Financials PT Temas Tbk.

Equities

TMAS

ID1000103203

Marine Freight & Logistics

End-of-day quote INDONESIA S.E. Other stock markets 18:00:00 2024-05-07 EDT			5-day change	1st Jan Change
153 ^IDR	0.00%		-0.65%	-1.92%

04-29	PT Temas Tbk. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-05	PT Temas 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	912,824	581,925	787,311	7,816,056	11,096,517	8,871,542
Enterprise Value (EV) ¹	2,300,338	2,273,867	2,981,644	9,048,940	11,324,557	9,163,453
P/E ratio	26.5 x	6.26 x	12.5 x	11.2 x	8.13 x	11.3 x
Yield	-	3.53%	31.8%	6.4%	6.8%	-
Capitalization / Revenue	0.39 x	0.23 x	0.29 x	2.32 x	2.27 x	2.06 x
EV / Revenue	0.99 x	0.91 x	1.12 x	2.68 x	2.32 x	2.13 x
EV / EBITDA	5.98 x	4.54 x	6.28 x	11.8 x	6.22 x	7.45 x
EV / FCF	6.52 x	18.7 x	58.5 x	32.2 x	9.94 x	79.2 x
FCF Yield	15.3%	5.36%	1.71%	3.11%	10.1%	1.26%
Price to Book	0.85 x	0.5 x	0.65 x	5.09 x	5.07 x	3.53 x
Nbr of stocks (in thousands)	57,051,500	57,051,500	57,051,500	57,051,500	57,051,500	56,868,856
Reference price ²	16.00	10.20	13.80	137.0	194.5	156.0
Announcement Date	19-03-29	20-04-07	21-05-20	22-05-18	23-03-15	24-03-05

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	2,320,005	2,512,269	2,669,618	3,370,324	4,877,926	4,305,684
EBITDA ¹	384,716	501,174	474,802	766,560	1,821,122	1,229,987
EBIT ¹	137,229	241,064	266,218	546,206	1,551,973	947,561
Operating Margin	5.92%	9.6%	9.97%	16.21%	31.82%	22.01%
Earnings before Tax (EBT) ¹	4,048	168,421	69,274	995,533	1,506,489	906,596
Net income ¹	34,482	92,998	62,788	695,698	1,364,647	782,616
Net margin	1.49%	3.7%	2.35%	20.64%	27.98%	18.18%
EPS ²	0.6044	1.630	1.101	12.19	23.92	13.78
Free Cash Flow ¹	352,564	121,912	50,982	281,187	1,138,900	115,710
FCF margin	15.2%	4.85%	1.91%	8.34%	23.35%	2.69%
FCF Conversion (EBITDA)	91.64%	24.33%	10.74%	36.68%	62.54%	9.41%
FCF Conversion (Net income)	1,022.47%	131.09%	81.2%	40.42%	83.46%	14.79%
Dividend per Share	-	0.3600	4.382	8.764	13.23	-
Announcement Date	19-03-29	20-04-07	21-05-20	22-05-18	23-03-15	24-03-05

¹IDR in Million²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	1,387,514	1,691,942	2,194,333	1,232,885	228,040	291,911
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.607 x	3.376 x	4.622 x	1.608 x	0.1252 x	0.2373 x
Free Cash Flow ¹	352,564	121,912	50,982	281,187	1,138,900	115,710
ROE (net income / shareholders' equity)	3.33%	8.93%	4.36%	50.7%	75.1%	33.9%
ROA (Net income/ Total Assets)	2.98%	4.94%	4.68%	8.65%	22.9%	14%
Assets ¹	1,157,026	1,883,733	1,340,249	8,038,384	5,948,066	5,598,192
Book Value Per Share ²	18.70	20.50	21.10	26.90	38.40	44.20
Cash Flow per Share ²	0.7100	0.7100	2.110	12.00	22.70	15.50
Capex ¹	59,441	139,063	546,920	503,196	159,396	444,407
Capex / Sales	2.56%	5.54%	20.49%	14.93%	3.27%	10.32%
Announcement Date	19-03-29	20-04-07	21-05-20	22-05-18	23-03-15	24-03-05

¹IDR in Million²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Deep Sea Freight

	1st Jan change	Capi.
PT TEMAS TBK.	-1.92%	542M
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+34.84%	12.73B
WALLENIUS WILHELMSEN ASA	+37.98%	4.78B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+37.95%	4.16B
STAR BULK CARRIERS CORP.	+20.74%	2.91B
HÖEGH AUTOLINERS ASA	+27.37%	2.07B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+22.76%	1.95B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+78.22%	2.12B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-12.49%	1.96B
GULF NAVIGATION HOLDING	-0.68%	1.63B

Deep Sea Freight

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