Equal · Financial Report

MAP Aktif Adiperkasa

MAPA/FY2021–FY2025/Educational Analysis/IDR/Data source · 2026-06-20

ROE = tax × interest × margin × turnover × leverage

	FY2021	FY2022	FY2023	FY2024	FY2025
Tax burden	0.67x	0.76x	0.74x	0.71x	0.74x
Interest burden	0.84x	0.96x	0.95x	0.91x	0.94x
Operating margindriver	7.4%	16.4%	14.7%	12.3%	12.9%
Asset turnover	1.14x	1.32x	1.26x	1.34x	1.36x
Leverage (equity mult.)	1.64x	1.66x	1.84x	1.80x	1.60x
= Return on Equity (consolidated)	7.7%	26.3%	23.6%	19.0%	19.5%
Return on Invested Capital (ROIC)	8.9%	27.3%	20.3%	17.1%	19.8%

Consolidated (pre-minority-interest) basis; the headline ROE in the ratio grid is owners’ basis.

Liquidity

	FY2021	FY2022	FY2023	FY2024	FY2025
Current Ratio(Current Assets / Current Liabilities)	2.21x	2.25x	1.76x	1.73x	2.16x
Quick Ratio((Current Assets − Inventory) / Current Liabilities)	0.77x	0.98x	0.58x	0.47x	0.66x
Cash Ratio(Cash / Current Liabilities)	0.42x	0.63x	0.30x	0.25x	0.39x
Working Capital(Current Assets − Current Liabilities)	Rp 1.9 T	Rp 2.7 T	Rp 2.8 T	Rp 3.0 T	Rp 4.4 T

Leverage & Solvency

	FY2021	FY2022	FY2023	FY2024	FY2025
Debt to Equity (DER)(Total Debt / Total Equity)	0.24x	0.29x	0.42x	0.37x	0.21x
Liabilities to Equity(Total Liabilities / Total Equity)	0.64x	0.66x	0.84x	0.80x	0.60x
Debt to Assets(Total Debt / Total Assets)	0.15x	0.17x	0.23x	0.20x	0.13x
Net Debt(Total Debt − Cash)	Rp 110 M	-Rp 63 M	Rp 1.4 T	Rp 1.6 T	Rp 420 M
Interest Coverage(EBIT / Interest Expense)	6.21x	26.93x	18.19x	11.36x	16.28x
Equity Multiplier (Assets ÷ Equity)	1.64x	1.66x	1.84x	1.80x	1.60x

Profitability

	FY2021	FY2022	FY2023	FY2024	FY2025
Gross Margin(Gross Profit / Revenue)	41.8%	47.6%	47.7%	45.0%	45.8%
Operating Margin(EBIT / Revenue)	7.4%	16.4%	14.7%	12.3%	12.9%
Net Margin(Net Income / Revenue)	4.2%	12.0%	10.2%	7.9%	8.9%
EBITDA(EBIT + D&A)	Rp 662 M	Rp 1.8 T	Rp 2.3 T	Rp 2.5 T	Rp 3.0 T
EBITDA Margin(EBITDA / Revenue)	11.0%	18.6%	16.8%	14.6%	15.7%
Return on Assets (ROA)(Net Income / Total Assets)	4.7%	15.8%	12.9%	10.5%	12.1%
Return on Equity (ROE)(Net Income (Owners) / Equity (Owners))	7.7%	26.4%	24.4%	19.5%	19.7%
Tax Burden (Net ÷ Pretax)	0.67x	0.76x	0.74x	0.71x	0.74x
Interest Burden (Pretax ÷ EBIT)	0.84x	0.96x	0.95x	0.91x	0.94x
Return on Invested Capital (ROIC)	8.9%	27.3%	20.3%	17.1%	19.8%

Operations & Efficiency

Turnover	FY2021	FY2022	FY2023	FY2024	FY2025
Asset Turnover(Revenue / Total Assets)	1.14x	1.32x	1.26x	1.34x	1.36x
Inventory Turnover(COGS / Inventory)	1.54x	1.88x	1.64x	1.82x	1.85x
Receivables Turnover(Revenue / Receivables)	21.17x	24.42x	26.61x	43.42x	50.57x
Payables Turnover(COGS / Payables)	6.77x	7.68x	7.82x	6.90x	6.86x

