Financials PT Gudang Garam Tbk

Equities

GGRM

ID1000068604

Tobacco

End-of-day quote INDONESIA S.E. 23:00:00 19/06/2024 BST 5-day change 1st Jan Change
17,950 IDR -1.24% Intraday chart for PT Gudang Garam Tbk -1.78% -11.69%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 101,976,664 78,887,608 58,877,093 34,633,584 39,107,089 34,537,380 - -
Enterprise Value (EV) 2 115,818 80,299 64,810 40,363 48,247 38,091 38,067 34,537
P/E ratio 9.37 x 10.3 x 10.5 x 12.5 x 7.35 x 6.83 x 6.34 x 8.97 x
Yield 4.91% - 7.35% 12.5% 5.9% 7.51% 6.66% 5.62%
Capitalization / Revenue 0.92 x 0.69 x 0.47 x 0.28 x 0.33 x 0.3 x 0.28 x 0.27 x
EV / Revenue 1.05 x 0.7 x 0.52 x 0.32 x 0.41 x 0.33 x 0.31 x 0.27 x
EV / EBITDA 6.58 x 6.29 x 6.48 x 5.99 x 4.66 x 3.55 x 3.46 x 4.33 x
EV / FCF 18.7 x 6.62 x 166 x 9.08 x -37.4 x 6.45 x 11.8 x 7.93 x
FCF Yield 5.34% 15.1% 0.6% 11% -2.67% 15.5% 8.47% 12.6%
Price to Book 2 x 1.35 x 0.99 x 0.6 x 0.64 x 0.55 x 0.53 x 0.53 x
Nbr of stocks (in thousands) 1,924,088 1,924,088 1,924,088 1,924,088 1,924,088 1,924,088 - -
Reference price 3 53,000 41,000 30,600 18,000 20,325 17,950 17,950 17,950
Announcement Date 30/03/20 31/03/21 31/03/22 31/03/23 28/03/24 - - -
1IDR in Million2IDR in Billions3IDR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 110,524 114,477 124,881 124,683 118,953 114,596 124,724 128,284
EBITDA 1 17,603 12,771 10,009 6,743 10,362 10,730 11,001 7,971
EBIT 1 15,073 10,046 7,113 3,771 7,261 7,162 7,654 4,967
Operating Margin 13.64% 8.78% 5.7% 3.02% 6.1% 6.25% 6.14% 3.87%
Earnings before Tax (EBT) 1 14,488 9,663 7,287 3,647 6,861 6,971 7,274 4,952
Net income 1 10,881 7,648 5,605 2,780 5,325 5,115 5,531 4,457
Net margin 9.84% 6.68% 4.49% 2.23% 4.48% 4.46% 4.43% 3.47%
EPS 2 5,655 3,975 2,913 1,445 2,767 2,629 2,829 2,001
Free Cash Flow 3 6,187,576 12,126,298 390,595 4,444,108 -1,288,858 5,905,168 3,225,307 4,357,821
FCF margin 5,598.41% 10,592.75% 312.77% 3,564.33% -1,083.5% 5,153.04% 2,585.95% 3,397%
FCF Conversion (EBITDA) 35,151.36% 94,948.24% 3,902.36% 65,904.7% - 55,033.52% 29,317.64% 54,671.05%
FCF Conversion (Net income) 56,867.44% 158,560.85% 6,968.3% 159,875.01% - 115,438.11% 58,316.73% 97,776.02%
Dividend per Share 2 2,600 - 2,250 2,250 1,200 1,349 1,196 1,008
Announcement Date 30/03/20 31/03/21 31/03/22 31/03/23 28/03/24 - - -
1IDR in Billions2IDR3IDR in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 Q2 2023 S1 2023 Q4
Net sales 1 26,120 55,851 37,204
EBITDA - - -
EBIT 1 - - 1,282
Operating Margin - - 3.45%
Earnings before Tax (EBT) - - -
Net income 1 1,325 3,288 867.3
Net margin 5.07% 5.89% 2.33%
EPS - - -
Dividend per Share - - -
Announcement Date 31/07/23 31/07/23 28/03/24
1IDR in Billions
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,841 1,412 5,933 5,729 9,140 3,554 3,529 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7863 x 0.1105 x 0.5928 x 0.8497 x 0.882 x 0.3312 x 0.3208 x -
Free Cash Flow 2 6,187,576 12,126,298 390,595 4,444,108 -1,288,858 5,905,168 3,225,307 4,357,821
ROE (net income / shareholders' equity) 22.7% 14% 9.52% 4.75% 8.97% 8.82% 8.77% 5.89%
ROA (Net income/ Total Assets) 14.7% 9.75% 6.67% 3.11% 3.07% 6.15% 6.03% 4.46%
Assets 1 73,872 78,419 84,078 89,264 173,364 83,246 91,715 99,931
Book Value Per Share 3 26,470 30,416 30,814 30,069 31,632 32,677 34,093 33,827
Cash Flow per Share 5,808 9,084 2,768 5,129 2,292 - - -
Capex 1 4,987 5,351 4,935 5,424 5,698 5,431 5,275 4,354
Capex / Sales 4.51% 4.67% 3.95% 4.35% 4.79% 4.74% 4.23% 3.39%
Announcement Date 30/03/20 31/03/21 31/03/22 31/03/23 28/03/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
12
Last Close Price
17,950 IDR
Average target price
22,241 IDR
Spread / Average Target
+23.90%
Consensus

Quarterly revenue - Rate of surprise

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