…
…
ROE = tax × interest × margin × turnover × leverage
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Tax burden | 0.80x | 0.78x | 0.80x | 0.90x | 0.83x |
| Interest burden | 0.96x | 0.98x | 0.98x | 0.97x | 0.98x |
| Operating margindriver | 5.6% | 6.6% | 8.4% | 6.6% | 6.7% |
| Asset turnover | 1.09x | 1.75x | 1.39x | 1.17x | 1.26x |
| Leverage (equity mult.) | 2.08x | 2.07x | 2.16x | 2.26x | 2.34x |
| = Return on Equity (consolidated) | 9.8% | 18.3% | 19.8% | 15.2% | 15.8% |
| Return on Invested Capital (ROIC) | 9.8% | 18.6% | 20.2% | 15.7% | 16.2% |
Consolidated (pre-minority-interest) basis; the headline ROE in the ratio grid is owners’ basis.
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Current Ratio(Current Assets / Current Liabilities) | 1.29x | 1.40x | 1.44x | 1.56x | 1.47x |
| Quick Ratio((Current Assets − Inventory) / Current Liabilities) | 0.81x | 0.94x | 1.07x | 1.02x | 1.06x |
| Cash Ratio(Cash / Current Liabilities) | 0.28x | 0.38x | 0.52x | 0.40x | 0.40x |
| Working Capital(Current Assets − Current Liabilities) | Rp 2.7 T | Rp 4.6 T | Rp 5.6 T | Rp 7.5 T | Rp 7.5 T |
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Debt to Equity (DER)(Total Debt / Total Equity) | 0.27x | 0.23x | 0.33x | 0.36x | 0.37x |
| Liabilities to Equity(Total Liabilities / Total Equity) | 1.08x | 1.07x | 1.16x | 1.26x | 1.34x |
| Debt to Assets(Total Debt / Total Assets) | 0.13x | 0.11x | 0.15x | 0.16x | 0.16x |
| Net Debt(Total Debt − Cash) | Rp 457 M | -Rp 1.3 T | -Rp 1.9 T | -Rp 49 M | -Rp 692 M |
| Interest Coverage(EBIT / Interest Expense) | 25.34x | 54.63x | 51.68x | 30.16x | 41.57x |
| Equity Multiplier (Assets ÷ Equity) | 2.08x | 2.07x | 2.16x | 2.26x | 2.34x |
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Gross Margin(Gross Profit / Revenue) | 8.9% | 8.9% | 10.6% | 9.0% | 8.9% |
| Operating Margin(EBIT / Revenue) | 5.6% | 6.6% | 8.4% | 6.6% | 6.7% |
| Net Margin(Net Income / Revenue) | 4.3% | 5.1% | 6.6% | 5.7% | 5.4% |
| EBITDA(EBIT + D&A) | Rp 1.8 T | Rp 3.5 T | Rp 3.9 T | Rp 3.0 T | Rp 3.5 T |
| EBITDA Margin(EBITDA / Revenue) | 7.0% | 7.4% | 9.3% | 7.7% | 7.7% |
| Return on Assets (ROA)(Net Income / Total Assets) | 4.7% | 8.8% | 9.2% | 6.7% | 6.8% |
| Return on Equity (ROE)(Net Income (Owners) / Equity (Owners)) | 11.9% | 21.9% | 24.7% | 19.2% | 20.3% |
| Tax Burden (Net ÷ Pretax) | 0.80x | 0.78x | 0.80x | 0.90x | 0.83x |
| Interest Burden (Pretax ÷ EBIT) | 0.96x | 0.98x | 0.98x | 0.97x | 0.98x |
| Return on Invested Capital (ROIC) | 9.8% | 18.6% | 20.2% | 15.7% | 16.2% |
| Turnover | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Asset Turnover(Revenue / Total Assets) | 1.09x | 1.75x | 1.39x | 1.17x | 1.26x |
| Inventory Turnover(COGS / Inventory) | 5.20x | 8.29x | 7.91x | 4.88x | 6.34x |
| Receivables Turnover(Revenue / Receivables) | 5.73x | 7.96x | 6.57x | 5.12x | 4.82x |
| Payables Turnover(COGS / Payables) | 3.02x | 4.69x | 3.95x | 3.39x | 3.40x |
| Conversion Period | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Days Inventory Outstanding (DIO)(365 × Inventory / COGS) | 70.2 days | 44.0 days | 46.1 days | 74.8 days | 57.6 days |
| Days Sales Outstanding (DSO)(365 × Receivables / Revenue) | 63.7 days | 45.8 days | 55.5 days | 71.3 days | 75.7 days |
| Days Payable Outstanding (DPO)(365 × Payables / COGS) | 121.0 days | 77.9 days | 92.4 days | 107.7 days | 107.4 days |
| Cash Conversion Cycle (CCC)(DIO + DSO − DPO) | 12.9 days | 12.0 days | 9.3 days | 38.4 days | 25.9 days |
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Free Cash Flow(Operating Cash Flow − Capex) | Rp 2.7 T | Rp 2.3 T | Rp 2.9 T | Rp 159 M | Rp 2.9 T |
Price Rp 1,465 · market cap Rp 29 T
| Multiple | AKRA | Peer median | vs median |
|---|---|---|---|
| P/E | 11.73x | 11.73x | 0% |
| P/B | 2.39x | 2.39x | 0% |
| P/S | 0.63x | 0.63x | 0% |
| EV/EBITDA | 9.02x | 9.02x | 0% |
| EV/EBIT | 10.36x | 10.36x | 0% |
| EV/Sales | 0.69x | 0.69x | 0% |
| FCF Yield | 9.91% | 9.91% | 0% |
| Dividend Yield | 6.83% | 6.83% | 0% |
Only 1 peers are covered here, so the median is itself one of the members. A 0% gap can simply mean AKRA sits at the median.
