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HISTORICAL DATA

INCOME STATEMENT 2012


Revenue 8,819,000,000,000
Cost of Goods Sold 4,092,000,000,000
Gross Profit 4,727,000,000,000

Operating Expense 2,810,000,000,000


Depreciation & Amortization 46,000,000,000
Total Operating Profit 1,871,000,000,000

Non-Operating Income (8,000,000,000)


Earning Before Tax 1,863,000,000,000

Tax Expenses 499,000,000,000


Net Profit 1,364,000,000,000

Preferred Stock Dividend -


Earnings Available for Common Stockholders 1,364,000,000,000

BALANCE SHEET

Total Asset 111,749,000,000,000

Total Liability 101,470,000,000,000


Total Equity 10,279,000,000,000
Total Liability & Equity 213,219,000,000,000

FORECASTING RATIOS BENCHMARK

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

3,460,000,000,000 3,871,000,000,000 4,222,000,000,000 4,796,000,000,000


57,000,000,000 48,000,000,000 55,000,000,000 15,000,000,000
2,136,000,000,000 1,546,000,000,000 2,534,000,000,000 3,353,000,000,000

5,000,000,000 2,000,000,000 8,000,000,000 (22,000,000,000)


2,141,000,000,000 1,548,000,000,000 2,542,000,000,000 3,331,000,000,000

579,000,000,000 433,000,000,000 691,000,000,000 711,000,000,000


1,562,000,000,000 1,115,000,000,000 1,851,000,000,000 2,620,000,000,000

- - - -
1,562,000,000,000 1,115,000,000,000 1,851,000,000,000 2,620,000,000,000

131,170,000,000,000 144,575,000,000,000 171,808,000,000,000 214,170,000,000,000

119,613,000,000,000 132,369,000,000,000 157,948,000,000,000 195,039,000,000,000


11,557,000,000,000 12,206,000,000,000 13,860,000,000,000 19,131,000,000,000
250,783,000,000,000 276,944,000,000,000 329,756,000,000,000 409,209,000,000,000

2013 2014 2015 2016


22.27% 18.77% 16.86% 14.52%
0.48 0.57 0.54 0.52
0.32 0.30 0.28 0.28
0.00049 0.00038 0.00036 0.00008
13.62% 8.27% 23.46% 21.25%
0.27 0.28 0.27 0.21
18.40% 11.99% 20.01% 26.13%
54.76% 24.45% -10.58% 54.53%
0.14 0.09 0.13 0.14
15.62% 4.75% 16.06% 10.39%
2017
19,272,000,000,000
9,931,000,000,000
9,341,000,000,000

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

Operating Expense 6,345,766,060,835.68 7,422,810,488,268.01


Depreciation & Amortization 83,106,476,218.18 98,065,641,937.45
Total Operating Profit 4,497,542,352,211.78 5,260,040,509,593.89

Non-Operating Income (30,000,000,000.00) (30,000,000,000.00)


Earning Before Tax 4,467,542,352,211.78 5,230,040,509,593.89

Tax Expenses 964,767,043,434.65 1,129,428,737,701.01


Net Profit 3,502,775,308,777.13 4,100,611,771,892.88

Preferred Stock Dividend - -


Earnings Available for Common Stockholders 3,502,775,308,777.13 4,100,611,771,892.88

BALANCE SHEET

Total Current Asset 266,022,740,000,000 313,906,833,200,000


Total Fixed Asset 42,595,086,800,000 50,504,994,418,760
Total Asset 308,617,826,800,000 364,411,827,618,760

Total Current Liability 233,927,724,800,000 279,964,701,040,640


Total Non-Current Liability 48,843,007,563,065 53,921,284,447,384
Total Equity 25,847,094,436,935 30,525,842,130,736

Terminal Growth Calculated 11.18%

COST OF EQUITY CALCULATION


Levered Beta Calculated 1.470
Risk-Free Rate IBPA 10 Years Government 8.57%
Risk Premium Calculated 7.62%
Cost of Equity Calculated 19.77%
2020 2021 2022 2023
30,844,641,882,738.50 36,079,793,846,656.70 42,203,489,635,771.80 49,366,538,650,601.10
15,894,465,469,981.10 18,592,176,872,724.60 21,747,761,289,583.30 25,438,931,887,667.10
14,950,176,412,757.40 17,487,616,973,932.10 20,455,728,346,188.50 23,927,606,762,934.10

