Revenue Breakdown

Revenue Breakdown 2017 2018 2019

Data 13,088,068 14,891,218 19,288,144
14% 30%
Non-data 7,354,697 5,194,642 3,662,513
-29% -29%
Interconnection services 1,383,054 1,317,627 1,112,614
-5% -16%
Leased towers 375,813 315,435 316,485
-16% 0%
Leased lines 288,376 236,269 196,404
-18% -17%
Other telecommunication services 411,223 1,045,876 574,321
154% -45%
Revenue before discount 22,901,231 23,001,067 25,150,481

Discount revenue - 25,569 - 62,255 - 17,853

143% -71%
Revenue net of discount 22,875,662 22,938,812 25,132,628

Key Driver
Key Drivers 2017 2018 2019
Total Traffic (TBs) 1,279,549 2,200,700 3,319,900
%Growth 72% 51%
Subscriber (In Million ) 53.51 54.90 56.70
3% 3%
Blended ARPU 34,000 32,000 34,000
-6% 6%
Number of BTS 101,094 118,596 130,217
17% 10%
Number of Employees 1,652 1,677 1,606
%Growth 2% -4%
Efficiency Ratio 32.4 32.7 35.3
0.01 0.08
 2020 2021 2022 F 2023 F 2024 F
21,385,473 22,692,576 24,054,131 25,497,378 27,027,221
11% 6% 6% 6% 6%
2,827,282 Rp 2,113,958 Rp 1,627,748 Rp 1,253,366 Rp 965,092
-23% -25% -23% -23% -23%
773,286 Rp 621,636 Rp 509,742 Rp 417,988 Rp 342,750
-30% -20% -18% -18% -18%
126,641 Rp 45,923 Rp 29,912 Rp 19,484 Rp 12,691
-60% -64% -35% -35% -35%
195,695 Rp 212,900 Rp 232,061 Rp 252,946 Rp 275,712
0% 9% 9% 9% 9%
709,849 Rp 1,079,341 Rp 1,578,256 Rp 2,307,789 Rp 3,374,543
24% 52% 46% 46% 46%
26,018,226 26,766,334 28,031,849 29,748,952 31,998,008

- 9,131 -Rp 12,284 -Rp 14,060 -Rp 16,093 -Rp 18,419

-49% 35% 14% 14% 14%
26,009,095 Rp 26,754,050 28,017,789 29,732,859 31,979,589

2020 2021 2022F 2023F 2024F

4,869,000 6,962,670 9,678,111 13,065,450 17,115,740
47% 43% 39% 35% 31%
57.90 57.90 59.64 61.43 63.27
2% 0% 3% 3% 3%
35,000 36,000 37,080 38,192 39,338
3% 3% 3% 3% 3%
144,978 162,282 182,723 206,476 233,318
11% 12% 13% 13% 13%
1,614 1,575 1,607 1,655 1,721
0.5% 1.0% 2.0% 3.0% 4.0%
35.9 36.8 38.0 39.2 40.5
0.02 0.03 0.03 0.03 0.03
2025 F 2026 F
28,648,854 30,367,786
6% 6%
Rp 743,121 Rp 572,203
-23% -23%
Rp 281,055 Rp 230,465
-18% -18%
Rp 8,266 Rp 5,384
-35% -35%
Rp 300,526 Rp 327,573
9% 9%
Rp 4,934,392 Rp 7,215,267
46% 46%
34,916,214 38,718,678

-Rp 21,083 -Rp 24,131

14% 14%
34,895,132 38,694,547

2025F 2026 F
21,736,990 26,736,497
27% 23%
65.17 67.12
3% 3%
40,518 41,734
3% 3%
262,793 296,449
13% 13%
1,807 1,915
5.0% 6%
41.9 43.2
0.03 0.03
 (In Millions Rupiah) 2017 2018 2019
Revenue 22,875,662 22,938,812 25,132,628
Expenses
Infrastructure Expenses - 8,576,361 - 8,452,928 - 9,471,130
Depreciation Expenses - 6,757,453 - 11,473,609 - 7,330,432
Interconnection and Other Direct Expenses - 2,459,401 - 2,421,268 - 1,914,297
Salaries and Employee Benefits Expenses - 1,351,466 - 1,037,244 - 1,279,376
Sales and Marketing Expenses - 1,615,500 - 2,038,624 - 1,970,279
General and Administrative Expenses - 551,691 - 476,441 - 531,193
Amortisation Expenses - 193,582 - 147,711 - 32,763
Foreign Exchange Gain (Loss) 9,284 - 101,562 45,513
Gain from Tower Sales and Leaseback 422,875 422,875 422,875
Others - 144,106 16,321 202,943
Total Expenses - 21,217,401 - 25,710,191 - 21,858,139
Operating Profit 1,658,261 - 2,771,379 3,274,489
Finance Cost - 1,539,281 - 1,746,198 - 2,242,505
Foreign Exchange Gain (Loss) from Financing - 39,200 - 366,200 -
Finance Income 244,365 487,497 111,092
Share of Loss From Joint Venture - 102,907 - 1,041
Profit (Loss) Before Income Tax 221,238 - 4,396,280 1,144,117
Income Tax Benefit 154,006 1,099,390 - 431,538
Profit (Loss) For the Year 375,244 - 3,296,890 712,579