EV = mkt cap Rp 29 T + debt Rp 5.7 T − cash Rp 6.4 T + minority interest Rp 3.5 T = Rp 32 T
At today’s price, the market is paying for 5.9%/yr FCF growth (2.9% at 12.0% to 8.7% at 16.0% discount rates). Delivered over the last 4 years: 1.6% FCF · 15.7% revenue.
Reverse DCF: single-stage FCF, terminal growth 2.5%, discount band 12.0–16.0% (β=1; build cited in Methodology). Not a forecast.
This model projects the operating cash the whole business generates, discounts it back at the blended cost of capital, and subtracts net debt. What remains is the equity value, stated per share. Every input below comes from the company's own audited record or from cited market data, and you can adjust each one yourself.
| Assumption | Value | Basis |
|---|---|---|
| Rf (risk-free) | 7.26% | Indonesia 10Y government bond, re-verified 31 Jul 2026 |
| ERP (Rm − Rf) | 6.69% | Damodaran Indonesia, Jul 2026 (Baa2, CRP 2.46%) |
| β | 0.47 → 0.54 | Oil/Gas Distribution (unlevered) relevered at own D/E 0.20 |
| Cost of equity | 10.90% | Rf + β × ERP |
| Cost of debt | 7.66% | median interest coverage 41.6x (EBIT ÷ interest, FY2021–FY2025) implies a Aaa/AAA synthetic rating and a 0.40% default spread, over a 7.26% base (Indonesia 10Y 7.26%, already the sovereign rate). Its BOOK rate is 1.3%, which is what past debt actually costs; the gap is legacy or subsidised borrowing, not the rate on new debt. Spread table: A. Damodaran, Ratings, Interest Coverage Ratios and Default Spread, January 2026 data update (large non-financial service firms) |
| Tax rate | 19.9% | median effective rate, FY2021–FY2025 (pretax ≈ EBIT − interest) |
| WACC | 10.12% | 84% E × CoE + 16% D × Kd × (1 − t) |
| Revenue growth (yr 1, fading) | 15.7% | delivered 4-yr revenue CAGR 15.7%, fading linearly to terminal |
| EBIT margin | 7.2% | mean EBIT margin, last 3 FYs |
| D&A / revenue | 1.0% | mean D&A/revenue, last 3 FYs |
| Capex / revenue | 2.3% | mean capex/revenue, last 3 FYs, for the explicit years. The terminal year instead FUNDS ITS OWN GROWTH: in stable growth g = reinvestment rate x return on capital, and returns are assumed to converge to the 10.1% cost of capital, so the perpetuity reinvests 24.7% of NOPAT and terminal capex is 2.5% of revenue against depreciation of 1.0%. Both simpler rules are wrong in opposite directions: holding the historical ratio charges a build phase in perpetuity, while setting capex equal to depreciation hands the company 2.5% growth forever for no new capital. Because returns converge to the cost of capital, terminal growth here is value-neutral |
| ΔNWC / Δrevenue | -2.2% | median ΔNWC/Δrevenue across the seeded years (NWC = AR + inventory − AP) |
| Terminal growth | 2.5% | BI inflation-target midpoint (2.5% ± 1%) |
Each default is the company's own historical average, which describes the phase it happened to be in. Switch a driver to Per-year when that phase is ending: a company mid-build does not spend at its peak rate forever, and one in a capex pause does not stay there. The terminal year keeps its own ratios, so a taper you enter here changes the explicit window and leaves the perpetuity coherent.