8,682,657,856,675.81 10,156,334,662,625.20 11,880,133,420,198.30 13,896,506,443,519.70


115,717,457,486.19 136,546,599,833.71 161,124,987,803.77 190,127,485,608.45
6,151,801,098,595.37 7,194,735,711,473.24 8,414,469,938,186.39 9,840,972,833,805.93

(30,000,000,000.00) (30,000,000,000.00) (30,000,000,000.00) (30,000,000,000.00)


6,121,801,098,595.37 7,164,735,711,473.24 8,384,469,938,186.39 9,810,972,833,805.93

1,322,004,690,892.94 1,547,226,717,599.35 1,810,628,671,270.70 2,118,682,377,885.59


4,799,796,407,702.43 5,617,508,993,873.90 6,573,841,266,915.69 7,692,290,455,920.34

- - - -
4,799,796,407,702.43 5,617,508,993,873.90 6,573,841,266,915.69 7,692,290,455,920.34

370,410,063,176,000 437,083,874,547,680 515,758,971,966,262 608,595,586,920,190


59,883,771,882,324 71,004,188,320,871 84,189,666,092,057 99,823,687,085,352
430,293,835,058,324 508,088,062,868,551 599,948,638,058,319 708,419,274,005,542

335,061,754,205,438 401,001,907,433,068 479,919,082,815,896 574,367,158,314,065


59,527,556,993,734 65,716,721,661,183 72,549,382,571,638 80,092,444,943,657
35,704,523,859,152 41,369,433,774,300 47,480,172,670,785 53,959,670,747,820
2024 2025 2026 2027
57,745,346,637,772.80 67,546,260,067,312.50 79,010,647,865,720.20 92,420,845,653,626.90
29,756,591,815,054.00 34,807,072,889,605.70 40,714,754,252,514.90 47,625,125,476,658.80
27,988,754,822,718.70 32,739,187,177,706.80 38,295,893,613,205.30 44,795,720,176,968.10

16,255,111,327,828.80 19,014,033,876,357.90 22,241,218,590,262.10 26,016,141,950,546.20


224,350,433,017.97 264,733,510,961.21 312,385,542,934.23 368,614,940,662.39
11,509,293,061,871.90 13,460,419,790,387.70 15,742,289,480,008.90 18,410,963,285,759.50

(30,000,000,000.00) (30,000,000,000.00) (30,000,000,000.00) (30,000,000,000.00)


11,479,293,061,871.90 13,430,419,790,387.70 15,712,289,480,008.90 18,380,963,285,759.50

2,478,956,606,318.28 2,900,302,979,073.88 3,393,073,388,484.58 3,969,374,256,945.48


9,000,336,455,553.65 10,530,116,811,313.80 12,319,216,091,524.30 14,411,589,028,814.00

- - - -
9,000,336,455,553.65 10,530,116,811,313.80 12,319,216,091,524.30 14,411,589,028,814.00

718,142,792,565,824 847,408,495,227,672 999,942,024,368,653 1,179,931,588,755,010


118,360,945,777,102 140,340,573,407,910 166,401,817,889,759 197,302,635,471,887
836,503,738,342,926 987,749,068,635,582 1,166,343,842,258,410 1,377,234,224,226,897

687,402,615,070,273 822,683,449,716,102 984,587,552,620,231 1,178,354,382,975,893


88,419,770,226,418 97,612,899,348,901 107,761,851,166,310 118,966,003,922,111
60,681,353,046,235 67,452,719,570,579 73,994,438,471,870 79,913,837,328,893
2028
108,107,108,877,884.00
55,708,369,565,497.20
52,398,739,312,386.40

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

Changes in Current Asset 40,579,740,000,000.00


Changes in Current Liability 38,466,724,800,000.00
Net Current Asset Investment 2,113,015,199,999.97
Net Fixed Asset Investment 6,754,193,276,218.18
Changes in Long-Term Debt 4,600,007,563,064.95
Free Cash Flow to Equity (681,319,128,157.89)

Terminal Cash Flow

Total Cash Flow (681,319,128,157.89)

Accumulated Cash Flow (681,319,128,157.89)

Cost of Equity 19.77%

PV of Cash Flow ($681,319,128,157.89)


Accumulated PV of Cash Flow (681,319,128,157.89)

