Académique Documents
Professionnel Documents
Culture Documents
BALANCE SHEET
2012
Revenue Growth -
Cost of Goods Sold to Sales 0.46
Operating Expenses to Sales 0.32
Depreciation & Amortization to Current Asset 0.00045
Current Asset Growth -
Tax Expense to Earning Before Tax 0.27
Current Liability Growth -
Fixed Asset Growth -
Return on Equity 0.13
Non-Current Liability Growth -
2013 2014 2015 2016
10,783,000,000,000 12,807,000,000,000 14,966,000,000,000 17,139,000,000,000
5,130,000,000,000 7,342,000,000,000 8,155,000,000,000 8,975,000,000,000
5,653,000,000,000 5,465,000,000,000 6,811,000,000,000 8,164,000,000,000
- - - -
1,562,000,000,000 1,115,000,000,000 1,851,000,000,000 2,620,000,000,000
5,425,000,000,000
24,000,000,000
3,892,000,000,000
(30,000,000,000)
3,862,000,000,000
834,000,000,000
3,028,000,000,000
-
3,028,000,000,000
261,367,000,000,000
239,704,000,000,000
21,663,000,000,000
501,071,000,000,000
2017 Average
12.45% 16.97%
0.52 0.52
0.28 0.28
0.00011 0.03%
20.54% 18.00%
0.22 0.22
17.94% 19.68%
32.35% 18.57%
0.14 0.14
50.92% 10.40%
INCOME STATEMENT
2018 2019
Net Sales 22,542,968,391,599.10 26,369,106,678,322.80
Cost of Goods Sold 11,616,553,502,333.50 13,588,190,038,523.40
Gross Profit 10,926,414,889,265.60 12,780,916,639,799.40
BALANCE SHEET
- - - -
4,799,796,407,702.43 5,617,508,993,873.90 6,573,841,266,915.69 7,692,290,455,920.34
- - - -
9,000,336,455,553.65 10,530,116,811,313.80 12,319,216,091,524.30 14,411,589,028,814.00
30,431,769,700,213.70
434,965,629,981.62
21,532,003,982,191.10
(30,000,000,000.00)
21,502,003,982,191.10
4,643,363,884,295.02
16,858,640,097,896.10
-
16,858,640,097,896.10
1,392,319,274,730,912
233,941,734,879,016
1,626,261,009,609,928
1,410,254,525,545,550
131,335,068,356,921
84,671,415,707,458
0
FREE CASH FLOW TO EQUITY
Earnings Available for Common Stockholders 3,502,775,308,777.13
Depreciation & Amortization 83,106,476,218.18
Operating Cash Flow 3,585,881,784,995.31
16,858,640,097,896.10
434,965,629,981.62
17,293,605,727,877.70
212,387,685,975,902.00
231,900,142,569,656.00
(19,512,456,593,753.90)
37,074,065,037,111.00
12,369,064,434,810.60
12,101,061,719,331.20
156,641,209,332,210.00
168,742,271,051,541.00
189,039,516,314,936.00
$27,777,466,314,645.90
31,912,483,330,300.70
Key Financial Highlight
Year End 31 Dec (IDR Billion) 2016 A 2017 A 2018 E 2019 F 2020 F
Gross Profit 8,163.00 9,341.00 10,926.41 12,780.92 14,950.18
Net Profit 2,620.00 3,028.00 3,502.78 4,100.61 4,799.80
Earning Per Share (IDR) 250.00 288.00 318.43 372.78 436.35
Price Earning Ratio (x) 9.22 7.95 8.16 6.97 5.96
Book Value Per Share (IDR) 1,822.00 2,063.00 2,349.74 2,775.08 3,245.87
Price Book Value (x) 1.26 1.11 1.11 1.11 1.11
Return On Equity (%) 15.88 14.84 13.55 13.43 13.44
Return On Asset (%) 2.32 3.18 1.13 1.13 1.12
Dividend Payout Ratio (%) 19.94 19.92 20.02 20.03 20.01
Year 0 1
Beginning Book Value of Equity $ 21,663,000,000,000.00
Continuining Value
$ 46,139,461,515,036.40
Gordon Growth Model
Page 18
Gordon Growth Model
3/27/2017
Please enter inputs to the model: 4/3/2018
Current Earnings per share = IDR 308 (in currency)
Current Payout Ratio = 20.00% (in percent)
Are you directly entering the cost of equity? (Yes or No) Yes
If yes, enter cost of equity = 19.77% (in percent)
If no, enter the inputs for the CAPM
Beta of the stock =
Riskfree rate = (in percent)
Risk Premium= (in percent)
Expected Growth Rate = 17% (in percent) The expected growth rate for a stable firm
cannot be significantly higher than the nominal
growth rate in the economy in which the firm
operates. It can be lower.
