Bukitm

DB:TBA

Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

TBA

IDR43,216B

Market Cap

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Last updated 2019/03/24 20:32

Company description

PT Bukit Asam Tbk, together with its subsidiaries, engages in coal mining activities primarily in Indonesia. The last earnings update was 13 days ago. More info.

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TBA Share Price and Events

7 Day Returns

0.4%

DB:TBA

-0.6%

DE Oil and Gas

-1.8%

DE Market

1 Year Returns

63.9%

DB:TBA

7.3%

DE Oil and Gas

-7.3%

DE Market

TBA Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Bukitm (TBA)	0.4%	-3.6%	1.7%	63.9%	180.9%	94%
DE Oil and Gas	-0.6%	1.6%	15%	7.3%	7.4%	36.6%
DE Market	-1.8%	-0.2%	6.8%	-7.3%	7.5%	6.9%

1 Year Return vs Industry and Market

TBA outperformed the Oil and Gas industry which returned 7.3% over the past year.
TBA outperformed the Market in Germany which returned -7.3% over the past year.

Price Volatility

TBA

Industry

5yr Volatility vs Market

Related Companies

BHP Group

ASX:BHP

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Value

Is Bukitm undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Here we compare the current share price of Bukitm to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bukitm.

DB:TBA Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 15 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	6%
Perpetual Growth Rate	10-Year DE Government Bond Rate	0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:TBA
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year DE Govt Bond Rate	0.2%
Equity Risk Premium	S&P Global	6%
Oil and Gas Unlevered Beta	Simply Wall St/ S&P Global	0.94
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.941 (1 + (1- 25%) (1.93%))	0.97
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	0.97
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 0.23% + (0.97 * 5.96%)	6.01%

Discounted Cash Flow Calculation for DB:TBA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bukitm is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:TBA DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (IDR, Millions)	Source	Present Value Discounted (@ 6.01%)
2019	4,768,300.00	Analyst x1	4,498,079.77
2020	3,917,220.00	Analyst x4	3,485,821.36
2021	5,092,400.00	Analyst x1	4,274,774.93
2022	4,615,557.07	Est @ -9.36%	3,654,924.85
2023	4,316,179.54	Est @ -6.49%	3,224,166.12
2024	4,123,160.45	Est @ -4.47%	2,905,438.75
2025	3,996,909.58	Est @ -3.06%	2,656,864.42
2026	3,913,973.91	Est @ -2.07%	2,454,293.96
2027	3,859,800.74	Est @ -1.38%	2,283,164.05
2028	3,825,044.49	Est @ -0.9%	2,134,382.77
Present value of next 10 years cash flows			IDR31,571,910.97

DB:TBA DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = IDR3,825,044.49 × (1 + 0.23%) ÷ (6.01% – 0.23%)	IDR66,334,350.18
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = IDR66,334,350.18 ÷ (1 + 6.01%)¹⁰	IDR37,014,705.12

DB:TBA Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = IDR31,571,910.97 + IDR37,014,705.12	IDR68,586,616.09
Equity Value per Share (IDR)	= Total value / Shares Outstanding = IDR68,586,616.09 / 10,540.38	IDR6507.04

DB:TBA Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in DB:TBA represents 6.0E-5x of IDX:PTBA (This could be a different class, a depositary receipt, a different currency, or all of these things.)	6.0E-5x
Value per Share (Listing Adjusted, EUR)	= Value per Share (IDR) x Listing Adjustment Factor = IDR 6,507.04 x 6.0E-5	€0.38
Value per share (EUR)	From above.	€0.38
Current discount	Discount to share price of €0.24 = -1 x (€0.24 - €0.38) / €0.38	37%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount

Amount off the current price Bukitm is available for.

37%

Share price is €0.241 vs Future cash flow value of €0.38249

Current Discount Checks

For Bukitm to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.

Bukitm's share price is below the future cash flow value, and at a moderate discount (> 20%).
Bukitm's share price is below the future cash flow value, but not at a substantial discount (< 40%).

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bukitm's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Bukitm's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

DB:TBA PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-12-31) in IDR	IDR476.64
IDX:PTBA Share Price **	IDX (2019-03-22) in IDR	IDR4100
Germany Oil and Gas Industry PE Ratio	Median Figure of 5 Publicly-Listed Oil and Gas Companies	16.26x
Germany Market PE Ratio	Median Figure of 423 Publicly-Listed Companies	18.27x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bukitm.

