PERHITUNGAN RATIO

PROFITABILITY
Return on Asset (ROA) 2021 Return on Asset (ROA) 2022
Return on Asset (ROA) = Net Income Return on Asset (ROA)
Total Asset
= -37,571,241,226
2,011,879,396,142
= -0.018674698542093
Return on Equity (ROE) 2021 Return on Equity (ROE) 2022
Return on Equity (ROE) = Net Income Return on Equity (ROE)
Total Equity
= -37,571,241,226
508,309,909,506
= -0.073914044411437
Return on Sales (ROS) 2021 Return on Sales (ROS) 2022
Return on Sales (ROS) = Net Income Return on Sales (ROS)
Sales
= -37,571,241,226
2,901,986,532,879
= -0.0129467317647151

LEVERAGE
Debt Ratio 2021 Debt Ratio 2022
Debt Ratio 2021 = Total Debt Debt Ratio
Total Asset
= 1,503,569,486,636
2,011,879,396,142
= 0.747345735295694
Debt Equity Ratio 2021 Debt Equity Ratio 2022
Debt Equity Ratio = Total Debt Debt Equity Ratio
Total Equity
= 1,503,569,486,636
508,309,909,506
= 2.95797791567204

ACTIVITY RATIO
Total Asset Turnover 2021 Total Asset Turnover 2022
Total Asset Turnover = Sales Total Asset Turnover
Total Asset
= 2,901,986,532,879
2,011,879,396,142
 = 1.44242569333126
Receivable Turnover 2021 Receivable Turnover 2022
Receivable Turnover = Sales Receivable Turnover
Account Receivable
= 2,901,986,532,879
392,032,122,556
= 7.40242027606925
Days Hand on Receivable 2021 Days Hand on Receivable 2022
= 365 days
Days Hand on Receivable Days Hand on Receivable
Receivable Turnover
= 365
7.4024203
= 49
Inventory Turnover 2021 Inventory Turnover 2022
Inventory Turnover = COGS Inventory Turnover
Total Inventory
= 2,450,332,548,549
333,734,190,679
= 7.3421681595274
Days Hand on Inventory 2021 Days Hand on Inventory 2022
= 365 days
Days Hand on Inventory Days Hand on Inventory
Inventory Turnover
= 365
7.34
= 49.7128357822159
Payables Turnover 2021 Payables Turnover 2022
Payables Turnover = COGS Payables Turnover
Account Payable
= 2,450,332,548,549
568,662,774,491.00
= 4.3089378423658
Days Hand on Payable 2021 Days Hand on Payable 2022
= 365 days
Days Hand on Payable Days Hand on Payable
Payables Turnover
= 365
4.31
= 84.7076503195968

LIQUIDITY
Current Ratio 2021 Current Ratio 2022
Current Ratio = Current Asset Current Ratio
Current Liabilities
= 1,411,390,099,989
 1,045,188,438,355
= 1.350369
Quick Ratio 2021 Quick Ratio 2022
Quick Ratio = Current Assets - Inventory Quick Ratio
Current Liabilities
= 1,077,655,909,310
1,045,188,438,355
= 1.76

MARKET RATIO
Price - Earnings Ratio 2021 Price - Earnings Ratio 2022
Price - Earnings ratio = Market Price per share Price - Earnings ratio
Earnings per share
= 2,230
-12.123
= -183.953638460504
Price - Book Value Ratio 2021 Price - Book Value Ratio 2022
Price - Book Value Ratio = Market Price per share Price - Book Value Ratio
Book Value per share
= 2,230
164
= 13.5967574028151

Current Ratio 2021 Current Ratio 2022

Current Ratio = Current Asset Current Ratio
Current Liabilities
= 1,411,390,099,989
1,045,188,438,355
= 1.350369
Quick Ratio 2021 Quick Ratio 2022
Quick Ratio = Current Assets - Inventory Quick Ratio
Current Liabilities
= 16,129,283
9,176,164
= 1.76
Cash Ratio 2021 Cash Ratio 2022
Cash Ratio = Cash Cash Ratio
Current Liabilities
 = 9,535,418
9,176,164
= 1.04
Total Debt Ratio 2021 Total Debt Ratio 2022
Total Debt Ratio = Total assets - Total Equity Total Debt Ratio
Total aset
= 53,270,272
103,588,325
= 0.51
Debt Equity Ratio 2021 Debt Equity Ratio 2022
Debt Equity Ratio = Total Debt Debt Equity Ratio
Total Equity
= 53,270,272
50,318,053
= 1.06
Equity Multiplier 2021 Equity Multiplier 2022
Equity Multiplier = Total Asset Equity Multiplier
Total Equity
= 103,588,325
50,318,053
= 2.06
Time Interest Earned Ratio 2021 Time Interest Earned Ratio 2022
Time Interest Earned EBIT Time Interest Earned
Ratio = Interest Ratio
= 9,288,102
670,545
= 13.85
Cash Coverage Ratio 2021 Cash Coverage Ratio 2022
Cash Coverage Ratio = EBIT+Depreciation Cash Coverage Ratio
Interest
= 10,775,745
670,545
= 16.07
Inventory Turnover 2021 Inventory Turnover 2022
Inventory Turnover = Cost of Goods Sold Inventory Turnover
Inventory
= 29,416,673
4,586,940
= 6.41

Days Sales in Inventory 2021 Days Sales in Inventory 2022

= 365 days
Days Sales in Inventory Inventory Turnover Days Sales in Inventory
 = 365
6.41
= 56.91
Receivable Turnover 2021 Receivable Turnover 2022
Receivable Turnover = Sales Receivable Turnover
Account Receivable
= 46,641,048
5,746,755
= 8.12
Payables Turnover 2021 Payables Turnover 2022
Payables Turnover = Cost of Goods Sold Payables Turnover
Account Payable
= 29,416,673
0
= 0
Days Sales in Receivable 2021 Days Sales in Receivable 2022
= 365 days
Days Sales in Receivable Receivable Turnover Days Sales in Receivable
= 365
8.12
= 44.97
Days Cost in Payable 2021 Days Cost in Payable 2022
Days Cost in Payable = 365 days Days Cost in Payable
Payables Turnover
= 365
0
= -
Fixed Asset Turnover 2021 Fixed Asset Turnover 2022
Fixed Asset Turnover = Sales Fixed Asset Turnover
Net Fixed assets
= 46,641,048
13,351,296
= 3.49
Total Asset Turnover 2021 Total Asset Turnover 2022
Total Asset Turnover = Sales Total Asset Turnover
Total Asset
= 46,641,048
103,588,325
= 0.45
Capital Intensity 2021 Capital Intensity 2022
Capital Intensity = Total Asset Capital Intensity
Sales
= 103,588,325
46,641,048
 = 2.221
Profit Margin 2021 Profit Margin 2022
Profit Margin = Net Income Profit Margin
Sales
= 7,421,643
46,641,048
= 0.159
Return on Asset (ROA) 2021 Return on Asset (ROA) 2022
Return on Asset (ROA) = Net Income Return on Asset (ROA)
Total Asset
= 7,421,643
103,588,325
= 0.072
Return on Equity (ROE) 2021 Return on Equity (ROE) 2022
Return on Equity (ROE) = Net Income Return on Equity (ROE)
Total Equity
= 7,421,643
50,318,053
= 0.147
Net Working Capital Turnover 2021 Net Working Capital Turnover 2022
Net Working Capital Turno = Sales Net Working Capital Turno
Net Working Capital
= 46,641,048
11,540,059
= 4.042
Market to Book Value 2021 Market to Book Value 2022
Market to Book Value = Market Value per Share Market to Book Value
Book Value per Share
= 9,575
2,219
= 4.315

