Kalbe Farma (IDX:KLBF) - Share price, News & Analysis

Q: What is the Fair Price of KLBF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

KLBF (IDR1600) is trading above our estimate of [[fair value]] (IDR1568.37)

KLBF fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	3/6
Past Performance	4/6
Financial Health	5/6
Dividends	3/6

KLBF Stock Overview

PT Kalbe Farma Tbk., together with its subsidiaries, develops, manufactures, and trades in pharmaceutical products in Indonesia.

Rewards

Earnings are forecast to grow 11.06% per year

Earnings have grown 6.7% per year over the past 5 years

Risk Analysis

Dividend of 2.19% is not well covered by earnings

Kalbe Farma Competitors

Kimia Farma (Persero)

IDX:KAEF

Rp7.8t

Soho Global Health

IDX:SOHO

Rp7.3t

Tempo Scan Pacific

IDX:TSPC

Rp6.3t

Darya-Varia Laboratoria

IDX:DVLA

Rp2.9t

Price History & Performance

Summary of all time highs, changes and price drops for Kalbe Farma
Historical stock prices
Current Share Price	Rp1,600.00
52 Week High	Rp1,735.00
52 Week Low	Rp1,240.00
Beta	0.49
1 Month Change	-4.76%
3 Month Change	0%
1 Year Change	24.03%
3 Year Change	7.38%
5 Year Change	-8.83%
Change since IPO	13,720.55%

Shareholder Returns

	KLBF	ID Pharmaceuticals	ID Market
7D	0.3%	1.1%	0.5%
1Y	24.0%	4.9%	13.8%

Return vs Industry: KLBF exceeded the ID Pharmaceuticals industry which returned 4.9% over the past year.

Return vs Market: KLBF exceeded the ID Market which returned 13.8% over the past year.

Price Volatility

Is KLBF's price volatile compared to industry and market?
KLBF volatility
KLBF Average Weekly Movement	3.7%
Pharmaceuticals Industry Average Movement	3.9%
Market Average Movement	6.1%
10% most volatile stocks in ID Market	11.7%
10% least volatile stocks in ID Market	2.9%

Stable Share Price: KLBF is less volatile than 75% of ID stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: KLBF's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1966	12,501	- Vidjongtius	https://www.kalbe.co.id

PT Kalbe Farma Tbk., together with its subsidiaries, develops, manufactures, and trades in pharmaceutical products in Indonesia. The company operates through four divisions: Prescription Pharmaceuticals, Consumer Health, Nutritionals, and Distribution and Logistic. It offers generic, branded, and licensed drugs, including Brainact, Cefspan, Mycoral, Cernevit, Cravit, Neuralgin, Broadced, Neurotam, Hemapo, and CPG that are distributed to hospitals, pharmacies, and drug stores.

Kalbe Farma Fundamentals Summary

How do Kalbe Farma's earnings and revenue compare to its market cap?
KLBF fundamental statistics
Market Cap	Rp74.41t
Earnings (TTM)	Rp3.32t
Revenue (TTM)	Rp27.77t

22.4x

P/E Ratio

2.7x

P/S Ratio

Is KLBF overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
KLBF income statement (TTM)
Revenue	Rp27.77t
Cost of Revenue	Rp16.25t
Gross Profit	Rp11.51t
Other Expenses	Rp8.19t
Earnings	Rp3.32t

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	71.45
Gross Margin	41.46%
Net Profit Margin	11.97%
Debt/Equity Ratio	2.7%

How did KLBF perform over the long term?

See historical performance and comparison

Dividends

2.2%

Current Dividend Yield

49%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is KLBF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KLBF?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for KLBF. This is calculated by dividing KLBF's market cap by their current preferred multiple.
What is KLBF's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	Rp74.41t

KLBF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.6x
Enterprise Value/EBITDA	15x
PEG Ratio	2x

Price to Earnings Ratio vs Peers

How does KLBF's PE Ratio compare to its peers?