Conversion Period	FY2021	FY2022	FY2023	FY2024	FY2025
Days Inventory Outstanding (DIO)(365 × Inventory / COGS)	236.6 days	194.4 days	222.0 days	200.3 days	197.6 days
Days Sales Outstanding (DSO)(365 × Receivables / Revenue)	17.2 days	14.9 days	13.7 days	8.4 days	7.2 days
Days Payable Outstanding (DPO)(365 × Payables / COGS)	53.9 days	47.5 days	46.7 days	52.9 days	53.2 days
Cash Conversion Cycle (CCC)(DIO + DSO − DPO)	200.0 days	161.8 days	189.1 days	155.8 days	151.6 days

Cash Flow

	FY2021	FY2022	FY2023	FY2024	FY2025
Free Cash Flow(Operating Cash Flow − Capex)	Rp 772 M	Rp 1.3 T	Rp 321 M	Rp 1.6 T	Rp 2.2 T

Valuation

price as-of 2026-07-31fundamentals: FY2025

Price Rp 650 · market cap Rp 19 T

Multiple	MAPA	Peer median	vs median
P/E	10.77x	11.17x	-4%
P/B	2.13x	1.97x	+8%
P/S	0.96x	0.53x	+81%
EV/EBITDA	6.32x	6.25x	+1%
EV/EBIT	7.67x	7.91x	-3%
EV/Sales	0.99x	0.52x	+91%
FCF Yield	12.12%	10.69%	+13%
Dividend Yield	0.62%	3.37%	-82%

EV = mkt cap Rp 19 T + debt Rp 1.9 T − cash Rp 1.5 T + minority interest Rp 128 M = Rp 19 T

What the price implies

At today’s price, the market is paying for 1.7%/yr FCF growth (-1.1% at 12.0% to 4.4% at 16.0% discount rates). Delivered over the last 4 years: 30.6% FCF · 33.7% 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.

Forward DCF (glass-box)

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	0.95 → 1.02	Retail (Special Lines) (unlevered) relevered at own D/E 0.10
Cost of equity	14.09%	Rf + β × ERP
Cost of debt	7.66%	median interest coverage 16.3x (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 8.1%, 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	26.3%	median effective rate, FY2021–FY2025 (pretax ≈ EBIT − interest)
WACC	13.31%	91% E × CoE + 9% D × Kd × (1 − t)
Revenue growth (yr 1, fading)	30.0%	delivered 4-yr revenue CAGR 33.7% (default capped at 30%), fading linearly to terminal
EBIT margin	13.3%	mean EBIT margin, last 3 FYs
D&A / revenue	2.4%	mean D&A/revenue, last 3 FYs
Capex / revenue	6.5%	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 13.3% cost of capital, so the perpetuity reinvests 18.8% of NOPAT and terminal capex is 3.9% of revenue against depreciation of 2.4%. 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	12.7%	median ΔNWC/Δrevenue across the seeded years (NWC = AR + inventory − AP)
Terminal growth	2.5%	BI inflation-target midpoint (2.5% ± 1%)

Growth path

year 1 → fading to terminal over 5 yrs30.0%

EBIT margin13.3%

WACC13.3%

Terminal growth2.5%

Explicit years5

FCFF drivers

FCFF = NOPAT + D&A − capex − ΔNWC

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.

Capex

% of revenue6.5%

D&A

% of revenue2.4%

ΔNWC

% of the CHANGE in revenue12.7%

Year	+1	+2	+3	+4	+5	T∞
Growth	30.0%	23.1%	16.3%	9.4%	2.5%	2.5%
Revenue	Rp 25 T	Rp 31 T	Rp 36 T	Rp 39 T	Rp 40 T	Rp 41 T
EBIT	Rp 3.3 T	Rp 4.1 T	Rp 4.8 T	Rp 5.2 T	Rp 5.3 T	Rp 5.5 T
NOPAT	Rp 2.5 T	Rp 3.0 T	Rp 3.5 T	Rp 3.8 T	Rp 3.9 T	Rp 4.0 T
+ D&A	Rp 602 M	Rp 742 M	Rp 862 M	Rp 943 M	Rp 967 M	Rp 991 M
− Capex	Rp 1.6 T	Rp 2.0 T	Rp 2.3 T	Rp 2.5 T	Rp 2.6 T	Rp 1.6 T
− ΔNWC	Rp 736 M	Rp 738 M	Rp 638 M	Rp 428 M	Rp 125 M	Rp 128 M
FCFF	Rp 698 M	Rp 1.0 T	Rp 1.4 T	Rp 1.8 T	Rp 2.2 T	Rp 3.3 T
PV	Rp 616 M	Rp 801 M	Rp 972 M	Rp 1.1 T	Rp 1.2 T	Rp 16 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 4.7 T + PV(TV) Rp 16 T = Rp 21 T · TV 78% of EV · − net debt Rp 420 M − minority Rp 128 M = equity Rp 20 T ÷ shares outstanding

Model output: Rp 713/share (+10% vs price Rp 650)· exit-multiple check (6.3x): Rp 885

Under these assumptions the model lands close to today's price. The market and these inputs are telling broadly the same story.

