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Semen Indonesia (Persero)

DB:SMS2
Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SMS2
DB
IDR48,045B
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

PT Semen Indonesia (Persero) Tbk, together with its subsidiaries, manufactures, packs, and distributes cement in Indonesia and internationally. The last earnings update was 22 days ago. More info.


Add to Portfolio Compare Print
  • Semen Indonesia (Persero) has significant price volatility in the past 3 months.
SMS2 Share Price and Events
7 Day Returns
16.2%
DB:SMS2
6.6%
Europe Basic Materials
2.1%
DE Market
1 Year Returns
-49.1%
DB:SMS2
-26.7%
Europe Basic Materials
-16.6%
DE Market
SMS2 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Semen Indonesia (Persero) (SMS2) 16.2% -33.2% -41.6% -49.1% -27.9% -51.3%
Europe Basic Materials 6.6% -18.2% -32.2% -26.7% -36.7% -34%
DE Market 2.1% -12.6% -22.9% -16.6% -21.9% -27.8%
1 Year Return vs Industry and Market
  • SMS2 underperformed the Basic Materials industry which returned -26.7% over the past year.
  • SMS2 underperformed the Market in Germany which returned -16.6% over the past year.
Price Volatility
SMS2
Industry
5yr Volatility vs Market

Value

 Is Semen Indonesia (Persero) 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 Semen Indonesia (Persero) 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 Semen Indonesia (Persero).

DB:SMS2 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 19 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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:SMS2
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 7.9%
Basic Materials Unlevered Beta Simply Wall St/ S&P Global 0.82
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.817 (1 + (1- 25%) (62.53%))
1.135
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.135 * 7.85%)
8.52%

Discounted Cash Flow Calculation for DB:SMS2 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Semen Indonesia (Persero) 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.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:SMS2 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (IDR, Millions) Source Present Value
Discounted (@ 8.52%)
2020 4,477,200.43 Analyst x8 4,125,832.18
2021 5,470,991.84 Analyst x8 4,645,966.90
2022 5,799,803.11 Analyst x4 4,538,666.96
2023 7,073,000.00 Analyst x2 5,100,629.12
2024 8,545,000.00 Analyst x2 5,678,546.37
2025 9,468,853.70 Est @ 10.81% 5,798,658.58
2026 10,174,391.28 Est @ 7.45% 5,741,740.88
2027 10,693,162.97 Est @ 5.1% 5,560,916.34
2028 11,062,307.93 Est @ 3.45% 5,301,404.48
2029 11,316,686.93 Est @ 2.3% 4,997,692.38
Present value of next 10 years cash flows IDR51,490,054.00
DB:SMS2 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= IDR11,316,686.93 × (1 + -0.39%) ÷ (8.52% – -0.39%)
IDR126,568,290.80
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= IDR126,568,290.80 ÷ (1 + 8.52%)10
IDR55,895,279.83
DB:SMS2 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= IDR51,490,054.00 + IDR55,895,279.83
IDR107,385,333.83
Equity Value per Share
(IDR)
= Total value / Shares Outstanding
= IDR107,385,333.83 / 5,931.52
IDR18104.18
DB:SMS2 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:SMS2 represents 5.0E-5x of IDX:SMGR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
5.0E-5x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (IDR) x Listing Adjustment Factor
= IDR 18,104.18 x 5.0E-5
€0.99
Value per share (EUR) From above. €0.99
Current discount Discount to share price of €0.44
= -1 x (€0.44 - €0.99) / €0.99
55.3%

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

Current Discount
Amount off the current price Semen Indonesia (Persero) is available for.
Intrinsic value
>50%
Share price is €0.444 vs Future cash flow value of €0.99238
Current Discount Checks
For Semen Indonesia (Persero) to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Semen Indonesia (Persero)'s share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Semen Indonesia (Persero)'s share price is below the future cash flow value, and 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 Semen Indonesia (Persero)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Semen Indonesia (Persero)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:SMS2 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in IDR IDR403.29
IDX:SMGR Share Price ** IDX (2020-04-07) in IDR IDR8100
Europe Basic Materials Industry PE Ratio Median Figure of 33 Publicly-Listed Basic Materials Companies 9.52x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 16.83x

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

** Primary Listing of Semen Indonesia (Persero).

DB:SMS2 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 8100 ÷ 403.29

20.08x

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

  • Semen Indonesia (Persero) is overvalued based on earnings compared to the Europe Basic Materials industry average.
  • Semen Indonesia (Persero) is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Semen Indonesia (Persero)'s expected growth come at a high price?
Raw Data
DB:SMS2 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts
19%per year
Europe Basic Materials Industry PEG Ratio Median Figure of 17 Publicly-Listed Basic Materials Companies 1.67x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