KLBF PE Ratio vs Peers

The above table shows the PE ratio for KLBF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	16.4x
KAEF Kimia Farma (Persero)	26.7x	n/a	Rp7.8t
SOHO Soho Global Health	16.5x	n/a	Rp7.3t
TSPC Tempo Scan Pacific	7.8x	n/a	Rp6.3t
DVLA Darya-Varia Laboratoria	14.5x	n/a	Rp2.9t
KLBF Kalbe Farma	22.4x	11.1%	Rp74.4t

Price-To-Earnings vs Peers: KLBF is expensive based on its Price-To-Earnings Ratio (22.4x) compared to the peer average (16.4x).

Price to Earnings Ratio vs Industry

How does KLBF's PE Ratio compare vs other companies in the Asian Pharmaceuticals Industry?

Price-To-Earnings vs Industry: KLBF is expensive based on its Price-To-Earnings Ratio (22.4x) compared to the ID Pharmaceuticals industry average (16.5x)

Price to Earnings Ratio vs Fair Ratio

What is KLBF's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KLBF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	22.4x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate KLBF's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of KLBF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KLBF (IDR1600) is trading above our estimate of fair value (IDR1568.37)

Significantly Below Fair Value: KLBF is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is Kalbe Farma forecast to perform in the next 1 to 3 years based on estimates from 16 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

11.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: KLBF's forecast earnings growth (11.1% per year) is above the savings rate (7%).

Earnings vs Market: KLBF's earnings (11.1% per year) are forecast to grow faster than the ID market (10.5% per year).

High Growth Earnings: KLBF's earnings are forecast to grow, but not significantly.

Revenue vs Market: KLBF's revenue (10.8% per year) is forecast to grow faster than the ID market (10.3% per year).

High Growth Revenue: KLBF's revenue (10.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: KLBF's Return on Equity is forecast to be low in 3 years time (17.1%).

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Past Performance

How has Kalbe Farma performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

6.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: KLBF has high quality earnings.

Growing Profit Margin: KLBF's current net profit margins (12%) are higher than last year (11.9%).

Past Earnings Growth Analysis

Earnings Trend: KLBF's earnings have grown by 6.7% per year over the past 5 years.

Accelerating Growth: KLBF's earnings growth over the past year (16.9%) exceeds its 5-year average (6.7% per year).

Earnings vs Industry: KLBF earnings growth over the past year (16.9%) underperformed the Pharmaceuticals industry 16.9%.

Return on Equity

High ROE: KLBF's Return on Equity (16.4%) is considered low.

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Financial Health

How is Kalbe Farma's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: KLBF's short term assets (IDR15,296.9B) exceed its short term liabilities (IDR3,747.3B).

Long Term Liabilities: KLBF's short term assets (IDR15,296.9B) exceed its long term liabilities (IDR786.2B).

Debt to Equity History and Analysis

Debt Level: KLBF has more cash than its total debt.

Reducing Debt: KLBF's debt to equity ratio has increased from 2.6% to 2.7% over the past 5 years.

Debt Coverage: KLBF's debt is well covered by operating cash flow (419.1%).

Interest Coverage: KLBF earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Kalbe Farma current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

2.19%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: KLBF's dividend (2.19%) is higher than the bottom 25% of dividend payers in the ID market (1.13%).

High Dividend: KLBF's dividend (2.19%) is low compared to the top 25% of dividend payers in the ID market (4.55%).

Stability and Growth of Payments

Stable Dividend: KLBF's dividend payments have been volatile in the past 10 years.

Growing Dividend: KLBF's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (49.2%), KLBF's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (96.2%), KLBF's dividend payments are not well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

8.8yrs

Average management tenure

CEO

- Vidjongtius (58 yo)

5.17yrs

Tenure

Mr. Vidjongtius has been President Director of PT Kalbe Farma Tbk. since June 5, 2017. He served as Corporate Secretary of PT.Kalbe Farma Tbk. since March 28, 2008 until June 14, 2017. Mr. Vidjongtius ser...

Leadership Team

Experienced Management: KLBF's management team is seasoned and experienced (8.8 years average tenure).

Board Members

Experienced Board: KLBF's board of directors are considered experienced (5.2 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/11 00:00
End of Day Share Price	2022/08/10 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31