PT Ultrajaya Milk Industry & Trading Company Tbk

ultj

Overview

ULTJ Overview

PT Ultrajaya Milk Industry Tbk is an Indonesia-based company primarily engaged in manufacturing aseptic-packaged ultra-high temperature (UHT) beverages. The Company’s products categories include UHT Fresh Milk, UHT Tea Drink, UHT Health Drink and Sweetened Condensed Creamer. The UHT Fresh Milk product includes Ultra Milk Full Cream, Ultra Milk Low Fat Source of Calcium, Ultra Milk Flavor and Ultra Mimi. The UHT Tea Drink product provides Teh Kotak Jasmine Tea and Teh Kotak Flavor Tea. The UHT Health Drink product provides Ultra Sari Kacang Ijo and Ultra Sari Asem Asli. The Sweetened Condensed Creamer product provides Cap Sapi. The Company markets its products under various brand names, such as Ultra Milk and Susu Sehat for its UHT fresh milk, Teh Kotak and Teh Bunga for its UHT tea and Cap Sapi and Golden Choice for its sweetened condensed milk.

510152025ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: ULTJ

Main
Market Cap.
IDR 18.72Trillion

~$1.15B USD

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

Valuation

ULTJ Valuation Metrics

1,800

IDR
0.0%

Closing Price on 2024-06-14

Price to Equity

15.35

P/E

At 15.35x P/E TTM, ULTJ.JK is trading at a premium to its peers in the Food & Beverage sector (avg 11.9x).

Price to Book

2.67

P/B

At 2.67x P/B TTM, ULTJ.JK is trading at a premium to its peers in the Food & Beverage sector (avg 1.4x).

Price to Sales

2.24

P/S

At 2.24x P/S TTM, ULTJ.JK is trading at a premium to its peers in the Food & Beverage sector (avg 0.9x).

Valuing PT Ultrajaya Milk Industry & Trading Company 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 PT Ultrajaya Milk Industry & Trading Company Tbk relative to other stocks in the Food & Beverage sector

Price/Cash Flow
11.36x
Price/Forward Earnings
12.52x
Enterprise Value/Revenue
1.94x
Enterprise Value/EBITDA
9.96x
PEG Ratio
1.10x

Analyst Ratings

40
60
80
0
100

75.0

Recommended

Neutral

Not Recommended

Last closing: IDR1,8002024-06-14
IDR 1,470.33

Fairly Close to Intrinsic Value: Analyst's intrinsic value is of ULTJ is IDR1,470, which is 17% lower than ULTJ's last closing price of IDR1,800 (as of 2024-06-14).

Valuation Recap of ULTJ 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 15.35x is above the ID market average of 8.07x and is trading at a premium to peers in the Food & Beverage sector (11.94x).

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 2.67x is above the peers average of 1.37x in the Food & Beverage sector.

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 2.24x is above the peers average of 0.91x in the Food & Beverage sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of ULTJ's valuation relative to its current sales and future earnings growth. ULTJ trades at a Forward P/E ratio of 12.52x, which is considered fairly undervalued by analysts.

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. ULTJ's P/CF ratio of 11.36x is considered a relatively high ratio by analysts.

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. ULTJ's EV/R ratio of 1.94x is considered fairly underpriced by the market The average EV/R ratio for the Food & Beverage sector is 1.33x.

Medium
Fairly Close to Intrinsic Value: Analyst's intrinsic value is of ULTJ is IDR 1,470.33, which is 17% lower than ULTJ's last closing price of IDR 1,800.00.

Peers

ULTJ 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 Tbk122.45T123.60T 68.69T 5.39T 22.732.84
UNVRUnilever Indonesia Tbk122.08T18.34T 38.09T 4.84T 25.2025.20
AMRTPT Sumber Alfaria Trijaya Tbk.112.95T40.38T 110.10T 3.52T 32.107.40
CPINCharoen Pokphand Indonesia Tbk81.93T43.54T 62.96T 2.79T 29.382.96
HMSPHM Sampoerna Tbk79.10T55.80T 145.09T 10.34T 7.652.46
PANIPT Pantai Indah Kapuk Dua Tbk.76.26T34.93T 1.88T 0.21T 358.335.84
MYORMayora Indah Tbk53.44T25.92T 31.79T 3.58T 14.933.31
INDFIndofood Sukses Makmur Tbk53.34T198.32T 111.95T 6.75T 7.910.86
CMRYPT Cisarua Mountain Dairy Tbk40.32T7.51T 8.11T 1.33T 30.306.37
FAPAPT FAP Agri Tbk19.24T8.41T 4.94T 0.06T 318.495.03
Competitiveness Recap of ULTJ stock
WeightNotesScore
High
At a market cap of IDR 18,716.76 billion, ULTJ.JK ranks 10 in Market Cap out of 10 companies in the Consumer Non-Cyclicals sector.