| Year | +1 | +2 | +3 | +4 | +5 | T∞ |
|---|---|---|---|---|---|---|
| Growth | 15.7% | 12.4% | 9.1% | 5.8% | 2.5% | 2.5% |
| Revenue | Rp 53 T | Rp 60 T | Rp 65 T | Rp 69 T | Rp 71 T | Rp 73 T |
| EBIT | Rp 3.8 T | Rp 4.3 T | Rp 4.7 T | Rp 5.0 T | Rp 5.1 T | Rp 5.2 T |
| NOPAT | Rp 3.1 T | Rp 3.5 T | Rp 3.8 T | Rp 4.0 T | Rp 4.1 T | Rp 4.2 T |
| + D&A | Rp 531 M | Rp 597 M | Rp 651 M | Rp 689 M | Rp 706 M | Rp 724 M |
| − Capex | Rp 1.2 T | Rp 1.4 T | Rp 1.5 T | Rp 1.6 T | Rp 1.6 T | Rp 1.8 T |
| − ΔNWC | -Rp 161 M | -Rp 147 M | -Rp 121 M | -Rp 84 M | -Rp 38 M | -Rp 39 M |
| FCFF | Rp 2.5 T | Rp 2.8 T | Rp 3.0 T | Rp 3.2 T | Rp 3.2 T | Rp 3.2 T |
| PV | Rp 2.3 T | Rp 2.3 T | Rp 2.3 T | Rp 2.2 T | Rp 2.0 T | Rp 26 T |
Check it yourself: revenue × margin = EBIT · NOPAT = EBIT × (1 − tax) · FCFF = NOPAT + D&A − Capex − ΔNWC · PV = FCFF ÷ (1+WACC)^yr · TV = FCFF(T∞) ÷ (WACC − g), discounted from year 5 · equity = EV − net debt − minority · per share = equity ÷ shares outstanding
EV = PV(explicit) Rp 11 T + PV(TV) Rp 26 T = Rp 37 T · TV 70% of EV · − net debt -Rp 692 M − minority Rp 3.5 T = equity Rp 34 T ÷ shares outstanding
Model output: Rp 1,714/share (+17% vs price Rp 1,465)· exit-multiple check (9.0x): Rp 2,058
Under these assumptions the model lands 17% above today's price. The market, in other words, is paying for slower growth, a thinner margin, or a higher discount rate than the inputs here assume.
| g \ WACC | 9.1% | 10.1% | 11.1% |
|---|---|---|---|
| 2.0% | 1,854 | 1,608 | 1,416 |
| 2.5% | 1,995 | 1,714 | 1,499 |
| 3.0% | 2,158 | 1,835 | 1,592 |
Model output under the stated assumptions. Every input above comes from the company's own audited record or from cited market data, and every one can be adjusted. This is not a price target and not advice.
Educational analysis. Multiples pair today’s price with the latest audited fiscal year (trailing-FY convention); peer figures are the covered peer sample, not the whole market. Never a price target.
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | Rp 26 T | Rp 48 T | Rp 42 T | Rp 39 T | Rp 46 T |
| Cost of Goods Sold | Rp 23 T | Rp 43 T | Rp 38 T | Rp 35 T | Rp 42 T |
| Gross Profit | Rp 2.3 T | Rp 4.2 T | Rp 4.5 T | Rp 3.5 T | Rp 4.1 T |
| Operating Income (EBIT) | Rp 1.4 T | Rp 3.1 T | Rp 3.5 T | Rp 2.6 T | Rp 3.1 T |
| Interest Expense | Rp 57 M | Rp 57 M | Rp 68 M | Rp 85 M | Rp 74 M |
| Net Income | Rp 1.1 T | Rp 2.4 T | Rp 2.8 T | Rp 2.2 T | Rp 2.5 T |
| Net Income Attributable to Owners | Rp 1.1 T | Rp 2.4 T | Rp 2.8 T | Rp 2.2 T | Rp 2.5 T |
| Depreciation & Amortization | Rp 357 M | Rp 378 M | Rp 392 M | Rp 416 M | Rp 455 M |
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | Rp 2.6 T | Rp 4.3 T | Rp 6.5 T | Rp 5.4 T | Rp 6.4 T |
| Accounts Receivable | Rp 4.5 T | Rp 6.0 T | Rp 6.4 T | Rp 7.6 T | Rp 9.5 T |
| Inventory | Rp 4.5 T | Rp 5.2 T | Rp 4.8 T | Rp 7.2 T | Rp 6.6 T |
| Current Assets | Rp 12 T | Rp 16 T | Rp 18 T | Rp 21 T | Rp 23 T |
| Total Assets | Rp 24 T | Rp 27 T | Rp 30 T | Rp 33 T | Rp 37 T |
| Accounts Payable | Rp 7.8 T | Rp 9.2 T | Rp 9.5 T | Rp 10 T | Rp 12 T |
| Current Liabilities | Rp 9.3 T | Rp 11 T | Rp 13 T | Rp 13 T | Rp 16 T |
| Total Liabilities | Rp 12 T | Rp 14 T | Rp 16 T | Rp 18 T | Rp 21 T |
| Total Interest-Bearing Debt | Rp 3.1 T | Rp 3.0 T | Rp 4.6 T | Rp 5.3 T | Rp 5.7 T |
| Total Equity | Rp 11 T | Rp 13 T | Rp 14 T | Rp 15 T | Rp 16 T |
| Equity Attributable to Owners | Rp 9.3 T | Rp 11 T | Rp 11 T | Rp 12 T | Rp 12 T |
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Operating Cash Flow | Rp 2.9 T | Rp 2.6 T | Rp 3.5 T | Rp 1.3 T | Rp 3.9 T |
| Capital Expenditure | Rp 242 M | Rp 290 M | Rp 649 M | Rp 1.2 T | Rp 1.1 T |