Total Present Value 31,912,483,330,300.70


Outstanding shares 11,000,000,000.00
Value of Equity/share 2,901.13
1 2 3

4,100,611,771,892.88 4,799,796,407,702.43 5,617,508,993,873.90


98,065,641,937.45 115,717,457,486.19 136,546,599,833.71
4,198,677,413,830.33 4,915,513,865,188.62 5,754,055,593,707.60

47,884,093,200,000.00 56,503,229,976,000.00 66,673,811,371,680.00


46,036,976,240,640.00 55,097,053,164,798.00 65,940,153,227,630.30
1,847,116,959,359.97 1,406,176,811,202.00 733,658,144,049.75
8,007,973,260,697.45 9,494,494,921,049.93 11,256,963,038,381.20
5,078,276,884,319.27 5,606,272,546,349.57 6,189,164,667,449.22
(578,135,921,907.82) (378,885,320,713.74) (47,400,921,274.15)

(578,135,921,907.82) (378,885,320,713.74) (47,400,921,274.15)

(1,259,455,050,065.70) (1,638,340,370,779.44) (1,685,741,292,053.59)

($482,699,477,427.68) ($264,120,145,306.21) ($27,588,456,562.71)


(1,164,018,605,585.57) (1,428,138,750,891.78) (1,455,727,207,454.49)
4 5 6

6,573,841,266,915.69 7,692,290,455,920.34 9,000,336,455,553.65


161,124,987,803.77 190,127,485,608.45 224,350,433,017.97
6,734,966,254,719.46 7,882,417,941,528.79 9,224,686,888,571.63

78,675,097,418,582.40 92,836,614,953,927.20 109,547,205,645,634.00


78,917,175,382,827.90 94,448,075,498,168.40 113,035,456,756,208.00
(242,077,964,245.49) (1,611,460,544,241.22) (3,488,251,110,573.89)
13,346,602,758,989.60 15,824,148,478,903.40 18,761,609,124,767.80
6,832,660,910,455.36 7,543,062,372,018.84 8,327,325,282,760.81
463,102,370,430.73 1,212,792,378,885.42 2,278,654,157,138.48

463,102,370,430.73 1,212,792,378,885.42 2,278,654,157,138.48

(1,222,638,921,622.86) (9,846,542,737.44) 2,268,807,614,401.04

$225,042,477,256.74 $492,063,134,837.06 $771,897,543,747.51


(1,230,684,730,197.75) (738,621,595,360.69) 33,275,948,386.82
7 8 9

10,530,116,811,313.80 12,319,216,091,524.30 14,411,589,028,814.00


264,733,510,961.21 312,385,542,934.23 368,614,940,662.39
10,794,850,322,275.00 12,631,601,634,458.60 14,780,203,969,476.40

129,265,702,661,848.00 152,533,529,140,981.00 179,989,564,386,358.00


135,280,834,645,830.00 161,904,102,904,129.00 193,766,830,355,662.00
(6,015,131,983,981.50) (9,370,573,763,148.06) (13,777,265,969,304.10)
22,244,361,141,769.00 26,373,630,024,783.10 31,269,432,522,790.50
9,193,129,122,482.39 10,148,951,817,409.30 11,204,152,755,801.00
3,758,750,286,969.85 5,777,497,190,232.88 8,492,190,171,791.04

3,758,750,286,969.85 5,777,497,190,232.88 8,492,190,171,791.04

6,027,557,901,370.89 11,805,055,091,603.80 20,297,245,263,394.80

$1,063,093,816,538.55 $1,364,315,253,587.60 $1,674,331,997,141.75


1,096,369,764,925.37 2,460,685,018,512.97 4,135,017,015,654.72
10

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

Net Income $ 3,028,000,000,000.00 $ 4,310,937,000,000.00


Nominal Cost of Equity $ 3,162,798,000,000.00
Residual Income $ 1,148,139,000,000.00
Discount Factor 1.15
PV of Residual Income $ 1,001,866,492,146.60
Accumulated PV of Residual Income $ 1,001,866,492,146.60