DB:TBA PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= IDX:PTBA Share Price ÷ EPS (both in IDR) = 4100 ÷ 476.64	8.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Bukitm is good value based on earnings compared to the DE Oil and Gas industry average.
Bukitm is good value based on earnings compared to the Germany market.

Price based on expected Growth

Does Bukitm's expected growth come at a high price?

Raw Data

DB:TBA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	8.6x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts	-2.5%per year
Europe Oil and Gas Industry PEG Ratio	Median Figure of 61 Publicly-Listed Oil and Gas Companies	0.87x
Germany Market PEG Ratio	Median Figure of 275 Publicly-Listed Companies	1.39x

*Line of best fit is calculated by linear regression .

DB:TBA PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 8.6x ÷ -2.5%	-3.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Bukitm earnings are not expected to grow next year, we can't assess if its growth is good value.

Price based on value of assets

What value do investors place on Bukitm's assets?

Raw Data

DB:TBA PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-12-31) in IDR	IDR1,519.41
IDX:PTBA Share Price *	IDX (2019-03-22) in IDR	IDR4100
Germany Oil and Gas Industry PB Ratio	Median Figure of 7 Publicly-Listed Oil and Gas Companies	1.08x
Germany Market PB Ratio	Median Figure of 572 Publicly-Listed Companies	1.78x

DB:TBA PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= IDX:PTBA Share Price ÷ Book Value per Share (both in IDR) = 4100 ÷ 1,519.41	2.7x

* Primary Listing of Bukitm.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Bukitm is overvalued based on assets compared to the DE Oil and Gas industry average.

Show me more potentially undervalued companies in the Oil and Gas industry

Value checks

We assess Bukitm's value by looking at:

Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

How is Bukitm expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!

-2.5%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Bukitm expected to grow at an attractive rate?

Bukitm's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.

Growth vs Market Checks

Bukitm's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
Bukitm's revenue growth is positive but not above the Germany market average.

Annual Growth Rates Comparison

Raw Data

DB:TBA Future Growth Rates Data Sources
Data Point	Source	Value (per year)
DB:TBA Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts	-2.5%
DB:TBA Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts	4.3%
Germany Oil and Gas Industry Earnings Growth Rate	Market Cap Weighted Average	11%
Europe Oil and Gas Industry Revenue Growth Rate	Market Cap Weighted Average	1.4%
Germany Market Earnings Growth Rate	Market Cap Weighted Average	11.2%
Germany Market Revenue Growth Rate	Market Cap Weighted Average	5.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations

Raw Data

DB:TBA Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (2 months ago)	See Below
Future Estimates	Average of up to 15 Analyst Estimates (S&P Global)	See Below

All numbers in IDR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

DB:TBA Future Estimates Data
Date (Data in IDR Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2021-12-31	23,646,360	6,081,200	4,304,526	3
2020-12-31	23,375,078	5,452,500	4,932,136	13
2019-12-31	22,315,166	5,325,717	4,897,636	15

DB:TBA Past Financials Data
Date (Data in IDR Millions)	Revenue	Cash Flow	Net Income *
2018-12-31	21,166,993	7,867,786	5,023,946
2018-09-30	22,219,465	6,771,479	5,780,509
2018-06-30	20,971,189	6,026,246	5,477,160
2018-03-31	20,672,973	6,452,426	5,056,765
2017-12-31	19,471,030	2,415,444	4,476,444
2017-09-30	17,304,294	3,239,515	3,580,287
2017-06-30	16,292,122	2,087,227	2,950,893
2017-03-31	15,061,171	2,300,499	2,544,443
2016-12-31	14,058,869	1,928,346	2,006,188
2016-09-30	13,385,152	829,953	1,582,064
2016-06-30	14,092,119	1,593,275	1,952,518
2016-03-31	14,112,736	1,468,482	2,028,151

*GAAP earnings excluding extraordinary items.

High Growth Checks

Bukitm's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
Bukitm's revenue is expected to grow by 4.3% yearly, however this is not considered high growth (20% yearly).

