Equal · Financial Report

Wismilak Inti Makmur

WIIM/FY2021–FY2025/Educational Analysis/IDR/Data source · 2026-07-06

ROE = tax × interest × margin × turnover × leverage

	FY2021	FY2022	FY2023	FY2024	FY2025
Tax burden	0.88x	0.82x	0.80x	0.82x	0.79x
Interest burden	0.99x	1.00x	1.00x	0.97x	0.96x
Operating margin	7.4%	8.2%	12.6%	7.9%	8.7%
Asset turnoverdriver	1.45x	1.71x	1.89x	1.57x	1.99x
Leverage (equity mult.)	1.43x	1.44x	1.39x	1.58x	1.45x
= Return on Equity (consolidated)	13.4%	16.6%	26.8%	15.6%	18.9%
Return on Invested Capital (ROIC)	13.5%	16.7%	26.8%	15.9%	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)	2.93x	2.84x	3.08x	2.44x	2.63x
Quick Ratio((Current Assets − Inventory) / Current Liabilities)	1.36x	1.45x	0.84x	0.72x	0.69x
Cash Ratio(Cash / Current Liabilities)	0.96x	1.08x	0.39x	0.41x	0.36x
Working Capital(Current Assets − Current Liabilities)	Rp 1.0 T	Rp 1.2 T	Rp 1.5 T	Rp 1.5 T	Rp 1.5 T

Leverage & Solvency

	FY2021	FY2022	FY2023	FY2024	FY2025
Debt to Equity (DER)(Total Debt / Total Equity)	0.01x	0.01x	0.02x	0.22x	0.15x
Liabilities to Equity(Total Liabilities / Total Equity)	0.43x	0.44x	0.39x	0.58x	0.45x
Debt to Assets(Total Debt / Total Assets)	0.01x	0.00x	0.01x	0.14x	0.11x
Net Debt(Total Debt − Cash)	-Rp 512 M	-Rp 705 M	-Rp 245 M	Rp 13 M	Rp 3.9 M
Interest Coverage(EBIT / Interest Expense)	97.22x	271.67x	670.92x	36.43x	22.34x
Equity Multiplier (Assets ÷ Equity)	1.43x	1.44x	1.39x	1.58x	1.45x

Profitability

	FY2021	FY2022	FY2023	FY2024	FY2025
Gross Margin(Gross Profit / Revenue)	23.8%	21.3%	26.5%	22.6%	22.1%
Operating Margin(EBIT / Revenue)	7.4%	8.2%	12.6%	7.9%	8.7%
Net Margin(Net Income / Revenue)	6.5%	6.7%	10.1%	6.3%	6.6%
EBITDA(EBIT + D&A)	Rp 261 M	Rp 354 M	Rp 662 M	Rp 429 M	Rp 629 M
EBITDA Margin(EBITDA / Revenue)	9.6%	9.6%	13.6%	9.0%	9.9%
Return on Assets (ROA)(Net Income / Total Assets)	9.3%	11.5%	19.2%	9.9%	13.1%
Return on Equity (ROE)(Net Income (Owners) / Equity (Owners))	13.4%	16.6%	26.8%	15.6%	18.9%
Tax Burden (Net ÷ Pretax)	0.88x	0.82x	0.80x	0.82x	0.79x
Interest Burden (Pretax ÷ EBIT)	0.99x	1.00x	1.00x	0.97x	0.96x
Return on Invested Capital (ROIC)	13.5%	16.7%	26.8%	15.9%	19.8%

Operations & Efficiency

Turnover	FY2021	FY2022	FY2023	FY2024	FY2025
Asset Turnover(Revenue / Total Assets)	1.45x	1.71x	1.89x	1.57x	1.99x
Inventory Turnover(COGS / Inventory)	2.44x	3.18x	2.22x	2.12x	2.72x
Receivables Turnover(Revenue / Receivables)	27.49x	29.92x	35.11x	37.27x	32.02x
Payables Turnover(COGS / Payables)	4.61x	5.94x	7.25x	7.30x	10.65x