Dividend Paid $ 605,600,000,000.00 $ 862,187,400,000.00


Retained Earnings $ 2,422,400,000,000.00 $ 3,448,749,600,000.00

Continuining Value

Firm Value $ 26,789,067,562,437.40


Value of Equity/share $ 2,435.37

Initial Net Income $ 3,028,000,000,000.00


Initial Book Value of Equity $ 21,663,000,000,000.00
Cost of Equity 15%
Average of Historical ROE 20%
Average of Historical DPR 20%
Terminal growth 11%
2 3 4
$ 25,111,749,600,000.00 $ 29,109,540,136,320.00 $ 33,743,778,926,022.10

$ 4,997,238,170,400.00 $ 5,792,798,487,127.68 $ 6,715,012,006,278.41


$ 3,666,315,441,600.00 $ 4,249,992,859,902.72 $ 4,926,591,723,199.23
$ 1,330,922,728,800.00 $ 1,542,805,627,224.96 $ 1,788,420,283,079.17
1.31 1.51 1.72
$ 1,013,406,315,616.35 $ 1,025,079,058,518.74 $ 1,036,886,251,862.93
$ 2,015,272,807,762.95 $ 3,040,351,866,281.68 $ 4,077,238,118,144.61

$ 999,447,634,080.00 $ 1,158,559,697,425.54 $ 1,343,002,401,255.68


$ 3,997,790,536,320.00 $ 4,634,238,789,702.14 $ 5,372,009,605,022.73
5 6 7
$ 39,115,788,531,044.90 $ 45,343,022,065,187.20 $ 52,561,631,177,965.00

$ 7,784,041,917,677.93 $ 9,023,261,390,972.26 $ 10,459,764,604,415.00


$ 5,710,905,125,532.55 $ 6,620,081,221,517.33 $ 7,673,998,151,982.89
$ 2,073,136,792,145.38 $ 2,403,180,169,454.92 $ 2,785,766,452,432.15
1.98 2.27 2.60
$ 1,048,829,444,292.77 $ 1,060,910,202,289.85 $ 1,073,130,110,379.06
$ 5,126,067,562,437.38 $ 6,186,977,764,727.23 $ 7,260,107,875,106.29

$ 1,556,808,383,535.59 $ 1,804,652,278,194.45 $ 2,091,952,920,883.01


$ 6,227,233,534,142.34 $ 7,218,609,112,777.81 $ 8,367,811,683,532.03
8 9 10
$ 60,929,442,861,497.10 $ 70,629,410,165,047.40 $ 81,873,612,263,322.90

$ 12,124,959,129,437.90 $ 14,055,252,622,844.40 $ 16,292,848,840,401.30


$ 8,895,698,657,778.57 $ 10,311,893,884,096.90 $ 11,953,547,390,445.20
$ 3,229,260,471,659.34 $ 3,743,358,738,747.51 $ 4,339,301,449,956.11
2.97 3.41 3.91
$ 1,085,490,771,336.30 $ 1,097,993,806,398.82 $ 1,110,640,855,477.76
$ 8,345,598,646,442.59 $ 9,443,592,452,841.41 $ 10,554,233,308,319.20

$ 2,424,991,825,887.58 $ 2,811,050,524,568.89 $ 3,258,569,768,080.25


$ 9,699,967,303,550.33 $ 11,244,202,098,275.50 $ 13,034,279,072,321.00

$ 46,139,461,515,036.40
Gordon Growth Model

GORDON GROWTH MODEL

This model is designed to value the equity in a stable firm paying


dividends, which are roughly equal to Free Cashflows to
Equity.

Assumptions in the model: BBTN


1. The firm is in steady state and will grow at a stable rate forever. Date
2. The firm pays out what it can afford to in dividends, i.e., Dividends = FCFE. 6/11/2010
6/13/2011
User defined inputs 5/11/2012
The user has to define the following inputs to the model: 4/29/2013
1. Current Earnings per share and Payout ratio (Dividends/Earnings) 3/19/2014
2. Cost of Equity or Inputs to the CAPM (Beta, Riskfree rate, Risk Premium) 4/1/2015
3. Expected Growth Rate in Earnings and dividends forever. 4/20/2016

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.