Data 2016
Current Asset 6,806,863
Non Current Asset 48,089,423
Total Asset 54,896,286
Account Receivables 662,711
Inventories 161,078
Sales 21,341,425
Net Profit 375,516
Account Payable 6,502,815
 2020 2021 2022F 2023F 2024F
26,009,095 26,754,050 28,017,789 29,732,859 31,979,589

- 7,973,636 - 9,956,227 - 10,080,616 - 10,697,687 - 11,506,045

- 12,432,846 - 7,989,540 - 8,366,929 - 8,879,099 - 9,550,038
- 1,560,744 - 2,566,963 - 2,688,215 - 2,852,770 - 3,068,336
- 1,274,264 - 1,536,159 - 1,608,720 - 1,707,196 - 1,836,198
- 1,805,207 - 1,075,801 - 1,126,617 - 1,195,581 - 1,285,924
- 335,218 - 298,802 - 312,916 - 332,071 - 357,163
- 21,842 - - - -
7,883 9,506 9,955 10,564 11,363
2,061,277 419,013 438,805 465,666 500,854
- 42,413 230,325 241,205 255,969 275,312
- 23,377,010 - 22,764,648 - 23,839,946 - 25,299,275 - 27,210,986
2,632,085 3,989,402 4,177,843 4,433,584 4,768,603
- 2,667,824 - 2,378,186 - 2,490,521 - 2,642,974 - 2,842,688
- - - - -
182,557 87,715 91,858 97,481 104,847
- 607 8,609 9,016 9,568 10,290
146,211 1,707,540 1,788,196 1,897,658 2,041,053
225,387 - 419,733 - 439,559 - 466,466 - 501,714
371,598 1,287,807 1,348,637 1,431,192 1,539,338
 Common Size
2025F 2026 F (In Millions Rupiah)
34,895,132 38,694,547 Revenue
Expenses
- 12,555,039 - 13,922,043 Infrastructure Expenses
- 10,420,705 - 11,555,321 Depreciation Expenses
- 3,348,073 - 3,712,614 Interconnection and Other Direct Expenses
- 2,003,602 - 2,221,756 Salaries and Employee Benefits Expenses
- 1,403,160 - 1,555,938 Sales and Marketing Expenses
- 389,725 - 432,159 General and Administrative Expenses
- - Amortisation Expenses
12,399 13,749 Foreign Exchange Gain (Loss)
546,516 606,021 Gain from Tower Sales and Leaseback
300,411 333,120 Others
- 29,691,781 - 32,924,651 Total Expenses
5,203,351 5,769,897 Operating Profit
- 3,101,852 - 3,439,585 Finance Cost
- - Foreign Exchange Gain (Loss) from Financing
114,406 126,863 Finance Income
11,229 12,451 Share of Loss From Joint Venture
2,227,133 2,469,626 Profit (Loss) Before Income Tax
- 547,455 - 607,062 Income Tax Benefit
1,679,678 1,862,563 Profit (Loss) For the Year
 2017 2018 2019 2020 2021 2022F 2023F 2024F 2025F 2026 F
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