Conversion Period	FY2021	FY2022	FY2023	FY2024	FY2025
Days Inventory Outstanding (DIO)(365 × Inventory / COGS)	149.6 days	114.8 days	164.1 days	172.5 days	134.2 days
Days Sales Outstanding (DSO)(365 × Receivables / Revenue)	13.3 days	12.2 days	10.4 days	9.8 days	11.4 days
Days Payable Outstanding (DPO)(365 × Payables / COGS)	79.2 days	61.5 days	50.4 days	50.0 days	34.3 days
Cash Conversion Cycle (CCC)(DIO + DSO − DPO)	83.7 days	65.6 days	124.1 days	132.3 days	111.3 days

Cash Flow

	FY2021	FY2022	FY2023	FY2024	FY2025
Free Cash Flow(Operating Cash Flow − Capex)	Rp 136 M	Rp 245 M	-Rp 328 M	-Rp 46 M	Rp 139 M

Valuation

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

Price Rp 1,703 · market cap Rp 3.6 T

Multiple	WIIM	Peer median	vs median
P/E	8.49x	12.93x	-34%
P/B	1.61x	1.61x	0%
P/S	0.56x	0.56x	0%
EV/EBITDA	5.67x	5.74x	-1%
EV/EBIT	6.40x	8.74x	-27%
EV/Sales	0.56x	0.56x	0%
FCF Yield	3.91%	7.78%	-50%
Dividend Yield	3.80%	3.80%	0%

Only 3 peers are covered here, so the median is itself one of the members. A 0% gap can simply mean WIIM sits at the median.

EV = mkt cap Rp 3.6 T + debt Rp 340 M − cash Rp 336 M + minority interest Rp 2.1 M = Rp 3.6 T

What the price implies

At today’s price, the market is paying for 18.5%/yr FCF growth (15.0% at 12.0% to 21.8% at 16.0% discount rates). Delivered over the last 4 years: 0.7% FCF · 23.6% 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	0.68 → 0.73	Tobacco (unlevered) relevered at own D/E 0.10
Cost of equity	12.16%	Rf + β × ERP
Cost of debt	7.66%	median interest coverage 97.2x (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 7.3%, 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	18.4%	median effective rate, FY2021–FY2025 (pretax ≈ EBIT − interest)
WACC	11.65%	91% E × CoE + 9% D × Kd × (1 − t)
Revenue growth (yr 1, fading)	23.6%	delivered 4-yr revenue CAGR 23.6%, fading linearly to terminal
EBIT margin	9.8%	mean EBIT margin, last 3 FYs
D&A / revenue	1.1%	mean D&A/revenue, last 3 FYs
Capex / revenue	3.5%	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 11.6% cost of capital, so the perpetuity reinvests 21.5% of NOPAT and terminal capex is 2.6% of revenue against depreciation of 1.1%. 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	8.6%	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 yrs23.6%

EBIT margin9.8%

WACC11.6%

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 revenue3.5%

D&A

% of revenue1.1%

ΔNWC

% of the CHANGE in revenue8.6%

Year	+1	+2	+3	+4	+5	T∞
Growth	23.6%	18.3%	13.1%	7.8%	2.5%	2.5%
Revenue	Rp 7.9 T	Rp 9.3 T	Rp 11 T	Rp 11 T	Rp 12 T	Rp 12 T
EBIT	Rp 770 M	Rp 911 M	Rp 1.0 T	Rp 1.1 T	Rp 1.1 T	Rp 1.2 T
NOPAT	Rp 628 M	Rp 743 M	Rp 840 M	Rp 905 M	Rp 928 M	Rp 951 M
+ D&A	Rp 84 M	Rp 99 M	Rp 112 M	Rp 121 M	Rp 124 M	Rp 127 M
− Capex	Rp 274 M	Rp 324 M	Rp 367 M	Rp 395 M	Rp 405 M	Rp 306 M
− ΔNWC	Rp 130 M	Rp 125 M	Rp 105 M	Rp 71 M	Rp 25 M	Rp 25 M
FCFF	Rp 308 M	Rp 393 M	Rp 480 M	Rp 560 M	Rp 622 M	Rp 747 M
PV	Rp 275 M	Rp 315 M	Rp 345 M	Rp 360 M	Rp 359 M	Rp 4.7 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 1.7 T + PV(TV) Rp 4.7 T = Rp 6.4 T · TV 74% of EV · − net debt Rp 3.9 M − minority Rp 2.1 M = equity Rp 6.4 T ÷ shares outstanding

Model output: Rp 3,041/share (+79% vs price Rp 1,703)· exit-multiple check (5.7x): Rp 2,784

Under these assumptions the model lands 79% 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.

