Balance Sheets FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 (I) FY2022 FY2023 FY2024 FY20-1 FY20-2 FY20-3

FY2020 FY2021 (I) FY2022 FY2023 FY2024 FY20-1 FY20-2 FY20-3 FY20-4 FY20-5 FY20-6
in Millions of Rupiah
Cash and Equivalents 1,543,129 2,201,859 2,495,655 2,982,005 3,777,791 4,796,412 54,854 63,456 475,773
Accounts Receivable - Trade, Net 4,364,285 5,744,122 5,572,867 5,901,994 5,463,985 5,717,836 440,878 473,889 43,453,234 1 1 1 1 1
Receivables - Other 24,115 358,608 502,269 500,975 168,238 298,579 343,247 743,583 4,557,647,539 0 0 0 0 0
Total Receivables, Net 4,388,399 6,102,729 6,075,136 6,402,969 5,632,223 6,016,414 784,126 1,217,472 4,601,100,773 0 0 0 0 0
Total Inventory - Net 2,123,676 1,825,267 3,351,796 2,790,634 2,805,112 2,486,862 32,132,243 8,746,608 4,375,723 6 9 5 6 7
Prepaid Expenses 32,100 23,577 34,954 37,807 32,096 58,514 38,244 447,763 4,335,434 (0) 0 0
Advances for Purchases 184,989 76,606 63,914 101,544 106,661 405,357 324,335 324,324 4,453,453,475
Prepaid Taxes 467,429 444,160 626,404 461,144 484,846 390,895 875,456 43,764 987,567
Others Current Asset 60
Total Current Assets 8,739,783 10,674,200 12,647,859 12,776,103 12,838,729 14,154,455 33,009,468 10,475,299 4,610,287,704
Long Term Portion of Prepaid Rent
Defeered Tax Assets - Net 48,338 82,446 89,449 96,055 104,876 107,703 76,346 27 27
Right of use assets building 228,563 210,688 34,664
Property, Plant, Equipment 3,859,420 3,988,757 4,258,301 4,674,964 6,043,202 5,981,827 9,734,562 8,881,681 8,028,801
Intangible Assets 58 58
Advances for Purchases of Equipment 258,130 148,075 567,436 1,459,859 521,484 561,651 67,583,786
Guarantee Deposits 15,511 22,371 28,662 30,938 40,646 40,995 456,564
Other fixed assets 1,240
Total Non-Current Assets 4,182,639 4,241,650 4,943,848 6,261,816 6,938,771 6,902,865 77,851,258 8,881,767 8,028,886
Total Assets 12,922,422 14,915,850 17,591,706 19,037,919 19,777,501 21,057,320 110,860,726 19,357,066 4,618,316,590
Short Term Bank Loan 1,284,000 1,634,000 1,500,000 1,000,000 50,000 -
Trade Payable 1,329,633 1,717,219 1,551,172 1,312,183 1,591,797 2,145,506
Others Payable 74,184 111,286 74,318 100,230 314,132 310,157
Taxes Payables 139,294 131,496 61,508 196,860 147,124 347,490
Accrued Expenses 339,087 285,203 447,416 695,163 411,853 515,265
Unearned Income
CPLTD 467,853 594,424 1,130,098 421,924 960,418 765,440 - - -
Bank 467,853 594,424 380,211.72 421,924 804,081 609,106
Bonds 749,886 - 156,337 156,335
Leasing
Other
Other Current liabilities, Total 250,000
Total Current Liabilities 3,884,051 4,473,628 4,764,510 3,726,360 3,475,324 4,083,858 - - -
LTD 2,073,869 2,225,557 3,377,230 4,386,380 3,850,410 3,641,946 - - -
Bank 1,324,666 430,242 1,831,798 2,839,708 1,725,336 1,533,047
Bonds 749,203 1,795,315 1,545,432 1,546,672 1,888,883 1,889,551
Leasing 236,191 219,348
Other
Deferred Tax Liabilities 25,952 21,184 19,852 11,181 15,261 15,908
Employee benefits Obligation 673,294 841,134 887,569 1,014,058 1,165,038 1,194,649
Other Liablities - Total
Total Non-Current Liabilities 2,773,115 3,087,875 4,284,652 5,411,619 5,030,709 4,852,503 - - -
Total Liablities 6,657,166 7,561,503 9,049,162 9,137,979 8,506,032 8,936,360
Common Stock, Total 447,174 447,174 447,174 447,174 447,174 447,174 830 830 830
Additional Paid-In Capital 330 330 330 330 330 330 47 47 47
Differences arising from transaction with non-controlling interest (54) (54) (54)
Apropriate Retained Earnings (Accumulated Deficit) 39,000 41,000 43,000 45,000 47,000 47,000 51 56 61
Unapropriated Retained Earnings (Accumulated Deficit) 5,636,490 6,702,646 7,857,855 9,174,328 10,524,378 11,347,256
Other Equity, Total (1,504) (5,080) (5,712) (3,966) (7,812) (3,283)
Sub-total Equity 6,121,490 7,186,070 8,342,648 9,662,866 11,011,070 11,838,478 874 879 884
Non-controling Interest 143,766 168,277 199,897 237,074 260,398 282,482
Equity Net 6,265,256 7,354,346 8,542,544 9,899,940 11,271,468 12,120,960 874 879 884
Total Liabilities & Shareholders' Equity 12,922,422 14,915,850 17,591,706 19,037,919 19,777,501 21,057,320 874 879 884
Total Common Shares Outstanding 1,660 1,660 1,660 1,660 1,660 1,660 1,660 1,660 1,660
 1Q13 Vs Our
Income Statements FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 (T1 x 4) FY2022 FY2023 FY2024 FY2025 1Q12 1Q13 Growth (%) FY13F FY13F
in Millions of Rupiah
Total Revenue 18,349,960 20,816,674 24,060,802 25,026,739 24,476,954 29,341,749 33,743,011 38,804,463 44,625,132 51,318,902
Cost of Revenue, Total 13,449,537 15,841,619 17,664,149 17,109,499 17,177,831 20,642,747 18,558,656 21,924,521 25,436,325 29,251,774