Sensitivity (per share, Rp)

g \ WACC	12.3%	13.3%	14.3%
2.0%	768	684	614
2.5%	805	713	638
3.0%	846	746	665

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.

Macro backdropfull backdrop + sensitivity map →

BI Rate 5.75%IDR/USD 18,05810Y government bond yield 7.26%Inflation 3.34%(as-of 2026-07-31)

GDP/consumption ↑(H)Rupiah weaker(M)BI rate ↑(L)

Income Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	Rp 6.0 T	Rp 9.8 T	Rp 14 T	Rp 17 T	Rp 19 T
Cost of Goods Sold	Rp 3.5 T	Rp 5.1 T	Rp 7.1 T	Rp 9.5 T	Rp 10 T
Gross Profit	Rp 2.5 T	Rp 4.7 T	Rp 6.5 T	Rp 7.7 T	Rp 8.8 T
Operating Income (EBIT)	Rp 448 M	Rp 1.6 T	Rp 2.0 T	Rp 2.1 T	Rp 2.5 T
Interest Expense	Rp 72 M	Rp 60 M	Rp 109 M	Rp 185 M	Rp 153 M
Net Income	Rp 251 M	Rp 1.2 T	Rp 1.4 T	Rp 1.4 T	Rp 1.7 T
Net Income Attributable to Owners	Rp 251 M	Rp 1.2 T	Rp 1.4 T	Rp 1.4 T	Rp 1.7 T
Depreciation & Amortization	Rp 214 M	Rp 220 M	Rp 286 M	Rp 401 M	Rp 533 M

Balance Sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	Rp 662 M	Rp 1.3 T	Rp 1.1 T	Rp 1.0 T	Rp 1.5 T
Accounts Receivable	Rp 285 M	Rp 401 M	Rp 510 M	Rp 396 M	Rp 381 M
Inventory	Rp 2.3 T	Rp 2.7 T	Rp 4.3 T	Rp 5.2 T	Rp 5.7 T
Current Assets	Rp 3.5 T	Rp 4.8 T	Rp 6.4 T	Rp 7.1 T	Rp 8.1 T
Total Assets	Rp 5.3 T	Rp 7.4 T	Rp 11 T	Rp 13 T	Rp 14 T
Accounts Payable	Rp 519 M	Rp 668 M	Rp 907 M	Rp 1.4 T	Rp 1.5 T
Current Liabilities	Rp 1.6 T	Rp 2.1 T	Rp 3.7 T	Rp 4.1 T	Rp 3.8 T
Total Liabilities	Rp 2.1 T	Rp 3.0 T	Rp 4.9 T	Rp 5.7 T	Rp 5.3 T
Total Interest-Bearing Debt	Rp 772 M	Rp 1.3 T	Rp 2.5 T	Rp 2.6 T	Rp 1.9 T
Total Equity	Rp 3.2 T	Rp 4.5 T	Rp 5.9 T	Rp 7.1 T	Rp 8.8 T
Equity Attributable to Owners	Rp 3.2 T	Rp 4.5 T	Rp 5.7 T	Rp 7.0 T	Rp 8.7 T

Cash Flow Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	Rp 884 M	Rp 1.6 T	Rp 1.3 T	Rp 2.9 T	Rp 3.2 T
Capital Expenditure	Rp 112 M	Rp 375 M	Rp 961 M	Rp 1.3 T	Rp 969 M

Company Deep Analysis

Reviewed: 2026-07-31

Analyst Verdict

MAPA is a high-quality specialty retailer, operating exclusive sport and outdoor brand stores across Indonesia. Its post-COVID recovery was dramatic: ROIC surged from 8.9% (2021) to 27.3% (2022) as pent-up demand and operating leverage combined with a mix shift toward premium sport brands. The normalised 2025 base (ROIC 19.8%, ROE 19.8%, GM 45.8%) reflects a structurally stronger business than before the pandemic, driven by the secular athleisure tailwind and MAPA's exclusive brand partnerships. D/E compressed from 0.42 at the 2023 expansion peak to 0.21 in 2025 while FCF grew to IDR 2.25 T, and both point to growth it can fund itself. The essential risk is its moat: the exclusivity contracts with Nike, Adidas and other international brands are what make the model work, and any shift in their distribution strategy toward direct-to-consumer would structurally impair it.

