Analisa Keuangan

(Rp Million) 2011 2012 2013 2014 2015 2016

Aset Lancar 190,274 219,818 363,881 420,316 812,990 949,414
Aset tidak Lancar 568,862 985,126 1,458,808 1,722,577 1,893,332 1,970,226
Total Aset 759,136 1,204,944 1,822,689 2,142,893 2,706,322 2,919,640
Liabilitas Lancar 148,209 195,455 320,197 307,608 395,920 320,501
Liabilitas tidak Lancar 64,486 342,881 715,153 881,702 1,121,868 1,156,387
Total Liabilitas 212,695 538,336 1,035,350 1,189,310 1,517,788 1,476,888
Laba Ditahan 272,203 392,370 513,100 679,345 915,064 1,127,741
Ekuitas 546,441 666,607 787,337 953,583 1,188,534 1,442,751
Penjualan 813,342 1,190,825 1,505,519 1,880,262 2,174,501 2,521,920
Laba Kotor 379,403 556,412 698,602 901,421 1,154,990 1,301,088
Laba Usaha 153,226 199,403 232,391 298,723 453,658 443,044
Laba Bersih 115,932 149,149 158,015 188,648 270,538 279,960
Saham Beredar 5,062 5,062 5,062 5,062 5,062 5,062
Harga saham 665 1,380 1,020 1,385 1,265 1,600

Rasio (%)

GPM (%) 47% 47% 46% 48% 53% 52%

OPM (%) 19% 17% 15% 16% 21% 18%
NPM (%) 14% 13% 10% 10% 12% 11%
ROE (%) 21% 22% 20% 20% 23% 19%
ROA (%) 15% 12% 9% 9% 10% 10%
EDR (x) 2.57 1.24 0.76 0.80 0.78 0.98
EER (%) 50% 59% 65% 71% 77% 78%
Mkt Cap (billion Rp) 3,366,230 6,985,560 5,163,240 7,010,870 6,403,430 8,099,200
Mkt Cap/Assets (x) 6.2 10.5 6.6 7.4 5.4 5.6
EPS 22.9 29.5 31.2 37.3 53.4 55.3
growth % 29% 6% 19% 43% 3%
BVPS 108 132 156 188 235 285
growth % 22% 18% 21% 25% 21%
Annualized P/E 29.0 46.8 32.7 37.2 23.7 28.9
Annualized P/BV 6.2 10.5 6.6 7.4 5.4 5.6

Profitability Margin
12%
11%
13% 10%
10%
21%
18%
17% 15% 16%
53% 52%
47% 46% 48%
 12%
11%
13% 10%
10%
21%
18%
17% 15% 16%
53% 52%
47% 46% 48%

2012 2013 2014 2015 2016

NPM (%) OPM (%) GPM (%)

60 55.3
50%
53.4
45%
50 43% 40%
35%
40 37.3
29% 30%
29.5 31.2
30 25%
20%
20 19%
15%
10%
10
6% 3% 5%
0 0%
2012 2013 2014 2015 2016

EPS growth %
 Data Kuartalan Tahun Stock Equity
4 2 1.3 (Rp billion)
Q1 Q2 Q3 Q1 Q2 Q3 1,418,835
895,810 833,090 2017
2,028,502 2,069,627 2018
2,924,312 2,902,717 2019
289,112 796,069 2020
1,178,394 687,813 2021
1,467,506 1,483,882 2022 Kotak kuning: kotak yang harus diisi
1,146,166 1,096,598 2023 Kotak biru: hasil perhitungan
1,456,806 1,418,835 2024
602,453 1,183,649 2,409,812 2,367,298 0 2025
298,961 602,651 1,195,844 1,205,302 0 2026
54,910 96,916 219,640 193,832 0 2027
27,747 46,243 110,988 92,486 0
5,062 5,062 5,062
1,640 1,200

50% 51% #DIV/0!

9% 8% #DIV/0!
5% 4% #DIV/0!
8% 7% #DIV/0!
4% 3% #DIV/0! Benjamin Graham Formula
0.99 0.96 #DIV/0!
79% 77% #DIV/0! Growth 15
8,301,680 6,074,400 0 Risk Free Rate 4.8
5.7 4.3 #DIV/0! Corporate Bond 7.0
21.9 18.3 0.0
287.8 280.3 0.0 Value 1445
74.8 65.7 #DIV/0!
5.7 4.3 #DIV/0! Mos 20%
Fair Value 1156

ROE (%) ROA (%)

25%
22% 23%
21%
20% 20% 19%
20%

15%
15%
12%
10%
10% 10%
9% 9%
25%
22% 23%
21%
20% 20% 19%
20%

15%
15%
12%
10%
10% 10%
9% 9%
5%

0%
2011 2012 2013 2014 2015 2016

300 30%

25%
250 25%
22% 21% 21%
200 18% 20%

150 285 15%

235
100 188 10%
156
132
50 5%

0 0%
2012 2013 2014 2015 2016
BVPS growth %
 Shares Volume Book Value Current EPS Growth Rate EPS Next Year Total EPS
(million) (Rp) (Rp) (%) (Rp) (Rp)
5,062 280 18 -11.3 16 5
16 -11.3 14 5
14 -11.3 13 4
13 -11.3 11 4
11 -11.3 10 4
10 -11.3 9 3
yang harus diisi 9 -11.3 8 3
8 -11.3 7 3
7 -11.3 6 3
6 -11.3 6 3
6 -11.3 5 2
5 -11.3 4 2

CAGR? Laba Awal Laba Akhir CAGR

149,149 92,486 -11.3
0.62 0.887
Interest Rate? BI Rate (%) Sukuk Rate (%)
7.00 7.70

MOS? Current Price Intrinsic MOS (%)

1,235 1,416 14.7
Interest Rate Discounted EPS Nilai Intrinsik
(1 + %) (Rp) (Rp)
1.08 5 283
1.08 4
1.08 4
1.08 4
1.08 3
1.08 3
1.08 3
1.08 3
1.08 3
1.08 2
1.08 2
1.08 2