Gross Profit 4,900,422 4,975,055 6,396,654 7,917,241 7,299,123 8,699,002 15,184,355 16,879,941 19,188,807 22,067,128
Marketing & Selling Expenses (2,078,014) 1,909,487 3,045,558 4,027,987 3,769,235 3,942,195 4,811,771 5,873,159 7,168,669 8,749,945

General & Adm Expenses (507,166) 605,008 723,203 716,990 698,960 772,273 404,257 211,614 110,772 57,985

Total Operating Expense (2,585,180) 2,514,495 3,768,762 4,744,976 4,468,195 4,714,468 5,216,027 6,084,772 7,279,441 8,807,931
Operating Income (EBIT) 7,485,603 2,460,559 2,627,892 3,172,265 2,830,928 3,984,534 20,400,382 22,964,714 26,468,248 30,875,058
Financial Charges (356,714) (386,922) (492,639) (355,075) (353,822) (320,413)

Gain on disposal assets 2,402 3,064 1,709 2,388 1,965 148

(Loss) / gain on Forex - Net (124,336) 91,363 163,690 (206,362) 116,986 622,768

Interest Income Net 14,888 36,493 46,799 52,353 51,405 24,918

Others - Net 15,007 (10,279) 34,491 38,898 36,426 42,541

Other income / (expenses) (20,806) (7,394) (245,950) (467,798) (147,040) 369,962

Net Income Before Taxes 7,016,044 2,186,885 2,381,942 2,704,467 2,683,888 3,052,660 3,510,559 4,037,143 4,642,715 5,339,122

Provision for Income Taxes (457,007) (555,931) (621,508) (665,062) 585,722 763,165 877,640 1,009,286 1,160,679 1,334,780
- - - - - -
Net Income After Taxes 6,559,037 1,630,954 1,760,434 2,039,404 2,098,166 2,289,495 4,388,199 5,046,429 5,803,393 6,673,902

