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Analisa Profitabilitas ADES

Analisa Profitabilitas ADES
Analisa Profitabilitas ADES
Stockbit - Hidden Gem Series ADES
Stockbit – Hidden Gem Series ADES

Sejak saya publish tulisan tentang ADES, banyak yang mengajukan pertanyaan kepada saya. Seberapa besar market share bisnis air mineral ADES? Bukankah bisnis air mineral itu persaingan berat?

Baca juga : Hidden Gem Series – Kisah Turnaround Company (Studi Kasus ADES)

Sejujurnya saya agak kesulitan untuk mencari fakta dan data berapa besar market share ADES terkait penjualan produknya baik di bisnis air mineral ataupun di kosmetiknya.

Saya adalah orang yang selalu berorientasi pada data yang tersaji dan tidak suka menggunakan asumsi untuk mengambil keputusan didalam investasi saya. Jadi pada tulisan kali ini, mari kita bahas beberapa pertanyaan yang sering muncul terkait bisnis ADES ini. Apakah bisnis mereka menarik atau sunset bisnis?

Apakah ADES memiliki Keunggulan Kompetitif?

Sebelum tahun 2020, ADES hanya memiliki 2 lini produk yaitu air mineral dan kosmetik. Baru pada tahun 2020 mereka menerbitkan inovasi produk di food beverage, yaitu Oresto untuk produk makanan siap saji dan produk minuman sejenis jamu.

Tapi mari kita lupakan 2 lini produk seumur bayi yang masih terlalu kecil itu. Kita akan bahas 2 segmen bisnis utama ADES, yaitu air mineral dan kosmetik.

Untuk produk air mineral ADES memiliki brand Nestle Pure Life dan Vica, lalu untuk kosmetik mereka ada brand Makarizo dan Wella.

Ticker ADES memang mengingatkan pada brand air mineral ADES yang sekarang sudah bukan bagian dari mereka lagi sejak berpisah dengan Coca Cola. Ticker ADES ini membuat asumsi perusahaan ini adalah perusahaan air mineral murni, bahkan orang lupa bahwa mereka memiliki produk kosmetik dengan brand yang cukup dikenal. Walaupun bukan kelas brand premium, saya rasa banyak salon yang menggunakan produk kosmetik dari mereka.

Sebelum saya bahas hal tersebut, maka saya ingin menjelaskan ulang perbedaan gross profit, operating profit dan net profit.

Gross profit adalah laba yang dihitung dari harga penjualan produk dengan harga modal untuk memperoleh produk tersebut. Sehingga tidak jarang, untuk melihat apakah perusahaan memiliki keunggulan kompetitif kita sering membandingkan gross profit antara perusahaan dengan produk sejenis.

Perusahaan yang bisa mengambil persentase gross profit lebih besar sama artinya dia bisa mengambil keuntungan lebih besar dari produknya dibandingkan kompetitor sejenis. Itu kenapa gross profit sering digunakan untuk melihat siapa yang lebih memiliki keunggulan kompetitif secara sisi bisnis.

Operating profit adalah laba perusahaan setelah dikurangi dengan berbagai biaya untuk menjalankan operational dan administrasi perusahaan. Banyak perusahaan yang memiliki gross profit bagus, tetapi dihancurkan oleh operating expense yang tidak baik. Saya tidak akan bahas operating profit ADES, karena tulisan sebelumnya sudah saya bahas sangat detail bagaimana pintarnya manajemen perusahaan dalam melakukan efisiensi biaya ini.

Net Profit adalah laba bersih setelah dikurangi biaya bunga, pajak, selisih kurs ataupun biaya lainnya yang tidak termasuk beban pokok penjualan ataupun biaya operational. Pada tulisan kali ini, kita akan membahas spesifik untuk gross profit dari emiten ADES.

Analisa Gross Profit ADES

Analisa Gross Profit ADES
Analisa Gross Profit ADES

Pada laporan tahunan kita tidak bisa mendapatkan detail laba rugi segmen dari ADES, tetapi jika kita lihat pada laporan kuartal maka kita akan bisa dapatkan. Sayangnya laporan kuartal tidak ada untuk kuartal 4 yang saya bisa dapatkan di keterbukaan informasi. Sehingga untuk analisa gross profit ini, saya hanya bahas untuk data yang bisa saya dapatkan yaitu dari 2017 hingga 2020 dan hanya kuartal 1 hingga kuartal 3.

Beberapa fakta menarik dari data yang saya olah adalah:

  • Average gross profit ADES untuk segmen air mineral selama 4 tahun terakhir sebesar 47%, dimana kemampuan perusahaan untuk menghasilkan gross profit dari segmen ini memang terlihat adanya penurunan. Hal ini akan kita bahas lebih lanjut nanti
  • Average gross profit ADES untuk segmen kosmetik selama 4 tahun terakhir sebesar 57%, dimana kemampuan perusahaan untuk menghasilkan gross profit dari segmen ini bisa terbilang cukup stabil dengan average gross profit 57%.
  • Dari dua hal data diatas, kita akan mendapati bahwa bisnis kosmetik ADES memiliki kemampuan profitabilitas lebih tinggi dibandingkan bisnis di segmen air mineral.
  • Hal ini yang tampaknya dilihat dengan cermat oleh sang manajemen ADES baru. Pada tahun 2017 kita akan mendapati bahwa ADES memiliki porsi penjualan 60% untuk air mineral dan 40% untuk kosmetik. Jika kita lihat, justru pada tahun 2020 mulai ada pergeseran dimana bisnis air mineral porsinya menurun menjadi sekitar 55% dan kosmetik menjadi 45%.
  • Padahal kita tahu salah satu pengguna produk kosmetik ADES adalah salon. Saya rasa tahun 2020 pastilah terjadi penurunan penjualan oleh salon manapun bukan. Tetapi porsi penjualan pada sektor kosmetik mengambil porsi lebih besar pada emiten ADES ini. Secara angka penjualan memang terjadi penurunan tetapi secara porsi penjualan mengalami peningkatan. Hal ini menunjukkan kejelian manajemen perusahaan untuk melirik bisnis kosmetik yang memang melihat profitabiltas yang menarik pada produk kosmetiknya.

