Financials PT Sarana Menara Nusantara Tbk.

Equities

TOWR

ID1000128804

Integrated Telecommunications Services

End-of-day quote INDONESIA STOCK EXCHANGE Other stock markets 06:00:00 2023-12-05 pm EST			5-day change	1st Jan Change
950 ^IDR	-3.06%		-4.04%	-13.64%

Nov. 02	Transcript : PT Sarana Menara Nusantara Tbk., Nine Months 2023 Earnings Call, Nov 02, 2023	CI
Oct. 31	PT Sarana Menara Nusantara Tbk. Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	35 160 327	40 467 143	48 096 380	56 023 807	54 778 834	47 309 090	-	-
Enterprise Value (EV) ²	45 682	55 115	66 934	97 905	99 408	90 252	89 973	88 767
P/E ratio	16,0x	17,5x	16,8x	16,3x	15,9x	13,9x	12,8x	12,1x
Yield	3,41%	2,96%	0,63%	2,50%	-	2,67%	2,92%	3,17%
Capitalization / Revenue	5,99x	6,27x	6,46x	6,49x	4,96x	4,06x	3,84x	3,65x
EV / Revenue	7,79x	8,54x	8,99x	11,3x	9,01x	7,75x	7,30x	6,84x
EV / EBITDA	9,26x	10,2x	10,5x	13,2x	10,4x	9,08x	8,60x	8,07x
EV / FCF	231x	-42,6x	33,3x	24,5x	29,3x	17,5x	17,4x	14,9x
FCF Yield	0,43%	-2,35%	3,01%	4,09%	3,41%	5,71%	5,74%	6,72%
Price to Book	4,36x	4,63x	4,82x	4,77x	3,80x	2,90x	2,53x	2,23x
Nbr of stocks (in thousands)	50 956 996	50 269 743	50 100 396	49 798 940	49 798 940	49 799 042	-	-
Reference price ³	690	805	960	1 125	1 100	950	950	950
Announcement Date	3/27/19	4/13/20	4/30/21	4/19/22	3/27/23	-	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	5 868	6 454	7 445	8 635	11 036	11 648	12 321	12 977
EBITDA ¹	4 932	5 385	6 405	7 434	9 517	9 937	10 465	11 002
EBIT ¹	3 817	4 036	4 761	5 575	7 210	7 320	7 735	8 106
Operating Margin	65,1%	62,5%	63,9%	64,6%	65,3%	62,8%	62,8%	62,5%
Earnings before Tax (EBT) ¹	2 952	3 009	3 399	4 051	4 459	4 536	5 138	5 467
Net income ¹	2 200	2 342	2 836	3 427	3 442	3 461	3 744	4 013
Net margin	37,5%	36,3%	38,1%	39,7%	31,2%	29,7%	30,4%	30,9%
EPS ²	43,0	46,0	57,0	69,0	69,0	68,3	74,1	78,6
Free Cash Flow ³	197 938	-1 293 554	2 012 603	4 003 706	3 391 931	5 151 450	5 164 239	5 968 038
FCF margin	3 373%	-20 042%	27 031%	46 364%	30 736%	44 228%	41 914%	45 988%
FCF Conversion (EBITDA)	4 013%	-	31 423%	53 854%	35 642%	51 843%	49 347%	54 245%
FCF Conversion (Net income)	8 997%	-	70 966%	116 816%	98 545%	148 833%	137 931%	148 717%
Dividend per Share ²	23,5	23,9	6,00	28,1	-	25,4	27,8	30,1
Announcement Date	3/27/19	4/13/20	4/30/21	4/19/22	3/27/23	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2020 S1	2023 Q3
Net sales ¹	3 028	3 685	2 943
EBITDA ¹	2 504	3 164	2 503
EBIT	1 827	2 282	-
Operating Margin	60,3%	61,9%	-
Earnings before Tax (EBT)	-	-	-
Net income ¹	994	1 301	867
Net margin	32,8%	35,3%	29,4%
EPS ²	-	-	18,0
Dividend per Share ²	-	-	-
Announcement Date	7/31/19	8/3/20	10/31/23

¹IDR in Billions²IDR

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	10 522	14 648	18 838	41 881	44 629	42 943	42 664	41 458
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2,13x	2,72x	2,94x	5,63x	4,69x	4,32x	4,08x	3,77x
Free Cash Flow ²	197 938	-1 293 554	2 012 603	4 003 706	3 391 931	5 151 450	5 164 239	5 968 038
ROE (net income / shareholders' equity)	29,1%	28,0%	30,0%	30,9%	26,0%	22,2%	20,7%	19,3%
Shareholders' equity ¹	7 568	8 379	9 439	11 093	13 216	15 619	18 053	20 760
ROA (Net income/ Total Assets)	10,5%	9,25%	9,16%	6,85%	5,24%	4,97%	5,05%	5,15%
Assets ¹	20 862	25 313	30 958	50 039	65 726	69 642	74 197	77 882
Book Value Per Share ³	158	174	199	236	289	327	376	425
Cash Flow per Share ³	71,0	78,5	119	124	162	164	155	162
Capex ¹	3 423	5 249	3 939	2 193	4 681	5 419	4 390	4 085
Capex / Sales	58,3%	81,3%	52,9%	25,4%	42,4%	46,5%	35,6%	31,5%
Announcement Date	3/27/19	4/13/20	4/30/21	4/19/22	3/27/23	-	-	-

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

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

950IDR

Average target price

1,286.05IDR

Spread / Average Target

+35.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Telecommunications Network Infrastructure

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PT SARANA MENARA NUSANTARA TBK.	-13.64%	3 154 M $
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PT DAYAMITRA TELEKOMUNIKASI TBK.	-10.00%	3 845 M $
PT TOWER BERSAMA INFRASTRUCTURE TBK	-10.00%	3 087 M $
STATE GRID INFORMATION & COMMUNICATION CO., LTD.	+6.02%	2 643 M $
DIGITAL TELECOMMUNICATIONS INFRASTRUCTURE FUND	-37.50%	2 485 M $
CHORUS LIMITED	-4.96%	2 049 M $
JASMINE BROADBAND INTERNET INFRASTRUCTURE FUND	-19.88%	1 462 M $
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Telecommunications Network Infrastructure