Sensitivity (per share, Rp)

g \ WACC	10.6%	11.6%	12.6%
2.0%	3,278	2,903	2,599
2.5%	3,457	3,041	2,709
3.0%	3,659	3,196	2,831

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 ↑(M)Rupiah weaker(L)

Income Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	Rp 2.7 T	Rp 3.7 T	Rp 4.9 T	Rp 4.8 T	Rp 6.4 T
Cost of Goods Sold	Rp 2.1 T	Rp 2.9 T	Rp 3.6 T	Rp 3.7 T	Rp 5.0 T
Gross Profit	Rp 652 M	Rp 789 M	Rp 1.3 T	Rp 1.1 T	Rp 1.4 T
Operating Income (EBIT)	Rp 203 M	Rp 303 M	Rp 615 M	Rp 376 M	Rp 557 M
Interest Expense	Rp 2.1 M	Rp 1.1 M	Rp 917 jt	Rp 10 M	Rp 25 M
Net Income	Rp 177 M	Rp 249 M	Rp 494 M	Rp 299 M	Rp 419 M
Net Income Attributable to Owners	Rp 177 M	Rp 249 M	Rp 494 M	Rp 299 M	Rp 419 M
Depreciation & Amortization	Rp 58 M	Rp 51 M	Rp 46 M	Rp 52 M	Rp 72 M

Balance Sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	Rp 522 M	Rp 712 M	Rp 279 M	Rp 411 M	Rp 336 M
Accounts Receivable	Rp 99 M	Rp 124 M	Rp 139 M	Rp 127 M	Rp 199 M
Inventory	Rp 854 M	Rp 917 M	Rp 1.6 T	Rp 1.7 T	Rp 1.8 T
Current Assets	Rp 1.6 T	Rp 1.9 T	Rp 2.2 T	Rp 2.5 T	Rp 2.5 T
Total Assets	Rp 1.9 T	Rp 2.2 T	Rp 2.6 T	Rp 3.0 T	Rp 3.2 T
Accounts Payable	Rp 452 M	Rp 491 M	Rp 494 M	Rp 504 M	Rp 467 M
Current Liabilities	Rp 543 M	Rp 662 M	Rp 718 M	Rp 1.0 T	Rp 944 M
Total Liabilities	Rp 573 M	Rp 668 M	Rp 728 M	Rp 1.1 T	Rp 990 M
Total Interest-Bearing Debt	Rp 10 M	Rp 7.6 M	Rp 34 M	Rp 424 M	Rp 340 M
Total Equity	Rp 1.3 T	Rp 1.5 T	Rp 1.8 T	Rp 1.9 T	Rp 2.2 T
Equity Attributable to Owners	Rp 1.3 T	Rp 1.5 T	Rp 1.8 T	Rp 1.9 T	Rp 2.2 T

Cash Flow Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	Rp 180 M	Rp 300 M	-Rp 199 M	Rp 157 M	Rp 362 M
Capital Expenditure	Rp 44 M	Rp 56 M	Rp 129 M	Rp 203 M	Rp 223 M

Company Deep Analysis

Reviewed: 2026-07-31

Analyst Verdict

WIIM revenue (T IDR): 2.73 (2021) → 3.70 (2022) → 4.87 (2023) → 4.75 (2024, −2.5%) → 6.38 (2025); +133% cumulative, the fastest-growing name in this tobacco comp set. Gross margin: 23.8% (2021) → 21.3% (low) → 26.5% (2023 peak) → 22.6% → 22.1%. OPM: 7.4% → 8.2% → 12.6% (peak) → 7.9% → 8.7%. Net margin: 6.5% → 6.7% → 10.1% (peak) → 6.3% → 6.6%. ROE: 13.4% → 16.6% → 26.8% (peak) → 15.6% → 18.9%. ROIC: 13.5% → 16.7% → 26.8% → 15.9% → 19.8%. D/E: 0.008× → 0.005× → 0.019× → 0.222× (up) → 0.153×. FCF (T IDR): +0.14 → +0.25 → −0.33 (negative despite the best earnings year) → −0.05 → +0.14. Net debt (T IDR): −0.51 → −0.71 → −0.25 (all net cash) → +0.01 → +0.00 (essentially net-debt-neutral, tiny magnitudes either way). Current ratio: 2.93× → 2.84× → 3.08× → 2.44× → 2.63×. FY2023 stands out as an exceptional year across every profitability and return metric (peak OPM, net margin, ROE, ROIC), yet FCF turned negative that same year (−Rp0.33tn), most consistent with working-capital investment (inventory/receivables build) to support the revenue surge rather than a profitability problem. FY2024–25 margins normalised back to the FY2021–22 baseline range, while revenue dipped 2.5% in FY2024 then surged 34% in FY2025.