High
At a PE of 15.35, ULTJ.JK ranks 7 out of 10 companies in the Consumer Non-Cyclicals sector for P/E value. The average PE is 54.39 (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. (358.33) in the Consumer Non-Cyclicals sector.

Medium
At a PE of 15.35, ULTJ.JK is trading at a higher PE than that of its subsector peers in Food & Beverage (median of 11.94). false

Medium
At a revenue of IDR 8.37 trillion, ULTJ.JK ranks 8 in Revenue out of 10 companies in the Consumer Non-Cyclicals sector.

Medium
At a profit of IDR 1.22 trillion, ULTJ.JK ranks 9 in Profit out of 10 companies in the Consumer Non-Cyclicals sector.

Future

Future Growth of ULTJ

Growth Forecasts

ULTJ 2024 Revenue Growth
+8.1%
ULTJ 2025 Revenue Growth
+19.2%
ULTJ 2024 EPS Growth
+5.7%
ULTJ 2025 EPS Growth
+21.2%
Sector Revenue Growth
+14.8%
Food & Beverage
Indonesia Market Growth
+13.1%
IDX overall growth
Food & Beverage Sector Revenue Growth '24
+6.0%
Food & Beverage Sector Revenue Growth '25
+13.6%
Consumer Non-Cyclicals Sector Revenue Growth '24
+2.4%
Consumer Non-Cyclicals Sector Revenue Growth '25
+12.3%

Sector Benchmark

Food & Beverage companies in Indonesia are growing at a projected rate of 14.84% against the IDX average of +13.1%.

Food & Beverage sector overview

ULTJ Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of ULTJ
WeightNotesScore
High
ULTJ's projected growth rate of 14.84% is above the ID market average of 13.14%.

High
The Food & Beverage sub-sector is projected to grow revenue by 13.65% in 2025. This number is higher than the previous year 2024's growth rate of 6.02%. This bodes well for ULTJ's revenue growth prospects in the next 2 years.

Medium
The Food & Beverage sub-sector is projected to increase earnings by 47.08% in 2025. This number is higher than the previous year 2024's EPS growth of 25.12%. This bodes well for ULTJ's earnings growth prospects in the next 2 years.

Medium
ULTJ 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 2025. Specifically, earnings are projected to increase by 32.06% in 2025 while revenue growth is projected to increase by 12.25%. These macroeconomic trends will likely be a tailwind for ULTJ's earnings growth prospects in the next 2 years.

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Management

Executive Management

President Director

Sabana Prawirawidjaja15.2 years
Samudera Prawirawidjaja
Director
Ir. Jutianto Isnandar
Director
NamePositionShares%
Sabana PrawirawidjajaPresident Director3,561,562,70034.25
Samudera PrawirawidjajaDirector375,000,0003.6
Suhendra PrawirawidjajaCommissioner115,930,6601.11
Expressed in millions IDR, unless otherwise stated

Ownership

ULTJ Ownership

NameNumber of SharesOwnership (%)Value
Sabana Prawirawidjaja3,561,562,70034.256,410.81B
Pt Prawirawidjaja Prakarsa2,472,304,26023.784,450.15B
Public (Scripless)1,888,034,84018.163,398.46B
Pt Maybank Sekuritas Indonesia1,600,000,00015.392,880.00B
Public (Scrip)385,342,7403.71693.62B
Samudera Prawirawidjaja375,000,0003.6675.00B
Suhendra Prawirawidjaja115,930,6601.11208.68B

Largest Institutional Buy

JOM Rahastoyhtiö Oy/ Fund Management Ltd
Bought 31-01-2024
+980,000 shares
DFA Australia Limited
Bought 31-01-2024
+156,922 shares
Dimensional Fund Advisors LP
Bought 31-01-2024
+2,678 shares

Largest Institutional Sell

McInroy & Wood Ltd
Sold 31-01-2024
-10,824,200 shares
Seven Canyons
Sold 31-01-2024
-1,801,300 shares
Allianz Global Investors Asia Pacific Limited
Sold 31-01-2024
-155 shares

Institutional Transactions

Tracking institutional transactions buying / selling of ULTJ stock

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