Page 19
Gordon Growth Model
Expected Growth rate = 16.65% This is high for an infinite growth rate. Check it
Value of Stock
Growth rate Value
18.65% IDR 6,507
17.65% IDR 3,412 IDR7,000
16.65% IDR 2,299 IDR6,000
15.65% IDR 1,726
IDR5,000
14.65% IDR 1,377
IDR4,000
13.65% IDR 1,142
12.65% IDR 973 IDR3,000
11.65% IDR 846 IDR2,000
10.65% IDR 746 IDR1,000
IDR-
5% 5% 5% 5% 5% 5% 5% 5% 5%
.6 .6 .6 .6 .6 .6 .6 .6 .6
18 17 16 15 14 13 12 11 10
Page 20
Gordon Growth Model
Dividends
15.094
31.193 0.725896397
25.3133 -0.20886376
38.7384 0.42550141
44.3575 0.13545045
21.1132 -0.74238337
34.9558 0.50418597
Page 21
Gordon Growth Model
49.46 0.34707986
57.1759 0.14496822
0.1664794
Page 22
INCO
Date Dividends
11/23/2005 0.025
4/26/2006 745.88
11/20/2006 228.58
4/25/2007 0.025
4/17/2008 0.0025
12/10/2009 104.72
3/25/2010 128.17
10/6/2010 178.44
5/3/2011 125.06
11/3/2011 89.4
5/15/2012 79.7
12/7/2012 24.31
5/15/2013 24.6
12/2/2013 30.14
12/1/2014 123.81
Key Financial Highlight
Year End 31 Dec (IDR Billion) 2016 A 2017 A 2018 E 2019 F 2020 F
Gross Profit 459.00 89.00 2,778.42 3,018.06 3,278.38
Net Profit 26.00 (207.00) 1,851.30 2,030.01 2,221.00
Earning Per Share (IDR) 2.62 (20.82) 186.25 204.23 223.44
Price Earning Ratio (x) 1,093.32 - 19.33 18.61 17.90
Book Value Per Share (IDR) 2,479.88 2,479.78 2,302.91 2,096.53 1,873.25
Price Book Value (x) 1.14 1.17 1.56 1.72 1.92
Return On Equity (%) 0.11 - 8.09 9.74 11.93
Return On Asset (%) 0.09 - 6.38 7.13 7.89
Dividend Payout Ratio (%) - - - - -
HISTORICAL DATA
2012
INCOME STATEMENT
Revenue 9,354,000,000,000
Cost of Goods Sold 7,742,000,000,000
Gross Profit 1,612,000,000,000
BALANCE SHEET
2012
Revenue Growth -
Cost of Goods Sold to Sales 0.83
Operating Expenses to Sales 0.01
Depreciation & Amortization to Current Asset 0.08349
Current Asset Growth -
Tax Expense to Earning Before Tax 0.26
Current Liability Growth -
Fixed Asset Growth -
Return on Equity 0.04
Non-Current Liability Growth -
2013 2014 2015 2016
- - - -
471,000,000,000 2,143,000,000,000 697,000,000,000 26,000,000,000
8,526,000,000,000
8,437,000,000,000
89,000,000,000
154,000,000,000
141,000,000,000
(206,000,000,000)
(106,000,000,000)
(312,000,000,000)
(105,000,000,000)
(207,000,000,000)
-
(207,000,000,000)
8,089,000,000,000
21,507,000,000,000
29,596,000,000,000
1,752,000,000,000
3,196,000,000,000
24,649,000,000,000
29,597,000,000,000
2017 Average
8.63% 20.18%
0.99 0.70
0.02 0.01
0.01743 0.01743
0.48% -2.73%
0.34 23.00%
-1.18% 31.87%
-1.57% -1.57%
(0.01) 2.97%
-8.13% 20.00%
INCOME STATEMENT
2018 2019
Net Sales 9,261,393,298,509.37 10,060,216,494,214.70
Cost of Goods Sold 6,482,975,308,956.56 7,042,151,545,950.26
Gross Profit 2,778,417,989,552.81 3,018,064,948,264.40
BALANCE SHEET
- - - -
2,221,003,186,051.16 2,428,471,428,818.66 2,653,834,435,295.38 2,898,635,682,998.33
- - - -
3,164,551,779,050.74 3,453,403,943,013.40 3,767,170,480,144.95 4,108,000,330,518.71
299,598,657,651.82
133,404,324,896.91
5,921,880,242,586.63
(106,000,000,000.00)
5,815,880,242,586.63
1,337,652,455,794.92
4,478,227,786,791.70
-
4,478,227,786,791.70
7,653,245,277,242
18,062,320,074,219
25,715,565,351,460
36,740,086,114,028
23,746,547,527,189
(34,771,068,289,756)
0
FREE CASH FLOW TO EQUITY
Earnings Available for Common Stockholders 1,851,296,289,219.25
Depreciation & Amortization 137,149,589,173.51
Operating Cash Flow 1,988,445,878,392.76
4,478,227,786,791.70
133,404,324,896.91
4,611,632,111,688.61
(167,469,905,907.04)
8,879,248,839,418.15
(9,046,718,745,325.19)
18,195,724,399,115.70
23,746,547,527,188.50
19,209,173,985,086.60
248,651,590,503,836.00
267,860,764,488,923.00
245,069,786,192,224.00
$58,571,369,753,638.50
35,333,018,012,950.40