Price - Sales Ratio 2021 Price - Sales Ratio 2022

Price - Sales Ratio = Price per Share Price - Sales Ratio
Sales per Share
= 9,575
3,999
= 2.394

Price - Earnings Ratio 2021 Price - Earnings Ratio 2022

Price - Earnings ratio = Price per share Price - Earnings ratio
Earnings per share
= 9,575
 565
= 16.947

EBITDA Ratio 2021 EBITDA Ratio 2022

EBITDA Ratio = Enterprise Value EBITDA Ratio
EBITDA
= 155,397,623
10,688,700
= 14.538
t (ROA) 2022
= Net Income
Total Asset
= -428,487,671,595
1,534,000,446,508
= 0.148
ty (ROE) 2022
= Net Income
Total Equity
= -428,487,671,595
86,348,511,713
= 0.215
s (ROS) 2022
= Net Income
Sales
= -428,487,671,595
1,144,108,230,742
= -0.374516728471666

= Total Debt
Total Asset
= 1,447,651,934,795
1,534,000,446,508
= 0.943710243429483

= Total Debt
Total Equity
= 1,447,651,934,795
86,348,511,713
= 16.7652216126969

nover 2022
= Sales
Total Asset
= 1,144,108,230,742
1,534,000,446,508
 = 0.745833049362175
nover 2022
Sales
= Account Receivable
= 1,144,108,230,742
181,947,106,405
= 6.28813644441976
Receivable 2022
365 days
= Receivable Turnover
= 365
6.28814
= 58

COGS
= Total Inventory
= 1,254,216,941,753
243,968,559,046
= 5.14089580500625
nventory 2022
365 days
= Inventory Turnover
= 365
5.14
= 70.9992993136644

COGS
= Account Payable
= 1,254,216,941,753
525,884,210,913.00
= 2.38496786122467
Payable 2022
365 days
= Payables Turnover
= 365
2.38
= 153.041894582418

= Current Asset
Current Liabilities
= 863,577,052,312
 985,245,941,033
= 0.87651

= Current Assets - Inventory

Current Liabilities
= 619,608,493,266
985,245,941,033
= 1.95

Ratio 2022
= Market Price per share
Earnings per share
= 2,230
-138
= -16.1296741613899
lue Ratio 2022
= Market Price per share
Book Value per share
= 1,150
28
= 41.2764221906491

= Current Asset
Current Liabilities
= 863,577,052,312
985,245,941,033
= 1.15557

= Current Assets - Inventory

Current Liabilities
= 12,784,235
6,556,359
= 1.95

= Cash
Current Liabilities
 = 8,359,164
6,556,359
= 1.275

= Total assets - Total Equity

Total aset
= 12,038,210
38,709,314
= 0.31

= Total Debt
Total Equity
= 12,038,210
26,671,104
= 0.45

= Total Asset
Total Equity
= 38,709,314
26,671,104
= 1.451
arned Ratio 2022
EBIT
= Interest
= 7,238,673
161,444
= 44.84
Ratio 2022
EBIT+Depreciation
= Interest
= 8,443,713
161,444
= 52.3

Cost of Goods Sold

= Inventory
= 27,892,690
3,840,690
= 7.26

ventory 2022
365 days
= Inventory Turnover
 = 365
7.26
= 50.26
nover 2022
Sales
= Account Receivable
= 42,296,703
4,131,950
= 10.24

Cost of Goods Sold

= Account Payable
= 27,892,690
0
= 0
eceivable 2022
365 days
= Receivable Turnover
= 365
10.24
= 35.66
yable 2022
365 days
= Payables Turnover
= 365
0
= -
nover 2022
Sales
= Net Fixed assets
= 42,296,703
11,342,412
= 3.73
nover 2022
= Sales
Total Asset
= 42,296,703
38,709,314
= 1.093

= Total Asset
Sales
= 38,709,314
42,296,703
 = 0.915

= Net Income
Sales
= 5,736,489
42,296,703
= 0.136
t (ROA) 2022
= Net Income
Total Asset
= 5,736,489
38,709,314
= 0.148
ty (ROE) 2022
= Net Income
Total Equity
= 5,736,489
26,671,104
= 0.215
apital Turnover 2022
= Sales
Net Working Capital
= 42,296,703
10,068,566
= 4.201
Value 2022
= Market Value per Share
Book Value per Share
= 11,150
4,875
= 2.287

= Price per Share

Sales per Share
= 11,150
3,627
= 3.074

Ratio 2022
= Price per share
Earnings per share
= 11,150
 432
= 25.81

= Enterprise Value
EBITDA
= 133,709,320
8,605,200
= 15.538
 REGINA TAMARA REGINA PROYEKSI
Balance Sheets 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

ASSETS

CURRENT ASSETS
Cash and Cash Equivalents 129,324,891,466 151,387,943,827 158,178,406,505 380,814,191,220 269,751,394,924 226,259,000,000 239,834,540,000 269,334,188,420 281,454,226,899 294,119,667,109 593,825,657,388
Trade Receivables - Net
Related parties 6,946,762,613 8,647,181,157 309,025,391,297 175,185,265,714 77,146,741,163 144,088,504,024 152,733,814,265 171,520,073,420 179,238,476,724 187,304,208,176 77,146,741,163 13%
Third parties 163,737,603,056 211,779,986,714 250,800,351,847 204,314,194,121 95,989,436,177 179,281,380,552 190,038,263,385 213,412,969,782 223,016,553,422 233,052,298,326 95,989,436,177 16%
Other Receivable - Net 90,672,820,413 36,035,731,420 11,978,307,436 12,532,662,721 8,810,929,065 16,456,347,590 17,443,728,446 19,589,307,044 20,470,825,861 21,392,013,025 8,810,929,065 1%
Inventories - Net 215,494,611,892 148,108,537,504 144,767,398,929 333,734,190,679 243,968,559,046 455,664,933,759 483,004,829,784 542,414,423,848 566,823,072,921 592,330,111,202 1,109,100,000,000 243,968,559,046 41%
Prepaid Taxes 220,432,459,071 229,709,931,672 176,627,098,219 149,781,949,486 48,701,036,739 90,959,895,678 96,417,489,419 108,276,840,618 113,149,298,446 118,241,016,876 1,109,100,000,000 48,701,036,739 8%
Advances and Prepayments 40,883,958,823 43,434,290,048 77,699,535,782 80,721,401,186 59,382,977,381 110,910,768,832 117,565,414,962 132,025,961,003 137,967,129,248 144,175,650,064 - 59,382,977,381 10%
Right of return assets (>2020) 5,656,330,065 12,848,512,862 7,368,172,449 13,761,682,341 14,587,383,282 16,381,631,426 17,118,804,840 17,889,151,058 7,368,172,449 1%
Other Current Assets 61,457,732,000 52,457,805,368 97,976,487,223 103,855,076,456 116,629,250,860 121,877,567,149 127,362,057,671 52,457,805,368 9%