-37% -37% -38% -31% -37% -36% -36% -36% -36% -36%
-30% -50% -29% -48% -30% -30% -30% -30% -30% -30%
-11% -11% -8% -6% -10% -10% -10% -10% -10% -10%
-6% -5% -5% -5% -6% -6% -6% -6% -6% -6%
-7% -9% -8% -7% -4% -4% -4% -4% -4% -4%
-2% -2% -2% -1% -1% -1% -1% -1% -1% -1%
-1% -1% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
2% 2% 2% 8% 2% 2% 2% 2% 2% 2%
-1% 0% 1% 0% 1% 1% 1% 1% 1% 1%
-93% -112% -87% -90% -85% -85% -85% -85% -85% -85%
7% -12% 13% 10% 15% 15% 15% 15% 15% 15%
-7% -8% -9% -10% -9% -9% -9% -9% -9% -9%
0% -2% 0% 0% 0% 0% 0% 0% 0% 0%
1% 2% 0% 1% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
1% -19% 5% 1% 6% 6% 6% 6% 6% 6%
1% 5% -2% 1% -2% -2% -2% -2% -2% -2%
2% -14% 3% 1% 5% 5% 5% 5% 5% 5%
 Account 2017 2018 2019
Current Assets
Cash and cash equivalents 2,455,343 1,047,115 1,603,445
Trade Receivable - net of provision for
receivables impairment
- Third parties 530,808 430,741 410,947
- Related parties 34,138 138,499 251,997

Other Receivables

-Third parties 24,118 23,841 25,032

-Related parties 42,744 38,484 76,524
Inventories 143,303 189,063 74,608
Prepaid taxes
- Corporate income tax 148,706 155,923 40,878
- Other taxes - 292,897 51,073
Prepayments 3,462,659 3,814,077 3,966,614
Dervative receivable 631,423 798,003 -
Assets of disposal group classified as held
- - 397,229
for sale
Other assets 161,978 130,009 247,301
Total Current Assets 7,635,220 7,058,652 7,145,648
Non Current Assets
Fixed assets - net of accumulated
34,933,877 36,759,530 42,081,680
depreciation
Intangible assets 5,914,659 5,766,948 5,734,185
Investment in associate - - 143,486
Prepayments 878,932 814,467 665,165
Goodwill 6,681,357 6,681,357 6,681,357
Deffered tax assets - 283,836 -
Other assets 277,396 249,164 273,721
Total non current assets 48,686,221 50,555,302 55,579,594
Total Assets 56,321,441 57,613,954 62,725,242
Account 2017 2018 2019
Current Liabilities
Trade and other payables
-Third parties 7,447,750 8,936,515 7,925,215
-Related parties 28,111 169,293 116,883
Tax payable
-Other taxes 212,136 53,418 152,313
Accrued expenses 714,242 872,230 986,785
Deffered revenue 1,132,183 2,001,275 3,656,851
Short-term employee benefit liabilities 385,324 357,324 393,653
Provisions 1,100,032 765,264 568,500
Current portion of long-term borrowings
-Lease liabilities 435,456 1,248,959 1,997,488
-Loans 2,474,424 646,095 4,076,202
-Sukuk ijarah 1,296,858 356,430 1,075,440
-Bonds payable - 326,491 309,874
Liabilities of disposal group classified as
- - 33,480
held for sale
Total current liabilities 15,226,516 15,733,294 21,292,684
Non Current Liabilities
Long-term loans 9,096,617 8,043,168 4,266,534
Lease liabilities 4,211,026 9,258,332 12,122,370
Sukuk ijarah 1,883,223 2,523,058 2,088,832
Bonds payable - 668,325 992,449
Deffered revenue 2,741,855 2,318,980 1,896,104
Deffered tax liabilities 809,961 - 152,127
Long-term employee benefit liabilities 243,718 217,604 271,837
Provisions 477,675 508,095 520,339
Total Non Current Liabilities 19,464,075 23,537,562 22,310,592
Total Liabilities 34,690,591 39,270,856 43,603,276
Equity
Share Capital 1,068,796 1,068,796 1,068,796
Additional paid-in capital 12,157,010 12,149,371 12,202,382
Treasury shares - - -
Retained earnings
-Appropriated 800 900 900
-Unappropriated 8,404,244 5,124,031 5,849,888
Total Equity 21,630,850 18,343,098 19,121,966
Total Liabilities and Equity 56,321,441 57,613,954 62,725,242

Forecasting Balance Sheet

Account 2017 2018 2019
Working Capital
Account Receivables 631,808 631,565 764,500
Account receivable turnover 35.3 36.3 36.0
Days 10.3 10.1 10.1

Breakdown Account Receivable

Trade Receivables - Third parties 84% 68% 54%
Trade Receivables - Related parties 5% 22% 33%
Others Receivables - Third parties 4% 4% 3%
Others Receivables - Related parties 7% 6% 10%