Business Model

Cigarette manufacturer headquartered in Surabaya, operating through Cigarette and Marketing & Distribution segments. Produces both hand-rolled kretek (HRC: Wismilak Special, Wismilak Slim, Galan Kretek, Galan Prima, Wismilak Satya) and machine-rolled cigarettes (MRC: Wismilak Diplomat, Diplomat Mild, Diplomat Mild Menthol, Diplomat Evo), plus premium cigars (Wismilak Premium Cigars, Wismilak Premium Seleccion). Diplomat, launched in 1989 by predecessor PT Gelora Djaja, was Indonesia’s first premium-priced machine-rolled cigarette. The company name "Gawih" derives from "Galan-Wismilak-Hidup Subur," its three earliest brands.

Segments

Two segments: Cigarette (manufacturing) and Marketing & Distribution. Same kretek value chain as GGRM/HMSP (tobacco/clove sourcing → SKM/SKT manufacture → excise → distribution → retail) but at much smaller scale: WIIM’s revenue (Rp6.38tn FY2025) is a small fraction of either large-cap peer. The five-year revenue more than doubling (+133%) is a genuine share-gain story within the broader kretek market, not just excise-driven price inflation.

Value Chain & Positioning

Tobacco/clove sourcing (partly imported tobacco, domestic clove) → HRC (hand-rolled) and MRC (machine-rolled) manufacturing → excise stamping → Marketing & Distribution segment → retail (traditional trade, modern retail). Premium cigars serve a small, higher-margin niche alongside the core kretek business.

Competitive Forces (Porter’s 5)

Supplier powerMedium

How much leverage input/funding providers have over pricing.

Tobacco is partly imported (FX exposure) while clove is domestically sourced; excise tape allocation and pricing also function as a government-set cost input.

Implication → Gross margin easing from the 26.5% FY2023 peak to ~22% (2024–25) is consistent with rising excise/input costs eating into margin even as volume grew: an interpretation, not a confirmed disclosure.

Buyer powerMedium

How much leverage customers have to push prices down.

Diplomat’s premium-cigarette positioning (Indonesia’s first premium-priced MRC brand) gives some pricing power, but the broader kretek category is price-competitive.

Implication → Brand strength in the premium sub-segment supported the FY2023 margin peak; broader category competition explains why margins normalised afterward.

Threat of new entryLow

How easily new competitors can enter the market.

Excise licensing, brand-building costs, and distribution-network requirements are real barriers in the kretek industry, same as for GGRM/HMSP.

Implication → WIIM’s growth has come from share gains within the existing competitive set, not from an influx of new entrants changing the landscape.

Threat of substitutesMedium

Risk that alternative products/services replace demand.

Other kretek brands, international cigarette brands, and (at the margin) vaping/e-cigarettes compete for the same smokers.

Implication → Category-level substitution risk exists but has not slowed WIIM’s own growth over this window.

Competitive rivalryHigh

Intensity of competition among existing players.

Competes with much larger GGRM and HMSP plus other kretek makers; WIIM’s small scale means it competes on brand niche (Diplomat’s premium position, Galan’s value SKM) rather than on scale.

Implication → The revenue nearly tripling over five years despite intense large-peer competition suggests real brand/distribution execution, not just a rising-tide market.

Moat / Competitive Edge

Narrow but real. Diplomat’s heritage as Indonesia’s first premium-priced machine-rolled cigarette (since 1989) and the Wismilak/Galan hand-rolled franchise give WIIM defensible brand niches within the kretek category, evidenced by gross margins (21–27%) that are the richest of the three listed kretek names (GGRM ~9–12%, HMSP ~15–18%) despite WIIM’s small scale. The moat is brand-and-niche-based, not scale-based: WIIM cannot out-procure or out-distribute the large-caps, but has carved defensible positions in premium MRC and traditional HRC.