Total Current Assets 867,493,107,334 829,103,602,342 1,134,732,820,080 1,411,390,099,989 863,577,052,312 1,335,359,000,000 1,415,480,540,000 1,589,584,646,420 1,661,115,955,509 1,735,866,173,507 221,767,728,751
NON CURRENT ASSETS
Investment in Associate 462,309,825 741,831,812 1,115,516,163 1,215,177,152 1,300,454,109 426,522,511 452,113,861 507,723,866 530,571,440 554,447,155 1,300,454,109 0.6% 1155453475.8465
Available-For-Sale Financial Asset 6,015,585,955 6,015,585,955 155,585,955 155,585,955 155,585,955 51,029,030 54,090,772 60,743,937 63,477,414 66,333,898 155,585,955 0.1% 138238121.0175
Deferred Tax Assets 44,988,140,008 46,112,663,525 73,271,513,304 88,066,461,550 178,232,566,040 58,456,658,362 61,964,057,863 69,585,636,980 72,716,990,644 75,989,255,223 178,232,566,040 80.4% 158359634926.54
Property, Plant and Equipment 681,517,469,674 729,988,878,409 734,989,346,498 754,634,915,882 763,570,771,187 855,080,771,187 855,080,771,187 855,080,771,187 855,080,771,187 855,080,771,187 72,735,306,702 448,655,665,445 703195063793.503
Accumulated Depreciation -184,751,912,373 - 260,887,986,203 - 278,056,815,848 - 297,697,133,595 - 314,915,105,742 - 332,133,077,889 - 360,332,250,036 - 388,531,422,183 - 416,730,594,330 - 444,929,766,477 595,683,000,000 14,338,441,698 6.5% -304564505045.621
Right Of Use Assets 14,453,636,893 20,209,186,168 14,338,441,698 4,702,717,390 4,984,880,433 5,598,020,727 5,849,931,659 6,113,178,584 522,947,693,298 7,546,197,519 3.4% 12739705448.673
Intangible Assets 3,085,931,594 16,950,593,664 17,063,010,017 11,714,578,016 7,546,197,519 2,474,999,379 2,623,499,342 2,946,189,761 3,078,768,300 3,217,312,874 13,049,388,828 5.9% 6704796495.6315
Investment Property 13,756,470,446 13,571,847,585 13,397,694,666 13,223,541,747 13,049,388,828 4,279,934,254 4,536,730,309 5,094,748,137 5,324,011,803 5,563,592,334 5,184,395,833 2.3% 11594381973.678
Other Non-Current Assets 7,025,142,299 6,880,458,333 5,184,395,833 1,700,376,439 1,802,399,026 2,024,094,106 2,115,178,341 2,210,361,366 1,960,698,769 0.9% 4606335697.6205
Abondoned Non-Current Assets 2,758,363,813 2,338,177,297 2,212,351,121 2,086,524,945 1,960,698,769 643,069,337 681,653,497 765,496,877 799,944,237 835,941,728 1742080856.2565

Total Non-Current Assets 574,857,501,241 554,831,592,044 578,601,838,769 600,489,296,153 670,423,394,196 595,683,000,000 571,847,946,255 553,132,003,396 528,829,050,697 504,701,427,872
TOTAL ASSETS 1,442,350,608,575 1,383,935,194,386 1,713,334,658,849 2,011,879,396,142 1,534,000,446,508 1,931,042,000,000 1,987,328,486,255 2,142,716,649,816 2,189,945,006,205 2,240,567,601,379
LIABLITIES

CURRENT LIABILITIES 985,245,941,033

Trade Payable
Related parties 18,528,979,463 49,129,314,018 82,093,459,147 35,832,215,586 42,027,316,011 44,548,954,972 50,028,476,433 52,279,757,873 54,632,346,977 35,832,215,586 4%
Third parties 204,358,052,185 211,193,222,795 553,511,320,238 486,569,315,344 490,051,995,327 574,778,023,983 609,264,705,422 684,204,264,189 714,993,456,077 747,168,161,601 490,051,995,327 50%
Shareholder's Loans 78,000,000,000 56,572,544,769 66,353,480,455 70,334,689,283 78,985,856,064 82,540,219,587 86,254,529,469 1,155,587,000,000 56,572,544,769 6%
Short Term Bank Loans 507,583,619,086 118,622,037,833 91,858,005,417 125,089,852,578 136,465,573,979 160,059,368,600 169,662,930,716 190,531,471,194 199,105,387,398 208,065,129,831 1,155,587,000,000 136,465,573,979 14%
Accrued expenses 18,687,002,390 6,043,372,288 16,727,247,529 18,338,386,163 17,999,630,896 21,111,621,578 22,378,318,873 25,130,852,094 26,261,740,438 27,443,518,758 0 17,999,630,896 2%
Refund Liabilities 7,784,828,001 39,029,536,684 27,677,712,214 32,462,964,923 34,410,742,818 38,643,264,185 40,382,211,073 42,199,410,572 27,677,712,214 3%
Lease Liabilities 3,464,644,094 4,226,734,748 2,275,250,958 2,668,623,457 2,828,740,864 3,176,675,990 3,319,626,410 3,469,009,598 2,275,250,958 0%
Advances from Customer 20,387,486,410 0 0 0 0 0%
Taxes payable 53,148,506,208 76,494,595,067 98,104,451,617 194,501,035,693 187,454,385,652 219,863,733,643 233,055,557,662 261,721,391,254 273,498,853,861 285,806,302,285 187,454,385,652 19%
Contract Liability 3,676,978,222 2,259,890,669 2,942,726,644 3,171,810,386 3,720,190,762 3,943,402,208 4,428,440,680 4,627,720,510 4,835,967,933 3,171,810,386 0%
Short Term employee Benefit 13,869,415,632 6,267,821,753 13,912,236,740 14,397,391,354 27,744,821,266 32,541,676,588 34,494,177,183 38,736,960,976 40,480,124,220 42,301,729,810 27,744,821,266 3%

Total Current Liabilities 818,034,081,911 440,827,007,421 836,751,938,323 1,045,188,438,355 985,245,941,033 1,155,587,000,000 1,224,922,220,000 1,375,587,653,060 1,437,489,097,448 1,502,176,106,833 462,405,993,762
NON CURRENT LIABILITIES
Long Term Bank Loans 50,758,555,512 364,693,619,785 360,776,420,282 293,833,471,889 0 0 0 0 0 0 586,832,000,000 429,785,960,579 93% 586,832 0.336792
Shareholders loans 100,687,260,698 429,785,960,579 545,434,441,207 578,160,507,680 649,274,250,124 678,491,591,380 709,023,712,992 586,839,446,683 2,113,726,790 0% 1,155,587 0.663208
Lease Liability 1,393,759,330 3,000,553,652 2,113,726,790 2,682,496,629 2,843,446,427 3,193,190,338 3,336,883,903 3,487,043,678 30,506,306,393 7% 1,742,419
Employment Benefit Obligation 67,707,360,439 73,439,979,873 84,086,064,395 60,859,762,042 30,506,306,393 38,715,062,163 41,037,965,893 46,085,635,698 48,159,489,304 50,326,666,323
Deferred Tax Liabilities 39,260,271 0 0 0 0 0 0 0

