Financials PT United Tractors Tbk

Equities

UNTR

ID1000058407

Coal

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-07-14 pm EDT			5-day change	1st Jan Change
23,750 ^IDR	+1.06%		-1.04%	+4.97%

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	86,255,467	-	-
Enterprise Value (EV) ²	82,291	91,204	58,488	60,201	82,448	85,132	76,545	72,691
P/E ratio	7.1 x	16.5 x	8.04 x	4.59 x	3.99 x	5.12 x	5.71 x	5.5 x
Yield	5.64%	0.64%	5.6%	-	-	8.96%	7.9%	7.67%
Capitalization / Revenue	0.95 x	1.64 x	1.04 x	0.77 x	0.64 x	0.74 x	0.76 x	0.74 x
EV / Revenue	0.97 x	1.51 x	0.74 x	0.49 x	0.64 x	0.73 x	0.67 x	0.62 x
EV / EBITDA	3.28 x	5 x	2.47 x	1.6 x	2.12 x	2.57 x	2.43 x	2.25 x
EV / FCF	383 x	5.82 x	2.89 x	2.51 x	10.9 x	4.7 x	4.61 x	4.4 x
FCF Yield	0.26%	17.2%	34.6%	39.9%	9.14%	21.3%	21.7%	22.7%
Price to Book	1.38 x	1.65 x	1.21 x	1.12 x	1.04 x	1.03 x	0.91 x	0.83 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	23,750	23,750	23,750
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	116,083	114,238	116,951
EBITDA ¹	25,123	18,240	23,640	37,573	38,965	33,122	31,517	32,307
EBIT ¹	16,605	8,294	14,876	29,133	29,723	23,844	21,322	22,113
Operating Margin	19.67%	13.74%	18.72%	23.57%	23.12%	20.54%	18.66%	18.91%
Earnings before Tax (EBT) ¹	15,477	7,011	14,462	29,446	28,720	23,746	21,176	22,022
Net income ¹	11,312	6,003	10,280	21,005	20,612	17,279	15,579	16,328
Net margin	13.4%	9.95%	12.94%	16.99%	16.03%	14.88%	13.64%	13.96%
EPS ²	3,033	1,609	2,756	5,679	5,675	4,636	4,162	4,315
Free Cash Flow ³	214,681	15,678,804	20,237,253	24,002,911	7,532,311	18,109,500	16,605,500	16,529,000
FCF margin	254.27%	25,981.18%	25,468.32%	19,418.66%	5,857.92%	15,600.41%	14,535.87%	14,133.23%
FCF Conversion (EBITDA)	854.52%	85,960.61%	85,604.85%	63,883.8%	19,331.18%	54,674.33%	52,687.48%	51,161.76%
FCF Conversion (Net income)	1,897.8%	261,174.11%	196,866.51%	114,271.8%	36,543.73%	104,807.65%	106,588.35%	101,229.84%
Dividend per Share ²	1,213	171.0	1,240	-	-	2,129	1,877	1,822
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 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	33,192	-	-	-	-	-	-	-	-	30,986	-	29.02	61.43	-	-	-	-
EBITDA ¹	-	-	-	-	9,520	-	-	-	-	-	-	8,912	18,201	-	-	-	-
EBIT ¹	5,305	-	-	-	-	-	-	-	-	8,523	-	6,135	12,728	-	-	-	-
Operating Margin	15.98%	-	-	-	-	-	-	-	-	27.5%	-	21,142.05%	20,719.18%	-	-	-	-
Earnings before Tax (EBT) ¹	4,995	-	-	-	-	-	-	-	-	-	6,090	6,258	12,349	-	-	-	-
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	4,510	9,058	-	-	-	-
Net margin	12.23%	-	-	-	-	-	-	-	-	16.99%	-	15,542.08%	14,745%	-	-	-	-
EPS ²	-	660.0	1,158	1,618	1,507	1,396	1,466	1,622	1,138	1,449	1,252	1,088	-	1,160	1,209	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	-	-	-	278	-	-	-
Net Cash position ¹	-	8,017	24,135	35,279	-	1,124	9,710	13,564
Leverage (Debt/EBITDA)	0.0796 x	-	-	-	0.007139 x	-	-	-
Free Cash Flow ²	214,681	15,678,804	20,237,253	24,002,911	7,532,311	18,109,500	16,605,500	16,529,000
ROE (net income / shareholders' equity)	20.2%	10.1%	16%	27.4%	25.1%	20.6%	16.5%	15.1%
ROA (Net income/ Total Assets)	9.92%	5.68%	9.68%	16.6%	14%	11.6%	9.73%	10.2%
Assets ¹	113,997	105,757	106,181	126,520	147,253	148,986	160,180	160,112
Book Value Per Share ³	15,606	16,162	18,380	23,321	21,821	22,991	25,985	28,611
Cash Flow per Share ³	2,530	4,975	6,242	8,893	7,254	7,012	6,074	6,013
Capex ¹	9,221	2,878	3,048	8,889	18,815	12,052	13,072	12,844
Capex / Sales	10.92%	4.77%	3.84%	7.19%	14.63%	10.38%	11.44%	10.98%
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

23,750 IDR

Average target price

27,179 IDR

Spread / Average Target

+14.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Coal Mining Support

	1st Jan change	Capi.
PT UNITED TRACTORS TBK	+4.97%	5.33B
XINJIANG XUEFENG SCI-TECH(GROUP)CO.,LTD	-3.91%	979M
PT. INDIKA ENERGY TBK	-9.76%	416M
REFEX INDUSTRIES LIMITED	+86.75%	315M
LANNA RESOURCES	-5.88%	209M
PT MANDIRI HERINDO ADIPERKASA TBK	+2.07%	203M
SOUTHGOBI RESOURCES LTD.	+28.21%	108M
PT DANA BRATA LUHUR TBK	-8.33%	56.8M

Coal Mining Support