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

DB:TBA Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (2 months ago)	See Below
Future Estimates	Average of up to 15 Analyst Estimates (S&P Global)	See Below

All data from Bukitm Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TBA Future Estimates Data
Date (Data in IDR Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2021-12-31	358.99	358.99	358.99	1.00
2020-12-31	455.75	617.00	324.69	10.00
2019-12-31	473.44	565.00	413.00	8.00

DB:TBA Past Financials Data
Date (Data in IDR Millions)	EPS *
2018-12-31	476.64
2018-09-30	548.42
2018-06-30	519.64
2018-03-31	479.78
2017-12-31	424.69
2017-09-30	346.51
2017-06-30	283.69
2017-03-31	242.98
2016-12-31	190.33
2016-09-30	146.10
2016-06-30	180.94
2016-03-31	187.72

*GAAP earnings excluding extraordinary items.

Performance in 3 years

In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.

Bukitm is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).

Future performance checks

We assess Bukitm's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
Is the Return on Equity in 3 years expected to be over 20%? (1 check)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bukitm has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

How has Bukitm performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.

Past earnings growth

Below we compare Bukitm's growth in the last year to its industry (Oil and Gas).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

Bukitm has delivered over 20% year on year earnings growth in the past 5 years.
Bukitm's 1-year earnings growth is less than its 5-year average (12.2% vs 27.1%)
Bukitm's earnings growth has not exceeded the Europe Oil and Gas industry average in the past year (12.2% vs 25.3%).

Earnings and Revenue History

Bukitm's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from Bukitm Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TBA Past Revenue, Cash Flow and Net Income Data
Date (Data in IDR Millions)	Revenue	Net Income *	G+A Expenses
2018-12-31	21,166,993.00	5,023,946.00	2,597,540.00
2018-09-30	22,219,465.00	5,780,509.00	2,456,582.00
2018-06-30	20,971,189.00	5,477,160.00	2,322,589.00
2018-03-31	20,672,973.00	5,056,765.00	2,304,897.00
2017-12-31	19,471,030.00	4,476,444.00	2,245,253.00
2017-09-30	17,304,294.00	3,580,287.00	2,024,633.00
2017-06-30	16,292,122.00	2,950,893.00	1,950,012.00
2017-03-31	15,061,171.00	2,544,443.00	1,921,703.00
2016-12-31	14,058,869.00	2,006,188.00	1,806,833.00
2016-09-30	13,385,152.00	1,582,064.00	1,684,851.00
2016-06-30	14,092,119.00	1,952,518.00	1,727,446.00
2016-03-31	14,112,736.00	2,028,151.00	1,710,066.00
2015-12-31	13,845,199.00	2,035,911.00	1,723,465.00
2015-09-30	13,923,534.00	1,784,299.00	1,785,590.00
2015-06-30	13,162,186.00	1,499,871.00	1,834,371.00
2015-03-31	13,261,345.00	1,664,769.00	1,839,158.00
2014-12-31	13,077,962.00	1,860,738.00	1,796,153.00
2014-09-30	12,741,838.00	2,164,535.00	1,636,175.00
2014-06-30	12,202,929.00	2,112,054.00	1,602,679.00
2014-03-31	11,525,469.00	1,869,264.00	1,589,289.00
2013-12-31	11,209,219.00	1,826,144.00	1,606,231.00
2013-09-30	10,996,333.00	1,948,169.00	1,664,383.00
2013-06-30	11,237,769.00	2,214,733.00	1,671,408.00
2013-03-31	11,349,935.00	2,525,951.00	1,654,581.00
2012-12-31	11,594,057.00	2,900,113.00	1,688,980.00
2012-09-30	11,548,184.00	2,958,455.00	1,748,135.00
2012-06-30	11,252,178.00	3,030,564.00	1,704,928.00
2012-03-31	11,287,987.00	3,192,855.00	1,736,353.00

*GAAP earnings excluding extraordinary items.

Performance last year

We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.

Bukitm has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
Bukitm used its assets more efficiently than the DE Oil and Gas industry average last year based on Return on Assets.
Bukitm has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Show me more strong past performing companies in the Oil and Gas industry

Past performance checks

We assess Bukitm's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bukitm has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

How is Bukitm's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bukitm's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Bukitm is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Bukitm's cash and other short term assets cover its long term commitments.

Balance sheet

This treemap shows a more detailed breakdown of Bukitm's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

High level of physical assets or inventory.
Debt is covered by short term assets, assets are 14.1x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from Bukitm Company Filings, last reported 2 months ago.