Total Non-Current Liabilities 118,465,915,951 438,172,859,929 446,256,244,007 458,381,048,281 462,405,993,762 586,832,000,000 622,041,920,000 698,553,076,160 729,987,964,587 762,837,422,994
TOTAL LIABILITIES 936,499,997,862 878,999,867,350 1,283,008,182,330 1,503,569,486,636 1,447,651,934,795 1,742,419,000,000 1,846,964,140,000 2,074,140,729,220 2,167,477,062,035 2,265,013,529,826
EQUITY

EQUITY ATTRIBUTABLE TO OWNERS OF THE

PARENT ENTITY
Share Capital
Authorized - 10,000,000,000 shares
Issued and fully paid 3,099,267,500 shares
with par value Rp100 per share 309,926,750,000 309,926,750,000 309,926,750,000 309,926,750,000 309,926,750,000 309,926,750,000 309,926,750,000 309,926,750,000 309,926,750,000 309,926,750,000
Additional Paid in capital 81,120,060,644 81,120,060,644 81,120,060,644 81,120,060,644 81,120,060,644 81,120,060,644 81,120,060,644 81,120,060,644 81,120,060,644 81,120,060,644
Other Equity Component 101,797,512,549 101,797,512,549 101,797,512,549 101,797,512,549 101,797,512,549 101,797,512,549 101,797,512,549
Unrealized gains on available for sale 50,585,449 50,585,449
financial assets 50,585,449 50,585,449 50,585,449 50,585,449 50,585,449 50,585,449 50,585,449 50,585,449

Unrealized Gain (Loss) Actuaria -11,428,875,126 -15,088,850,897 -1,331,740,494 5,194,557,876 5,194,557,876 5,194,557,876 5,194,557,876 5,194,557,876 5,194,557,876
Unrealized Gain (Loss) Revaluation Assets 203,293,717,754 203,293,717,754 203,293,717,754 203,293,717,754 203,293,717,754 203,293,717,754 203,293,717,754 203,293,717,754 203,293,717,754
Retained earnings Appropriated 1,271,553,449 1,271,553,449 1,271,553,449 1,271,553,449 1,271,553,449 1,271,553,449 1,271,553,449 1,271,553,449 1,271,553,449 1,271,553,449
Unappropriated 104,277,217,488 -79,300,152,644 -150,252,017,344 -187,832,656,959 -616,295,611,197 -616,295,611,197 -616,295,611,197 -616,295,611,197 -616,295,611,197 -616,295,611,197
Equity attributable to owner Of The Parent En 496,646,167,030 504,933,639,526 430,321,799,055 508,295,782,392 86,359,126,524 86,359,126,524 86,359,126,524 86,359,126,524 86,359,126,524 86,359,126,524
Non-controling Interest 9,204,443,683 1,687,510 4,677,464 14,127,114 -10,614,811 102,263,873,476 54,005,219,731 -17,783,205,928 -63,891,182,353 -110,805,054,971
TOTAL EQUITY 505,850,610,713 504,935,327,036 430,326,476,519 508,309,909,506 86,348,511,713 188,623,000,000 140,364,346,255 68,575,920,596 22,467,944,171 -24,445,928,447
TOTAL LIABILITIES & EQUITY 1,442,350,608,575 1,383,935,194,386 1,713,334,658,849 2,011,879,396,142 1,534,000,446,508 1,931,042,000,000 1,987,328,486,255 2,142,716,649,816 2,189,945,006,205 2,240,567,601,379

Debt Ratio 64.93% 63.51% 74.88% 74.73% 94.37% 69.52%

 REGINA TAMARA REGINA NICKO TAMARA -60.57%
1Q13 Vs Our
Income Statements 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1Q12 1Q13 Growth (%) FY13F
FY13F Untuk membuat SGA 2023
- 369,435,437,221
Net Sales 1,592,979,941,258 1,359,175,249,655 1,715,587,654,399 2,901,986,532,879 1,144,108,230,742 1,869,021,612,746 1,981,162,909,511 2,224,845,947,381 2,324,964,015,013 2,429,587,395,689
Cost of Goods Sold -1,308,760,117,807 -1,108,815,136,496 -1,314,987,873,576 -2,450,332,548,549 -1,254,216,941,753 -1,462,568,714,334 -1,550,322,837,194 -1,741,012,546,169 -1,819,358,110,746 -1,901,229,225,730 352,743,953,810 - 137,961,871,438 37%
Gross Profit 284,219,823,451 250,360,113,159 400,599,780,823 451,653,984,330 -110,108,711,011 406,452,898,412 430,840,072,317 483,833,401,212 505,605,904,267 528,358,169,959 - 135,316,285,407 37%
Selling expenses -155,526,926,746 -117,476,426,950 -140,934,544,872 -153,158,756,202 -137,961,871,438 - 131,728,608,312 -136,339,109,602 -140,974,639,329 -286,742,416,395 -869,976,491,343 - 96,157,280,376 26%
General and administrative expenses -121,882,943,075 -110,703,274,704 -126,316,625,703 -148,534,732,122 -135,316,285,407 - 129,202,552,653 -133,724,641,996 -138,271,279,824 -281,243,783,161 -853,293,638,111 sehubungan dengan inflasi
Other Expense - net 19,100,197,047 27,874,810,463 -75,179,785,537 -97,981,260,981 -96,157,280,376 - 91,812,792,846 -95,026,240,595 -98,257,132,776 -199,855,008,066 -606,360,094,471 - 38,013,713,378
OPERATING PROFIT (LOSS) 25,910,150,677 50,055,221,968 58,168,824,711 51,979,235,025 -479,544,148,232 53,708,944,602 65,750,080,123 106,330,349,284 -262,235,303,355 -1,801,272,053,967
Finance expense -51,240,526,166 - 40,588,774,648 - 40,410,906,886 - 43,305,696,962 - 38,098,990,335 - 45,577,131,860 - 48,311,759,772 - 54,254,106,224 - 56,695,541,004 - 59,246,840,349 45,475,116,582 - 38,098,990,335 100.22%
Share of (Profit)/Loss from Associate 32,160,023 279,521,987 323,684,351 99,660,989 85,276,957 102,015,279 108,136,195 121,436,947 126,901,610 132,612,182 85,276,957 -0.22%

PROFIT (LOSS) BEFORE TAX -25,298,215,466 9,745,969,307 18,081,602,176 8,773,199,052 -517,557,861,610 8,233,828,020 17,546,456,547 52,197,680,007 -318,803,942,749 -1,860,386,282,133 89,070,190,015
Income tax expense
Current Tax Expense -3,832,090,178 -2,978,100,250 -25,958,590,336 -64,450,855,889 -3,505,416,086 121,669,890 128,970,084 144,833,404 151,350,907 158,161,698 3,091,547,474 -3,505,416,086 -4%
Benefit (expense) differed tax -3,606,176,669 1,194,096,969 7,907,008,869 18,106,415,611 92,575,606,101 -3,213,217,364 -3,406,010,406 -3,824,949,686 -3,997,072,421 -4,176,940,680 92,575,606,101 104%
PROFIT (LOSS) FOR THE YEAR -32,736,482,313 7,961,966,026 30,020,709 -37,571,241,226 -428,487,671,595 5,142,280,547 14,269,416,225 48,517,563,726 -322,649,664,264 -1,864,405,061,116