Warnings: This is high for a stable growth rate

Page 19
Gordon Growth Model

This is the output from the Gordon Growth Model

Firm Details: from inputs on prior page

Current Dividends per share = IDR61.54

Cost of Equity = 19.77%

Expected Growth rate = 16.65% This is high for an infinite growth rate. Check it

Gordon Growth Model Value = 2299.13796

Value of BBTN vs. Expected Growth

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

Expected Growth Rate

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

Risk Free Rate 8.57%


Risk Premium 7.62%
Beta 1.47
Cost of Equity 19.77%

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

Operating Expense 122,000,000,000


Depreciation & Amortization 456,000,000,000
Total Operating Profit 1,034,000,000,000

Non-Operating Income (150,000,000,000)


Earning Before Tax 884,000,000,000

Tax Expenses 231,000,000,000


Net Profit 653,000,000,000

Preferred Stock Dividend -


Earnings Available for Common Stockholders 653,000,000,000

BALANCE SHEET

Total Current Asset 5,462,000,000,000


Total Fixed Asset 17,098,000,000,000
Total Asset 22,560,000,000,000

Total Current Liability 1,602,000,000,000


Total Non-Current Liability 4,313,000,000,000
Total Equity 16,646,000,000,000
Total Liability & Equity 22,561,000,000,000

FORECASTING RATIOS BENCHMARK

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

11,242,000,000,000 12,915,000,000,000 10,895,000,000,000 7,849,000,000,000


9,536,000,000,000 9,100,000,000,000 9,262,000,000,000 7,390,000,000,000
1,706,000,000,000 3,815,000,000,000 1,633,000,000,000 459,000,000,000

159,000,000,000 180,000,000,000 159,000,000,000 163,000,000,000


692,000,000,000 532,000,000,000 373,000,000,000 103,000,000,000
855,000,000,000 3,103,000,000,000 1,101,000,000,000 193,000,000,000

(179,000,000,000) (156,000,000,000) (137,000,000,000) (123,000,000,000)


676,000,000,000 2,947,000,000,000 964,000,000,000 70,000,000,000

205,000,000,000 804,000,000,000 267,000,000,000 44,000,000,000


471,000,000,000 2,143,000,000,000 697,000,000,000 26,000,000,000

- - - -
471,000,000,000 2,143,000,000,000 697,000,000,000 26,000,000,000

6,800,000,000,000 7,731,000,000,000 8,276,000,000,000 8,050,000,000,000


21,025,000,000,000 21,308,000,000,000 23,303,000,000,000 21,851,000,000,000
27,825,000,000,000 29,039,000,000,000 31,579,000,000,000 29,901,000,000,000

2,060,000,000,000 2,593,000,000,000 2,049,000,000,000 1,773,000,000,000


4,854,000,000,000 4,236,000,000,000 4,231,000,000,000 3,479,000,000,000
20,911,000,000,000 22,212,000,000,000 25,299,000,000,000 24,650,000,000,000
27,825,000,000,000 29,041,000,000,000 31,579,000,000,000 29,902,000,000,000

2013 2014 2015 2016


20.18% 14.88% -15.64% -27.96%
0.85 0.70 0.85 0.94
0.01 0.01 0.01 0.02
0.10176 0.06881 0.04507 0.01280
24.50% 13.69% 7.05% -2.73%
0.30 0.27 0.28 0.63
28.59% 25.87% -20.98% -13.47%
22.97% 1.35% 9.36% -6.23%
0.02 0.10 0.03 0.00
12.54% -12.73% -0.12% -17.77%
2017

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

Operating Expense 130,987,505,289.36 142,285,573,970.84


Depreciation & Amortization 137,149,589,173.51 133,404,324,896.91
Total Operating Profit 2,510,280,895,089.94 2,742,375,049,396.66

Non-Operating Income (106,000,000,000.00) (106,000,000,000.00)


Earning Before Tax 2,404,280,895,089.94 2,636,375,049,396.66

Tax Expenses 552,984,605,870.69 606,366,261,361.23


Net Profit 1,851,296,289,219.25 2,030,008,788,035.43

Preferred Stock Dividend - -


Earnings Available for Common Stockholders 1,851,296,289,219.25 2,030,008,788,035.43

BALANCE SHEET

Total Current Asset 7,868,106,573,224 7,653,245,277,242


Total Fixed Asset 21,168,415,587,387 20,835,161,504,642
Total Asset 29,036,522,160,611 28,488,406,781,884

Total Current Liability 2,310,362,400,000 3,046,674,896,880


Total Non-Current Liability 3,835,200,000,000 4,602,240,000,000
Total Equity 22,890,959,760,611 20,839,491,885,004

