Stock EXCL PT XL AXIATA TBK
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Financials PT XL Axiata Tbk

Equities

EXCL

ID1000102502

Wireless Telecommunications Services

End-of-day quote INDONESIA S.E.
Other stock markets
 06:00:00 2024-06-03 pm EDT 		5-day change 1st Jan Change
2,290 IDR -1.29% Intraday chart for PT XL Axiata Tbk -6.91% +14.50%
May. 16 Axiata, Sinar Mas Exploring Merger of XL Axiata and Smartfren in Indonesia MT
May. 15 Axiata, Sinar Mas in talks for $3.45 billion Indonesian telecom merger RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 33,667,075 29,073,203 33,818,153 27,973,958 26,143,886 30,326,907 - -
Enterprise Value (EV) 2 58,993 59,735 66,802 66,750 35,282 74,072 72,010 70,910
P/E ratio 47 x 78 x 26.2 x 20.4 x 20.4 x 16.3 x 14.1 x 12.6 x
Yield 0.63% 1.16% 1.61% 1.96% 2.43% 2.23% 2.96% 3.86%
Capitalization / Revenue 1.34 x 1.12 x 1.26 x 0.96 x 0.81 x 0.88 x 0.83 x 0.78 x
EV / Revenue 2.35 x 2.3 x 2.5 x 2.29 x 1.09 x 2.15 x 1.96 x 1.83 x
EV / EBITDA 5.92 x 4.57 x 4.94 x 4.69 x 2.22 x 4.29 x 3.92 x 3.66 x
EV / FCF 18.1 x 9.24 x 14.3 x 12.7 x 6.22 x 8.86 x 8.39 x 7.6 x
FCF Yield 5.53% 10.8% 6.99% 7.9% 16.1% 11.3% 11.9% 13.2%
Price to Book 1.76 x 1.52 x 1.68 x 1.09 x 0.99 x 1.1 x 1.05 x 1 x
Nbr of stocks (in thousands) 10,687,960 10,649,525 10,668,187 13,071,943 13,071,943 13,071,943 - -
Reference price 3 3,150 2,730 3,170 2,140 2,000 2,320 2,320 2,320
Announcement Date 2/10/20 2/15/21 2/21/22 2/20/23 2/12/24 - - -
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 25,150 26,009 26,754 29,142 32,323 34,441 36,661 38,665
EBITDA 1 9,966 13,060 13,517 14,235 15,885 17,264 18,369 19,362
EBIT 1 2,610 2,939 3,561 3,658 4,380 5,296 5,852 6,124
Operating Margin 10.38% 11.3% 13.31% 12.55% 13.55% 15.38% 15.96% 15.84%
Earnings before Tax (EBT) 1 1,144 146.2 1,708 1,353 1,705 2,389 2,845 3,144
Net income 1 713 371.6 1,288 1,109 1,271 1,855 2,194 2,454
Net margin 2.83% 1.43% 4.81% 3.81% 3.93% 5.38% 5.98% 6.35%
EPS 2 67.00 35.00 121.0 105.0 98.00 142.5 164.2 184.0
Free Cash Flow 3 3,260,890 6,462,000 4,670,662 5,273,424 5,670,905 8,356,725 8,580,350 9,326,333
FCF margin 12,965.77% 24,845.16% 17,457.78% 18,095.62% 17,544.68% 24,263.78% 23,404.77% 24,120.89%
FCF Conversion (EBITDA) 32,720.15% 49,479.33% 34,553.7% 37,045.48% 35,699.75% 48,406.08% 46,711.13% 48,167.69%
FCF Conversion (Net income) 457,347.83% 1,738,975.99% 362,683.38% 475,323.05% 446,136.97% 450,610.97% 391,063.07% 379,972.6%
Dividend per Share 2 20.00 31.70 51.00 42.00 48.60 51.75 68.74 89.60
Announcement Date 2/10/20 2/15/21 2/21/22 2/20/23 2/12/24 - - -
1IDR in Billions2IDR3IDR in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - - - - - - 8,217 15,765 - 8,455 8,438 8,736 - -
EBITDA 1 3,611 3,174 3,560 3,643 3,858 3,579 4,069 7,652 4,103 4,130 - 4,519 - -
EBIT 1 - - - - - - - - - 1,150 - 1,447 - -
Operating Margin - - - - - - - - - 13.6% - 16.56% - -
Earnings before Tax (EBT) - - - - - - - - - 454 - - - -
Net income 1 271.4 139.1 475.8 366.3 128.2 200.9 449.8 - 361 260.5 539.1 484.1 345.8 305.9
Net margin - - - - - - 5.47% - - 3.08% 6.39% 5.54% - -
EPS 2 26.00 13.00 45.00 35.00 12.00 16.00 34.00 - 28.00 20.00 41.00 32.79 30.22 28.69
Dividend per Share - - - - 42.00 - - - - - - - - -
Announcement Date 2/21/22 5/10/22 8/24/22 11/7/22 2/20/23 5/10/23 7/28/23 7/28/23 11/21/23 2/12/24 4/29/24 - - -
1IDR in Billions2IDR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 25,326 30,662 32,984 38,776 9,139 43,745 41,683 40,583
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.541 x 2.348 x 2.44 x 2.724 x 0.5753 x 2.534 x 2.269 x 2.096 x
Free Cash Flow 2 3,260,890 6,462,000 4,670,662 5,273,424 5,670,905 8,356,725 8,580,350 9,326,333
ROE (net income / shareholders' equity) 3.81% 3.55% 6.57% 4.84% 4.89% 6.76% 7.45% 8%
ROA (Net income/ Total Assets) 1.19% 1.04% 1.83% 2.77% 1.45% 2.38% 2.63% 3.01%
Assets 1 60,169 35,703 70,249 40,016 87,663 77,922 83,497 81,467
Book Value Per Share 3 1,789 1,794 1,883 1,972 2,017 2,106 2,204 2,315
Cash Flow per Share 3 1,156 1,308 1,122 1,315 1,231 1,026 1,182 1,242
Capex 1 9,096 7,766 7,293 8,831 10,425 8,337 9,355 9,301
Capex / Sales 36.17% 29.86% 27.26% 30.3% 32.25% 24.21% 25.52% 24.06%
Announcement Date 2/10/20 2/15/21 2/21/22 2/20/23 2/12/24 - - -
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 XL Axiata Tbk

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
23
Last Close Price
2,320 IDR
Average target price
2,934 IDR
Spread / Average Target
+26.46%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wireless Telecom

1st Jan change Capi.
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Wireless Telecom
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