AKR Corporindo is Indonesia's largest private industrial petroleum distributor, supplying fuel oil (BBM) to mining, plantation and industrial customers across Kalimantan, Sulawesi and Eastern Indonesia who sit outside Pertamina's retail network, alongside a basic-chemicals distribution business and the JIIPE (Java Integrated Industrial and Port Estate) industrial estate in Gresik, East Java. The financial model is the classic distribution DuPont: NM ~4–7% × asset turnover ~1.1–1.75× gives ROA 5–9%, which conservative leverage (D/E 0.23–0.37) amplifies into ROE of 12–25%. The FY22–23 peak (ROE 21–25%) combined high petroleum volumes, the post-Ukraine energy-price spike and JIIPE land sales. FY24 then saw FCF crash to Rp159bn (against a normal Rp2.7–2.9tn) as JIIPE infrastructure capex surged, before recovering to Rp2.9tn in FY25. JIIPE is the long-duration differentiator: as Indonesia's largest integrated industrial estate and SEZ, it is drawing manufacturing FDI that should throw off recurring land and facility income for decades. In short it is a high-ROE distribution business with a long-dated industrial-estate option embedded in the equity.
Petroleum supply comes from Pertamina (dominant Indonesian refiner) and import sources; AKRA is a large bulk buyer with some negotiating power but ultimately price-taking on the commodity. Chemical supply from global chemical producers.
Implication → Petroleum margin is a spread (AKRA's logistics premium over commodity cost): Pertamina pricing and global oil prices set the floor. Spread compression is the core operating risk.
Mining, plantation and industrial customers in remote Kalimantan/Sulawesi have very few alternative fuel suppliers: AKRA's remote-area logistics infrastructure gives it near-captive customers who pay a premium for reliable delivery.
Implication → Industrial fuel customers in remote locations are AKRA's most captive segment: the logistics moat (tank farms + delivery trucks in remote areas) translates directly into pricing power and stable margins.
Building AKRA's network of remote-area tank farms, terminal infrastructure, delivery trucks and long-term customer relationships took decades; regulatory approvals for petroleum storage and distribution add further barriers. JIIPE's 2,900-ha port-connected industrial estate cannot be replicated nearby.
Implication → AKRA's petroleum distribution network in remote Indonesia is a genuine operational moat: the capex and regulatory effort required to replicate it deters new entry. JIIPE's SEZ status is government-conferred and unique.
Industrial diesel and fuel oil have few substitutes for remote mining/plantation operations in the near term; electrification of mining equipment is a 10–15 year transition. Chemical distribution alternatives are limited for specialized industrial inputs.
Implication → Petroleum demand from AKRA's industrial customers is structurally resilient for the medium term; the energy transition is a long-dated risk that gives AKRA time to pivot through JIIPE and renewable energy logistics.
Remote-area industrial petroleum distribution: limited rivals (Pertamina Patra Niaga has broader retail but limited remote-area industrial service; Total, Shell serve urban markets). Basic chemicals: specialized distributors but AKRA's scale is dominant. JIIPE: no direct comparables as Indonesia's largest port-integrated industrial SEZ.
Implication → AKRA operates in a low-rivalry niche (remote industrial fuel) and a unique-asset segment (JIIPE SEZ). These are the highest-quality elements of the portfolio; the commodity trading portion (bulk petroleum price arbitrage) is more competitive.
Curated narrative (educational interpretation), backed by the linked sources. The figures above are deterministic. Not investment advice.
AKR Corporindo (AKRA) is Indonesia's largest private petroleum product distributor: supplying industrial, mining, and maritime B2B clients outside Pertamina's retail network. JIIPE (Java Integrated Industrial Port Estate, Gresik) is AKRA's high-margin, long-duration asset converting it from a commodity distributor into an industrial estate compounder.