Terminal Growth Calculated 2.97%

COST OF EQUITY CALCULATION


Levered Beta Calculated 1.030
Risk-Free Rate IBPA 10 Years Government 8.57%
Risk Premium Calculated 7.62%
Cost of Equity Calculated 16.42%
2020 2021 2022 2023
10,927,940,607,679.20 11,870,508,551,544.50 12,894,375,832,649.80 14,006,554,764,832.80
7,649,558,425,375.45 8,309,355,986,081.17 9,026,063,082,854.89 9,804,588,335,382.96
3,278,382,182,303.77 3,561,152,565,463.36 3,868,312,749,794.95 4,201,966,429,449.84

154,558,135,262.50 167,889,242,100.66 182,370,197,241.71 198,100,178,581.07


133,404,324,896.91 133,404,324,896.91 133,404,324,896.91 133,404,324,896.91
2,990,419,722,144.36 3,259,858,998,465.80 3,552,538,227,656.34 3,870,461,925,971.86

(106,000,000,000.00) (106,000,000,000.00) (106,000,000,000.00) (106,000,000,000.00)


2,884,419,722,144.36 3,153,858,998,465.80 3,446,538,227,656.34 3,764,461,925,971.86

663,416,536,093.20 725,387,569,647.13 792,703,792,360.96 865,826,242,973.53


2,221,003,186,051.16 2,428,471,428,818.66 2,653,834,435,295.38 2,898,635,682,998.33

- - - -
2,221,003,186,051.16 2,428,471,428,818.66 2,653,834,435,295.38 2,898,635,682,998.33

7,653,245,277,242 7,653,245,277,242 7,653,245,277,242 7,653,245,277,242


20,507,153,836,453 20,184,309,988,587 19,866,548,667,088 19,553,789,857,812
28,160,399,113,695 27,837,555,265,828 27,519,793,944,329 27,207,035,135,054

4,017,650,186,516 5,298,075,300,958 6,986,571,899,374 9,213,192,363,704


5,522,688,000,000 6,627,225,600,000 7,952,670,720,000 9,543,204,864,000
18,620,060,927,179 15,912,254,364,870 12,580,551,324,956 8,450,637,907,350
2024 2025 2026 2027
15,214,662,495,217.80 16,526,973,172,917.20 17,952,474,617,440.70 19,500,929,874,926.60
10,650,263,746,652.50 11,568,881,221,042.00 12,566,732,232,208.50 13,650,650,912,448.60
4,564,398,748,565.34 4,958,091,951,875.15 5,385,742,385,232.20 5,850,278,962,477.99

215,186,918,407.72 233,747,441,246.56 253,908,865,341.85 275,809,273,271.07


133,404,324,896.91 133,404,324,896.91 133,404,324,896.91 133,404,324,896.91
4,215,807,505,260.71 4,590,940,185,731.69 4,998,429,194,993.45 5,441,065,364,310.02

(106,000,000,000.00) (106,000,000,000.00) (106,000,000,000.00) (106,000,000,000.00)


4,109,807,505,260.71 4,484,940,185,731.69 4,892,429,194,993.45 5,335,065,364,310.02

945,255,726,209.96 1,031,536,242,718.29 1,125,258,714,848.49 1,227,065,033,791.30


3,164,551,779,050.74 3,453,403,943,013.40 3,767,170,480,144.95 4,108,000,330,518.71

- - - -
3,164,551,779,050.74 3,453,403,943,013.40 3,767,170,480,144.95 4,108,000,330,518.71

7,653,245,277,242 7,653,245,277,242 7,653,245,277,242 7,653,245,277,242


19,245,954,806,277 18,942,965,997,831 18,644,747,138,133 18,351,223,133,945
26,899,200,083,519 26,596,211,275,073 26,297,992,415,375 26,004,468,411,187

12,149,436,770,016 16,021,462,268,621 21,127,502,293,630 27,860,837,274,610


11,451,845,836,800 13,742,215,004,160 16,490,658,004,992 19,788,789,605,990
3,297,917,476,702 (3,167,465,997,708) (11,320,167,883,247) (21,645,158,469,414)
2028
21,182,944,083,784.50
14,828,060,858,649.10
6,354,883,225,135.35

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

Changes in Current Asset (220,893,426,776.22)