DB:TBA Past Debt and Equity Data
Date (Data in IDR Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-12-31	16,269,696.00	832,395.00	6,624,733.00
2018-09-30	14,921,935.00	867,770.00	6,437,134.00
2018-06-30	13,629,250.00	744,047.00	4,859,389.00
2018-03-31	15,130,346.00	630,202.00	8,306,526.00
2017-12-31	13,799,985.00	973,503.00	3,964,071.00
2017-09-30	12,909,294.00	805,890.00	3,653,887.00
2017-06-30	11,980,935.00	1,088,405.00	3,397,863.00
2017-03-31	11,317,731.00	2,194,971.00	4,619,539.00
2016-12-31	10,552,405.00	2,368,524.00	4,393,644.00
2016-09-30	9,588,526.00	2,473,323.00	3,563,613.00
2016-06-30	9,204,442.00	1,950,881.00	3,385,970.00
2016-03-31	9,552,179.00	2,104,077.00	3,594,564.00
2015-12-31	9,287,547.00	2,022,057.00	3,739,216.00
2015-09-30	9,504,781.00	2,220,566.00	4,573,719.00
2015-06-30	8,796,033.00	2,301,232.00	4,275,443.00
2015-03-31	8,321,409.00	2,506,466.00	4,575,275.00
2014-12-31	8,525,078.00	2,255,416.00	4,335,759.00
2014-09-30	8,155,227.00	1,359,656.00	4,623,581.00
2014-06-30	7,721,899.00	150,123.00	3,432,377.00
2014-03-31	7,104,398.00	100,053.00	3,645,291.00
2013-12-31	7,551,569.00	77,890.00	3,430,900.00
2013-09-30	6,675,048.00	57,258.00	3,288,515.00
2013-06-30	6,252,895.00	58,447.00	3,323,603.00
2013-03-31	8,990,872.00	65,471.00	6,143,705.00
2012-12-31	8,505,169.00	44,585.00	6,089,618.00
2012-09-30	8,463,616.00	68,398.00	5,527,281.00
2012-06-30	7,999,541.00	86,193.00	4,723,620.00
2012-03-31	9,037,371.00	69,507.00	7,114,719.00

Bukitm's level of debt (5.1%) compared to net worth is satisfactory (less than 40%).
The level of debt compared to net worth has increased over the past 5 years (1% vs 5.1% today).
Debt is well covered by operating cash flow (945.2%, greater than 20% of total debt).
Bukitm earns more interest than it pays, coverage of interest payments is not a concern.

Show me more healthy companies in the Oil and Gas industry

Financial health checks

We assess Bukitm's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

Full details on the Health part of the Simply Wall St company analysis model.

Dividends

What is Bukitm's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

7.76%

Current annual income from Bukitm dividends. Estimated to be 6.48% next year.

If you bought €2,000 of Bukitm shares you are expected to receive €155 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

Bukitm's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.52%).
Bukitm's dividend is above the markets top 25% of dividend payers in Germany (3.89%).

Annualized Historical and Future Dividends

It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.

Raw Data

DB:TBA Annualized Past and Future Dividends
Data Point	Source	Value
Past Annualized Dividend Yield	S&P Global Market Data	See Below
Past Dividends per Share	Company Filings/ Annualized Dividend Payments	See Below
Future Dividends per Share Estimates	Average of up to 15 Analyst Estimates (S&P Global)	See Below
Europe Oil and Gas Industry Average Dividend Yield	Market Cap Weighted Average of 61 Stocks	5.1%
Germany Market Average Dividend Yield	Market Cap Weighted Average of 328 Stocks	3.2%
Germany Minimum Threshold Dividend Yield	10th Percentile	0.9%
Germany Bottom 25% Dividend Yield	25th Percentile	1.5%
Germany Top 25% Dividend Yield	75th Percentile	3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:TBA Future Dividends Estimate Data
Date (Data in IDR)	Dividend per Share (annual)	Avg. No. Analysts
2021-12-31	175.39	5.00
2020-12-31	277.06	12.00
2019-12-31	290.02	13.00

DB:TBA Past Annualized Dividends Data
Date (Data in IDR)	Dividend per share (annual)	Avg. Yield (%)
2018-07-23	318.000	7.471
2018-03-08	318.000	9.145
2017-07-28	57.200	2.288
2017-03-16	57.200	2.399
2016-03-02	58.000	3.152
2015-04-30	64.800	5.388
2015-03-04	64.800	3.083
2014-10-30	92.200	3.857
2014-07-21	92.200	3.608
2014-04-28	92.200	4.324
2014-02-27	92.400	4.861
2013-07-26	138.460	6.182
2013-02-28	144.000	5.290
2012-07-25	160.700	5.174
2012-03-06	160.700	4.777
2011-10-28	104.620	2.812
2011-06-10	104.624	2.794
2011-03-10	104.620	2.432
2010-03-09	106.520	2.858
2009-07-29	26.400	0.869
2009-03-25	74.200	3.659

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
Dividends per share have increased over the past 10 years.