Other Comprehensive Income (Expenses) (42,959) (60,813) 44,314 (19,354) (3,846) (18,118) - - - -
Minority Interest (0) (0) (0) 0 (53,565) - - - -

Net Income 6,516,077 1,570,140 1,804,748 2,020,051 2,040,756 2,307,613 4,388,199 5,046,429 5,803,393 6,673,902
Basic Weighted Average Shares 1,660 1,660 1,660 1,660 - - 47 47 47 47
EPS 61 71 77 89 42 37 93,615 107,657 123,805 142,376

Closing Price
PER

To find CAGR:
Initial amount: (3,055)
Ending amount: 444
Years of investment: 5
CAGR (%): (2)

Dividend Paid 0 1 1 1 1 1 1 1 1
1,694,180 800,772 1,082,849 1,010,025 1,020,378 1,153,806 2,194,099 2,523,214 2,901,697
BVS 3,774 4,430 5,146 5,964 #DIV/0! #DIV/0! 19 19 19

Compare to
Our FY12F FY12A our forecast
Revenue 12,155 25,026,739 2,058
Gross Profit 5,956 7,917,241 1,328
Gross Profit Margin 0 0 (0)
Income Before Tax 2,112 2,704,467 1,280
Net Income 1,679 2,020,051 1,202
 Cash Flow Statement FY2017 FY2018 FY2019 FY2020 FY2021-I FY2022 FY2023 FY2024
In Millions IDR

Cash Flow From Operating

Net Income 1,570,140 1,804,748 2,020,051 2,040,756 2,307,613
Depreciation & Amort 0 0 0 0 0
Working Capital =
Chg. Accounts Receivable (1,714,330) 27,594 (327,833) 770,746 (384,191)
Chg. Inventory 298,409 (1,526,529) 561,162 (14,478) 318,250
Chg. Accrued Expenses (53,884) 162,213 247,747 (283,310) 103,412
Chg. Account Payable 424,688 (203,016) (213,076) 493,516 549,733
Other
Other - Other CA 60 0 0 0 0
Chg. Prepaid Taxes 23,269 (182,243) 165,260 (23,702) 93,951
Chg. Prepaid Expenses 8,523 (11,377) (2,853) 5,711 (26,418)
Chg. Advances for purchases 108,382 12,693 (37,630) (5,117) (298,696)
Chg. Taxes Payable (7,797) (69,989) 135,353 (49,736) 200,366
Chg. Short Time Bank Loan 350,000 (134,000) (500,000) (950,000) (50,000)
Chg. Unearned Income - - - - -
Chg. CPLTD 126,571 535,674 (708,174) 538,494 (194,978)
Chg. Other current liabilities (250,000) 0 0 0 0
Net - CFFO 884,031 415,767 1,340,005 2,522,880 2,619,042

Cash Flow From Investing

CAPEX
Chg. Fixed Assets (Net) (129,337) (269,543) (416,663) (1,368,238) 61,375
Chg. Intangible Assets
Other
Chg. Long Term Portion of Prepaid Rent 0 0 0 0 0
Chg. Right of use assets building 0 0 0 (228,563) 17,875
Chg. Defered tax assets (34,108) (7,003) (6,606) (8,821) (2,826)
Chg. Adv Purchase Equipment 110,055 (419,361) (892,423) 938,375 (40,168)
Chg. Other fixed assets 1,240
Chg. Guarantee Deposit (6,860) (6,290) (2,276) (9,708) (349)
(5,620) (6,290) (2,276) (9,708) (349)
Net - CFFI (59,011) (702,197) (1,317,968) (676,955) 35,906

Cash Flow From Financing

Non-current Liabilities 314,761 1,196,776 1,126,968 (380,910) (178,206)
Equity (481,050) (616,550) (662,655) (669,228) (1,458,121)
Net - CFFE (166,289) 580,226 464,313 (1,050,138) (1,636,328)