Key Drivers & Sensitivities

Revenue growth / share gains
Revenue more than doubled (+133%) over five years, by far the strongest growth in this tobacco comp set, the core value driver regardless of margin normalisation.
Excise / input cost (tobacco, clove)
Gross margin has held in a 21–27% band across FY21–25, with the FY2023 peak (26.5%) easing to ~22% in FY2024–25: rising excise and input costs are the plausible pressure.
Working-capital investment
FCF turned negative in FY2023 (−Rp0.33tn) during the peak-earnings year and again marginally in FY2024 (−Rp0.05tn): consistent with inventory/receivables build to fund the growth, not a profitability problem.
Diplomat premium-brand positioning
The premium MRC franchise supports pricing power beyond the value-kretek segment, contributing to margins that outperform what WIIM’s small scale alone would suggest.
Leverage normalisation
D/E rose from near-zero (0.005–0.019×, FY21–23) to a still-low but notably higher 0.222× (FY2024) before easing to 0.153× (FY2025): a real directional shift, though the absolute magnitude remains low versus most other names in this roster.

Linkages

Tied to consumer discretionary spending (cigarettes are habitual but price-sensitive at the margin), excise-tax policy (a direct cost and pricing driver for the whole kretek industry), and tobacco/clove input costs (partly import/FX-exposed). A defensive-ish consumer-staple-adjacent business with a real regulatory overhang common to the whole tobacco industry.

Recent Developments

FY2023 was the peak and FY2025 was the volume year. Operating margin 12.6%, net margin 10.1% and ROE 26.8% were all five-year highs in FY2023, achieved while free cash flow was negative at minus Rp0.33tn because the growth was being carried in working capital. FY2024 normalised, net margin 6.3% on revenue down 2.5%. FY2025 then added 34.3% of revenue to reach Rp6.38tn, taking the five-year gain to 133%, with free cash flow back to a positive Rp0.14tn and ROE at 18.9%. Leverage rose from almost nothing to 0.22× in FY2024 and eased to 0.15×, which is still slight, and asset turnover of 1.99× is the highest of the window.

Regulation

Regulated by the Ministry of Finance (excise tax / cukai, the dominant policy lever for the whole industry), BPOM (health warnings, product registration), and Ministry of Industry (manufacturing standards). Listed on the IDX.

ESG & Sustainability

Material issues: tobacco-control regulation and public-health scrutiny (industry-wide), labour practices in hand-rolled (HRC) manufacturing which is labour-intensive, and excise-driven pricing that affects affordability and consumption patterns. Governance reflects a founding-family heritage business (Gelora Djaja lineage) now IDX-listed.

Risks

Excise-tax policy changes are the dominant industry-wide cost/pricing risk
Gross margin eased from its 26.5% FY2023 peak to ~22% (2024–25) under excise and input-cost pressure
FCF turned negative in FY2023 (peak-earnings year) and marginally FY2024 on working-capital investment
Small scale versus GGRM/HMSP limits negotiating leverage on inputs and distribution
Tobacco-control / public-health regulatory risk common to the whole industry

Outlook & What to Watch

Base case: revenue growth continues at a more moderate pace than the FY21–23 surge, margins hold near the FY2024–25 normalised range (net margin ~6–7%, ROE high teens). Bull: renewed margin expansion (back toward the FY2023 peak, net margin ~10%) alongside continued revenue growth. Bear: excise increases or input-cost pressure push margins below the ~6.5% baseline that FY2021–22 and FY2024–25 share (not distress; the balance sheet stays strong). (Interpretation, not a forecast.)

Key KPIs

Revenue growth: +133% cumulative FY21–25: the fastest in this tobacco comp set
Net margin: 6.5% (2021) → 10.1% (2023 peak) → 6.6% (2025)
ROE: 13.4% → 26.8% (2023 peak) → 18.9% (2025)
FCF: Negative in FY2023 (peak-earnings year) and FY2024: working-capital watch item
D/E: Near-zero throughout, rose to a still-low 0.22× (FY2024)

Sources

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