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Indofood Sukses Makmur

DB:ISM
Snowflake Description

Excellent balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ISM
DB
IDR61,902B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

PT Indofood Sukses Makmur Tbk produces and sells various food products in Indonesia and internationally. The last earnings update was 47 days ago. More info.


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ISM Share Price and Events
7 Day Returns
7.2%
DB:ISM
-0.3%
DE Food
-3.6%
DE Market
1 Year Returns
3.8%
DB:ISM
-7.3%
DE Food
-11.8%
DE Market
ISM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Indofood Sukses Makmur (ISM) 7.2% 15% -0.4% 3.8% -5.9% 3.5%
DE Food -0.3% 2.8% 6.6% -7.3% -6.3% 18.7%
DE Market -3.6% -2.1% -0.8% -11.8% 12% 5.8%
1 Year Return vs Industry and Market
  • ISM outperformed the Food industry which returned -7.3% over the past year.
  • ISM outperformed the Market in Germany which returned -11.8% over the past year.
Price Volatility
ISM
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Indofood Sukses Makmur's competitors could be found in our database.

ISM Value

 Is Indofood Sukses Makmur 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 Indofood Sukses Makmur 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 Indofood Sukses Makmur.

DB:ISM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 16 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.1%
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:ISM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.55
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.545 (1 + (1- 25%) (47.01%))
0.824
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.824 * 5.96%)
5.14%

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

The calculations below outline how an intrinsic value for Indofood Sukses Makmur 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:ISM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (IDR, Millions) Source Present Value
Discounted (@ 5.14%)
2019 5,333,000.00 Analyst x1 5,072,276.50
2020 5,162,000.00 Analyst x2 4,669,610.66
2021 4,110,000.00 Analyst x2 3,536,191.94
2022 3,459,529.83 Est @ -15.83% 2,831,016.65
2023 3,078,629.80 Est @ -11.01% 2,396,150.81
2024 2,843,461.98 Est @ -7.64% 2,104,919.25
2025 2,693,364.09 Est @ -5.28% 1,896,332.19
2026 2,595,684.09 Est @ -3.63% 1,738,211.11
2027 2,531,563.32 Est @ -2.47% 1,612,392.68
2028 2,489,519.15 Est @ -1.66% 1,508,095.45
Present value of next 10 years cash flows IDR27,365,197.23
DB:ISM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= IDR2,489,519.15 × (1 + 0.23%) ÷ (5.14% – 0.23%)
IDR50,796,217.79
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= IDR50,796,217.79 ÷ (1 + 5.14%)10
IDR30,771,221.40
DB:ISM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= IDR27,365,197.23 + IDR30,771,221.40
IDR58,136,418.63
Equity Value per Share
(IDR)
= Total value / Shares Outstanding
= IDR58,136,418.63 / 8,780.43
IDR6621.14
DB:ISM Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:ISM represents 6.0E-5x of IDX:INDF
(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 6,621.14 x 6.0E-5
€0.40
Value per share (EUR) From above. €0.40
Current discount Discount to share price of €0.43
= -1 x (€0.43 - €0.40) / €0.40
-6.5%

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

  • The current share price of Indofood Sukses Makmur is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Indofood Sukses Makmur's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Indofood Sukses Makmur's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:ISM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in IDR IDR492.79
IDX:INDF Share Price ** IDX (2019-06-14) in IDR IDR7050
Germany Food Industry PE Ratio Median Figure of 5 Publicly-Listed Food Companies 20.45x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.7x

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

** Primary Listing of Indofood Sukses Makmur.

DB:ISM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= IDX:INDF Share Price ÷ EPS (both in IDR)

= 7050 ÷ 492.79

14.31x

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

  • Indofood Sukses Makmur is good value based on earnings compared to the DE Food industry average.
  • Indofood Sukses Makmur is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Indofood Sukses Makmur's expected growth come at a high price?
Raw Data
DB:ISM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.31x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
8.4%per year
Europe Food Industry PEG Ratio Median Figure of 67 Publicly-Listed Food Companies 1.77x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

DB:ISM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.31x ÷ 8.4%

1.7x

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

  • Indofood Sukses Makmur is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Indofood Sukses Makmur's assets?
Raw Data
DB:ISM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in IDR IDR4,007.36
IDX:INDF Share Price * IDX (2019-06-14) in IDR IDR7050
Germany Food Industry PB Ratio Median Figure of 7 Publicly-Listed Food Companies 2.05x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.76x
DB:ISM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= IDX:INDF Share Price ÷ Book Value per Share (both in IDR)

= 7050 ÷ 4,007.36

1.76x

* Primary Listing of Indofood Sukses Makmur.