Dampak perubahan kurs

NET CASH FLOW 658,730 293,796 486,350 795,787 1,018,621 0 0

Cash at the Beginning 1,543,129 2,201,859 2,495,655 2,982,005 3,777,791

Cash at the End 2,201,859 2,495,655 2,982,005 3,777,791 4,796,412 0 0
Check 0 0 0 0 0 0 0 0
ECONOMIC INDICATORS FY2016 FY2017
IDR/USD 9,400
Inflation (%) 2.8%
GDP (in billion IDR) 2,176,976
GDP growth (%) 4.5%
GDP - F,B,T Sector 155,720
growth (%) 11.3%
BI Rate 6.50%
Jumlah uang beredar 2,029,114
(in billion IDR) 7.0%
Jumlah penduduk 168,264,448
> 15 tahun 1.0%

FY2016 FY2017

Revenue 18,349,960 20,816,674

Cost of Revenue 13,449,537 15,841,619
Variable Cost (%) 73% 76%
Gross Profit 4,900,422 4,975,055
Gross Profit Margin 27% 24%
Revenue growth 13.44%
Marketing & Selling Expenses (2,078,014) (1,909,487)
Growth -8.1%
General & Adm Expenses (507,166) (605,008)
Growth 19.3%

Total Operating Income (EBIT) 7,485,603 2,460,559

Net Income Before Tax (EBT) 7,016,044 2,186,885
EBIT Margin 0.41 0.12
EBT Margin 0.38 0.11
EAT 6,559,036.55 1,630,953.83
Tax 457,007.14 555,930.77
Tax (%) (0.07) (0.25)

Basic Weighted Average Shares 22,358,699,725 22,358,699,725

EPS 61.00 71.00

Financial Charges (356,714) (386,922)

Ratio -0.05084 -0.17693
 FY2018 FY2019 FY2020 FY2021 (I)

FY2018 FY2019 FY2020 FY2021 (T1 x 4)

24,060,802 25,026,739 24,476,954 29,341,749

17,664,149 17,109,499 17,177,831 20,642,747
73% 68% 70% 55%
6,396,654 7,917,241 7,299,123 8,699,002
27% 32% 30% 45%
15.58% 4.01% -2.20% 19.88%
(3,045,558) (4,027,987) 3,769,235 3,942,195
59.5% 32.3% -193.6% 4.6%
723,203 716,990 698,960 772,273
-219.5% -0.9% -2.5% 10.5%

2,627,892 3,172,265 2,830,928 3,984,534

2,381,942 2,704,467 2,683,888 3,052,660
0.11 0.13 0.12 0.14
0.10 0.11 0.11 0.10
1,760,434.28 2,039,404.21 2,098,166.26 2,289,495.13
621,507.92 665,062.37 585,721.77 763,165.04
(0.26) (0.25) 0.22 25%

22,358,699,725 22,358,699,725 22,358,699,725 22,358,699,725

77.00 89.00 42.00 37.00

(492,639) (355,075) (353,822) (320,413)

-0.20682 -0.13129 -0.13183 -0.10496
FY2022 FY2023 FY2024

FY2022 FY2023 FY2024 FY2025

33,743,011 38,804,463 44,625,132 51,318,902

18,558,656 21,924,521 25,436,325 29,251,774
55% 57% 57% 57%

45% 43.5% 43% 43%

4,811,771 5,873,159 7,168,669 8,749,945

22.1% 22.1% 22.1% 22.1%
404,257 211,614 110,772 57,985
-48% -48% -48% -48%

20,400,382 22,964,714 26,468,248 30,875,058

3,510,559 4,037,143 4,642,715 5,339,122
0.60 0.59 0.59 0.60
0.10 0.10 0.10 0.10

25% 25% 25% 25%

(469,642) (540,088) (621,102) (714,267)

-0.13378 -0.13378 -0.13378 -0.13378
Aktiva Lancar
Receivable FY2016 FY2017 FY2018

Accounts Receivable - Trade, Net 4,364,284.55 5,744,121.82 5,572,866.72

Receivables - Other 24,114.83 358,607.52 502,268.89

Revenue 18,349,959.90 20,816,673.95 24,060,802.40

Receivable Turnover 4.20 3.62 4.32
Avg. Receivable Turnover 4.42
Other Receivable/Trade Receivable 0.01 0.06 0.09
Avg. OR/TR 0.05