Re-measurement of post employment benefit 3,964,592,623 435,334,869 -4,022,141,115 17,068,629,029 8,935,775,413

related income tax - 991,148,156 -108,833,717 362,154,910 -3,311,467,365 -2,409,501,611
Total Other Comprehensive Income (Loss) 2,973,444,467 326,501,152 - 3,659,986,205 13,757,161,664 6,526,273,802 - - -
TOTAL COMPREHENSIVE PROFIT (LOSS) FOR THE YEAR - 29,763,037,846 8,288,467,178 - 3,629,965,496 - 23,814,079,562 - 421,961,397,793 5,142,280,547 14,269,416,225 48,517,563,726 - 322,649,664,264 - 1,864,405,061,116
Profit (loss) attributable to:
Owners of the parent - 32,735,901,429 7,960,962,724 27,580,910 - 37,580,639,615 - 428,462,954,238
Non Controlling interests - 580,885 1,003,302 2,439,799 9,398,389 - 24,717,357
Total - 32,736,482,314 7,961,966,026 30,020,709 - 37,571,241,226 - 428,487,671,595 - - - - -
Comprehensive Income Attributable to
Owners of the Parent -29,762,464,376 8,287,472,496 -3,632,394,862 - 23,823,529,212 - 421,936,655,868
Non Controlling interests -573,470 994,682 2,429,366 9,449,650 - 24,741,925
TOTAL - 29,763,037,846 8,288,467,178 - 3,629,965,496 - 23,814,079,562 - 421,961,397,793 5,142,280,547 14,269,416,225 48,517,563,726 - 322,649,664,264 - 1,864,405,061,116
Basic Weighted Average Shares 3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,501 3,099,267,502
EPS -10.56 2.57 0.01 -12.12 -138.25 1.66 4.60 15.65 -104.11 -601.56

Closing Price
PER -126.132
1040%

To find CAGR:
Initial amount:
Ending amount:
Years of investment:
CAGR (%): 5184205084.14
-42353024.61

Dividend Paid

BVS

Revenue
Gross Profit
Gross Profit Margin
Income Before Tax
Net Income
 TAMARA REGINA NICKO TAMARA
2019 2020 2021 2022 2023 2024 2025 2026 2027
Cash Flow Statement
In Billion IDR

Cash Flow From Operating

Net Income 8,288,467,178 (3,629,965,496) (23,814,079,562) (421,961,397,793) 5,142,280,547 14,269,416,225 48,517,563,726 (322,649,664,264) (1,864,405,061,116)
Depreciation & Amort 76,136,073,830 17,168,829,645 19,640,317,747 17,217,972,147 17,217,972,147 28,199,172,147 28,199,172,147 28,199,172,147 28,199,172,147 --> n - (n-1)
Working Capital
Chg. Accounts Receivable 4,894,286,791 (315,341,151,289) 179,771,928,024 210,085,016,151 (157,879,125,761) (20,389,573,930) (44,306,544,150) (18,203,505,761) (19,022,663,520) --> (n-1) - n
Chg. Inventory 67,386,074,388 3,341,138,575 (188,966,791,750) 89,765,631,633 (211,696,374,713) (27,339,896,026) (59,409,594,063) (24,408,649,073) (25,507,038,281) --> (n-1) - n
Chg. Accounts Payable 25,364,150,073 372,918,431,998 (33,977,859,765) (42,778,563,578) 90,921,129,081 37,008,320,400 80,419,080,228 33,040,473,328 34,527,294,628 --> n - (n-1)
Chg. Accrued Expenses (12,643,630,102) 10,683,875,241 1,611,138,634 (338,755,267) 3,111,990,682 1,266,697,295 2,752,533,221 1,130,888,344 1,181,778,320 --> n - (n-1)
Other
Chg. Prepaid Expenses (11,827,803,826) 18,817,587,719 23,823,283,329 122,419,336,552 (93,786,650,391) (12,112,239,871) (26,319,897,239) (10,813,626,073) (11,300,239,246)
Chg. Taxes Payable 23,346,088,859 21,609,856,550 96,396,584,076 (7,046,650,041) 32,409,347,991 13,191,824,019 28,665,833,592 11,777,462,606 12,307,448,424 --> n - (n-1)
Chg. Short Term Bank Loan (388,961,581,253) (26,764,032,416) 33,231,847,161 11,375,721,401 23,593,794,621 9,603,562,116 20,868,540,478 8,573,916,204 8,959,742,433 --> n - (n-1)
Chg. Other current liabilities (24,312,102,067) 17,476,799,529 111,174,789,926 (21,154,249,837) 20,304,796,592 8,264,816,171 17,959,445,540 7,378,703,905 7,710,745,581 --> n - (n-1)
Chg. Other Current Assets 0 (5,656,330,065) (68,649,914,797) 14,480,267,045 (51,912,191,747) (6,704,290,174) (14,568,422,548) (5,985,489,703) (6,254,836,739) --> (n-1) - n
Net - CFFO (232,329,976,129) 110,625,039,991 150,241,243,023 (27,935,671,587) (322,573,030,951) 45,257,808,372 82,777,710,933 (291,960,318,339) (1,833,603,657,371)

Cash Flow From Investing

CAPEX
Chg. Fixed Assets (48,471,408,735) (5,000,468,089) (19,645,569,384) (8,935,855,305) (91,510,000,000) 0 0 0 0 --> (n-1) - n
Chg. Intangible Assets (13,864,662,070) (112,416,353) 5,348,432,001 4,168,380,497 5,071,198,140 (148,499,963) (322,690,419) (132,578,539) (138,544,574) --> (n-1) - n
Others
Chg. Investment in Associates (279,521,987) (373,684,351) (99,660,989) (85,276,957) 873,931,598 (25,591,351) (55,610,005) (22,847,574) (23,875,715) --> (n-1) - n
Chg. Defered tax assets (1,124,523,517) (27,158,849,779) (14,794,948,246) (90,166,104,490) 119,775,907,678 (3,507,399,502) (7,621,579,117) (3,131,353,664) (3,272,264,579) --> (n-1) - n
Chg. Adv Purchase Equipment 0 0 0 0 0 0 0
Chg. Other fixed assets 7,629,951,676 (8,293,657,798) (12,336,028,513) 7,866,786,065 23,311,384,632 (682,627,587) (1,483,349,747) (609,439,670) (636,864,455) --> (n-1) - n
Net - CFFI (56,110,164,633) (40,939,076,370) (41,527,775,131) (87,152,070,190) 57,522,422,049 (4,364,118,402) (9,483,229,288) (3,896,219,448) (4,071,549,323)

