Financials PT United Tractors Tbk

Equities

UNTR

ID1000058407

Coal

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
22,075 ^IDR	-0.90%		-2.32%	-2.43%

Apr. 29	PT United Tractors Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 05	PT United Tractors Tbk entered into a Sale and Purchase Agreement to acquire an unknown stake in PT Supreme Energy Rantau Dedap from INPEX GEOTHERMAL, LTD. and Merit Power Holdings B.V. , Axia Power Holdings B.V., and Tohoku Power Investment Company B.V for $80.7 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	80,291,159	99,221,595	82,622,493	95,480,435	82,169,682	80,172,187	-	-
Enterprise Value (EV) ²	82,291	91,204	58,488	60,201	82,170	79,171	56,316	67,732
P/E ratio	7.1 x	16.5 x	8.04 x	4.59 x	3.99 x	4.77 x	5.38 x	5.17 x
Yield	5.64%	0.64%	5.6%	-	-	9.64%	8.28%	8.15%
Capitalization / Revenue	0.95 x	1.64 x	1.04 x	0.77 x	0.64 x	0.69 x	0.7 x	0.69 x
EV / Revenue	0.97 x	1.51 x	0.74 x	0.49 x	0.64 x	0.68 x	0.49 x	0.58 x
EV / EBITDA	3.28 x	5 x	2.47 x	1.6 x	2.11 x	2.42 x	1.88 x	2.18 x
EV / FCF	383 x	5.82 x	2.89 x	2.51 x	-	4.37 x	3.85 x	5.24 x
FCF Yield	0.26%	17.2%	34.6%	39.9%	-	22.9%	26%	19.1%
Price to Book	1.38 x	1.65 x	1.21 x	1.12 x	-	0.94 x	0.85 x	0.77 x
Nbr of stocks (in thousands)	3,730,135	3,730,135	3,730,135	3,661,762	3,631,809	3,631,809	-	-
Reference price ³	21,525	26,600	22,150	26,075	22,625	22,075	22,075	22,075
Announcement Date	2/27/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

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	84,430	60,347	79,461	123,607	128,583	115,972	114,144	116,450
EBITDA ¹	25,123	18,240	23,640	37,573	38,965	32,769	29,977	31,065
EBIT ¹	16,605	8,294	14,876	29,133	29,723	24,050	20,975	21,883
Operating Margin	19.67%	13.74%	18.72%	23.57%	23.12%	20.74%	18.38%	18.79%
Earnings before Tax (EBT) ¹	15,477	7,011	14,462	29,446	28,720	23,740	20,917	21,761
Net income ¹	11,312	6,003	10,280	21,005	20,612	17,413	15,328	16,135
Net margin	13.4%	9.95%	12.94%	16.99%	16.03%	15.01%	13.43%	13.86%
EPS ²	3,033	1,609	2,756	5,679	5,675	4,629	4,104	4,271
Free Cash Flow ³	214,681	15,678,804	20,237,253	24,002,911	-	18,109,500	14,620,000	12,933,000
FCF margin	254.27%	25,981.18%	25,468.32%	19,418.66%	-	15,615.35%	12,808.37%	11,106.02%
FCF Conversion (EBITDA)	854.52%	85,960.61%	85,604.85%	63,883.8%	-	55,263.46%	48,770.55%	41,631.45%
FCF Conversion (Net income)	1,897.8%	261,174.11%	196,866.51%	114,271.8%	-	103,999.63%	95,383.28%	80,154.88%
Dividend per Share ²	1,213	171.0	1,240	-	-	2,128	1,828	1,799
Announcement Date	2/27/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	33,192	-	-	-	-	-	-	-	-	30,986	-	-	-	-	-	-
EBITDA	-	-	-	-	9,520	-	-	-	-	-	-	-	-	-	-	-
EBIT	5,305	-	-	-	-	-	-	-	-	8,523	-	-	-	-	-	-
Operating Margin	15.98%	-	-	-	-	-	-	-	-	27.5%	-	-	-	-	-	-
Earnings before Tax (EBT)	4,995	-	-	-	-	-	-	-	-	-	6,090	-	-	-	-	-
Net income ¹	4,061	2,462	4,321	6,036	5,510	5,139	5,323	5,893	4,132	5,263	4,547	4,855	3,405	4,336	-	-
Net margin	12.23%	-	-	-	-	-	-	-	-	16.99%	-	-	-	-	-	-
EPS ²	-	660.0	1,158	1,618	1,507	1,396	1,466	1,622	1,138	1,449	1,252	1,195	1,036	1,186	788.1	1,090
Dividend per Share ²	-	905.0	-	-	-	-	-	-	-	-	-	-	-	3,039	-	-
Announcement Date	7/29/20	2/25/22	4/27/22	7/28/22	10/31/22	2/27/23	4/18/23	7/31/23	10/31/23	2/27/24	4/29/24	-	-	-	-	-

¹IDR in Billions²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,000	-	-	-	-	-	-	-
Net Cash position ¹	-	8,017	24,135	35,279	-	1,001	23,856	12,440
Leverage (Debt/EBITDA)	0.0796 x	-	-	-	-	-	-	-
Free Cash Flow ²	214,681	15,678,804	20,237,253	24,002,911	-	18,109,500	14,620,000	12,933,000
ROE (net income / shareholders' equity)	20.2%	10.1%	16%	27.4%	-	20.3%	16.4%	15.5%
ROA (Net income/ Total Assets)	9.92%	5.68%	9.68%	16.6%	-	11.6%	9.64%	10.2%
Assets ¹	113,997	105,757	106,181	126,520	-	150,242	158,980	158,217
Book Value Per Share ³	15,606	16,162	18,380	23,321	-	23,489	25,966	28,541
Cash Flow per Share ³	2,530	4,975	6,242	8,893	-	7,012	6,074	6,013
Capex ¹	9,221	2,878	3,048	8,889	-	12,052	13,072	12,844
Capex / Sales	10.92%	4.77%	3.84%	7.19%	-	10.39%	11.45%	11.03%
Announcement Date	2/27/20	2/24/21	2/25/22	2/27/23	2/27/24	-	-	-

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 United Tractors Tbk

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

22,075 IDR

Average target price

27,085 IDR

Spread / Average Target

+22.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Coal Mining Support

	1st Jan change	Capi.
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XINJIANG XUEFENG SCI-TECH(GROUP)CO.,LTD	-1.59%	1B
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PT MANDIRI HERINDO ADIPERKASA TBK	+12.95%	224M
LANNA RESOURCES	-1.96%	214M
REFEX INDUSTRIES LIMITED	+12.33%	187M
SOUTHGOBI RESOURCES LTD.	+92.31%	163M
PT DANA BRATA LUHUR TBK	-10.26%	55.37M
METAROCK GROUP LIMITED	+116.00%	54.95M

Coal Mining Support