Business Model

MAPA (spun off from MAPI in 2019) manages exclusive retail concessions for global sport and outdoor brands in Indonesia, including Planet Sports (multi-brand), Sports Station (Nike), and mono-brand stores for The North Face, Skechers, Hoka, New Balance, and others. Revenue is driven by apparel and footwear unit sales with a 2022–2025 gross margin of 45–48%, substantially above mass-market retail, reflecting the brand premium and exclusive distribution arrangements. The model leverages mall foot traffic and the secular athleisure trend.

Segments

Footwear (~50% of revenue), apparel (~35%), and accessories/equipment (~15%). Premium sport and outdoor brands (Nike, Adidas, The North Face) skew mix toward higher margin; core sport (Sports Station) drives volume. All distributed via MAPA's mall-anchored store network.

Value Chain & Positioning

Brand licensing & exclusive distribution agreements → product import and local procurement → central warehousing → store replenishment → in-store retail (fitting, expert advice, promotions) → loyalty (Sports Station member). Asset turnover of 1.26–1.36× and inventory turnover of 1.6–1.9× reflect a fashion-cycle-influenced sell-through pattern.

Competitive Forces (Porter’s 5)

Supplier powerHigh

How much leverage input/funding providers have over pricing.

Nike, Adidas, The North Face (VF Corp), and other global brand owners set MAPA's product allocation, pricing frameworks, and margin terms. The exclusive distribution arrangement creates mutual dependence but the brand owners have substantial leverage as they can appoint alternative or direct-to-consumer partners.

Implication → High supplier power caps the gross margin ceiling and makes MAPA's business model fundamentally dependent on maintaining commercial relationships: the most critical risk in the investment thesis.

Buyer powerLow

How much leverage customers have to push prices down.

Individual consumers have limited power: premium sport and outdoor brands command aspirational loyalty and limited price negotiation. However, e-commerce channels offer some price discovery and comparison shopping for the same brand products.

Implication → Low buyer power supports the 45–48% gross margin; aspirational brand demand creates pricing power that benefits MAPA as the exclusive distributor.

Threat of new entryLow

How easily new competitors can enter the market.

Exclusive distribution agreements with Nike, Adidas, and key brands create high barriers to entry: a new entrant cannot legally stock these brands without brand owner consent. The mall presence network (scale) further deters entry.

Implication → The exclusivity moat is strong; the primary threat is not from new physical entrants but from brand owners themselves moving to direct retail or e-commerce.

Threat of substitutesMedium

Risk that alternative products/services replace demand.

E-commerce platforms (Tokopedia, Shopee, Zalora) sell authentic brand products and are a substitute retail channel. Brand-direct online stores (Nike.com, Adidas.com) compete for the same consumer. Fast-fashion athletic brands (Decathlon own-brand, local brands) substitute on price.

Implication → Channel substitution to e-commerce is the primary substitute risk; brand-loyal consumers mitigate but do not eliminate this. Decathlon's aggressive Indonesia expansion is a growing price-point substitute.

Competitive rivalryMedium

Intensity of competition among existing players.

Primary physical competitor is Decathlon (own-brand, mid-market, aggressive expansion) and Sports Direct (if entering Indonesia). Within premium segments, MAPA's exclusive arrangements largely eliminate direct physical competition. E-commerce rivalry is more intense.

Implication → Physical rivalry is moderate; MAPA's exclusivity insulates premium brand stores from direct competition. The secular athleisure tailwind supports all players in the segment.

Moat / Competitive Edge

Exclusive brand distribution agreements (Nike, Adidas, The North Face, Skechers, Hoka, New Balance) are MAPA's primary moat: no competitor can legally operate these brands' dedicated stores in Indonesia without MAPA's consent. Secondary moat: the Planet Sports multi-brand concept curates a premium sport and outdoor experience that one-brand stores cannot replicate. ROIC of 19.8% significantly above a 10–12% cost of capital confirms real economic moat creation.