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

  • Indofood Sukses Makmur is good value based on assets compared to the DE Food industry average.
X
Value checks
We assess Indofood Sukses Makmur's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. Indofood Sukses Makmur has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

ISM Future Performance

 How is Indofood Sukses Makmur expected to perform in the next 1 to 3 years based on estimates from 16 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!
Annual Growth Rate
8.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Indofood Sukses Makmur expected to grow at an attractive rate?
  • Indofood Sukses Makmur's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Indofood Sukses Makmur's earnings growth is positive but not above the Germany market average.
  • Indofood Sukses Makmur's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:ISM Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:ISM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts 8.4%
DB:ISM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 6.8%
Germany Food Industry Earnings Growth Rate Market Cap Weighted Average 56.5%
Europe Food Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*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:ISM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in IDR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:ISM Future Estimates Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 89,545,936 8,877,614 5,441,173 10
2020-12-31 84,035,406 8,186,110 4,982,309 15
2019-12-31 78,275,687 10,342,667 4,617,744 14
DB:ISM Past Financials Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income *
2019-03-31 74,933,407 5,945,764 4,326,938
2018-12-31 73,394,728 5,935,829 4,166,101
2018-09-30 71,808,580 5,986,647 3,725,886
2018-06-30 70,534,309 7,239,701 3,884,612
2018-03-31 69,982,912 7,381,965 4,169,568
2017-12-31 70,186,618 6,507,806 4,156,222
2017-09-30 69,913,775 9,062,710 4,022,172
2017-06-30 68,227,252 8,684,956 3,922,324
2017-03-31 67,978,597 7,013,330 3,920,614
2016-12-31 66,659,484 7,175,603 3,730,146
2016-09-30 66,363,880 3,118,754 4,199,182
2016-06-30 65,511,325 2,552,633 3,199,145

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Indofood Sukses Makmur's earnings are expected to grow by 8.4% yearly, however this is not considered high growth (20% yearly).
  • Indofood Sukses Makmur's revenue is expected to grow by 6.8% 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:ISM 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 16 Analyst Estimates (S&P Global) See Below

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

DB:ISM Future Estimates Data
Date (Data in IDR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 620.68 755.55 487.80 10.00
2020-12-31 568.33 620.16 464.60 16.00
2019-12-31 523.86 555.55 502.20 12.00
DB:ISM Past Financials Data
Date (Data in IDR Millions) EPS *
2019-03-31 492.79
2018-12-31 474.48
2018-09-30 424.34
2018-06-30 442.42
2018-03-31 474.87
2017-12-31 473.35
2017-09-30 458.08
2017-06-30 446.71
2017-03-31 446.52
2016-12-31 424.83
2016-09-30 478.24
2016-06-30 364.35

*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.
  • Indofood Sukses Makmur is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Indofood Sukses Makmur's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. 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.
Indofood Sukses Makmur has a total score of 2/6, 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.

ISM Past Performance

  How has Indofood Sukses Makmur 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 Indofood Sukses Makmur's growth in the last year to its industry (Food).
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.
  • Indofood Sukses Makmur's year on year earnings growth rate has been positive over the past 5 years.
  • Indofood Sukses Makmur's 1-year earnings growth is less than its 5-year average (3.8% vs 13.2%)
  • Indofood Sukses Makmur's earnings growth has exceeded the Europe Food industry average in the past year (3.8% vs 2.4%).
Earnings and Revenue History
Indofood Sukses Makmur'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 Indofood Sukses Makmur Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ISM Past Revenue, Cash Flow and Net Income Data
Date (Data in IDR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 74,933,407.00 4,326,938.00 12,644,059.00
2018-12-31 73,394,728.00 4,166,101.00 12,283,723.00
2018-09-30 71,808,580.00 3,725,886.00 12,017,674.00
2018-06-30 70,534,309.00 3,884,612.00 11,666,866.00
2018-03-31 69,982,912.00 4,169,568.00 11,457,575.00
2017-12-31 70,186,618.00 4,156,222.00 11,307,271.00
2017-09-30 69,913,775.00 4,022,172.00 11,521,545.00
2017-06-30 68,227,252.00 3,922,324.00 11,268,650.00
2017-03-31 67,978,597.00 3,920,614.00 11,153,082.00
2016-12-31 66,659,484.00 3,730,146.00 11,066,104.00
2016-09-30 66,363,880.00 4,199,182.00 11,033,009.00
2016-06-30 65,511,325.00 3,199,145.00 10,707,914.00
2016-03-31 65,556,579.00 2,813,740.00 10,610,880.00
2015-12-31 64,061,947.00 2,490,163.00 10,381,049.00
2015-09-30 64,276,478.00 1,978,276.00 10,635,863.00
2015-06-30 64,745,584.00 2,699,718.00 10,655,268.00
2015-03-31 63,584,062.00 2,731,524.00 10,470,650.00
2014-12-31 63,594,452.00 3,196,551.00 10,143,602.00
2014-09-30 61,226,509.00 2,470,758.00 9,628,629.00
2014-06-30 60,174,288.00 2,045,279.00 9,157,694.00
2014-03-31 57,761,643.00 2,316,945.00 8,432,250.00
2013-12-31 55,623,657.00 1,913,106.00 8,048,698.00
2013-09-30 54,121,662.00 2,633,329.00 7,526,713.00
2013-06-30 52,558,022.00 3,280,710.00 7,290,624.00
2013-03-31 51,268,243.00 3,168,514.00 7,123,657.00
2012-12-31 50,201,548.00 3,261,176.00 6,838,031.00
2012-09-30 48,917,793.00 3,303,438.00 6,518,430.00
2012-06-30 48,065,065.00 3,180,549.00 6,262,208.00