Apakah Bisnis Air Mineral dan Kosmetik Memang Memiliki Gross Profit Sebaik Ini?

Saya rasa gross profit 47% ataupun 57% bukanlah sebuah pencapain yang jelek untuk produk FMCG.

Mari kita lihat perbandingan gross profit beberapa raja FMCG:

  • gross profit ICBP 2019 di 34.1%
  • gross profit MYOR 2019 di 31.6%
  • gross profit UNVR 2019 di 52.3%
  • gross profit SIDO 2019 di 55.1%
  • gross profit ULTJ 2019 di 37.6%
  • gross profit CLEO 2019 di 36.4%
  • gross profit ADES 2019 di 50%

Kita akan melihat emiten dengan market cap dibawah 1 Triliun ini memiliki kemampuan untuk menghasilkan gross profit yang menarik masih di 50% secara overall.

Tetapi bisnis perusahaan – perusahaan diatas tentu tidak sama. Jadi mari kita buat perbandingan dengan emiten produk sejenis untuk setiap segmen perusahaan.

Untuk air mineral, saya rasa yang bisa menjadi perbandingan adalah CLEO karena produknya berfokus pada air mineral. Saya mencoba mencari gross profit segmen air mineral dari MYOR, karena produk mereka adalah salah satu market leader (dibawah Aqua) dan datanya bisa didapatkan karena masih listing. Sayangnya MYOR tidak membuat segmen air mineral secara khusus, sehingga saya tidak bisa mendapatkan datanya.

Data Profitabilitas CLEO
Data Profitabilitas CLEO

Jika kita lihat CLEO memiliki gross profit diatas 30% tetapi masih dibawah 40%. Sehingga saya rasa dengan kemampuan gross profit ADES yang masih diatas 40% bukanlah hal yang terlalu menyeramkan bukan. Masih kemampuan profitabilitas yang terbilang baik tentu saja.

Untuk kosmetik yang berorientasi pada perawatan rambut, maka tampaknya saya akan memilih pesaing yang berat. Tentu saja sang raja UNVR yang akan kita gunakan sebagai benchmark, sebuah perusahaan multinasional yang menjadi salah satu penguasa. Tentulah mereka punya keunggulan kompetitif dan memiliki kemampuan gross profit yang baik.

Data Penjualan Segmen UNVR
Data Penjualan Segmen UNVR

Saya rasa produk perawatan tubuh UNVR ada di segmen kebutuhan rumah tangga dan perawatan tubuh. Saya ambil data Q3 2020, disitu kita bisa melihat UNVR meraih penjualan 22.7T dan memiliki gross profit 12.7T. UNVR bisa menghasilkan gross profit sekitar 56% untuk segmen tersebut. Kemampuan ADES untuk menghasilkan average gross profit sekitar 57% untuk segmen kosmetik tentu bukanlah sebuah pencapaian yang buruk.

Menjawab Kekhawatiran Dengan Data

Always buy fact not hope itu adalah salah satu nasihat investasi yang penting yang saya dapatkan. Ketika anda memutuskan memilih berinvestasi pada sebuah perusahaan dan ada yang tidak sependapat dengan anda maka selalu biasakan diri untuk mencari jawabannya melalui data yang tersaji.

Tentu saja data yang palin baik adalah data pada laporan keuangan dan bukan data dari “kata orang”.

Penjualan ADES tapi menurun bukankah artinya memang bisnis mereka sunset? Maka perhatikan pada efisiensi biaya marketing yang berkurang 80 miliar yang sudah saya bahas pada tulisan hidden gem yang membahas emiten ADES.

Kita bisa melihat betapa cerdasnya manajemen perusahaan ini dalam mengefisiensikan biaya dan meningkatkan laba perusahaan. Penjualan menurun tapi laba meningkat. Saya tidak terbayang bagaimana emiten ini ketika pembenahan efisiensi operational sudah dibenahi semua dan mereka berfokus pada peningkatan penjualan kembali. Dengan kemampuan profitablitas yang saya rasa terbilang baik ini, maka tentu menjadi sesuatu yang menarik untuk kita tunggu.

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What do you think?

Written by Thowilz

Saya adalah seorang value investor yang memiliki passion untuk mengajarkan teknik value investing kepada investor lainnya. Anda dapat membaca tulisan saya di stockbit (@thowilz), instagram, dan social media investorsaham.id lainnya.

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  1. Oom, newbie nanya lagi ya,
    Profit growth yang dari efisiensi bukankah tidak terlalu keren, dibandingkan yang dari sales? Growth dari efisiensi kan terbatas, akan tiba waktunya sudah mentok, tidak bisa lebih efisien lagi, sedangkan growth dari sales kan langitlah batasnya, sepanjang company kreatif dalam berkompetisi.
    Jadi kalo sales growth-nya pun sudah slow down gitu, dan newbie investnya berdasarkan growth dari efisiensi, itu kan gak bakal long-term Oom? Gimana tu Oom?

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