Changes in Current Liability 558,362,400,000.00
Net Current Asset Investment (779,255,826,776.22)
Net Fixed Asset Investment (201,434,823,439.18)
Changes in Long-Term Debt 639,200,000,000.00
Free Cash Flow to Equity 3,608,336,528,608.17

Terminal Cash Flow

Total Cash Flow 3,608,336,528,608.17

Accumulated Cash Flow 3,608,336,528,608.17

Cost of Equity 16.42%

PV of Cash Flow $3,608,336,528,608.17


Accumulated PV of Cash Flow 3,608,336,528,608.17

Total Present Value 35,333,018,012,950.40


Outstanding shares 9,940,000,000.00
Value of Equity/share 3,554.63
1 2 3

2,030,008,788,035.43 2,221,003,186,051.16 2,428,471,428,818.66


133,404,324,896.91 133,404,324,896.91 133,404,324,896.91
2,163,413,112,932.33 2,354,407,510,948.06 2,561,875,753,715.57

(214,861,295,982.19) (208,993,889,881.18) (203,286,710,191.33)


736,312,496,880.00 970,975,289,635.66 1,280,425,114,442.54
(951,173,792,862.19) (1,179,969,179,516.83) (1,483,711,824,633.87)
20,968,565,829,539.20 20,640,558,161,350.20 20,317,714,313,483.30
4,602,240,000,000.00 5,522,688,000,000.00 6,627,225,600,000.00
(13,251,738,923,744.70) (11,583,493,470,885.30) (9,644,901,135,133.89)

(13,251,738,923,744.70) (11,583,493,470,885.30) (9,644,901,135,133.89)

(9,643,402,395,136.51) (21,226,895,866,021.90) (30,871,797,001,155.70)

($11,382,836,525,902.80) ($8,546,628,240,695.19) ($6,112,665,956,965.41)


(7,774,499,997,294.64) (16,321,128,237,989.80) (22,433,794,194,955.20)
4 5 6

2,653,834,435,295.38 2,898,635,682,998.33 3,164,551,779,050.74


133,404,324,896.91 133,404,324,896.91 133,404,324,896.91
2,787,238,760,192.28 3,032,040,007,895.24 3,297,956,103,947.65

(197,735,381,469.34) (192,335,647,755.94) (187,083,369,313.11)


1,688,496,598,415.38 2,226,620,464,330.36 2,936,244,406,312.44
(1,886,231,979,884.71) (2,418,956,112,086.30) (3,123,327,775,625.55)
19,999,952,991,984.40 19,687,194,182,708.90 19,379,359,131,174.10
7,952,670,720,000.00 9,543,204,864,000.00 11,451,845,836,800.00
(7,373,811,531,907.37) (4,692,993,198,727.37) (1,506,229,414,800.88)

(7,373,811,531,907.37) (4,692,993,198,727.37) (1,506,229,414,800.88)

(38,245,608,533,063.10) (42,938,601,731,790.50) (44,444,831,146,591.40)

($4,014,232,695,185.52) ($2,194,512,521,056.82) ($605,002,111,722.58)


(26,448,026,890,140.80) (28,642,539,411,197.60) (29,247,541,522,920.20)
7 8 9

3,453,403,943,013.40 3,767,170,480,144.95 4,108,000,330,518.71


133,404,324,896.91 133,404,324,896.91 133,404,324,896.91
3,586,808,267,910.30 3,900,574,805,041.86 4,241,404,655,415.62

(181,974,519,450.28) (177,005,181,437.26) (172,171,545,501.45)


3,872,025,498,604.22 5,106,040,025,009.38 6,733,334,980,979.87
(4,054,000,018,054.50) (5,283,045,206,446.64) (6,905,506,526,481.32)
19,076,370,322,727.80 18,778,151,463,030.10 18,484,627,458,841.90
13,742,215,004,160.00 16,490,658,004,992.00 19,788,789,605,990.40
2,306,652,967,396.98 6,896,126,553,450.35 12,451,073,329,045.50

2,306,652,967,396.98 6,896,126,553,450.35 12,451,073,329,045.50

(42,138,178,179,194.40) (35,242,051,625,744.00) (22,790,978,296,698.60)

$795,839,799,301.22 $2,043,742,819,059.82 $3,169,607,163,870.95


(28,451,701,723,618.90) (26,407,958,904,559.10) (23,238,351,740,688.20)
10

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

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