Inventories 2,123,676.04 1,825,267.16 3,351,796.32

Avg. Inventory 2,579,297
COGS 13,449,537.44 15,841,619.19 17,664,148.87
Inventory Turnover 5.21 6.14 6.85

Prepaid Expenses 32,099.71 23,576.95 34,954.43

Marketing & Selling Expenses (2,078,014) 1,909,487 3,045,558
Ratio Prepaid Expenses dari Marketing & Selling Exp (0.02) 0.01 0.01

Prepaid Taxes 467,429 444,160 626,404

Prepaid Tax tahun sebelum (dr catatan)
Rasio
Prepaid Tax tahun berjalan
Tax Expenses (457,007) (555,931) (621,508)
Rasio tax expenses
Rasio Prepaid tax tahun berjalan/total prepaid tax

Advances for Purchases 184,988.73 76,606.39 63,913.55

Operating Expense (2,585,180) 2,514,495 3,768,762
Bobot Advances dari Operating Expenses (0.072) 0.030 0.017

Passiva Lancar
Short Term Bank Loan 1,284,000 1,634,000 1,500,000
Ratio 0.48 0.47 0.48

Trade Payable 1,329,633 1,717,219 1,551,172

Ratio 0.49 0.50 0.50

Others Payable 74,184 111,286 74,318

Ratio 0.03 0.03 0.02

Total 2,687,817 3,462,505 3,125,489

Financial Ratios (356,714) (386,922) (492,639)
Ratio (0.13) (0.11) (0.16)
Taxes Payable 139,294 131,496 61,508
Revenue 18,349,960 20,816,674 24,060,802
Ratio 0.008 0.006 0.003

Accrued Expenses 339,087 285,203 447,416

General & Adm Expenses (507,166) 605,008 723,203
Ratio Accrued Expenses (0.67) 0.47 0.62
 FY2019 FY2020 FY2021 (I) FY2022 FY2023

5,901,994.05 5,463,984.74 6,668,579.26 7,668,866.15 8,819,196.07

500,974.80 168,238.24 365,112.84 419,879.76 482,861.73

25,026,739.47 24,476,953.74 29,341,748.75 33,743,011.07 38,804,462.73

4.24 4.48 4.40 4.40 4.40
4.42
0.08 0.03 0.05 0.05 0.05
0.05

2,790,633.95 2,805,111.59 2,579,297.01 2,946,007.74 3,480,306.42

79,297
17,109,498.53 17,177,830.78 20,642,746.55 18,558,656.09 21,924,521.44
6.63 6.66 6.30 6.30 6.30

37,807.46 32,096.16 20,719.10 25,289.36 30,867.72

4,027,987 3,769,235 3,942,195.02 4,811,770.60 5,873,158.54
0.01 0.01 0.01 0.01 0.01

461,144 484,846

(665,062) 585,722 763,165 877,640 1,009,286

101,543.57 106,660.95 19,931.52 22,051.98 25,724.80

4,744,976 4,468,195 4,714,468 5,216,027 6,084,772
0.021 0.024 0.004 0.004 0.004

1,000,000 50,000 0.00 1,020,235 1,173,270

0.41 0.03 0.00 0.31 0.31

1,312,183 1,591,797 2,145,506 2,029,076.79 2,333,438.31

0.54 0.81 0.87 0.62 0.62

100,230 314,132 310,157 224,809 258,530

0.04 0.16 0.13 0.07 0.07

2,412,413 1,955,929 2,455,662 3,274,120.28 3,765,238.33

(355,075) (353,822) (320,412.53) (469,642.12) (540,088.44)
(0.15) (0.18) (0.13) (0.14) (0.14)
 196,860 147,124 347,490 237,235 272,820
25,026,739 24,476,954 29,341,749 33,743,011 38,804,463
0.008 0.006 0.012 0.007 0.007

