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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 193.6 B - 325.1 B | 269.6 B |
| Discount Rate | 10.8% - 8.8% | 9.8% |
| Fair Value | Rp110.89 - Rp303.64 | Rp208.04 |
| Upside | -29.4% - 93.4% | 32.5% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (IDR in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 1,721,907 | 1,751,586 | 1,881,767 | 2,040,679 | 2,091,352 | 2,091,352 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 36,468 | 68,908 | 102,081 | 162,583 | 171,793 | 171,793 | |
| (+) Net Interest Expense | 178,692 | 165,957 | 150,990 | 93,508 | 74,738 | 74,738 | |
| (+) Other Non Operating Exp. | 563 | 454 | 317 | (37,628) | (12,740) | (12,740) | |
| (+) D&A | 143,803 | 145,160 | 154,290 | 204,966 | 195,927 | 195,927 | |
| (+) Non-recurring Items | (441) | (1,668) | (4,736) | ||||
| Adjusted EBITDA | 359,527 | 380,038 | 406,010 | 418,694 | 429,718 | 429,718 | |
| (-) D&A | (143,803) | (145,160) | (154,290) | (204,966) | (195,927) | (195,927) | |
| Adjusted EBIT | 215,723 | 234,878 | 251,720 | 213,728 | 233,791 | 233,791 | |
| % of Revenue | 12.5% | 13.4% | 13.4% | 10.5% | 11.2% | 11.2% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 10.5% | 12.5% | 13.4% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (IDR in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 1,800,561 | 2,765,493 | 3,715,110 | 2,258,572 | |||
| (+) Cash & Short Term Investments | 29,843 | 29,843 | 29,843 | 29,843 | |||
| (+) Investments & Other | 25 | 25 | 25 | 25 | |||
| (-) Debt | (729,056) | (729,056) | (729,056) | (729,056) | |||
| (-) Other Liabilities | 24 | 24 | 24 | 24 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 1,101,398 | 2,066,329 | 3,015,946 | 1,559,408 | |||
| (/) Shares Outstanding | 9,932.5 | 9,932.5 | 9,932.5 | 9,932.5 | |||
| Implied Stock Price (IDR) | 110.89 | 208.04 | 303.64 | 157.00 | |||
| FX Rate: IDR/IDR | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (IDR) | 110.89 | 208.04 | 303.64 | 157.00 | |||
| Upside / (Downside) | -29.37% | 32.51% | 93.40% | ||||
| Stock Price | 157.00 | ||||||
| Stock Price Close | 157.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | IDR | ||||||
| Trading Currency | IDR | ||||||
| FX Rate: IDR/IDR | 1.00 | ||||||
| Market Cap | 1,559,407.9 | ||||||
| Shares Outstanding | 9,932.5 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||