DB:SMS2 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.08x ÷ 19%

1.06x

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

  • Semen Indonesia (Persero) is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Semen Indonesia (Persero)'s assets?
Raw Data
DB:SMS2 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in IDR IDR5,441.58
IDX:SMGR Share Price * IDX (2020-04-07) in IDR IDR8100
Europe Basic Materials Industry PB Ratio Median Figure of 39 Publicly-Listed Basic Materials Companies 0.85x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.45x
DB:SMS2 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 8100 ÷ 5,441.58

1.49x

* Primary Listing of Semen Indonesia (Persero).

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

  • Semen Indonesia (Persero) is overvalued based on assets compared to the Europe Basic Materials industry average.
X
Value checks
We assess Semen Indonesia (Persero)'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 Basic Materials 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 Basic Materials industry average (and greater than 0)? (1 check)
  5. Semen Indonesia (Persero) has a total score of 2/6, 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.

Future Performance

 How is Semen Indonesia (Persero) expected to perform in the next 1 to 3 years based on estimates from 19 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
19%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Semen Indonesia (Persero) expected to grow at an attractive rate?
  • Semen Indonesia (Persero)'s earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Semen Indonesia (Persero)'s earnings growth is expected to exceed the Germany market average.
  • Semen Indonesia (Persero)'s revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:SMS2 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:SMS2 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts 19%
DB:SMS2 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 19 Analysts 5%
Europe Basic Materials Industry Earnings Growth Rate Market Cap Weighted Average 4.7%
Europe Basic Materials Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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:SMS2 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
All numbers in IDR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:SMS2 Future Estimates Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 46,140,325 7,016,575 3,700,918 7
2021-12-31 45,218,410 7,150,855 4,102,220 18
2020-12-31 42,001,943 5,733,262 2,818,664 19
2020-04-07
DB:SMS2 Past Financials Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income *
2019-12-31 40,368,107 5,608,931 2,392,151
2019-09-30 37,355,361 3,524,030 2,286,715
2019-06-30 33,730,223 2,832,539 2,592,560
2019-03-31 32,197,168 4,070,388 2,935,663
2018-12-31 30,687,626 4,459,340 3,079,115
2018-09-30 28,716,979 3,745,628 2,248,661
2018-06-30 28,408,096 3,851,656 1,499,347
2018-03-31 28,032,569 2,864,284 1,286,027
2017-12-31 27,813,664 2,759,935 1,620,995
2017-09-30 27,603,792 3,178,748 3,052,448
2017-06-30 26,378,134 3,658,259 3,649,600
2017-03-31 26,512,015 4,627,892 4,234,523

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Semen Indonesia (Persero)'s earnings are expected to grow by 19% yearly, however this is not considered high growth (20% yearly).
  • Semen Indonesia (Persero)'s revenue is expected to grow by 5% 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:SMS2 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below

All data from Semen Indonesia (Persero) Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:SMS2 Future Estimates Data
Date (Data in IDR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 826.65 852.00 778.80 5.00
2021-12-31 681.27 962.00 433.00 17.00
2020-12-31 488.64 568.80 391.00 13.00
2020-04-07
DB:SMS2 Past Financials Data
Date (Data in IDR Millions) EPS *
2019-12-31 403.29
2019-09-30 385.52
2019-06-30 437.08
2019-03-31 494.93
2018-12-31 519.11
2018-09-30 379.10
2018-06-30 252.78
2018-03-31 216.81
2017-12-31 273.28
2017-09-30 514.61
2017-06-30 615.29
2017-03-31 713.90