695,163 411,853 515,265 1,070,258 560,241

716,990 698,960 772,273 404,257 211,614
0.97 0.59 0.67 2.65 2.65
FY2024 FY2025

10,142,075.49 11,663,386.81
555,290.99 638,584.64

44,625,132.14 51,318,901.96
4.40 4.40

0.05 0.05

4,037,771.43 4,643,437.14

25,436,325.32 29,251,774.12
6.30 6.30

37,676.57 45,987.33
7,168,669.10 8,749,945.43
0.01 0.01

1,160,679 1,334,780

30,775.54 37,237.59
7,279,441 8,807,931
0.004 0.004

1,349,261 1,551,650
0.31 0.31

2,683,454.06 3,085,972.17
0.62 0.62

297,309 341,906
0.07 0.07

4,330,024.08 4,979,527.69
(621,101.71) (714,266.96)
(0.14) (0.14)
 313,743 360,804
44,625,132 51,318,902
0.007 0.007

293,266 153,514
110,772 57,985
2.65 2.65
Umur Ekonomis 15 tahun
Nilai Residu 0
Metode Depresiasi Straight Line

Fixed Assets
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029
Aset Saat ini
Aset Awal 4,674,964 6,043,202 5,640,322 5,237,442 4,834,562 4,431,681 4,028,801 3,625,921 3,223,041 2,820,161
Depresiasi (1,368,238) 402,880 402,880 402,880 402,880 402,880 402,880 402,880 402,880 402,880
Aset Akhir 6,043,202 5,640,322 5,237,442 4,834,562 4,431,681 4,028,801 3,625,921 3,223,041 2,820,161 2,417,281

Aset Baru Awal FY2021 1,000,000 800,000 600,000 400,000 200,000 0

FY2022 5,000,000 4,750,000 4,500,000 4,250,000 4,000,000 3,750,000 3,500,000 3,250,000
FY2023
FY2024
FY2025
FY2026
FY2027
FY2028
FY2029
FY2030

Depresiasi Aset Baru FY2021 0 200,000 200,000 200,000 200,000 200,000

FY2022 250,000 250,000 250,000 250,000 250,000 250,000 250,000
FY2023
FY2024
FY2025
FY2026
FY2027
FY2028
FY2029
FY2030

Total Depresiasi Baru 402,880 602,880 852,880 852,880 852,880 852,880 652,880 652,880 652,880

Aset Baru (Bersih) FY20-5 1,000,000 600,000 400,000 200,000 0 (200,000) 0 0 0

FY20-6 5,000,000 4,500,000 4,250,000 4,000,000 3,750,000 3,500,000 3,250,000 3,000,000
FY20-7 0 0 0 0 0 0 0
FY20-8 0 0 0 0 0 0
 FY20-9 0 0 0 0 0
FY20-10
FY20-11
FY20-12
FY20-13
Total Aset Baru (Bersih) 1,000,000 5,600,000 4,900,000 4,450,000 4,000,000 3,550,000 3,500,000 3,250,000 3,000,000

Depresiasi 805,760 1,005,760 1,255,760 1,255,760 1,255,760 1,255,760 1,055,760 1,055,760 1,055,760
Total Aset Tetap (Bersih) 6,640,322 10,837,442 9,734,562 8,881,681 8,028,801 7,175,921 6,723,041 6,070,161 5,417,281
FY2030

2,417,281
402,880
2,014,401

Asset Baru - UE=20th; NR=0; SLM

3,000,000

250,000

652,880

2,750,000
2,750,000

1,055,760
4,764,401
Asumsi Keuangan

FY20-1 FY20-2 FY20-3 FY20-4

Tax Rate

(Dalam Hari)
Perputaran Piutang 87.3 107.0 92.2 93.4
Perputaran Persediaan 57.6 42.1 69.3 59.5
Perputaran Hutang Usaha 36.1 39.6 32.1 28.0

Asum si Depresiasi aset saat ini (tahun)

Asumsi Depresiasi aset baru (tahun)

Pembelian Aset Tetap

Fixed Assets

Penjualan Harta Tetap

Bunga Hutang Jangka Panjang

Bunga Hutang Jangka Pendek

Penarikan Hutang Jangka panjang

Jadwal Pelunasan

Prepaid Expenses -1.24% 0.94% 0.93% 0.80%

Prepaid Expenses 32,100 23,577 34,954 37,807
Total Expenses -2,585,180 2,514,495 3,768,762 4,744,976

