Financials PT Bank BTPN Syariah Tbk

Equities

BTPS

ID1000142805

Banks

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-06 pm EDT			5-day change	1st Jan Change
1,195 ^IDR	0.00%		-1.65%	-29.29%

Apr. 27	PT Bank BTPN Syariah Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 14	Nomura Adjusts Bank BTPN Syariah’s Price Target to IDR1,450 From IDR1,800, Keeps at Neutral	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,740,725	28,879,500	27,571,738	21,489,785	13,018,212	9,205,631	-	-
Enterprise Value (EV) ¹	32,740,725	28,879,500	27,571,738	21,489,785	13,018,212	9,205,631	9,205,631	9,205,631
P/E ratio	23.4 x	33.8 x	18.8 x	12.1 x	12.1 x	6.24 x	5.08 x	4.58 x
Yield	-	1.2%	0.92%	-	5.47%	4.65%	7.15%	11.6%
Capitalization / Revenue	8.29 x	8.11 x	6.41 x	4.22 x	2.45 x	1.68 x	1.56 x	1.46 x
EV / Revenue	8.29 x	8.11 x	6.41 x	4.22 x	2.45 x	1.68 x	1.56 x	1.46 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	6.07 x	4.91 x	3.89 x	2.56 x	1.48 x	0.91 x	0.81 x	0.75 x
Nbr of stocks (in thousands)	7,703,700	7,701,200	7,701,603	7,702,432	7,703,084	7,703,457	-	-
Reference price ²	4,250	3,750	3,580	2,790	1,690	1,195	1,195	1,195
Announcement Date	2/5/20	2/9/21	2/11/22	2/14/23	2/7/24	-	-	-

¹IDR in Million²IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,952	3,562	4,302	5,095	5,321	5,492	5,892	6,304
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	2,190	1,970	2,608	3,226	3,277	3,262	3,441	3,627
Operating Margin	55.43%	55.3%	60.64%	63.31%	61.59%	59.41%	58.4%	57.53%
Earnings before Tax (EBT) ¹	1,878	1,124	1,877	2,282	1,380	1,925	2,383	2,604
Net income ¹	1,400	854.6	1,465	1,780	1,080	1,500	1,849	2,038
Net margin	35.42%	23.99%	34.06%	34.93%	20.31%	27.31%	31.39%	32.33%
EPS ²	182.0	111.0	190.0	231.0	140.0	191.4	235.4	260.9
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	45.00	33.00	-	92.50	55.58	85.48	139.0
Announcement Date	2/5/20	2/9/21	2/11/22	2/14/23	2/7/24	-	-	-

¹IDR in Billions²IDR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q3	2022 Q4	2023 Q1
Net sales ¹	-	1,339	1,303
EBITDA	-	-	-
EBIT ¹	852.8	889.7	799.8
Operating Margin	-	66.44%	61.38%
Earnings before Tax (EBT)	-	-	-
Net income ¹	471.4	451.9	424.7
Net margin	-	33.75%	32.59%
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	10/21/22	2/14/23	4/28/23

¹IDR in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	31.2%	15.2%	22.6%	23%	12.6%	15.8%	17.1%	17.2%
ROA (Net income/ Total Assets)	13.6%	5.37%	8.38%	8.96%	5.07%	6.48%	7.23%	7.54%
Assets ¹	10,307	15,909	17,489	19,853	21,299	23,143	25,561	27,044
Book Value Per Share ²	700.0	763.0	921.0	1,091	1,139	1,312	1,473	1,592
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/5/20	2/9/21	2/11/22	2/14/23	2/7/24	-	-	-

¹IDR in Billions²IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PT Bank BTPN Syariah Tbk

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,195 IDR

Average target price

1,828 IDR

Spread / Average Target

+53.01%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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