*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.
  • Indofood Sukses Makmur has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Indofood Sukses Makmur used its assets less efficiently than the DE Food industry average last year based on Return on Assets.
  • Indofood Sukses Makmur has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Indofood Sukses Makmur's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. 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.
Indofood Sukses Makmur has a total score of 3/6, 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.

ISM Health

 How is Indofood Sukses Makmur'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 Indofood Sukses Makmur's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Indofood Sukses Makmur is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Indofood Sukses Makmur's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Indofood Sukses Makmur'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 1.2x 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 Indofood Sukses Makmur Company Filings, last reported 2 months ago.

DB:ISM Past Debt and Equity Data
Date (Data in IDR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 51,800,975.00 29,102,061.00 12,275,103.00
2018-12-31 49,916,800.00 30,157,135.00 12,928,189.00
2018-09-30 48,553,764.80 30,391,404.00 13,937,600.00
2018-06-30 47,172,799.00 26,234,275.00 15,287,261.00
2018-03-31 48,731,526.00 27,526,975.00 15,075,031.00
2017-12-31 47,102,766.00 24,671,619.00 14,490,157.00
2017-09-30 45,964,261.00 25,991,477.00 13,701,741.00
2017-06-30 44,459,268.00 26,504,206.00 17,029,090.00
2017-03-31 45,874,949.00 23,221,915.00 13,985,053.00
2016-12-31 43,941,423.00 22,964,182.00 13,896,374.00
2016-09-30 44,905,785.00 27,693,830.00 11,479,016.00
2016-06-30 43,676,574.00 28,626,020.00 12,900,155.00
2016-03-31 44,474,924.00 27,793,031.00 13,913,182.00
2015-12-31 43,121,593.00 27,605,841.00 14,166,683.00
2015-09-30 41,199,141.00 29,669,091.00 13,152,067.00
2015-06-30 40,634,066.00 29,650,538.00 13,688,291.00
2015-03-31 41,378,359.00 27,369,226.00 13,901,297.00
2014-12-31 40,274,198.00 26,933,590.00 14,822,959.00
2014-09-30 40,766,701.00 32,263,467.00 21,592,247.00
2014-06-30 39,616,397.00 30,732,983.00 21,065,488.00
2014-03-31 39,246,192.00 28,791,770.00 19,686,199.00
2013-12-31 37,891,756.00 27,356,147.00 17,757,326.00
2013-09-30 38,579,044.00 24,002,459.00 15,727,337.00
2013-06-30 34,314,163.00 18,040,749.00 14,059,105.00
2013-03-31 35,257,323.00 15,594,621.00 12,997,250.00
2012-12-31 34,140,237.00 15,323,590.00 13,898,607.00
2012-09-30 33,340,593.00 14,224,701.00 13,481,678.00
2012-06-30 32,064,689.00 13,832,213.00 14,333,572.00
  • Indofood Sukses Makmur's level of debt (56.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (73.4% vs 56.2% today).
  • Debt is well covered by operating cash flow (20.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.2x coverage).
X
Financial health checks
We assess Indofood Sukses Makmur's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Indofood Sukses Makmur has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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.

