Company Valuation: PT Antam (Persero) Tbk

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 54,069,221 47,701,068 40,972,454 36,646,916 75,696,909 69,708,121 - -
Change - -11.78% -14.11% -10.56% 106.56% -7.91% - -
Enterprise Value (EV) 1 54,031 46,379 34,271 31,895 71,514 62,449 59,296 57,388
Change - -14.16% -26.11% -6.93% 124.21% -12.67% -5.05% -3.22%
P/E 29x 12.5x 13.3x 10x 10.5x 6.47x 6.14x 5.48x
PBR 2.59x 2.01x 1.34x 1.16x 2.14x 1.72x 1.58x 1.53x
PEG - 0x -0.7x 0.5x 0.1x 0.1x 1.14x 0.5x
Capitalization / Revenue 1.41x 1.04x 1x 0.53x 0.89x 0.55x 0.52x 0.47x
EV / Revenue 1.41x 1.01x 0.83x 0.46x 0.84x 0.49x 0.44x 0.38x
EV / EBITDA 14.8x 9.64x 7.99x 7x 7.43x 4.05x 3.66x 3.16x
EV / EBIT 19.7x 11.8x 13.1x 10.6x 8.52x 4.53x 4.11x 3.47x
EV / FCF 11.9x 13.6x 10.9x 11.8x 16.2x 8.72x 5.12x 4.32x
FCF Yield 8.41% 7.37% 9.13% 8.49% 6.18% 11.5% 19.5% 23.1%
Dividend per Share 3 38.74 - 128.1 - - 245.5 329.9 424.2
Rate of return 1.72% - 7.51% - - 8.47% 11.4% 14.6%
EPS 3 77.47 159 128.1 151.8 300 448.3 472.5 529.7
Distribution rate 50% - 100% - - 54.8% 69.8% 80.1%
Net sales 1 38,446 45,930 41,048 69,192 84,642 126,509 134,300 149,229
EBITDA 1 3,639 4,813 4,289 4,553 9,631 15,430 16,189 18,168
EBIT 1 2,738 3,942 2,617 2,998 8,395 13,783 14,421 16,526
Net income 1 1,862 3,821 3,078 3,647 7,209 10,556 11,459 13,038
Net Debt 1 -38.15 -1,322 -6,701 -4,752 -4,183 -7,259 -10,412 -12,320
Reference price 3 2,250.00 1,985.00 1,705.00 1,525.00 3,150.00 2,900.00 2,900.00 2,900.00
Nbr of stocks (in thousands) 24,030,765 24,030,765 24,030,765 24,030,765 24,030,765 24,037,283 - -
Announcement Date 3/16/22 3/26/23 3/29/24 4/8/25 3/31/26 - - -
1IDR in Million2IDR in Billions3IDR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.47x0.49x4.05x8.47% 3.86B
24.03x14.34x15.49x0.86% 39.81B
6.27x2.41x3.38x6.65% 30.75B
14.39x4.22x7.23x3.58% 16.43B
9.49x - - 6.93% 14.54B
5.03x1.55x3.07x5.41% 9.53B
19.01x11.43x14.29x0.82% 5.81B
33.62x4.88x7.47x1.69% 4B
20.02x3.36x13.86x-.--% 3.7B
Average 15.37x 5.33x 8.61x 3.82% 14.27B
Weighted average by Cap. 14.92x 7.28x 9.21x 3.85%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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