Financials PT Adaro Energy Indonesia Tbk

Equities

ADRO

ID1000111305

Coal

End-of-day quote INDONESIA S.E. Other stock markets 18:00:00 2024-06-23 EDT			5-day change	1st Jan Change
2,720 ^IDR	-0.37%		-2.16%	+14.29%

04-30	PT Adaro Energy Indonesia Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-30	PT Adaro Energy Indonesia Tbk Reports Earnings Results for the First Quarter Ended March 30, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,581	3,202	5,038	7,635	4,777	5,111	-	-
Enterprise Value (EV) ¹	3,801	3,527	4,834	5,150	4,777	2,341	1,742	1,828
P/E ratio	9.52 x	23.4 x	5.38 x	3.07 x	2.91 x	4.54 x	5.37 x	6.77 x
Yield	4.19%	4.59%	7.12%	6.49%	-	11%	8.42%	7.09%
Capitalization / Revenue	1.04 x	1.26 x	1.26 x	0.94 x	0.73 x	0.94 x	1.02 x	1.05 x
EV / Revenue	1.1 x	1.39 x	1.21 x	0.64 x	0.73 x	0.43 x	0.35 x	0.37 x
EV / EBITDA	3.15 x	3.99 x	2.33 x	1.07 x	1.93 x	1.21 x	0.99 x	1.26 x
EV / FCF	8.44 x	6.14 x	3.76 x	1.48 x	-	1.62 x	1.65 x	1.43 x
FCF Yield	11.9%	16.3%	26.6%	67.6%	-	61.8%	60.4%	69.7%
Price to Book	0.96 x	0.86 x	1.22 x	1.31 x	-	0.73 x	0.69 x	0.67 x
Nbr of stocks (in thousands)	31,985,962	31,985,962	31,985,962	30,985,962	30,881,206	30,881,206	-	-
Reference price ²	0.1120	0.1001	0.1575	0.2464	0.1547	0.1655	0.1655	0.1655
Announcement Date	20-03-03	21-03-04	22-03-02	23-03-02	24-02-29	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,457	2,535	3,993	8,102	6,518	5,411	5,001	4,882
EBITDA ¹	1,207	883	2,073	4,801	2,475	1,932	1,762	1,455
EBIT ¹	730.1	411.3	1,585	4,277	2,155	1,570	1,289	1,068
Operating Margin	21.12%	16.23%	39.69%	52.79%	33.07%	29.01%	25.78%	21.89%
Earnings before Tax (EBT) ¹	659.1	222.2	1,486	4,476	2,294	1,721	1,472	1,205
Net income ¹	404.2	146.9	933.5	2,493	1,641	1,165	929.7	810.9
Net margin	11.69%	5.8%	23.38%	30.77%	25.18%	21.53%	18.59%	16.61%
EPS ²	0.0118	0.004280	0.0293	0.0803	0.0531	0.0364	0.0308	0.0244
Free Cash Flow ¹	450.6	574.7	1,286	3,482	-	1,447	1,053	1,274
FCF margin	13.03%	22.67%	32.21%	42.97%	-	26.74%	21.06%	26.1%
FCF Conversion (EBITDA)	37.33%	65.09%	62.05%	72.52%	-	74.92%	59.75%	87.58%
FCF Conversion (Net income)	111.48%	391.18%	137.79%	139.66%	-	124.2%	113.27%	157.12%
Dividend per Share ²	0.004690	0.004590	0.0112	0.0160	-	0.0182	0.0139	0.0117
Announcement Date	20-03-03	21-03-04	22-03-02	23-03-02	24-02-29	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,363	1,424	1,225	2,317	2,372	2,189	1,839	1,640	1,502	1,536	1,443	1,527	1,439	1,429	1,375	1,439
EBITDA ¹	465	875.3	683.9	1,498	1,436	1,184	723.6	669.4	519.7	627.5	594.9	583.3	537.6	545.5	616.3	606.4
EBIT ¹	228.8	744.5	554.4	1,347	1,261	1,144	-	553.2	440.2	536.8	513.6	491	449.5	459.1	506.9	481.9
Operating Margin	16.79%	52.29%	45.27%	58.13%	53.16%	52.27%	-	33.72%	29.31%	34.94%	35.6%	32.16%	31.23%	32.13%	36.86%	33.48%
Earnings before Tax (EBT) ¹	209.1	803.5	611.4	1,430	1,292	1,143	661.6	578.7	469.9	584.1	532.5	512.8	459.3	469	532.7	504
Net income ¹	155.1	512.6	400.1	812.6	690.7	589.7	458	415.8	345.1	422.5	-	370.7	332	339.1	385.1	364.4
Net margin	11.38%	36.01%	32.67%	35.08%	29.12%	26.94%	24.91%	25.35%	22.98%	27.5%	-	24.28%	23.07%	23.73%	28%	25.31%
EPS ²	-	0.0161	0.0128	0.0262	0.0220	0.0191	0.0148	0.0132	0.0114	0.0141	0.0125	0.0120	0.0107	0.0109	0.0124	0.0118
Dividend per Share ²	-	-	-	-	-	0.0160	-	-	-	-	-	-	-	0.0262	-	-
Announcement Date	20-08-27	22-03-02	22-04-28	22-08-30	22-11-01	23-03-02	23-05-02	23-08-22	23-10-31	24-02-29	24-04-30	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	220	325	-	-	-	-	-	-
Net Cash position ¹	-	-	204	2,485	-	2,770	3,369	3,283
Leverage (Debt/EBITDA)	0.1824 x	0.3684 x	-	-	-	-	-	-
Free Cash Flow ¹	451	575	1,286	3,482	-	1,447	1,053	1,274
ROE (net income / shareholders' equity)	13%	3.95%	23.8%	49.1%	-	15.9%	12.1%	9.4%
ROA (Net income/ Total Assets)	6.7%	2.16%	13.4%	27.1%	-	11.7%	8.64%	7.17%
Assets ¹	6,031	6,799	6,984	9,185	-	9,958	10,763	11,310
Book Value Per Share ²	0.1200	0.1200	0.1300	0.1900	-	0.2300	0.2400	0.2500
Cash Flow per Share ²	0.0300	0.0200	0.0500	0.1200	-	0.0500	0.0500	-
Capex ¹	456	162	150	381	-	1,201	519	425
Capex / Sales	13.2%	6.38%	3.76%	4.7%	-	22.19%	10.37%	8.71%
Announcement Date	20-03-03	21-03-04	22-03-02	23-03-02	24-02-29	-	-	-

¹USD in Million²USD

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 Adaro Energy Indonesia Tbk

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.1655 USD

Average target price

0.1884 USD

Spread / Average Target

+13.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Coal