PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK

Financials Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk

Equities

TLKM

ID1000129000

Integrated Telecommunications Services

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-05 pm EDT			5-day change	1st Jan Change
3,050 ^IDR	-3.48%		+0.66%	-22.78%

04:52pm	Tech Stocks Lead Asian Equities Traded in the US as American Depositary Receipts Slightly Higher in Monday Trading	MT
May. 03	Asian Equities Traded in the US as American Depositary Receipts Rise Sharply in Friday Trading, End Week Over 2% Higher	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	393,277,000	327,895,937	400,211,355	371,483,312	391,295,756	313,036,604	-	-
Enterprise Value (EV) ²	427,119	372,769	430,978	371,483	391,296	343,797	340,967	338,917
P/E ratio	21.1 x	15.8 x	16.2 x	17.9 x	15.9 x	11.8 x	11.2 x	11 x
Yield	3.88%	3.81%	4.16%	-	-	6.17%	6.56%	6.85%
Capitalization / Revenue	2.9 x	2.4 x	2.79 x	2.52 x	2.62 x	2.02 x	1.92 x	1.86 x
EV / Revenue	3.15 x	2.73 x	3.01 x	2.52 x	2.62 x	2.22 x	2.1 x	2.01 x
EV / EBITDA	6.51 x	5.15 x	5.43 x	5.1 x	5.33 x	4.25 x	3.99 x	3.83 x
EV / FCF	21.6 x	10.4 x	11.2 x	-	-	10.5 x	10.1 x	9.62 x
FCF Yield	4.62%	9.59%	8.97%	-	-	9.5%	9.88%	10.4%
Price to Book	3.95 x	3.2 x	3.29 x	-	-	2.2 x	2.06 x	2 x
Nbr of stocks (in thousands)	99,062,217	99,062,217	99,062,217	99,062,217	99,062,217	99,062,217	-	-
Reference price ³	3,970	3,310	4,040	3,750	3,950	3,160	3,160	3,160
Announcement Date	5/26/20	4/30/21	4/19/22	3/25/23	3/25/24	-	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	135,567	136,462	143,210	147,306	149,216	155,029	162,687	168,320
EBITDA ¹	65,572	72,397	79,379	72,836	73,457	80,846	85,379	88,590
EBIT ¹	42,394	43,505	47,563	39,581	44,384	47,752	50,425	52,080
Operating Margin	31.27%	31.88%	33.21%	26.87%	29.74%	30.8%	31%	30.94%
Earnings before Tax (EBT) ¹	37,908	38,775	43,678	36,339	40,794	43,324	46,398	48,005
Net income ¹	18,663	20,804	24,760	20,753	24,560	26,427	28,129	28,889
Net margin	13.77%	15.25%	17.29%	14.09%	16.46%	17.05%	17.29%	17.16%
EPS ²	188.4	210.0	249.9	209.5	247.9	267.3	282.3	287.9
Free Cash Flow ³	19,731,000	35,757,000	38,641,000	-	-	32,674,667	33,678,286	35,232,857
FCF margin	14,554.43%	26,202.9%	26,982.05%	-	-	21,076.53%	20,701.3%	20,932.05%
FCF Conversion (EBITDA)	30,090.59%	49,390.17%	48,679.12%	-	-	40,416.07%	39,445.55%	39,770.52%
FCF Conversion (Net income)	105,722.55%	171,875.6%	156,062.2%	-	-	123,641.4%	119,726.05%	121,959.01%
Dividend per Share ²	154.1	126.0	168.0	-	-	194.9	207.4	216.6
Announcement Date	5/26/20	4/30/21	4/19/22	3/25/23	3/25/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	66,856	-	-	36,775	36,891	38,432	36,090	37,388	37,760	37,978	37,429	38,519	38,704	39,397	-	-
EBITDA ¹	36,077	-	18,587	-	-	16,245	-	-	20,096	14,394	19,093	20,471	-	-	-	-
EBIT ¹	22,150	-	-	12,325	8,637	8,008	11,431	11,588	11,963	9,402	11,008	11,653	11,672	11,612	-	-
Operating Margin	33.13%	-	-	33.51%	23.41%	20.84%	31.67%	30.99%	31.68%	24.76%	29.41%	30.25%	30.16%	29.47%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	7,142	-	-	-	8,512	-	-	-	-	-	-
Net income ¹	10,989	5,888	6,118	7,192	3,271	4,172	6,424	6,332	6,743	5,061	6,053	6,434	-	-	-	-
Net margin	16.44%	-	-	19.56%	8.87%	10.86%	17.8%	16.94%	17.86%	13.33%	16.17%	16.7%	-	-	-	-
EPS ²	-	59.44	61.76	72.60	33.02	42.11	64.85	63.92	68.07	51.08	61.10	61.05	62.44	60.13	65.98	65.45
Dividend per Share ²	-	-	-	150.0	-	-	-	167.6	-	-	-	50.75	46.85	50.75	-	-
Announcement Date	8/7/20	4/19/22	5/9/22	7/29/22	10/28/22	3/25/23	4/29/23	7/28/23	10/31/23	3/25/24	4/18/24	-	-	-	-	-

¹IDR in Billions²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	33,842	44,873	30,767	-	-	30,760	27,930	25,880
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5161 x	0.6198 x	0.3876 x	-	-	0.3805 x	0.3271 x	0.2921 x
Free Cash Flow ²	19,731,000	35,757,000	38,641,000	-	-	32,674,667	33,678,286	35,232,857
ROE (net income / shareholders' equity)	18.8%	20.6%	22.1%	-	-	18.4%	18.7%	18.5%
ROA (Net income/ Total Assets)	8.73%	8.89%	9.45%	-	-	9.23%	9.39%	9.4%
Assets ¹	213,702	234,076	262,064	-	-	286,225	299,532	307,455
Book Value Per Share ³	1,005	1,035	1,228	-	-	1,437	1,536	1,581
Cash Flow per Share ³	555.0	659.0	690.0	-	-	635.0	715.0	749.0
Capex ¹	35,218	29,560	29,712	-	-	36,818	37,328	38,088
Capex / Sales	25.98%	21.66%	20.75%	-	-	23.75%	22.94%	22.63%
Announcement Date	5/26/20	4/30/21	4/19/22	3/25/23	3/25/24	-	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,160 IDR

Average target price

4,207 IDR

Spread / Average Target

+33.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK	-20.00%	19.5B
CHINA MOBILE LIMITED	+7.48%	196B
VERIZON COMMUNICATIONS	+3.97%	164B
DEUTSCHE TELEKOM AG	+0.05%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-1.10%	93.7B
CHINA TELECOM CORPORATION LIMITED	+13.64%	71.82B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+4.51%	59.9B
SAUDI TELECOM COMPANY	-7.67%	49.58B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-18.02%	38.31B
CHARTER COMMUNICATIONS, INC.	-30.63%	38.3B

Other Integrated Telecommunications Services