Account Payable 7,475,861 9,105,808 8,042,098

Account payable turnover 3.3 2.8 2.9
Days 111.5 131.9 124.5

Breakdown Account Payable

Trade and Others Payable - Third
100% 98% 99%
parties
Trade and Others Payable - Related
0% 2% 1%
Parties

Inventories 143,303 189,063 74,608

Inventory Turnover 150.3 137.7 336.9
Days 2.4 2.7 1.1

Taxes
Prepaid Taxes
Corporate Income Tax 148,706 155,923 40,878
%Growth 5% -74%
Other Taxes - 292,897 51,073
%Growth -83%

Tax Payable 212,136 53,418 152,313

%Growth -75% 185%

Prepayment and Expenses

Current Prepayment 3,462,659 3,814,077 3,966,614
% of Total Expenses (Cash Basis) -24% -26% -26%

Non Current Prepayment 878,932 814,467 665,165

% of Total Expenses -6% -6% -4%

Accrued Expenses 714,242 872,230 986,785

% of Total Expenses -5% -6% -7%

Others Asset
Classified held for sales - - 397,229
%Growth

Other Current Assets 143,303 189,063 74,608

%Growth 32% -61%

Intangible Asset 5,914,659 5,766,948 5,734,185

% Amortisations of Intangible -3% -3% -1%

Investment in Associate - - 143,486

%Growth

Others Non Current Assets 277,396 249,164 273,721

-10% 10%

Fixed Assets
Fixed Assets 34,933,877 36,759,530 42,081,680
%Growth 5% 14%

Deffered Revenue
Current Deffered Revenue 1,132,183 2,001,275 3,656,851
% Total Revenue 5% 9% 15%
Non Current Deffered Revenue 2,741,855 2,318,980 1,896,104
% Total Revenue 12% 10% 8%

Provision and Employee Benefit

Provision 1,577,707 1,273,359 1,088,839
% Growth -19% -14%
Breakdown
Current Provision 70% 60% 52%
Non Current Provision 30% 40% 48%

Employee Benefit 629,042 574,928 665,490

%of Revenue 3% 3% 3%
Breakdown
Short-term employee benefit 61% 62% 59%
Longterm employee benefit 39% 38% 41%

Debt
Non Current Lease liabilities 4,211,026 9,258,332 12,122,370
% Fixed Asset 12% 25% 29%
Current Lease Liabilities 435,456 1,248,959 1,997,488
% of Non Current Lease liabilities 10% 13% 16%

Longterm Loans 9,096,617 8,043,168 4,266,534

% Fixed Asset 26% 22% 10%
Current Loans 2,474,424 646,095 4,076,202
%of Longterm loans 27% 8% 96%

Non Current Sukuk Ijarah 1,883,223 2,523,058 2,088,832

% Fixed Assets 5% 7% 5%
Current Sukuk Ijarah 1,296,858 356,430 1,075,440
% Non Current Sukuk Ijarah 69% 14% 51%

Non Current Bond Payable - 668,325 992,449

%Fixed Assets 2% 2%
Current Bond Payable - 326,491 309,874
% Non Current Bond payable 49% 31%

Equity
Additional Paid in Capital 12,157,010 12,149,371 12,202,382
% of Share Capital 1137% 1137% 1142%
Retained Earning
Retained Earning, Beginning 8,001,601 8,405,044 5,124,931
Net Income (Loss) 375,244 (3,296,890) 712,579
Others Comprehensive Income 28,199 - 13,278
Dividend - - -
Retained Earning, Ending 8,405,044 5,124,931 5,850,788

Dividend Payout Ratio 0% 0% 0%

2020 2021 2022F 2023F

2,965,589 2,664,387 - 140,423 1,214,730

301,003 335,437 410,842 408,260

149,359 189,068 200,451 220,234

68,679 29,635 43,044 49,024

41,083 55,874 58,055 64,262
143,377 156,440 219 239

25,214 22,838 20,686 18,737

92,779 116,824 147,101 185,224
3,493,843 3,795,549 3,889,770 4,127,876
- - - -

106,595 163,444 250,612 384,267

183,602 203,695 210,576 255,195

7,571,123 7,733,191 5,090,931 6,928,050

47,162,250 51,912,214 57,343,395 63,342,799

5,716,426 5,712,558 5,635,008 5,558,510

177,261 200,585 226,978 256,844
104,619 87,699 551,906 585,691
6,681,357 6,681,357 6,681,357 6,681,357
85,330 - - -
246,431 425,678 383,110 421,421
60,173,674 65,020,091 70,821,754 76,846,622
67,744,797 72,753,282 75,912,685 83,774,672
2020 2021 2022F 2023F