ISM Dividends

 What is Indofood Sukses Makmur'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
Dividend payments
3.36%
Current annual income from Indofood Sukses Makmur dividends. Estimated to be 3.92% next year.
If you bought €2,000 of Indofood Sukses Makmur shares you are expected to receive €67 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?
  • Indofood Sukses Makmur's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Indofood Sukses Makmur's dividend is below the markets top 25% of dividend payers in Germany (3.91%).
Upcoming dividend payment

Purchase Indofood Sukses Makmur before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:ISM 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 16 Analyst Estimates (S&P Global) See Below
Germany Food Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 1.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
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:ISM Future Dividends Estimate Data
Date (Data in IDR) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 299.16 11.00
2020-12-31 276.29 14.00
2019-12-31 257.41 13.00
DB:ISM Past Annualized Dividends Data
Date (Data in IDR) Dividend per share (annual) Avg. Yield (%)
2018-10-31 237.000 3.484
2018-10-15 237.000 4.081
2018-07-30 237.000 3.874
2018-03-21 237.000 3.520
2017-07-28 235.000 2.949
2017-03-24 235.000 2.782
2016-08-19 168.000 2.077
2016-03-28 168.000 2.300
2015-07-31 220.000 3.825
2015-03-20 220.000 3.200
2014-10-31 142.000 2.014
2014-07-25 142.000 2.045
2014-03-21 142.000 2.031
2013-08-26 185.000 2.725
2012-10-31 175.000 2.637
2012-08-28 175.000 3.106
2012-03-20 175.000 3.534
2011-08-24 133.000 2.668
2011-05-30 133.000 2.271
2010-08-26 93.000 1.851
2010-03-23 93.000 2.343
2009-08-31 47.000 1.421

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 Indofood Sukses Makmur's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Indofood Sukses Makmur's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Indofood Sukses Makmur afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Indofood Sukses Makmur has a total score of 4/6, see the detailed checks below.


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

ISM Management

 What is the CEO of Indofood Sukses Makmur'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
Anthoni Salim
AGE 69
TENURE AS CEO 15.4 years
CEO Bio

Mr. Anthoni Salim serves as the Chief Executive Officer and President of Salim Group. Mr. Salim serves as a Co-Owner of GA 1821 Pte. Ltd. He is the Owner of Droxford International Limited and Universal Integrated Corporation Consumer Products Pte Ltd. He has been the Chief Executive Officer at PT Indofood CBP Sukses Makmur Tbk since 2004. He has been the President Director of PT Indofood Sukses Makmur Tbk since December 2004. He serves as Chief Executive Officer at PT Indofood Sukses Makmur Tbk. He has been the President Director of PT Indofood CBP Sukses Makmur Tbk since September 2009. He has been the Chairman at First Pacific Company Limited since June 3, 2003 and has been its Director since 1981. He serves as President Commissioner at PT Fast Food Indonesia Tbk (formerly Fastfood Indonesia PT) since 1993. He serves as President Commissioner and Commissioner at PT Fast Food Indonesia Tbk (formerly Fastfood Indonesia PT) and PT. Asuransi Central Asia. He served as President Commissioner and Commissioner of PT Indomobil Sukses Internasional TBK. Mr. Salim serves as a Director of Indofood Sukses Makmur tbk PT. He has been a Director of First Pacific Company Ltd., since 1981. He serves as a Member of the Advisory Board at Rabo Bank of the Netherlands. He serves on the Boards of Advisors of several multinational companies. He has been a Non-Executive Director of Futuris Corp. Ltd., since March 4, 2003. He serves as a Member of International Advisory Board at Allianz SE (formerly, Allianz AG). He serves as a Director of Elders Australia Limited, a subsidiary of Futuris Corp. Ltd. He served as a Commissioner of Indofood Sukses Makmur tbk PT. He served as a Non-Executive Director of Elders Limited from March 4, 2003 to November 10, 2009. He served as a Member of GE International Advisory Board since September 1994. He joined the Asia Business Council in September 2004. Mr. Salim was awarded a Bachelor of Arts degree in Business from Ewell County Technical College in London, UK in 1971.

CEO Compensation
  • Insufficient data for Anthoni to compare compensation growth.
  • Insufficient data for Anthoni to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Indofood Sukses Makmur management team in years:

4
Average Tenure
58
Average Age
  • The tenure for the Indofood Sukses Makmur management team is about average.
Management Team

Anthoni Salim

TITLE
President Director & CEO
AGE
69
TENURE
15.4 yrs

Melia Setiawati

TITLE
General Manager of Compensation
AGE
46

Mark Wakeford

TITLE
Head of Investor Relations
TENURE
0.8 yrs

Franciscus Welirang

TITLE
Head of Corporate Human Resources
AGE
66
TENURE
0.8 yrs

Taufik Wiraatmadja

TITLE
Heads of the Noodles Division & Director
AGE
60

Tjang Moleonoto

TITLE
Heads the Plantations Division & Director
AGE
56

Axton Salim

TITLE
Heads the Dairy & oversees the Beverages Division and Director
AGE
39

Adrian Jogi

TITLE
Corporate Internal Audit Head
TENURE
7.3 yrs

Joedianto Soejonopoetro

TITLE
Heads the Distribution Group & Director
AGE
60

Sulianto Pratama

TITLE
Head of Food Seasoning Division & Director
AGE
53
Board of Directors Tenure