Cash Flow From Financing

Non-current Liabilities 319,706,943,978 8,083,384,078 12,124,804,274 4,024,945,481 124,426,006,238 35,209,920,000 76,511,156,160 31,434,888,427 32,849,458,406 --> n - (n-1)
Equity (9,203,750,855) (70,978,885,021) 101,797,512,549 0 97,132,207,740 (62,528,069,970) (120,305,989,385) 276,541,687,838 1,817,491,188,498 --> n - (n-1)
Net - CFFE 310,503,193,123 (62,895,500,943) 113,922,316,823 4,024,945,481 221,558,213,978 (27,318,149,970) (43,794,833,225) 307,976,576,265 1,850,340,646,904

Dampak perubahan kurs

NET CASH FLOW 22,063,052,361 6,790,462,678 222,635,784,715 (111,062,796,296) (43,492,394,924) 13,575,540,000 29,499,648,420 12,120,038,479 12,665,440,210

Cash at the Beginning 129,324,891,466 151,387,943,827 158,178,406,505 380,814,191,220 269,751,394,924 226,259,000,000 239,834,540,000 269,334,188,420 281,454,226,899
Cash at the End 151,387,943,827 158,178,406,505 380,814,191,220 269,751,394,924 226,259,000,000 239,834,540,000 269,334,188,420 281,454,226,899 294,119,667,109
Check 0 0 0 0 0 0 0 0 0
Fixed Assets
  2022 2023 2024
Aset Saat ini
Aset Awal 763,570,771,187 763,570,771,187 763,570,771,187
Depresiasi 314,915,105,742 332,133,077,889 349,351,050,036
Aset Akhir 448,655,665,445 431,437,693,298 414,219,721,151
 
Aset Baru Awal 2023 91,510,000,000 91,510,000,000
 
Depresiasi Aset Baru 2023 0 10,981,200,000
 
Total Depresiasi Baru - 10,981,200,000
 
Aset Baru (Bersih) 2023 91,510,000,000 80,528,800,000
 
Total Aset Baru KOTOR 91,510,000,000 91,510,000,000
 
Total Depresiasi 332,133,077,889 360,332,250,036
Total Aset Tetap (Bersih) 522,947,693,298 494,748,521,151
Total Aset Tetap Kotor 855,080,771,187 855,080,771,187

Fixed Asset Selisih %

2019 469,100,892,206
2020 456,932,530,650 -12,168,361,556 -3%
2021 456,937,782,287 5,251,637 0%
2022 448,655,665,445 -8,282,116,842 -2%
2023 398,357,510,028 -50,298,155,417 -11%
2024 129,808,308,712 -268,549,201,316 -67%
2025 60,083,208,763 -69,725,099,949 -54%
2026 - 9,641,891,186 -69,725,099,949 -116%
2027 - 79,366,991,135 -69,725,099,949 723%

Fixed Asset
469,100,892,206
456,932,530,650
456,937,782,287
448,655,665,445
398,630,558,748
459,595,830,946
418,069,903,144
376,543,975,342
335,018,047,541
 2025 2026 2027

763,570,771,187 763,570,771,187 763,570,771,187

366,569,022,183 383,786,994,330 401,004,966,477
397,001,749,004 379,783,776,857 362,565,804,710

80,528,800,000 69,547,600,000 58,566,400,000

10,981,200,000 10,981,200,000 10,981,200,000 7,320,800,000

21,962,400,000 32,943,600,000 43,924,800,000

69,547,600,000 58,566,400,000 47,585,200,000

91,510,000,000 91,510,000,000 91,510,000,000

388,531,422,183 416,730,594,330 444,929,766,477

466,549,349,004 438,350,176,857 410,151,004,710
855,080,771,187 855,080,771,187 855,080,771,187

-1.489% 0.019% -1.280%

1.988% 0.010% 0.482%

Selisis % Biaya Perolehan Selisih % Akumulai Depresiasi

729,988,878,409 260,887,986,203
734,989,346,498 5,000,468,089 0.69% 278,056,815,848
3% 754,634,915,882 19,645,569,384 2.67% 297,697,133,595
-2% 763,570,771,187 8,935,855,305 1.18% 314,915,105,742
-9% 703,195,063,794 -60,375,707,393 -7.91% 304,497,042,435
-56% 490,140,558,748 -213,054,505,046 -30.30% 360,332,250,036
14% 448,614,630,946 -41,525,927,802 -8.47% 388,531,422,183
-62% 407,088,703,144 -41,525,927,802 -9.26% 416,730,594,330
839% 365,562,775,342 -41,525,927,802 -10.20% 444,929,766,477

PERMISALANNYA
Setiap kenaikan 5 = 1.76%
0.00352

Biaya Perolehan Akumulai Depresiasi

729,988,878,409 260,887,986,203
734,989,346,498 278,056,815,848
754,634,915,882 297,697,133,595
763,570,771,187 314,915,105,742
703,195,063,794 304,564,505,046
490,140,558,748 30,544,727,802
448,614,630,946 30,544,727,802
407,088,703,144 30,544,727,802
365,562,775,342 30,544,727,802
61,089,455,604
72,070,655,604
72,070,655,604 61,089,455,604 72,070,655,604 72,070,655,604
72,070,655,604
 Selisih %

17,168,829,645 6.58%
19,640,317,747 7.06% 0.48%
17,217,972,147 5.78% -1.28%
- 10,418,063,307 -3.31%
55,835,207,601 -19.78%
28,199,172,147 4.82%
28,199,172,147 -21.94%
28,199,172,147 295.40%
 ###

72,070,655,604

###
ECONOMIC INDICATORS 2019 2020 2021 2022
IDR/USD 9,400
Inflation (%) 2.8%
GDP (in billion IDR) 2,176,976
GDP growth (%) 4.5%
GDP - F,B,T Sector 155,720
growth (%) 11.3%
BI Rate 6.50% 4%
Jumlah uang beredar (in billion rupiah) 2,029,114
(in billion IDR) 7.0%
Jumlah penduduk 168,264,448 270,204 272,683 275,774
> 15 tahun 1.0%

2019 2020 2021 2022

Revenue
Revenue growth
Cost Of Revenue
CoR (%)
Marketing & Selling Expenses

General & Adm Expenses

 2023 2024 2025 2026
14,800 15,400 15,000 15,001
3.60% 3.50% 3.40% 103.40%
21,037,000 22,067,813.0 23,171,203.7 24,318,178.2
5.30% 4.90% 5.00% 4.95%
0 0 0 0
0 0 0 0
5.75% 7.80% 7.70% 7.75%
11,074,356 8,697,343 9,791,558 9,244,451
15.00% 1.63% 2.46% 2.05%
276,381 276,989 277,598 278,209
0 0 0 0

2023 2024 2025 2026

1,869,021,612,746 1,981,162,909,511 2,224,845,947,381 2,324,964,015,013

63.36% 6.0% 12.3% 4.5%
-1,462,568,714,334 -1,550,322,837,194 -1,741,012,546,169 -1,819,358,110,746
16.61% 6.0% 12.3% 4.5%
-131,728,608,312 -136,339,109,602 -140,974,639,329 -286,742,416,395