*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.
  • Semen Indonesia (Persero) is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Semen Indonesia (Persero)'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 Europe 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.
Semen Indonesia (Persero) has a total score of 3/6, 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 Semen Indonesia (Persero) 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 Semen Indonesia (Persero)'s growth in the last year to its industry (Basic Materials).
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.
  • Semen Indonesia (Persero)'s year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Semen Indonesia (Persero)'s 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Semen Indonesia (Persero)'s 1-year earnings growth is negative, it can't be compared to the Europe Basic Materials industry average.
Earnings and Revenue History
Semen Indonesia (Persero)'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 Semen Indonesia (Persero) Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:SMS2 Past Revenue, Cash Flow and Net Income Data
Date (Data in IDR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 40,368,107.00 2,392,151.00 6,446,701.00
2019-09-30 37,355,360.66 2,286,715.39 5,819,728.93
2019-06-30 33,730,222.81 2,592,559.77 4,825,213.45
2019-03-31 32,197,167.63 2,935,662.74 4,511,324.88
2018-12-31 30,687,626.00 3,079,115.00 4,385,300.00
2018-09-30 28,716,979.23 2,248,661.12 4,577,267.55
2018-06-30 28,408,096.12 1,499,347.05 5,117,032.74
2018-03-31 28,032,569.38 1,286,026.51 5,153,745.61
2017-12-31 27,813,664.18 1,620,995.09 5,193,272.90
2017-09-30 27,603,791.76 3,052,447.87 4,766,098.91
2017-06-30 26,378,133.84 3,649,600.43 4,554,704.37
2017-03-31 26,512,015.16 4,234,522.99 4,608,299.41
2016-12-31 26,134,306.14 4,521,596.21 4,746,213.87
2016-09-30 26,915,885.70 4,252,073.53 4,917,348.33
2016-06-30 26,778,060.02 4,301,253.87 4,840,653.10
2016-03-31 26,628,634.06 4,364,863.66 4,740,073.77
2015-12-31 26,948,004.47 4,521,490.58 4,625,424.98
2015-09-30 26,752,671.88 4,680,966.34 4,595,527.33
2015-06-30 26,741,665.38 4,991,523.54 4,492,507.27
2015-03-31 27,149,333.02 5,441,385.09 4,597,069.33
2014-12-31 26,987,035.14 5,559,902.04 4,524,293.48
2014-09-30 26,459,374.62 5,541,190.18 4,431,542.35
2014-06-30 25,964,492.73 5,539,326.00 4,324,552.50
2014-03-31 25,135,430.32 5,442,749.92 3,999,173.16
2013-12-31 24,501,240.78 5,370,247.12 3,878,273.12
2013-09-30 23,321,771.71 5,364,141.11 3,652,079.49
2013-06-30 22,362,928.56 5,328,319.81 3,490,191.03

*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.
  • Semen Indonesia (Persero) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Semen Indonesia (Persero) used its assets more efficiently than the Europe Basic Materials industry average last year based on Return on Assets.
  • Semen Indonesia (Persero)'s use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Semen Indonesia (Persero)'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 Basic Materials 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.
Semen Indonesia (Persero) has a total score of 1/6, 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 Semen Indonesia (Persero)'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 Semen Indonesia (Persero)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Semen Indonesia (Persero) is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Semen Indonesia (Persero)'s long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Semen Indonesia (Persero)'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 not covered by short term assets, assets are 0.6x 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 Semen Indonesia (Persero) Company Filings, last reported 3 months ago.

DB:SMS2 Past Debt and Equity Data
Date (Data in IDR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 33,891,924.00 29,989,509.00 4,017,670.00
2019-09-30 32,960,329.82 32,632,736.30 3,501,969.24
2019-06-30 31,919,287.89 33,302,241.60 2,942,486.71
2019-03-31 34,015,116.06 31,592,887.01 6,057,108.94
2018-12-31 32,615,315.00 9,240,780.00 5,254,184.00
2018-09-30 31,687,852.49 9,817,807.64 4,090,029.71
2018-06-30 30,629,574.93 9,797,725.26 3,113,082.15
2018-03-31 30,885,654.27 9,709,178.53 4,042,412.51
2017-12-31 30,046,032.64 9,504,065.64 3,646,213.12
2017-09-30 30,147,641.93 8,786,588.94 2,684,595.94
2017-06-30 29,738,922.23 10,709,283.24 4,629,046.04
2017-03-31 29,444,312.69 5,744,693.81 2,883,719.63
2016-12-31 30,574,391.46 5,674,019.27 2,847,707.00
2016-09-30 28,490,316.24 4,821,886.59 2,737,454.13
2016-06-30 27,557,447.07 4,417,663.48 2,140,675.78
2016-03-31 28,313,635.32 3,586,488.37 4,041,598.89
2015-12-31 27,440,798.40 3,765,328.40 3,966,281.35
2015-09-30 26,338,564.33 3,944,445.42 2,734,127.86
2015-06-30 25,189,276.23 3,772,692.63 2,958,835.53
2015-03-31 26,386,065.90 3,772,871.60 5,450,368.88
2014-12-31 25,004,930.00 3,728,537.32 5,017,821.97
2014-09-30 23,485,638.69 3,784,398.73 3,694,846.15
2014-06-30 22,200,483.20 3,516,348.52 2,567,857.09
2014-03-31 20,617,376.66 3,687,454.99 4,717,933.57
2013-12-31 21,803,975.88 3,920,188.67 4,175,328.09
2013-09-30 19,812,460.06 3,877,843.92 2,530,062.11
2013-06-30 18,590,549.39 3,995,001.73 1,928,058.30
  • Semen Indonesia (Persero)'s level of debt (88.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (14.9% vs 88.5% today).
  • Debt is not well covered by operating cash flow (18.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.1x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Semen Indonesia (Persero)'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. Semen Indonesia (Persero) has a total score of 1/6, 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.

