Financials PT. Media Nusantara Citra Tbk

Equities

MNCN

ID1000106206

Broadcasting

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
308 ^IDR	-8.88%		-15.38%	-20.21%

Apr. 30	PT. Media Nusantara Citra Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 02	PT. Media Nusantara Citra Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,179,555	15,081,244	11,904,445	9,788,100	5,105,684	4,073,966	-	-
Enterprise Value (EV) ²	24,021	18,095	13,332	9,788	5,106	1,896	-401.4	4,074
P/E ratio	9.06 x	8.26 x	5.01 x	4.76 x	4.94 x	3.1 x	2.59 x	-
Yield	0.92%	0.7%	-	-	-	6.21%	7.32%	-
Capitalization / Revenue	2.42 x	1.9 x	1.24 x	1.08 x	0.66 x	0.47 x	0.42 x	-
EV / Revenue	2.88 x	2.27 x	1.39 x	1.08 x	0.66 x	0.22 x	-0.04 x	-
EV / EBITDA	6.47 x	5.44 x	3.53 x	2.97 x	2.24 x	0.59 x	-0.11 x	-
EV / FCF	20.8 x	22.9 x	6.64 x	5.27 x	-	2.58 x	-0.4 x	4.89 x
FCF Yield	4.8%	4.37%	15.1%	19%	-	38.8%	-247%	20.4%
Price to Book	2 x	1.02 x	0.7 x	0.51 x	-	-	-	-
Nbr of stocks (in thousands)	12,380,095	13,229,162	13,227,162	13,227,162	13,227,162	13,227,162	-	-
Reference price ³	1,630	1,140	900.0	740.0	386.0	308.0	308.0	308.0
Announcement Date	2/7/20	5/31/21	4/13/22	3/24/23	4/2/24	-	-	-

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	8,353	7,956	9,622	9,065	7,783	8,658	9,778	-
EBITDA ¹	3,713	3,327	3,772	3,295	2,276	3,224	3,669	-
EBIT ¹	3,259	2,820	3,438	2,918	1,888	2,254	2,803	-
Operating Margin	39.01%	35.45%	35.73%	32.18%	24.26%	26.03%	28.66%	-
Earnings before Tax (EBT) ¹	2,939	2,340	3,212	2,782	1,320	2,222	2,522	-
Net income ¹	2,233	1,748	2,377	2,056	1,033	1,445	1,783	-
Net margin	26.74%	21.96%	24.71%	22.68%	13.27%	16.68%	18.23%	-
EPS ²	179.8	138.0	179.7	155.5	78.08	99.47	118.7	-
Free Cash Flow ³	1,153,261	790,634	2,008,183	1,856,545	-	735,500	991,200	833,000
FCF margin	13,805.95%	9,937.28%	20,871.09%	20,479.89%	-	8,494.78%	10,137.24%	-
FCF Conversion (EBITDA)	31,056.64%	23,761.77%	53,233.64%	56,342.02%	-	22,815.54%	27,016.2%	-
FCF Conversion (Net income)	51,638.95%	45,243.23%	84,470.35%	90,281.32%	-	50,916.1%	55,597.94%	-
Dividend per Share ²	15.00	8.000	-	-	-	19.14	22.55	-
Announcement Date	2/7/20	5/31/21	4/13/22	3/24/23	4/2/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4
Net sales ¹	-	1,735
EBITDA	-	-
EBIT ¹	-	599.8
Operating Margin	-	34.57%
Earnings before Tax (EBT)	-	-
Net income ¹	124.3	162.2
Net margin	-	9.35%
EPS	9.400	-
Dividend per Share	-	-
Announcement Date	10/31/23	4/2/24

¹IDR in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,842	3,013	1,428	-	-	-	-	-
Net Cash position ¹	-	-	-	-	-	2,178	4,475	-
Leverage (Debt/EBITDA)	1.035 x	0.9056 x	0.3785 x	-	-	-	-	-
Free Cash Flow ²	1,153,261	790,634	2,008,183	1,856,545	-	735,500	991,200	833,000
ROE (net income / shareholders' equity)	20.8%	13.6%	15.3%	11.3%	-	7.8%	8.22%	-
ROA (Net income/ Total Assets)	13.1%	9.51%	11.8%	9.5%	-	6.35%	6.5%	-
Assets ¹	17,087	18,379	20,146	21,648	-	22,749	27,428	-
Book Value Per Share	815.0	1,118	1,282	1,445	-	-	-	-
Cash Flow per Share	139.0	109.0	201.0	196.0	-	-	-	-
Capex ¹	571	589	652	730	-	1,075	1,138	-
Capex / Sales	6.83%	7.4%	6.78%	8.05%	-	12.42%	11.64%	-
Announcement Date	2/7/20	5/31/21	4/13/22	3/24/23	4/2/24	-	-	-

¹IDR in Billions²IDR in Million

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. Media Nusantara Citra Tbk

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

308 IDR

Average target price

539 IDR

Spread / Average Target

+75.00%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Television Broadcasting

	1st Jan change	Capi.
PT. MEDIA NUSANTARA CITRA TBK	-20.21%	251M
WARNER BROS. DISCOVERY, INC.	-27.59%	20.19B
FOX CORPORATION	+16.04%	15.48B
NEXSTAR MEDIA GROUP, INC.	+5.70%	5.44B
RTL GROUP S.A.	-12.04%	5.16B
NIPPON TELEVISION HOLDINGS, INC.	+37.74%	3.38B
SUN TV NETWORK LIMITED	-7.83%	3.1B
TEGNA INC.	-2.55%	2.53B
M6 MÉTROPOLE TÉLÉVISION	+8.19%	1.91B
ZEE ENTERTAINMENT ENTERPRISES LIMITED	-45.80%	1.71B

Television Broadcasting