-129,202,552,653 -133,724,641,996 -138,271,279,824 -281,243,783,161

 2027 Bulan JUB 2022 Perubahan %
15,002 1 7,646,789
203.40% BERITA PROYEKSI INFLASI 2 7,690,135 43,345 0.57%
25,528,007.6 3 7,810,949 120,815 1.57%
4.98% BERITA WORLD BANK 4 7,911,484 100,535 1.29%
0 5 7,854,187 - 57,298 -0.72%
0 6 7,890,747 36,560 0.47%
7.73% 7 7,845,552 - 45,195 -0.57%
9,518,004 8 7,897,628 52,076 0.66%
2.25% 9 7,962,693 65,065 0.82%
278,821 10 8,223,055 260,362 3.27%
0 11 8,297,350 74,294 9.00%
12 8,528,022 230,673 15.00%
2027
SUKU BUNGA BI RATE
2,429,587,395,689 BULAN %
4.5% 1 3.5
-1,901,229,225,730 2 3.5
4.5% 3 3.5
-869,976,491,343 4 4
5 4
-853,293,638,111 6 3.5
7 3.5
8 3.75
9 4.25
10 4.75
11 5.25
12 5.5
JUB 2023 % JUB 2024 % JUB 2025
-9.00% 10,077,664 0.54% 8,744,308
6.00% 10,682,324 0.25% 8,766,169
-0.50% 10,628,912 1.25% 8,875,746
8,500,000 -0.25% 10,602,340 0.97% 8,961,841
8,438,440 2.00% 10,814,387 1.04% 9,055,044
8,477,720 -5.00% 10,273,667 0.15% 9,068,627
8,429,163 -4.50% 9,811,352 0.89% 9,149,338
8,485,113 -6.20% 9,203,048 0.35% 9,181,360
8,555,018 -7.40% 8,522,023 0.51% 9,228,185
8,834,747 0.15% 8,534,806 2.95% 9,500,417
9,629,875 0.27% 8,557,850 0.59% 9,556,469 *peningkatan masa kampanye pilpres (nov 2023 - feb
11,074,356 1.63% 8,697,343 2.46% 9,791,558
kampanye pilpres (nov 2023 - feb 2024)
Asumsi Keuangan

2019 2020 2021

Tax Rate

(Dalam Hari)
Perputaran Piutang 67.2 85.2 56.8
Perputaran Persediaan 38.7 39.1 22.8
Perputaran Hutang Usaha -3.2 -5.0 -1.3

Asumsi Depresiasi aset saat ini (tahun)

Asumsi Depresiasi aset baru (tahun)

Pembelian Aset Tetap

Fixed Assets

Penjualan Harta Tetap

Bunga Hutang Jangka Panjang

Bunga Hutang Jangka Pendek

Penarikan Hutang Jangka panjang

Jadwal Pelunasan

Prepaid Expenses -114.68% -51.58% -37.48%

Prepaid Expenses 229,709,931,672 176,627,098,219 149,781,949,486
Total Expenses -200,304,891,191 -342,430,956,112 -399,674,749,305

Intangible Assets 16,950,593,664 17,063,010,017 11,714,578,016

-112,416,353 5,348,432,001

Others Fixed Assets 0 0 6,880,458,333

0 6,880,458,333

Short Term Loan 118,622,037,833 91,858,005,417 125,089,852,578

Others Payable 9,944,799,975 27,421,599,504 138,596,389,430
128,566,837,808 119,279,604,921 263,686,242,008
Financial Charges -40,588,774,648 -40,410,906,886 -43,305,696,962
-31.6% -33.9% -16.4%

Taxes Payable 76,494,595,067 98,104,451,617 194,501,035,693

Revenue 1,359,175,249,655 1,715,587,654,399 2,901,986,532,879
AP TO 0.05628015598902 0.05718416739911 0.0670234108564383

Apropriated RE 1,271,553,449 1,271,553,449 1,271,553,449

Unappropritaed RE -79,300,152,644 -150,252,017,344 -187,832,656,959
Total RE -78,028,599,195 -148,980,463,895 -186,561,103,510
-69,740,132,017 -152,610,429,391

Net Income -29,763,037,846 8,288,467,178 -3,629,965,496

Dividend 0 0 0
RE -29,763,037,846 8,288,467,178 -3,629,965,496

Cash& Cash Eq 151,387,943,827 158,178,406,505 380,814,191,220

Int Income Net 279,521,987 323,684,351 99,660,989
0.2% 0.2% 0.0%
 2022 2023 2024 2025

22% 22% 22%

-35.1 43.5 43.5 43.5

40.1 35.2 35.2 35.2
150.6 35.3 35.3 35.3

10
10

91,510,000,000 BERITA (BELI TANAH

(Nilai aset - Nilai residu) / Umur ekonomis aset

Residu 20 %

-13.18% -25.79% -26.41% -28.68%

48,701,036,739 90,959,895,678 96,417,489,419 108,276,840,618
-369,435,437,221 -352,743,953,810 -365,089,992,194 -377,503,051,928

7,546,197,519 2,474,999,379 2,623,499,342 2,946,189,761

4,168,380,497 5,071,198,140 -148,499,963 -322,690,419

5,184,395,833 1,700,376,439 1,802,399,026 2,024,094,106

-1,696,062,500 -3,484,019,394 102,022,586 221,695,080

136,465,573,979 160,059,368,600 169,662,930,716 190,531,471,194

117,442,139,593 137,746,936,185 146,011,752,356 163,971,197,896
253,907,713,572 297,806,304,785 315,674,683,072 354,502,669,090
-38,098,990,335 - 46,797,649,032 - 48,486,332,816 - 55,078,568,604
-15.0% -15.7% -15.4% -15.5%

187,454,385,652 219,863,733,643 233,055,557,662 261,721,391,254

1,144,108,230,742 1,869,021,612,746 1,981,162,909,511 2,224,845,947,381
0.163843227952681 0.11543331940456 0.13963827367862 0.12753579654159

1,271,553,449 1,271,553,449 1,271,553,449 1,271,553,449

-616,295,611,197 -616,295,611,197 -616,295,611,197 -616,295,611,197
-615,024,057,748 -615,024,057,748 -615,024,057,748 -615,024,057,748
-210,375,183,072 -1,036,985,455,541 -609,881,777,201 -600,754,641,523

-23,814,079,562 -421,961,397,793 5,142,280,547 14,269,416,225

 0 0 0 0
-23,814,079,562 -421,961,397,793 5,142,280,547 14,269,416,225

269,751,394,924 226,259,000,000 239,834,540,000 269,334,188,420

85,276,957 102,015,279 108,136,195 121,436,947
0.0% 0.0% 0.0% 0.0%
52 73 95
 2026 2027

22% 22% dari berita

43.5 43.5
35.2 35.2
35.3 35.3

-14.74% -5.08%
113,149,298,446 118,241,016,876
-767,841,207,622 -2,329,630,223,925

3,078,768,300 3,217,312,874
-132,578,539 -138,544,574

2,115,178,341 2,210,361,366
91,084,235 95,183,025

199,105,387,398 208,065,129,831
171,349,901,801 179,060,647,382
370,455,289,199 387,125,777,213
- 57,228,756,386 - 59,975,612,151
-15.4% -15.5%

273,498,853,861 285,806,302,285
2,324,964,015,013 2,429,587,395,689
0.133587035110105 0.130561415825848

1,271,553,449 1,271,553,449
-616,295,611,197 -616,295,611,197
-615,024,057,748 -615,024,057,748
-566,506,494,022 -937,673,722,012