Dividends

 What is Semen Indonesia (Persero)'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
2.56%
Current annual income from Semen Indonesia (Persero) dividends. Estimated to be 2.5% next year.
If you bought €2,000 of Semen Indonesia (Persero) shares you are expected to receive €51 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?
  • Semen Indonesia (Persero)'s pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.67%).
  • Semen Indonesia (Persero)'s dividend is below the markets top 25% of dividend payers in Germany (4.71%).
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:SMS2 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 19 Analyst Estimates (S&P Global) See Below
Europe Basic Materials Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 4.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.7%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

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

DB:SMS2 Future Dividends Estimate Data
Date (Data in IDR) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 256.05 6.00
2021-12-31 228.76 15.00
2020-12-31 152.33 14.00
2020-04-07
DB:SMS2 Past Annualized Dividends Data
Date (Data in IDR) Dividend per share (annual) Avg. Yield (%)
2019-04-01 207.640 1.790
2018-08-07 135.830 1.281
2018-03-23 135.830 1.594
2017-04-28 304.920 2.996
2017-02-20 304.920 3.342
2016-07-29 304.910 3.191
2016-02-22 304.910 3.149
2015-04-29 375.340 3.505
2015-03-02 375.340 2.718
2014-10-30 407.420 2.636
2014-07-24 407.420 2.550
2014-04-30 407.420 2.643
2014-02-24 407.420 2.617
2013-05-02 368.000 2.512
2012-10-30 330.890 2.030
2012-03-28 330.890 2.680
2011-10-28 0.000 0.000
2011-10-17 0.000 0.000
2011-08-08 306.260 3.566
2011-06-30 306.000 3.163
2011-04-06 612.520 6.439
2010-11-01 308.450 3.443
2010-03-26 308.450 3.521

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 fallen over the past 10 years.
Current Payout to shareholders
What portion of Semen Indonesia (Persero)'s earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).
X
Income/ dividend checks
We assess Semen Indonesia (Persero)'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 Semen Indonesia (Persero) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Semen Indonesia (Persero) has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of Semen Indonesia (Persero)'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
Hendi Santoso
COMPENSATION IDR941,279,640
AGE 52
TENURE AS CEO 3.3 years
CEO Bio

Mr. Hendi Prio Santoso has been President Director at PT Semen Indonesia (Persero) Tbk since 2017. Mr. Santoso served as Director of Finance at PT Perusahaan Gas Negara (Persero) Tbk since May 31, 2007. Mr. Santoso served as Vice President of PT Perdana Multi Finance since 1996 and Director of Development of PT Perdana Inti Investama from 1996 to 1998. He began his career at Bank Niaga from 1990 to 1991 and then at Citibank NA, Indonesia from 1991 to 1996. He was an Associate Director at PT Bahana Securities from 1998 to 2001, before becoming a Director of PT Anugra Cipta Investa from 2001 to 2004. He was Director of Investment Banking at PT JP Morgan Securities Indonesia from 2004 to 2007. Mr. Santoso served as the President Director of PT Perusahaan Gas Negara (Persero) Tbk since June 13, 2008 until May 9, 2017. He served as a Member of Board of Commissioner at PT Saka Energi Indonesia until September 15, 2017. He has been a Director of PT Semen Indonesia (Persero) Tbk since 2017. He served as a Director of PT Perusahaan Gas Negara (Persero) Tbk since June 13, 2008 until May 9, 2017. Mr. Santoso holds a Degree in Economics and Financial from university of Houston and Degree in Economics from University of Texas.