Average tenure and age of the Indofood Sukses Makmur board of directors in years:

12.5
Average Tenure
58.5
Average Age
  • The average tenure for the Indofood Sukses Makmur board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Anthoni Salim

TITLE
President Director & CEO
AGE
69
TENURE
14.5 yrs

Franciscus Welirang

TITLE
Head of Corporate Human Resources
AGE
66
TENURE
24.4 yrs

Taufik Wiraatmadja

TITLE
Heads of the Noodles Division & Director
AGE
60
TENURE
15.4 yrs

Tjang Moleonoto

TITLE
Heads the Plantations Division & Director
AGE
56
TENURE
10.4 yrs

Axton Salim

TITLE
Heads the Dairy & oversees the Beverages Division and Director
AGE
39
TENURE
10.4 yrs

Joedianto Soejonopoetro

TITLE
Heads the Distribution Group & Director
AGE
60
TENURE
4.4 yrs

Sulianto Pratama

TITLE
Head of Food Seasoning Division & Director
AGE
53
TENURE
1.4 yrs

Thomas Tjhie

TITLE
Company Secretary & Director
AGE
55
TENURE
15.4 yrs

Hendra Widjaja

TITLE
Corporate Controller & Director
AGE
57
TENURE
1.4 yrs

Manny Pangilinan

TITLE
President Commissioner
AGE
72
TENURE
20.4 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 (€)
X
Management checks
We assess Indofood Sukses Makmur's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Indofood Sukses Makmur has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


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.

ISM News

Simply Wall St News

ISM Company Info

Description

PT Indofood Sukses Makmur Tbk produces and sells various food products in Indonesia and internationally. It operates through four segments: Consumer Branded Products Business Group, Bogasari Business Group, Agribusiness Group, and Distribution Business Group. The Consumer Branded Products Business Group segment offers noodles; dairy products, including sweetened condensed, temperature, sterilized bottled, pasteurized liquid, and powdered milk, as well as butter, ice cream, creamer, and lactic acid beverages; snack foods, such as potato, cassava, soybean, sweet potato chips, and various extruded snacks, as well as biscuits; culinary products and syrups; nutrition and special foods; non-alcoholic beverages, including carbonated and non-carbonated soft drinks; and packaging materials. The Bogasari Business Group segment produces flour and pasta. The Agribusiness Group segment produces palm oil, rubber, sugar cane, timber, cocoa, and tea; and manufactures and markets cooking oils, margarines, shortenings, and other by-products. The Distribution Business Group segment distributes company’s and third-party products. It is also involved in the shipping, investment, trade export agency, industrial estate, and restaurant chain management activities; ownership and management of buildings; and provision of management consulting, flour blending and trading, research management and technical, and food and fisheries processing services, as well as fertilizers. In addition, it manufactures coffee; extracts and processes coconut oil; operates bulking station; provides transportation services; and markets and distributes paper diapers and packaged drinking water. The company was formerly known as PT Panganjaya Intikusuma and changed its name to PT Indofood Sukses Makmur Tbk in 1994. The company was founded in 1990 and is headquartered in Jakarta, Indonesia. PT Indofood Sukses Makmur Tbk is a subsidiary of CAB Holdings Limited, Seychelles.

Details
Name: PT Indofood Sukses Makmur Tbk
ISM
Exchange: DB
Founded: 1990
IDR3,845,839,663
8,780,426,500
Website: http://www.indofood.com
Address: PT Indofood Sukses Makmur Tbk
Sudirman Plaza,
Indofood Tower, 27th Floor,
Jakarta,
12910,
Indonesia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
IDX INDF Ordinary Shares Indonesia Stock Exchange ID IDR 30. Aug 1994
OTCPK PIFM.F Ordinary Shares Pink Sheets LLC US USD 30. Aug 1994
DB ISM Ordinary Shares Deutsche Boerse AG DE EUR 30. Aug 1994
OTCPK PIFM.Y UNSPONSORD ADR Pink Sheets LLC US USD 13. Oct 2008
Number of employees
Current staff
Staff numbers
91,327
Indofood Sukses Makmur employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/15 21:18
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/14
Last earnings filing: 2019/04/29
Last earnings reported: 2019/03/31
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.