.57%	0%	4.54%	6.74%
FCF Conversion (EBITDA)	43.11%	-	37.2%	0.02%	23.08%	50.92%
FCF Conversion (Net income)	155.07%	-	73.75%	0.04%	42.4%	100.33%
Dividend per Share	-	-	10.06	-	-	-
Announcement Date	3/28/19	6/16/20	3/26/21	3/26/22	3/31/23	4/1/24

¹IDR in Million²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	599,544	540,234	381,983	440,490	416,457	305,866
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.027 x	1.947 x	1.185 x	0.874 x	0.6744 x	0.8689 x
Free Cash Flow ¹	127,514	-5,164	119,861	110	142,524	179,253
ROE (net income / shareholders' equity)	6.78%	9.95%	11.2%	17.6%	17%	8%
ROA (Net income/ Total Assets)	5.84%	5.06%	6.1%	10.2%	11%	4.87%
Assets ¹	1,407,444	2,589,250	2,663,989	2,888,320	3,055,359	3,666,516
Book Value Per Share ²	398.0	437.0	486.0	576.0	680.0	735.0
Cash Flow per Share ²	76.20	65.80	35.40	62.60	95.20	98.90
Capex ¹	50,973	132,575	297,931	47,036	57,054	31,718
Capex / Sales	2.13%	5.27%	13.85%	1.68%	1.82%	1.19%
Announcement Date	3/28/19	6/16/20	3/26/21	3/26/22	3/31/23	4/1/24

¹IDR in Million²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Paper Mills & Products

	1st Jan change	Capi.
PT SUPARMA TBK	-13.22%	59.33M
SHANDONG SUNPAPER CO., LTD.	+27.77%	6B
SYLVAMO CORPORATION	+32.32%	2.69B
YFY INC.	-3.83%	1.61B
PT PABRIK KERTAS TJIWI KIMIA TBK	+7.53%	1.52B
YUEYANG FOREST & PAPER CO., LTD.	-17.32%	1.19B
HANGZHOU HUAWANG NEW MATERIAL TECHNOLOGY CO.,LTD.	+18.49%	1.03B
SHANDONG BOHUI PAPER INDUSTRY CO.,LTD.	-11.76%	937M
MCC MEILI CLOUD COMPUTING INDUSTRY INVESTMENT CO., LTD	-17.90%	872M
NIPPON PAPER INDUSTRIES CO., LTD.	-13.53%	825M

Paper Mills & Products

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Financials PT Suparma Tbk

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