CEO Compensation
  • Insufficient data for Hendi to compare compensation growth.
  • Hendi's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Semen Indonesia (Persero) management team in years:

2.7
Average Tenure
50
Average Age
  • The tenure for the Semen Indonesia (Persero) management team is about average.
Management Team

Hendi Santoso

TITLE
President Director
COMPENSATION
IDR941M
AGE
52
TENURE
3.3 yrs

Doddy Diniawan

TITLE
Director of Finance
COMPENSATION
IDR999M
AGE
52
TENURE
2 yrs

Benny Wendry

TITLE
Director of Production & Director
COMPENSATION
IDR786M
AGE
50
TENURE
3.3 yrs

Tri Abdisatrijo

TITLE
Director of Engineering & Project and Director
COMPENSATION
IDR993M
AGE
50
TENURE
3.3 yrs

Fadjar Judisiawan

TITLE
Director of Business Strategy & Business Development and Director
COMPENSATION
IDR784M
AGE
48
TENURE
2 yrs

Tina T Intan

TITLE
Director of HR & Legal and Director

Adi Munandir

TITLE
Director of Marketing & Director
AGE
38
TENURE
2 yrs

Ninda Djohaeri

TITLE
Head of Secretary of the Board of Commissioners
TENURE
9.4 yrs

Tubagus Dharury

TITLE
Head of Internal Audit
AGE
52
TENURE
2.7 yrs

Vita Mahreyni

TITLE
Corporate Secretary
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the Semen Indonesia (Persero) board of directors in years:

3.3
Average Tenure
51
Average Age
  • The tenure for the Semen Indonesia (Persero) board of directors is about average.
Board of Directors

Hendi Santoso

TITLE
President Director
COMPENSATION
IDR941M
AGE
52
TENURE
3.3 yrs

Doddy Diniawan

TITLE
Director of Finance
COMPENSATION
IDR999M
AGE
52
TENURE
3.3 yrs

Benny Wendry

TITLE
Director of Production & Director
COMPENSATION
IDR786M
AGE
50
TENURE
3.3 yrs

Tri Abdisatrijo

TITLE
Director of Engineering & Project and Director
COMPENSATION
IDR993M
AGE
50
TENURE
3.3 yrs

Fadjar Judisiawan

TITLE
Director of Business Strategy & Business Development and Director
COMPENSATION
IDR784M
AGE
48
TENURE
3.3 yrs

Tina T Intan

TITLE
Director of HR & Legal and Director

Adi Munandir

TITLE
Director of Marketing & Director
AGE
38

Nasaruddin Umar

TITLE
Independent Commissioner
AGE
60
TENURE
3 yrs

Mochamad Choliq

TITLE
Independent Commissioner
AGE
67
TENURE
2.3 yrs

- Soekarwo

TITLE
President Comissioner
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Semen Indonesia (Persero)'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. Semen Indonesia (Persero) 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.

News

Simply Wall St News

Company Info

Description

PT Semen Indonesia (Persero) Tbk, together with its subsidiaries, manufactures, packs, and distributes cement in Indonesia and internationally. The company is also involved in limestone and clay mining; cement bag and material manufacturing; industrial real estate development and building rental; ready mix concrete production; and mining, trading, transportation, and construction activities. In addition, it engages in the information system, investment, freight forwarding, general trading, stevedoring, sea transportation, and building materials businesses. The company was formerly known as PT Semen Gresik (Persero) Tbk and changed its name to PT Semen Indonesia (Persero) Tbk in January 2013. PT Semen Indonesia (Persero) Tbk was founded in 1953 and is headquartered in Jakarta Selatan, Indonesia.

Details
Name: PT Semen Indonesia (Persero) Tbk
SMS2
Exchange: DB
Founded: 1953
IDR2,691,433,938
5,931,520,000
Website: http://www.semenindonesia.com
Address: PT Semen Indonesia (Persero) Tbk
South Quarter, Tower A, Lt 19-20,
Jl. R.A. Kartini Kav.8,
Jakarta Selatan,
Jakarta Raya, 12430,
Indonesia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
IDX SMGR Series B Shares Indonesia Stock Exchange ID IDR 02. Jan 1992
OTCPK PSGT.F Series B Shares Pink Sheets LLC US USD 02. Jan 1992
DB SMS2 Series B Shares Deutsche Boerse AG DE EUR 02. Jan 1992
OTCPK PSGT.Y UNSPONSORED ADR Pink Sheets LLC US USD 17. Feb 2009
Number of employees
Current staff
Staff numbers
11,518
Semen Indonesia (Persero) employees.
Industry
Construction Materials
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 20:39
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/06
Last earnings filing: 2020/03/16
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.