• During 2009, Adaro managed to post robust growth on net income to Rp4.4tn or 388.9% YoY higher from Rp887.2bn in 2008 period. The company’s net income is relatively inline with our expectation as it came at a slight 4.7% below our forecast.
• Such achievement was mainly driven by strong revenue growth of 48.9% YoY to Rp26.9tn as compared to Rp18.1tn in 2008 period as the company managed to sell coal at a higher price last year. This was also helped by a relatively stable coal sales volume despite sluggish coal demand environment where the company sold 41.4mn tons last year compared to 41.1mn tons in 2008.
• Thus, the company’s gross profit leapt by more than two fold to Rp11.0tn from Rp4.9tn and helped the company’s profitability to improve significantly where its
gross margin and operating margin jumped to 41.0% and 36.9% in 2009 from 27.3% and 21.3% respectively.
• Overall, the company managed to deliver significant performance last year and posted strong improvement in its financial and operational performance. Currently, ADRO is trading at 2010F PER of 18.8x and EV/EBITDA of 8.3x, Buy.
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