Key Drivers & Sensitivities

Athleisure Secular Growth & Post-COVID Recovery
The Indonesian athleisure market is a structural growth story: rising health awareness, growing middle class, and sport participation drive premium brand demand. Post-COVID pent-up demand propelled MAPA's ROIC from 8.9% (2021) to 27.3% (2022); normalised at 19.8% (2025) still ~10pp above 2021, confirming structural improvement beyond the recovery.
Gross Margin Mix: Premium vs. Mass Sport
GM expanded from 41.8% (2021) to 47.7% (2022–2023) as the mix shifted toward premium mono-brand stores (higher-margin exclusive) and the post-COVID recovery amplified operating leverage. Normalised at 45.8% (2025), the 4pp structural improvement vs. 2021 reflects ongoing mix enrichment. Each 1pp GM improvement translates to ~IDR 0.2–0.3 T incremental gross profit at 2025 revenue levels.
Store Expansion Capex vs. FCF Conversion
FCF dipped to IDR 0.32 T in 2023 (vs. IDR 1.27 T in 2022) as D/E peaked at 0.42: an active expansion cycle opening new premium brand stores. By 2025, FCF recovered to IDR 2.25 T and D/E fell to 0.21, confirming that the expansion was well-invested. This capex-FCF cycle is typical of MAPA's growth mode; investors should distinguish investment years (D/E rising, FCF dipping) from harvest years.

Linkages

MAPA correlates with Indonesian discretionary spending (BI rate, consumer confidence), mall foot traffic, and global sport brand demand cycles (new Nike/Adidas product cycles). IDR depreciation raises import cost of apparel and footwear (USD-priced). The Decathlon Indonesia expansion trajectory is a key competitive monitor. Parent MAPI's mall retail ecosystem provides operational synergies.

Recent Developments

Revenue more than tripled across the window, Rp6.04tn to Rp19.28tn, and the return profile reset with it. ROE went from 7.7% in FY2021 to 26.4% in FY2022 and has since settled near 19.7%, with ROIC tracing the same path at 8.9%, then 27.3%, then 19.8%. The FY2021 reading is the outlier, not the recent ones. Expansion was funded through the balance sheet and then unwound: net debt ran from a small net-cash position in FY2022 out to Rp1.57tn in FY2024 and back to Rp0.42tn, while debt to equity fell to 0.21× from a 0.42× peak. Free cash flow of Rp2.25tn in FY2025 is the highest of the five years.

Regulation

Standard retail and import regulation: BPKM for foreign investment compliance, SNI for selected product categories, customs and import tariffs on apparel/footwear (affecting COGS). Brand franchise agreements are governed by international commercial law and the respective brand owner's global policies, not Indonesian retail regulation specifically.

ESG & Sustainability

Primary ESG exposure: imported synthetic apparel and footwear supply chain (high carbon, low recycled-content in fast-fashion sport). MAPA participates in brand-owner sustainability programmes (Nike Move to Zero, etc.) but does not directly control supply-chain emissions. Governance: listed, MAPI-controlled (Sampoerna/Rabobank-backed MAP Group); strong operational discipline evident in FCF and D/E trajectory.

Risks

Brand-direct DTC strategy (Nike or Adidas opening own stores / prioritising their e-commerce) bypasses MAPA's exclusive distribution model.
IDR depreciation raises import cost for apparel and footwear priced in USD/EUR, compressing gross margins from the 45–48% level.
Decathlon's aggressive Indonesia rollout offers a low-price athleisure substitute that could divert volume from mass-sport segments.
Consumer discretionary slowdown (BI rate hikes, inflation) delays the upgrade cycle from mass to premium sport brands.

Outlook & What to Watch

MAPA is the strongest retail compounder in the MAP Group family: exclusive premium sport brand partnerships, gross margins that have held 45–48% since FY2022 (41.8% in FY2021), and a ROIC above 15% in every year since FY2022 (19.8% in 2025). FCF generation of IDR 2.25 T (2025) supports self-funded store rollout. The athleisure secular trend in Indonesia, still underpenetrated vs. regional peers, provides a structural growth runway. Near-term upside: tier-2 city premium store expansion. Key long-term risk: brand DTC displacement.

Key KPIs

GM: Gross Margin
ROIC: Return on Invested Capital
FCF: Free Cash Flow
D/E: Debt-to-Equity Ratio
AT: Asset Turnover
OPM: Operating Profit Margin

Sources

Curated narrative (educational interpretation), backed by the linked sources. The figures above are deterministic. Not investment advice.