7,245,329 10,358,362 8,267,061 8,773,118

133,492 279,635 137,989 146,436

38,307 66,515 74,378 83,171

602,331 593,052 250,612 384,267
3,893,626 2,871,994 3,081,957 3,270,614
439,276 358,388 390,439 414,339
202,711 127,911 109,417 93,597

4,666,545 4,531,327 3,953,088 5,086,994

 727,795 877,461 818,971 984,319
398,417 676,650 2,293,736 2,533,712
449,310 190,974 466,631 515,451

59,777 21,652 21,885 21,885

18,856,916 20,953,921 19,866,164 22,307,904

5,535,939 7,156,544 6,229,466 8,028,075

19,613,020 20,845,080 23,025,943 25,434,972
1,692,167 1,016,533 2,293,736 2,533,712
544,526 354,069 862,032 952,220
1,473,231 1,050,356 1,908,297 2,025,110
- 338,829 - -
336,114 271,077 268,759 285,211
555,408 678,128 580,081 496,210
29,750,405 31,710,616 35,168,313 39,755,510
48,607,321 52,664,537 55,034,476 62,063,415

1,070,601 1,072,467 1,072,467 1,072,467

12,232,120 12,216,315 12,220,783 12,220,783
- 134,445 - 134,445 - 134,445 - 134,445

1,000 1,100 1,100 1,200

5,968,090 6,933,308 7,718,304 8,551,253
19,137,366 20,088,745 20,878,209 21,711,257
67,744,687 72,753,282 75,912,685 83,774,672

2020 2021 2022F 2023F

560,124 610,014 712,392 741,781

39.3 45.7 39.3 40.1
9.3 8.0 9.3 9.1

54% 55% 57.7% 55.0%

27% 31% 28.1% 29.7%
12% 5% 6.0% 6.6%
7% 9% 8.1% 8.7%

7,378,821 10,637,997 8,490,239 9,009,957

3.4 3.0 3.3 3.3
108.2 122.9 110.6 110.6

98% 97% 97% 97%

 2% 3% 2% 2%

143,377 156,440 219 239

230.6 171.0 219.0 239.4
1.6 2.1 1.7 1.5

25,214 22,838 20,686 18,737

-38% -9% -9.4% -9.4%
92,779 116,824 147,101 185,224
82% 26% 26% 26%

38,307 66,515 74,378 83,171

-75% 12% 12% 12%

3,493,843 3,795,549 3,889,770 4,127,876

-27% -25% -25% -25%

104,619 87,699 551,906 585,691

-1% -1% -3% -3%

602,331 593,052 821,030 871,289

-5% -4% -5% -5%

106,595 163,444 250,612 384,267

-73% 53% 53% 53%

143,377 173,758 210,576 255,195

92% 21% 21% 21%

5,716,426 5,712,558 5,635,008 5,558,510

-0.4% 0% -1% -1%

177,261 200,585 226,978 256,844

24% 13% 13% 13%

246,431 425,678 383,110 421,421

-10% 10% -10% 10%
47,162,250 51,912,214 57,343,395 63,342,799
12% 10% 10% 10%

3,893,626 2,871,994 3,081,957 3,270,614

15% 11% 11% 11%
1,473,231 1,050,356 1,908,297 2,025,110
6% 4% 7% 7%

758,119 806,039 689,498 589,807

-30% 6% -14% -14%

27% 16% 16% 16%

73% 84% 84% 84%

775,390 629,465 659,198 699,550

3% 2% 2% 2%

57% 57% 59% 59%

43% 43% 41% 41%

19,613,020 20,845,080 23,025,943 25,434,972

42% 40% 40% 40%
4,666,545 4,531,327 3,953,088 5,086,994
24% 22% 17% 20%

5,535,939 7,156,544 6,229,466 8,028,075

12% 14% 12% 14%
727,795 877,461 818,971 984,319
13% 12% 13% 12%

1,692,167 1,016,533 2,293,736 2,533,712

4% 2% 4% 4%
398,417 676,650 1,030,278 1,138,068
24% 67% 45% 45%

544,526 354,069 862,032 952,220

1% 1% 2% 2%
449,310 190,974 466,631 515,451
83% 54% 54% 54%

12,232,120 12,216,315 12,220,783 12,220,783

1143% 1139% 1140% 1140%
 5,850,788 5,969,090 6,934,408 7,719,404
371,598 1,287,807 1,348,637 1,431,192
- 40,272 - - -
- 213,024 - 338,182 - 563,641 - 598,144
5,969,090 6,934,408 7,719,404 8,552,453