Intangible Assets 0 0 0 0
0 0 0

Others Fixed Assets 1,240 0 0 0

-1,240 0 0

Short Term Loan 1,284,000 1,634,000 1,500,000 1,000,000

Others Payable 74,184 111,286 74,318 100,230
1,358,184 1,745,286 1,574,318 1,100,230
Financial Charges -356,714 -386,922 -492,639 -355,075
-26.3% -22.2% -31.3% -32.3%

Taxes Payable 139,294 131,496 61,508 196,860

Revenue 18,349,960 20,816,674 24,060,802 25,026,739
0.00759095766 0.00631687829 0.00255634563 0.00786600525

Apropriated RE 39,000 41,000 43,000 45,000

Unappropritaed RE 5,636,490 6,702,646 7,857,855 9,174,328
Total RE 5,675,490 6,743,646 7,900,855 9,219,328
5,551,451 7,747,622 8,838,057

Net Income 6,516,077 1,570,140 1,804,748 2,020,051

Dividend 1694180 800772 1082849 1010025
RE 4,821,897 769,369 721,899 1,010,025

Cash& Cash Eq 1,543,129 2,201,859 2,495,655 2,982,005

Int Income Net 14,888 36,493 46,799 52,353
1.0% 1.7% 1.9% 1.8%

Leasing Mesin Kopi

Nilai asset 100,000,000
Jangka waktu Pinjaman/Leasing 5
2021 2022 2023 2024
Cicilan/Utang Leasing
Paid 20,000,000 40,000,000 60,000,000 80,000,000
CPLTD 20,000,000 20,000,000 20,000,000 20,000,000
LTD 60,000,000 40,000,000 20,000,000 -

Buka Gerai di UNTAR

Nilai Asset 300,000,000
Pinjam Bank
Bunga dibayar Tahunan (10% per tahun) 30,000,000 150,000,000
Pokok Pinjaman dibayar setiap tahun 60,000,000 per tahun
Jangka waktu pinjaman 5

2021 2022 2023 2024

Paid 90,000,000 180,000,000 270,000,000 360,000,000
CPLTD 90,000,000 90,000,000 90,000,000 90,000,000
LTD 270,000,000 180,000,000 90,000,000 -

450,000,000 450,000,000 450,000,000 450,000,000

 FY20-5 FY20-6 FY20-7 FY20-8 FY20-9

95.0 95.0 95.0 95.0 95.0

57.1 57.1 57.1 57.1 57.1
33.9 33.9 33.9 33.9 33.9

13
20

1000 500 500 500 500

0.35% -0.10% -0.55% -1.00% -1.45%

15495 -4866 -28856 -61043 -105786
4,468,195 4,714,468 5,216,027 6,084,772 7,279,441

-20 -40 -60 -80 -100

20 20 20 20 20

-620 -610 -915 -1,063 -1,289

-620 10 -305 -147.5 -226.25

1261333 1181778 1147704 1196938 1175473

100,287 100,344 100,401 100,458 100,515
1,361,620 1,282,122 1,248,105 1,297,396 1,275,988
-432757 -410633 -398209 -414730 -407496
-31.8% -32.0% -31.9% -32.0% -31.9%

127,554 191,854 198,236 240,849 269,572

24,476,954 ### ### ### ###
0.00521117544 0.00653859 0.00587488 0.00620674 0.00604081

47,000 47,000 51 56 61
10,203,058 ### ### ### ###
10,250,058 ### ### ### ###
10,250,058 ### ### ### ###

2,040,756 2,307,613 4,388,199 5,046,429 5,803,393

1020378 1153806 2194099 2523214 2901697
 1,020,378 1,153,806 2,194,099 2,523,214 2,901,697

3,777,791 4,796,412 54,854 63,456 475,773

57,871 73,475 840 972 7,288
1.5% 1.5% 1.5% 1.5% 1.5%
52 73 95 129 171

2025

100,000,000
-
-

2025
450,000,000
-
-

450,000,000
 WACC

Cost of Capital %

Cost of Equity 11.10%

Risk Free 7.00% (Deposito after Tax)
Beta 1.03 Dari yahoo
Risk Premium 4.00% RM-RF
RM: IHSG 2020 -5.00%

