Indofood Sukses Makmur Tbk

indf

Overview

INDF Overview

PT Indofood Sukses Makmur Tbk is a food solutions company. The Company has operations in all stages of food manufacturing, from the production of raw materials and their processing to consumer products in the market. The Company's Consumer Branded Products Business Group produces a range of consumer-branded products, including noodles, dairy, snack foods, food seasonings, nutrition and special foods, and beverages. The Bogasari Business Group is primarily a producer of wheat flour as well as pasta, with business operations supported by its own shipping and packaging units. The Agribusiness Group principal activities range from research and development, seed breeding, oil palm cultivation and milling, to the production and marketing of branded cooking oils, margarine and shortening. The Distribution Business Group distributes various consumer products manufactured by the Company, and its subsidiaries, as well as by third parties, to the market. Its products have various brands.

51015ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: INDF

Main
Market Cap.
IDR 57.07Trillion

~$3.63B USD

Industry
Processed Foods
Sub-Industry
Processed Foods
Sector
Consumer Non-Cyclicals
Sub-Sector

Valuation

INDF Valuation Metrics

6,500

IDR

Closing Price on 2024-04-05

Price to Equity

6.49

P/E

At 6.49x P/E TTM, INDF.JK is trading at a discount to its peers in the Food & Beverage sector.

Price to Book

0.98

P/B

At 0.98x P/B TTM, INDF.JK is trading at a discount to its peers in the Food & Beverage sector.

Price to Sales

0.50

P/S

At 0.50x P/S TTM, INDF.JK is trading at a discount to its peers in the Food & Beverage sector.

Valuing Indofood Sukses Makmur Tbk based on its trailing twelve months (TTM) valuation metrics against its peers in the Food & Beverage sector

Historical Price to Earnings

Other Valuation Metrics

Valuing Indofood Sukses Makmur Tbk relative to other stocks in the Food & Beverage sector

Price/Cash Flow
4.04x
Price/Forward Earnings
5.71x
Enterprise Value/Revenue
0.83x
Enterprise Value/EBITDA
4.65x
PEG Ratio
-0.50x

Analyst Ratings

40
60
80
0
100

80.0

Undervalued

Fairly Valued

Overvalued

Last closing: IDR6,5002024-04-05
IDR 10,255.00

Considerably Higher Intrinsic Value: Analyst's intrinsic value is of INDF is IDR10,255, which is 59% higher than INDF's last closing price of IDR6,500 (as of 2024-04-05).

Valuation Recap of INDF stock
WeightNotesScore
High
The P/E ratio is calculated by dividing the market price of a company's stock by its earnings per share (EPS). It is a key tool for investors and analysts to assess whether a stock is overvalued, undervalued, or fairly valued. A P/E ratio of 6.49x is below the ID market average of 8.22x and is trading at a discount to peers in the Food & Beverage sector (12.16x). ●●
Max 3
High
The P/B ratio is calculated by dividing the market price of a company's stock by its book value per share (BVPS). It measures the company's stock value relative to its assets minus liabilities. A P/B ratio of 0.98x is similar to the peers average of 1.24x in the Food & Beverage sector.
Max 3
Medium
The P/S ratio is calculated by dividing the market price of a company's stock by its sales per share. It measures the company's stock value relative to its sales. A P/S ratio of 0.50x is similar to the peers average of 0.90x in the Food & Beverage sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of INDF's valuation relative to its current sales and future earnings growth. INDF trades at a Forward P/E ratio of 5.71x, which is considered fairly undervalued by analysts.
Max 2
Low
The Price/Cash Flow ratio (P/CF) is calculated by dividing the market price of a company's stock by its cash flow per share. It measures the company's stock value relative to its cash flow, and is sometimes said to be a more objective measure of a company's value because cash flows cannot be manipulated as easily as earnings, which considers non-cash items such as depreciation and amortization. INDF's P/CF ratio of 4.04x is considered healthy by analysts.●●
Max 2
Low
The Enterprise Value/Revenue ratio (EV/R) is calculated by dividing the enterprise value of a company by its revenue. It measures the company's enterprise value relative to its revenue. It is an indicator of how much it costs to buy the company's revenue; the lower the ratio, the cheaper the company's revenue. INDF's EV/R ratio of 0.83x is considered extremely underpriced by the market The average EV/R ratio for the Food & Beverage sector is 1.41x. ●●●
Max 3
Medium
Considerably Higher Intrinsic Value: Analyst's intrinsic value is of INDF is IDR 10,255.00, which is 59% higher than INDF's last closing price of IDR 6,500.00.●●●
Max 3

