Stock TOWR PT SARANA MENARA NUSANTARA TBK.
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Financials PT Sarana Menara Nusantara Tbk.

Equities

TOWR

ID1000128804

Integrated Telecommunications Services

End-of-day quote INDONESIA S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
795 IDR -2.45% Intraday chart for PT Sarana Menara Nusantara Tbk. -0.62% -19.70%
Apr. 24 Nomura Adjusts Sarana Menara Nusantara’s Price Target to IDR1,780 From IDR2,075, Keeps at Buy MT
Apr. 01 Transcript : PT Sarana Menara Nusantara Tbk., 2023 Earnings Call, Apr 01, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 40,467,143 48,096,380 56,023,807 54,778,834 49,301,051 39,590,238 - -
Enterprise Value (EV) 2 55,115 66,934 97,905 99,408 49,301 82,495 81,484 78,675
P/E ratio 17.5 x 16.8 x 16.3 x 15.9 x - 11.8 x 10.7 x 10.9 x
Yield 2.96% 0.63% 2.5% - - 3.15% 3.51% 3.93%
Capitalization / Revenue 6.27 x 6.46 x 6.49 x 4.96 x 4.2 x 3.23 x 3.1 x 2.96 x
EV / Revenue 8.54 x 8.99 x 11.3 x 9.01 x 4.2 x 6.74 x 6.37 x 5.88 x
EV / EBITDA 10.2 x 10.5 x 13.2 x 10.4 x 4.94 x 7.98 x 7.56 x 6.99 x
EV / FCF -42.6 x 33.3 x 24.5 x 29.3 x - 16.9 x 13.6 x 11.5 x
FCF Yield -2.35% 3.01% 4.09% 3.41% - 5.91% 7.36% 8.7%
Price to Book 4.63 x 4.82 x 4.77 x 3.8 x - 2.13 x 1.89 x 1.7 x
Nbr of stocks (in thousands) 50,269,743 50,100,396 49,798,940 49,798,940 49,799,042 49,799,042 - -
Reference price 3 805.0 960.0 1,125 1,100 990.0 795.0 795.0 795.0
Announcement Date 4/13/20 4/30/21 4/19/22 3/27/23 1/15/24 - - -
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 6,454 7,445 8,635 11,036 11,740 12,240 12,786 13,376
EBITDA 1 5,385 6,405 7,434 9,517 9,980 10,339 10,780 11,248
EBIT 1 4,036 4,761 5,575 7,210 7,136 7,581 7,852 8,215
Operating Margin 62.53% 63.94% 64.55% 65.33% 60.78% 61.94% 61.41% 61.42%
Earnings before Tax (EBT) 1 3,009 3,399 4,051 4,459 4,104 4,238 5,069 4,578
Net income 1 2,342 2,836 3,427 3,442 3,253 3,439 3,795 3,736
Net margin 36.29% 38.09% 39.69% 31.19% 27.71% 28.09% 29.68% 27.93%
EPS 2 46.00 57.00 69.00 69.00 - 67.57 74.54 73.24
Free Cash Flow 3 -1,293,554 2,012,603 4,003,706 3,391,931 - 4,873,639 5,995,438 6,842,000
FCF margin -20,041.73% 27,031.4% 46,364.16% 30,736.12% - 39,815.86% 46,892.46% 51,153.2%
FCF Conversion (EBITDA) - 31,422.77% 53,854.34% 35,642.42% - 47,137.42% 55,615.35% 60,827.55%
FCF Conversion (Net income) - 70,966.26% 116,815.52% 98,544.64% - 141,733.73% 157,968.88% 183,155.96%
Dividend per Share 2 23.86 6.000 28.09 - - 25.05 27.88 31.24
Announcement Date 4/13/20 4/30/21 4/19/22 3/27/23 1/15/24 - - -
1IDR in Billions2IDR3IDR in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q3 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
Net sales 3,685 - - - - - - - - 2,943 - - - - -
EBITDA 1 3,164 1,805 2,216 2,251 2,320 2,396 2,550 2,439 2,475 2,503 2,563 2,522 2,551 2,644 2,619
EBIT 2,282 - - - - - - - - - - - - - -
Operating Margin 61.91% - - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income 1,301 889.9 847.7 853.5 837.6 867.6 883.3 752.4 806.7 866.5 827.5 - - - -
Net margin 35.31% - - - - - - - - 29.44% - - - - -
EPS - 18.00 17.00 17.00 17.00 17.00 18.00 15.00 16.00 18.00 - - - - -
Dividend per Share 2 - - 28.09 - - - - - - - - - - - 24.10
Announcement Date 8/3/20 11/19/21 4/19/22 5/31/22 8/30/22 11/30/22 3/27/23 5/2/23 8/1/23 10/31/23 1/15/24 - - - -
1IDR in Billions2IDR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 14,648 18,838 41,881 44,629 - 42,905 41,894 39,084
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.72 x 2.941 x 5.633 x 4.69 x - 4.15 x 3.886 x 3.475 x
Free Cash Flow 2 -1,293,554 2,012,603 4,003,706 3,391,931 - 4,873,639 5,995,438 6,842,000
ROE (net income / shareholders' equity) 28% 30% 30.9% 26% - 20.1% 18.8% 17.6%
ROA (Net income/ Total Assets) 9.25% 9.16% 6.85% 5.24% - 5.14% 5.21% -
Assets 1 25,313 30,958 50,039 65,726 - 66,836 72,906 -
Book Value Per Share 3 174.0 199.0 236.0 289.0 - 374.0 420.0 468.0
Cash Flow per Share 3 78.50 119.0 124.0 162.0 - 178.0 160.0 -
Capex 1 5,249 3,939 2,193 4,681 - 5,259 4,152 3,191
Capex / Sales 81.33% 52.9% 25.39% 42.42% - 42.97% 32.48% 23.86%
Announcement Date 4/13/20 4/30/21 4/19/22 3/27/23 1/15/24 - - -
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 PT Sarana Menara Nusantara Tbk.

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
795 IDR
Average target price
1,242 IDR
Spread / Average Target
+56.29%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Telecommunications Network Infrastructure

1st Jan change Capi.
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Telecommunications Network Infrastructure
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