Cost of Debt 8.00%

Interest 10%
Tax 20.0%

Capital Structure
Equity (pake market value) 100 80%
Debt - 20%

WACC 10.48%
 Free Cash Flow To Firm
FY20-5 FY20-6 FY20-7 FY20-8 FY20-9 FY20-10
EBIT
Beban Bunga
EBT
Beban pajak
EAT 0 0 0 0 0

Depresiasi dan amortisasi

Capital Expenditure (Capex)
Perubahan modal kerja
Penambahan (Pengurangan Hutang)

Arus kas bersih 0 0 0 0 0 0

Tahun 1 2 3 4 5 5
Pertumbuhan 6.00%
Cost Of Equity 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Discount Factor 1 1 1 1 1 1

Nilai kini 0 0 0 0 0 0

Nilai usaha 0
Interest Bearing Debt #ERROR!
Ekuitas #VALUE!

Lack of Marketability Discount 0% #VALUE!

Premium Control 0% #VALUE!
Nilai Pasar Wajar Ekuitas #VALUE!

Outstanding Shares 0
Fair Value #VALUE!
Discounted Cash Flow
FY20-5 FY20-6 FY20-7 FY20-8 FY20-9
(in million rupiah)
DCF 1 2 3 4 5
EBIT 2,683,888 3,052,660 3,510,559 4,037,143 4,642,715
Tax 585,722 763,165 877,640 1,009,286 1,160,679
NOPAT atau EAT 2,098,166 2,289,495 2,632,919 3,027,857 3,482,036
Depreciation & Amort 0 0 0 0 0
Changes in Working Capital Err:509 Err:509 Err:509 Err:509 Err:509
Changes in other asset, net of liabilities Err:509 Err:509 Err:509 Err:509 Err:509
Gross Investments Err:509 Err:509 Err:509 Err:509 Err:509
Capex (1,596,801) 79,250 0 0 0
FCFF Err:509 Err:509 Err:509 Err:509 Err:509
Discount Factor 1.07 1.15 1.23 1.31 1.41
PV Err:509 Err:509 Err:509 Err:509 Err:509
Total PV Err:509
Net Debt Err:509
EV Err:509
Total No. of share 0
EV/share 2,578
Market Price as Of end-May 2020 2000
Recoomendation BUY

Terminal Growth Rate 5.00%

WACC 7.05%
Beta 1.2 liat di Yahoo
Risk-Free Rate 5.00%
Market Risk Premium 2.00% IHSG - Rf
Cost of Equity 7.40%
Interest 8%
Tax Rate 20.00%
Cost of Debt 6.4%
Equity/(equity+debt) (%) 65%
Net Debt/(equity+net debt) (%) 35%

rs=CAPM 7.40%
G=Double at 2020 10%
Do #REF!
D1 #VALUE!
Po #VALUE!
Treminal Value

Err:509
1.41
Err:509

FR0026
 Multiples ABCD EFGH IJKL MNOP QRST
P/S
PER
PBV

Variabel Multiplier Bobot

Basis Penilaian Indikasi Bobot
Fundamental (Mean) Tertimbang
P/S (FY13F) #DIV/0! #DIV/0! 0.33333 #DIV/0!
EPS (FY13F) #DIV/0! #DIV/0! 0.33333 #DIV/0!
BVS (FY13F) #DIV/0! #DIV/0! 0.33333 #DIV/0!
Harga Wajar Saham UNVR #DIV/0!

PEG Ratio
Detail FY20-4 FY20-5 FY20-6 FY20-7 FY20-8
EPS
EPS growth
Fair PEG Ratio 1 1 1 1 1
PER (x) 0.00 0.00 0.00 0.00 0.00
Fair Market Price 0 0 0 0 0
UVWX Mean
#DIV/0!
#DIV/0!
#DIV/0!

FY20-9

1
0.00
0