Peers

INDF Peers and Comparison

Peer Companies

Supertype Fuzzy Search
SymbolCompany Name
Market Cap
(in Trillion IDR)
Total Assets
(in Trillion IDR)
Total Revenue
(in Trillion IDR)
Profit and Loss
(in Trillion IDR)
P/E
P/B
ICBPIndofood CBP Sukses Makmur Tbk126.53T118.89T 67.20T 8.34T 15.173.09
AMRTPT Sumber Alfaria Trijaya Tbk.119.59T33.01T 104.81T 3.29T 36.309.87
UNVRUnilever Indonesia Tbk102.24T18.92T 40.19T 4.94T 20.6919.00
HMSPHM Sampoerna Tbk99.45T55.76T 142.08T 9.79T 10.163.55
PANIPT Pantai Indah Kapuk Dua Tbk.86.73T16.92T 2.13T 0.38T 225.7838.08
CPINCharoen Pokphand Indonesia Tbk86.50T41.94T 60.56T 2.42T 35.772.98
INDFIndofood Sukses Makmur Tbk57.07T188.81T 113.90T 8.80T 6.490.98
MYORMayora Indah Tbk54.11T23.42T 31.33T 2.88T 18.763.90
CMRYPT Cisarua Mountain Dairy Tbk40.07T6.59T 7.36T 1.15T 34.897.07
GGRMGudang Garam Tbk38.39T86.67T 112.51T 5.74T 6.690.64
Competitiveness Recap of INDF stock
WeightNotesScore
High
At a market cap of IDR 57,072.80 billion, INDF.JK ranks 7 in Market Cap out of 10 companies in the Consumer Non-Cyclicals sector.
Max 2
High
At a PE of 6.49, INDF.JK ranks 10 out of 10 companies in the Consumer Non-Cyclicals sector for P/E value. The average PE is 41.07 (unadjusted). A high P/E ratio often indicates higher growth expectation, or other qualitative factors that led investors to believe that the company has a defensible competitive advantage compared to its peers in Consumer Non-Cyclicals. In this regard, it trails behind sector leaders such as PT Pantai Indah Kapuk Dua Tbk. (225.78) in the Consumer Non-Cyclicals sector.
Max 2
Medium
At a PE of 6.49, INDF.JK is trading at a lower PE than that of its subsector peers in Food & Beverage (median of 12.16). A lower P/E value presents a potential value opportunity, but it might also indicate that the company is facing headwinds in its business.
Max 2
Medium
At a revenue of IDR 113.90 trillion, INDF.JK ranks 2 in Revenue out of 10 companies in the Consumer Non-Cyclicals sector.●●
Max 2
Medium
At a profit of IDR 8.80 trillion, INDF.JK ranks 2 in Profit out of 10 companies in the Consumer Non-Cyclicals sector.●●
Max 2

Future

Future Growth of INDF

Growth Forecasts

INDF 2024 Revenue Growth
+12.7%
INDF 2024 EPS Growth
+66.1%
Sector Revenue Growth
+12.7%
Food & Beverage
Indonesia Market Growth
+12.0%
IDX overall growth
Food & Beverage Sector Revenue Growth '24
+13.2%
Consumer Non-Cyclicals Sector Revenue Growth '24
+13.2%

Sector Benchmark

Food & Beverage companies in Indonesia are growing at a projected rate of 12.66% against the IDX average of +12.0%.

Food & Beverage sector overview

INDF Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of INDF
WeightNotesScore
High
INDF's projected growth rate of 12.66% is above the ID market average of 11.98%.●●●
Max 3
High
The Food & Beverage sub-sector is projected to grow revenue by 13.20% in 2024. This number is higher than the previous year 2023's growth rate of 4.97%. This bodes well for INDF's revenue growth prospects in the next 2 years. ●●
Max 3
Medium
The Food & Beverage sub-sector is projected to increase earnings by 58.68% in 2024. This number is higher than the previous year 2023's EPS growth of 40.16%. This bodes well for INDF's earnings growth prospects in the next 2 years. ●●●
Max 3
Medium
INDF and its peers in the Food & Beverage sub-sector belongs to the Consumer Non-Cyclicals sector. Companies in the Consumer Non-Cyclicals sector are projected to have a fruitful year heading into 2024. Specifically, earnings are projected to increase by 53.54% in 2024 while revenue growth is projected to increase by 13.24%. These macroeconomic trends will likely be a tailwind for INDF's earnings growth prospects in the next 2 years. ●●●
Max 3
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Management

Executive Management

President Director

Anthoni Salim15.2 years
Franciscus Welirang
Director
Axton Salim
Director
Tjhie Tje Fie (Thomas Tjhie)
Director
Taufik Wiraatmadja
Director
Alamsyah
Director
Moleonoto (Paulus Moleonoto
Director
Joedianto Soejonopoetro
Director
Hendra Widjaja
Director
Tan Suzi Indriani
Director
Tan Elly
Director
NamePositionShares%
Anthoni SalimPresident Director1,329,7700.02
Franciscus WelirangDirector250< 0.01
Taufik WiraatmadjaDirector50,000< 0.01
Expressed in millions IDR, unless otherwise stated

Ownership

INDF Ownership

Others
39.05%
Insiders
50.08%
Institutions
10.87%
NameNumber of SharesOwnership (%)Value
First Pacific Investment Management Ltd4,396,103,45050.0728,574.67B
Public (Scripless)4,353,166,88349.5828,295.58B
Public (Scrip)29,776,1470.33193.54B
Anthoni Salim1,329,7700.028.64B

Largest Institutional Buy

Cooper Investors Pty Limited
Bought 31-12-2023
+4,520,778 shares
State Street Global Advisors
Bought 31-12-2023
+3,946,523 shares
PGIM Quantitative Solutions LLC
Bought 31-12-2023
+3,518,400 shares

Largest Institutional Sell

No data is available for INDF at the moment.

Institutional Transactions

Tracking institutional transactions buying / selling of INDF stock