Financials PT. Mitra Adiperkasa Tbk

Equities

MAPI

ID1000099807

Department Stores

End-of-day quote INDONESIA S.E. Other stock markets 18:00:00 2024-05-07 EDT			5-day change	1st Jan Change
1,495 ^IDR	+6.41%		+3.82%	-16.48%

04-29	PT. Mitra Adiperkasa Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-28	PT. Mitra Adiperkasa 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	17,449,292	13,066,295	11,743,126	23,899,741	29,605,908	24,726,722	-	-
Enterprise Value (EV) ²	17,072	17,070	10,146	23,900	29,606	21,217	20,130	21,136
P/E ratio	18.8 x	-23.9 x	26.3 x	11.3 x	15.7 x	10.6 x	9.26 x	9.25 x
Yield	-	-	-	-	-	1.16%	1.85%	1.38%
Capitalization / Revenue	0.81 x	0.88 x	0.64 x	0.89 x	0.89 x	0.66 x	0.58 x	0.52 x
EV / Revenue	0.79 x	1.15 x	0.55 x	0.89 x	0.89 x	0.56 x	0.47 x	0.45 x
EV / EBITDA	6.12 x	7.58 x	2.94 x	4.37 x	-	4.22 x	3.46 x	3.54 x
EV / FCF	12.2 x	17.3 x	3.83 x	-	-	13.4 x	11.6 x	8.78 x
FCF Yield	8.22%	5.78%	26.1%	-	-	7.46%	8.6%	11.4%
Price to Book	2.83 x	2.44 x	2 x	-	-	2.17 x	1.7 x	1.54 x
Nbr of stocks (in thousands)	16,539,613	16,539,613	16,539,613	16,539,613	16,539,613	16,539,613	-	-
Reference price ³	1,055	790.0	710.0	1,445	1,790	1,495	1,495	1,495
Announcement Date	20-04-16	21-04-16	22-04-11	23-03-29	24-03-28	-	-	-

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	21,579	14,847	18,424	26,937	33,319	37,672	42,961	47,208
EBITDA ¹	2,788	2,252	3,450	5,467	-	5,028	5,814	5,968
EBIT ¹	1,931	-56.86	1,234	3,070	3,596	3,984	4,574	5,005
Operating Margin	8.95%	-0.38%	6.7%	11.4%	10.79%	10.58%	10.65%	10.6%
Earnings before Tax (EBT) ¹	1,626	-701.7	691.6	3,173	3,203	3,648	4,221	4,403
Net income ¹	933.5	-553.7	438.9	2,110	1,894	2,253	2,712	2,794
Net margin	4.33%	-3.73%	2.38%	7.83%	5.68%	5.98%	6.31%	5.92%
EPS ²	56.00	-33.00	27.00	128.0	114.0	140.9	161.4	161.6
Free Cash Flow ³	1,402,854	987,217	2,646,694	-	-	1,583,500	1,731,767	2,408,000
FCF margin	6,501.09%	6,649.09%	14,365.62%	-	-	4,203.38%	4,031.05%	5,100.81%
FCF Conversion (EBITDA)	50,311.12%	43,831.08%	76,712.17%	-	-	31,496.52%	29,783.72%	40,347.89%
FCF Conversion (Net income)	150,280.08%	-	603,011.08%	-	-	70,289.37%	63,854.76%	86,169.26%
Dividend per Share ²	-	-	-	-	-	17.34	27.62	20.64
Announcement Date	20-04-16	21-04-16	22-04-11	23-03-29	24-03-28	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q4	2023 Q2	2023 S1	2023 Q4
Net sales ¹	8,116	8,132	15,595	9,526
EBITDA	-	-	-	-
EBIT ¹	891.3	1,069	1,734	1,030
Operating Margin	10.98%	13.15%	11.12%	10.81%
Earnings before Tax (EBT)	-	969.4	1,601	-
Net income	613	639.5	1,044	-
Net margin	7.55%	7.86%	6.69%	-
EPS	-	-	-	-
Dividend per Share	-	-	-	-
Announcement Date	23-03-29	23-07-25	23-07-25	24-03-28

¹IDR in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	4,004	-	-	-	-	-	-
Net Cash position ¹	377	-	1,597	-	-	3,510	4,597	3,590
Leverage (Debt/EBITDA)	-	1.778 x	-	-	-	-	-	-
Free Cash Flow ²	1,402,854	987,217	2,646,694	-	-	1,583,500	1,731,767	2,408,000
ROE (net income / shareholders' equity)	16.1%	-9.61%	7.82%	-	-	20.2%	19.6%	18.5%
ROA (Net income/ Total Assets)	7.03%	-3.51%	2.55%	-	-	8.97%	8.5%	8.5%
Assets ¹	13,285	15,794	17,217	-	-	25,129	31,924	32,876
Book Value Per Share ³	373.0	323.0	355.0	-	-	688.0	878.0	968.0
Cash Flow per Share ³	143.0	81.40	183.0	-	-	286.0	251.0	234.0
Capex ¹	970	359	388	-	-	3,142	1,935	1,209
Capex / Sales	4.5%	2.42%	2.11%	-	-	8.34%	4.5%	2.56%
Announcement Date	20-04-16	21-04-16	22-04-11	23-03-29	24-03-28	-	-	-

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. Mitra Adiperkasa Tbk

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,495 IDR

Average target price

2,280 IDR

Spread / Average Target

+52.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Retail - Department Stores

	1st Jan change	Capi.
PT. MITRA ADIPERKASA TBK	-16.48%	1.54B
TRENT LIMITED	+46.30%	19.03B
MINISO GROUP HOLDING LIMITED	+21.03%	7.63B
FALABELLA S.A.	+24.95%	7.49B
DILLARD'S, INC.	+4.80%	6.87B
CANADIAN TIRE CORPORATION, LIMITED	+2.38%	6.11B
ISETAN MITSUKOSHI HOLDINGS LTD.	+50.98%	5.63B
CCOOP GROUP CO., LTD	+28.08%	4.96B
PEPKOR HOLDINGS LIMITED	-6.01%	3.77B
HARVEY NORMAN HOLDINGS LIMITED	+1.19%	3.5B

Retail - Department Stores