Stock ACES PT ACE HARDWARE INDONESIA TBK
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Financials PT Ace Hardware Indonesia Tbk

Equities

ACES

ID1000125503

Home Improvement Products & Services Retailers

End-of-day quote INDONESIA S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
910 IDR -6.67% Intraday chart for PT Ace Hardware Indonesia Tbk -1.09% +26.39%
Apr. 01 PT Ace Hardware Indonesia Tbk Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Nomura Adjusts Ace Hardware Indonesia's Price Target to IDR910 From INR490, Keeps at Neutral MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 25,590,286 29,305,299 21,914,099 8,491,713 12,326,681 15,579,555 - -
Enterprise Value (EV) 2 24,291 27,086 19,370 7,067 10,889 14,066 14,142 14,184
P/E ratio 24.8 x 40 x 31.1 x 12.8 x 16.1 x 18 x 16.2 x 14.2 x
Yield 1.21% 1.06% 2.51% - - 3.05% 3.19% 3.49%
Capitalization / Revenue 3.14 x 3.95 x 3.35 x 1.26 x 1.62 x 1.86 x 1.7 x 1.53 x
EV / Revenue 2.98 x 3.65 x 2.96 x 1.04 x 1.43 x 1.68 x 1.54 x 1.39 x
EV / EBITDA 19 x 27.2 x 20.7 x 5.92 x 8.18 x 11.7 x 10.8 x 9.8 x
EV / FCF 24.6 x 19.7 x 15.9 x 13.8 x 8.88 x 23.9 x 19.4 x 21.8 x
FCF Yield 4.06% 5.08% 6.3% 7.24% 11.3% 4.18% 5.15% 4.58%
Price to Book 5.41 x 5.64 x 4 x 1.44 x 2.01 x 2.34 x 2.19 x 2.01 x
Nbr of stocks (in thousands) 17,117,248 17,087,638 17,120,390 17,120,390 17,120,390 17,120,390 - -
Reference price 3 1,495 1,715 1,280 496.0 720.0 910.0 910.0 910.0
Announcement Date 4/21/20 5/5/21 3/30/22 3/31/23 4/1/24 - - -
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 8,143 7,413 6,543 6,763 7,612 8,397 9,166 10,178
EBITDA 1 1,279 995.2 936.9 1,194 1,332 1,201 1,311 1,448
EBIT 1 1,163 853.1 787.7 746.7 863.1 1,047 1,147 1,333
Operating Margin 14.28% 11.51% 12.04% 11.04% 11.34% 12.47% 12.52% 13.1%
Earnings before Tax (EBT) 1 1,280 923.3 858.9 820.8 953 1,118 1,260 1,408
Net income 1 1,030 733.2 704.4 664.3 763.5 870.3 1,007 1,137
Net margin 12.65% 9.89% 10.76% 9.82% 10.03% 10.36% 10.98% 11.17%
EPS 2 60.33 42.86 41.18 38.83 44.63 50.53 56.35 64.16
Free Cash Flow 3 986,666 1,375,619 1,220,977 511,349 1,226,349 588,400 729,000 650,000
FCF margin 12,117.16% 18,557.43% 18,659.77% 7,561.2% 16,111.02% 7,006.85% 7,953.18% 6,386.4%
FCF Conversion (EBITDA) 77,150.44% 138,225.53% 130,322.84% 42,816.61% 92,073.64% 48,986.39% 55,598.99% 44,899.84%
FCF Conversion (Net income) 95,783% 187,619.64% 173,339.55% 76,970.65% 160,620.43% 67,610.81% 72,424.17% 57,180.56%
Dividend per Share 2 18.10 18.10 32.15 - - 27.75 29.05 31.78
Announcement Date 4/21/20 5/5/21 3/30/22 3/31/23 4/1/24 - - -
1IDR in Billions2IDR3IDR in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2023 Q3 2023 Q4
Net sales 1 1,299 1,849 - - - 1,859 2,118
EBITDA - - - - - - -
EBIT 1 60.26 432.1 - - - 195.5 328
Operating Margin 4.64% 23.37% - - - 10.52% 15.49%
Earnings before Tax (EBT) - - - - - - -
Net income 45.92 - - - - 183.4 -
Net margin 3.54% - - - - 9.87% -
EPS 2.680 22.31 8.970 5.200 6.390 - -
Dividend per Share - - - 20.59 - - -
Announcement Date 10/31/21 3/30/22 4/30/22 7/29/22 11/1/22 10/31/23 4/1/24
1IDR in Billions
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 1,300 2,220 2,544 1,425 1,437 1,513 1,438 1,395
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 2 986,666 1,375,619 1,220,977 511,349 1,226,349 588,400 729,000 650,000
ROE (net income / shareholders' equity) 23% 14.9% 13.2% 11.6% 12.7% 13.3% 14.4% 14.8%
ROA (Net income/ Total Assets) 18.3% 10.6% 9.76% 9.21% 10.2% 11.2% 12.1% 12.3%
Assets 1 5,621 6,944 7,218 7,210 7,501 7,780 8,319 9,280
Book Value Per Share 3 276.0 304.0 320.0 344.0 359.0 389.0 416.0 452.0
Cash Flow per Share 3 67.90 89.90 76.30 36.20 79.30 32.10 61.90 69.00
Capex 1 173 163 84.4 107 130 169 199 238
Capex / Sales 2.12% 2.2% 1.29% 1.59% 1.71% 2.01% 2.17% 2.34%
Announcement Date 4/21/20 5/5/21 3/30/22 3/31/23 4/1/24 - - -
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 Ace Hardware Indonesia Tbk

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
910 IDR
Average target price
940.3 IDR
Spread / Average Target
+3.33%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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