48,517,563,726 -322,649,664,264
 0 0
48,517,563,726 -322,649,664,264

281,454,226,899 294,119,667,109
126,901,610 132,612,182
0.0% 0.0%
129 171
 WACC

Cost of Capital %

Cost of Equity 6.17%

Risk Free 5.75% (Deposito after Tax)
Beta (0.25) Dari yahoo
Risk Premium -1.66% RM-RF
RM: IHSG 2022 4.09%

Cost of Debt -2.05%

Interest -2.63%
Tax 22%

Capital Structure
Equity (pake market value) 487,355,580,944 30.48%
Debt 1,150,519,383,545 69.52%

WACC 0.45%
 Free Cash Flow To Firm 2023 2024

EBIT 53,708,944,602 65,750,080,123

Beban Bunga 45,475,116,582 48,203,623,577
EBT 8,233,828,020 17,546,456,547
Beban pajak 3,091,547,474 3,277,040,322
EAT 5,142,280,547 14,269,416,225

Depresiasi dan amortisasi 332,133,077,889 360,332,250,036

Capital Expenditure (Capex) 423,643,077,889 360,332,250,036
Perubahan modal kerja 301,440,888,721 10,786,320,000
Penambahan (Pengurangan Hutang) 294,767,065,205 104,545,140,000

Arus kas bersih 1,357,126,390,251 850,265,376,297

Tahun 1 2
Pertumbuhan 6.00% 39% 6%
Cost Of Equity 6.17% 6.17% 6.17%
Discount Factor 0.942 0.887

Nilai kini 1,278,278,106,172 754,335,599,908

Nilai usaha 2,772,297,879,458

Interest Bearing Debt 1,150,519,383,545
Ekuitas 487,355,580,944

Lack of Marketability Discount 0% -

Premium Control 0% -
Nilai Pasar Wajar Ekuitas 487,355,580,944

Outstanding Shares 3,099,267,500

Fair Value 157.248634054176
 2025 2026 2027

106,330,349,284 -262,235,303,355 -1,801,272,053,967

54,132,669,276 56,568,639,394 59,114,228,167
52,197,680,007 -318,803,942,749 -1,860,386,282,133
3,680,116,282 3,845,721,514 4,018,778,982
48,517,563,726 -322,649,664,264 -1,864,405,061,116

388,531,422,183 416,730,594,330 444,929,766,477

388,531,422,183 416,730,594,330 444,929,766,477
23,438,673,360 9,629,864,701 10,063,208,613
227,176,589,220 93,336,332,815 97,536,467,792

1,076,195,670,672 613,777,721,913 (866,945,851,757)

3 4 5
12.30% 4.50% 4.50%
6.17% 6.17% 6.17%
0.836 0.787 0.741

899,303,751,560 483,093,662,582 - 642,713,240,763

Discounted Cash Flow
2023 2024
(in million rupiah)
DCF 1 2
EBIT 53,708,944,602 65,750,080,123
Tax 3,091,547,474 3,277,040,322
NOPAT atau EAT 50,617,397,128 62,473,039,801
Depreciation & Amort 332,133,077,889 360,332,250,036
Changes in Working Capital 301,440,888,721 10,786,320,000
Changes in other asset, net of liabilities 266,166,258,090 97,158,222,239
Gross Investments 950,357,621,829 530,749,832,077
Capex 423,643,077,889 360,332,250,036
FCFF 1,374,000,699,718 891,082,082,113
Discount Factor 1.00 1.01
PV 1,367,799,287,635 883,056,617,865
Total PV 366,473,904,585,097
Net Debt 10,096,014,461,081
EV 356,377,890,124,015
Total No. of share 3,099,267,500
EV/share 114,988
Market Price as Of end-DEC 2022 1150
Recomendation Jual Saham / Tidak membeli

Terminal Growth Rate 0.67% ROE* PLOWBACK RATIO

WACC 0.45%
Beta -0.252 liat di Yahoo
Risk-Free Rate 5.75%
Market Risk Premium -1.66% IHSG - Rf
Cost of Equity 6.17%
Interest -3%
Tax Rate 22.00%
Cost of Debt -2.1%
Equity/(equity+debt) (%) 30%
Net Debt/(equity+net debt) (%) 70%

rs=CAPM 6.17%
G=Double at 2020 10%
Do 399
D1 439
Po -11172.3499727908
 2025 2026 2027 Treminal Value

3 4 5
106,330,349,284 -262,235,303,355 -1,801,272,053,967
3,680,116,282 3,845,721,514 4,018,778,982
102,650,233,002 -266,081,024,870 -1,805,290,832,949
388,531,422,183 416,730,594,330 444,929,766,477
23,438,673,360 9,629,864,701 10,063,208,613
211,124,816,926 86,741,403,442 90,644,766,597
725,745,145,471 247,020,837,603 -1,259,653,091,263
388,531,422,183 416,730,594,330 444,929,766,477
1,114,276,567,654 663,751,431,933 -814,723,324,786 371,578,501,018,520
1.01 1.02 1.02 1.02
1,099,257,040,122 651,849,217,157 -796,502,689,418 363,268,445,111,736

OWBACK RATIO
 Multiples INAF KAEF KLBF SIDO
P/S 4.58 2.02 2.96 0.60
P/EPS -12.22 -176.48 24.84 20.91
PBV 60.66 2.07 3.88 6.59

Variabel Multiplier Bobot

Basis Penilaian Indikasi Bobot
Fundamental (Mean) Tertimbang
P/S (2023) 4.58 2.54 12 25% 3
EPS (2023) -12.22 -35.74 437 40% 175
BVS(2023) 60.66 18.30 1,110 35% 389
566

PEG Ratio INAF

Detail 2022 2023 2024 2025 2026
EPS -138.25 1.66 4.60 15.65 -104.11
EPS growth -1040.47% 98.80% 177.49% 240.01% -765.02%
Fair PEG Ratio 100% 100% 100% 100% 100%
PER (x) -1040.47 98.80 177.49 240.01 -765.02
Fair Market Price 143,849 164 817 3,757 79,642
 KETERANGAN
Mean DIBANDINGIN DENGAN SEKTOR YANG SAMA MARKET PRICE per sha
2.54 harus proyeksi c 2021
-35.74 KAEF 2,403
18.30 KLBF 1615
SIDO 805.85

INAF 2230
--> karena dibandingkan dengan harga kotor
--> karena dibandingkan dengan harga bersih
--> karena membandingkan book value dengan market value

2027
-601.56
477.84%
100%
477.84
-287,452
MARKET PRICE per share
Sales EAT Total Equity
2022 AVERAGE
1,085 1,744 9,606,145,359,000 - 109,782,957,000 9,339,290,330,000
2090 1,853 28,933,502,646,719 3,450,083,412,291 22,097,328,202,389
734.08 770 38,655,230,000,000 1,104,714,000,000 3,505,475,000,000

1150 1690 1,144,108,230,742 -428,487,671,595 86,348,511,713

Jumlah Share MV PER SHARE SALES PER SHARE Book Value Per Share

11,107,999,999 1,744 864.80 840.77

46,255,641,410 1,853 625.51 477.72
30,000,000,000 770 1288.51 116.85

3,099,267,500 1690 369.15 27.86

Earning Per Share

-9.88
74.59
36.82

-138.25