Company Valuation: PT Sarana Menara Nusantara Tbk.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 56,023,807 54,778,834 49,301,051 32,774,060 34,053,776 29,396,849 - -
Change - -2.22% -10% -33.52% 3.9% -13.68% - -
Enterprise Value (EV) 1 97,905 99,408 93,804 84,133 34,054 70,568 69,990 69,740
Change - 1.54% -5.64% -10.31% -59.52% 107.23% -0.82% -0.36%
P/E ratio 16.3x 15.9x 15.2x 9.78x 8.48x 7.31x 7x 6.95x
PBR 4.77x 3.8x 3x 1.72x - 1x 0.9x 0.83x
PEG - - -2.62x 3.18x 2.84x 73.68x 1.58x 10.47x
Capitalization / Revenue 6.49x 4.96x 4.2x 2.57x 2.56x 2.13x 2.09x 2.02x
EV / Revenue 11.3x 9.01x 7.99x 6.61x 2.56x 5.12x 4.98x 4.78x
EV / EBITDA 13.2x 10.4x 9.4x 7.86x - 6.23x 6.05x 5.87x
EV / EBIT 17.6x 13.8x 13.1x 11.1x 4.54x 8.96x 8.75x 8.62x
EV / FCF 24.5x 29.3x 21.5x 17.5x - 13.4x 11.6x 12.6x
FCF Yield 4.09% 3.41% 4.66% 5.73% - 7.44% 8.65% 7.93%
Dividend per Share 3 28.09 - 24.1 - - 19.88 22.31 21.12
Rate of return 2.5% - 2.43% - - 3.94% 4.42% 4.18%
EPS 3 69 69 65 67 69 69.07 72.14 72.62
Distribution rate 40.7% - 37.1% - - 28.8% 30.9% 29.1%
Net sales 1 8,635 11,036 11,740 12,736 13,328 13,792 14,065 14,584
EBITDA 1 7,434 9,517 9,980 10,700 - 11,319 11,576 11,884
EBIT 1 5,575 7,210 7,136 7,602 7,498 7,876 8,001 8,087
Net income 1 3,427 3,442 3,253 3,335 3,678 3,937 4,069 4,509
Net Debt 1 41,881 44,629 44,503 51,359 - 41,171 40,593 40,343
Reference price 3 1,125.00 1,100.00 990.00 655.00 585.00 505.00 505.00 505.00
Nbr of stocks (in thousands) 49,798,940 49,798,940 49,799,042 50,036,733 58,211,582 58,211,582 - -
Announcement Date 4/19/22 3/27/23 1/15/24 3/26/25 3/18/26 - - -
1IDR in Million2IDR in Billions3IDR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.31x5.12x6.23x3.94% 1.72B
15.17x3.87x7.07x4.57% 11.69B
17.59x10.52x11.53x7.53% 7.72B
24.24x - - 1.36% 3.24B
8.77x8.87x9.09x9.08% 3.24B
-6.91x3.62x9.04x-.--% 2.84B
19.85x6.1x7.38x4.19% 2.52B
81.47x7.18x10.2x6.22% 2.47B
27.49x9.85x11.73x2.58% 2.35B
8.37x - - 8.98% 1.67B
Average 20.33x 6.89x 9.03x 4.84% 3.95B
Weighted average by Cap. 18.83x 6.67x 8.94x 5.05%

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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