Current Payout to shareholders

What portion of Bukitm's earnings are paid to the shareholders as a dividend.

Dividends paid are covered by earnings (1.5x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).

Show me more dividend paying companies in the Oil and Gas industry

Income/ dividend checks

We assess Bukitm's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Bukitm afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

Management

What is the CEO of Bukitm's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Arviyan Arifin

AGE	54
TENURE AS CEO	3.2 years

CEO Bio

Mr. Arviyan Arifin has been President Director of PT Bukit Asam Tbk since April 14, 2016. Mr. Arifin earned his Bachelor degree in Industrial Technology in Institut Teknologi Bandung. His prior experience includes working for PT United Tractors Engineering in 1988, taking part in Officer Development Program in Duta Bank in 1988, and working in the same bank with Head of Corporate Department of Duta Bank, the main branch in Surabaya, as his highest position in 1991. He joined PT Bank Muamalat Tbk in 1991 and filled some vital positions, which included Head of Asset Restructurization Team, Vice President of Credit and Marketing, Business Director and President Director.

CEO Compensation

Insufficient data for Arviyan to compare compensation growth.
Insufficient data for Arviyan to establish whether their remuneration is reasonable compared to companies of similar size in Germany.

Management Team Tenure

Average tenure and age of the Bukitm management team in years:

1.8

Average Tenure

Average Age

The average tenure for the Bukitm management team is less than 2 years, this suggests a new team.

1.8 yrs

- Suherman

TITLE

Senior Manager of Treasury and Budgeting

Hiras Siahaan

TITLE

Chief Executive Officer of Executive Office

Average Age

The average tenure for the Bukitm board of directors is less than 3 years, this suggests a new board.

0.3 yrs

Who owns this company?

Recent Insider Trading

No 3 month insider trading information.

Recent Insider Transactions

Announced	Type	Name	Entity	Role		Start	End	Shares	Max Price (€)	Value (€)

Management checks

We assess Bukitm's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

PT Bukit Asam Tbk, together with its subsidiaries, engages in coal mining activities primarily in Indonesia. The company’s coal mining activities include general surveying, exploration, exploitation, processing, refining, transportation, and trading. It maintains maintenance of special coal port facilities; operates of steam power plants; and provides consulting services related to the coal mining industry and production. In addition, the company offers briquette processing, palm plantation and processing, and health services. It also operates in China, India, Hong Kong, the Philippines, Cambodia, Bangladesh, Malaysia, Pakistan, Thailand, Vietnam, Taiwan, Japan, South Korea, Singapore, Switzerland, and Canada. The company was formerly known as PT Bukit Asam Persero Tbk and changed its name to PT Bukit Asam Tbk in November 2017. PT Bukit Asam Tbk was founded in 1950 and is headquartered in Tanjung Enim, Indonesia. PT Bukit Asam Tbk operates as a subsidiary of PT Alam Tri Abadi

Details

Name:	PT Bukit Asam Tbk
Ticker:	TBA
Exchange:	DB
Founded:	1950
Market Cap:	IDR2,693,821,432
Shares outstanding:	10,540,375,750
Website:	http://www.ptba.co.id
Address:	PT Bukit Asam Tbk Jl. Parigi No.1, Tanjung Enim, Sumtera Selatan, 31716, Indonesia

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
IDX	PTBA	Series B Shares	Indonesia Stock Exchange	ID	IDR	23. Dec 2002
DB	TBA	Series B Shares	Deutsche Boerse AG	DE	EUR	23. Dec 2002
OTCPK	TBNG.Y	UNSPONSORED ADR	Pink Sheets LLC	US	USD	27. Apr 2010

Number of employees

Current staff

Bukitm employees.

Industry

Industry:	Coal and Consumable Fuels
Sector:	Energy

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/03/24 20:32
End of day share price update:	2019/03/22 00:00
Last estimates confirmation:	2019/03/19
Last earnings filing:	2019/03/11
Last earnings reported:	2018/12/31
Last annual earnings reported:	2018/12/31

All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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