-57% -26% -42% -42%

2024F 2025F 2026F

1,024,756 3,180,360 10,150,916

430,716 468,204 534,384

224,635 247,044 277,236

57,907 52,375 62,866

64,785 71,994 80,490
215 211

16,971 15,372 13,923

233,227 293,671 369,780
4,439,795 4,844,566 5,372,047
- -

589,204 903,436 1,385,255

309,270 374,802 453,510

7,391,480 10,452,037 18,700,408

69,969,876 77,290,293 85,376,590

5,483,051 5,408,616 5,335,192

290,639 328,882 372,156
629,948 687,379 762,222
6,681,357 6,681,357
- -
379,279 417,207 375,486
83,434,150 90,813,734 92,221,646
90,825,630 101,265,771 110,922,053
2024F 2025F 2026F

9,436,048 10,296,322 11,417,396

157,502 171,861 190,573

93,003 103,998 116,478

589,204 903,436 1,385,255
3,517,755 3,838,464 4,256,400
445,648 486,277 539,223
80,064 68,488 58,586

5,619,208 7,138,169 7,884,981

 1,165,851 1,372,637 1,607,638
2,798,795 3,091,612 3,415,064
569,379 628,949 694,751

21,885 21,885 21,885

24,494,342 28,122,098 31,588,230

8,867,992 11,195,180 12,366,447

28,096,040 31,035,516 34,282,526
2,798,795 3,091,612 3,415,064
1,051,843 1,161,890 1,283,449
2,178,135 2,376,714 2,635,492
- - -
306,763 334,730 371,176
424,465 363,094 310,596
43,724,034 49,558,735 54,664,750
68,218,376 77,680,833 86,252,980

1,072,467 1,072,467 1,072,467

12,220,783 12,220,783 12,220,783
- 134,445 - 134,445 - 134,445

1,200 1,300 1,300

9,447,249 10,424,833 11,508,968
22,607,254 23,584,938 24,669,073
90,825,630 101,265,771 110,922,053

2024F 2025F 2026 F

778,043 839,618 954,975

41.1 41.6 40.5
8.9 8.8 9.0

55.4% 55.8% 56.0%

28.9% 29.4% 29.0%
7.4% 6.2% 6.6%
8.3% 8.6% 8.4%

9,690,784 10,574,282 11,725,620

3.3 3.3 3.3
110.6 110.6 110.6

97% 97%
97%
 2% 2%
2%

215 211 -
215.0 211.1 221.1
1.7 1.7 1.7

16,971 15,372 13,923

-9.4% -9.4% -9.4%
233,227 293,671 369,780
26% 26% 26%

93,003 103,998 116,478

12% 12% 12%

4,439,795 4,844,566 5,372,047

-25% -25% -25%

629,948 687,379 762,222 - -

-3% -3% -3%

937,127 1,022,563 1,133,901

-5% -5% -5%

589,204 903,436 1,385,255

53% 53% 53%

309,270 374,802 453,510

21% 21% 21%

5,483,051 5,408,616 5,335,192

-1% -1% -1%

290,639 328,882 372,156 -

13% 13% 13%

379,279 417,207 375,486

-10% 10% -10%
 69,969,876 77,290,293 85,376,590
10% 10% 10%

3,517,755 3,838,464 4,256,400

11% 11% 11%
2,178,135 2,376,714 2,635,492
7% 7% 7%

504,529 431,582 369,182

-14% -14% -14%

16% 16% 16%

84% 84% 84%

752,411 821,007 910,399

2% 2% 2%

59% 59% 59%

41% 41% 41%

28,096,040 31,035,516 34,282,526

40% 40% 40%
5,619,208 7,138,169 7,884,981
20% 23% 23%

8,867,992 11,195,180 12,366,447

14% 16% 16%
1,165,851 1,372,637 1,607,638
13% 12% 13%

2,798,795 3,091,612 3,415,064

4% 4% 4%
1,257,136 1,388,660 1,533,945
45% 45% 45%

1,051,843 1,161,890 1,283,449

2% 2% 2%
569,379 628,949 694,751
54% 54% 54%

12,220,783 12,220,783 12,220,783

1140% 1140% 1140%
 8,552,453 9,448,449 10,426,133
1,539,338 1,679,678 1,862,563
- -
- 643,342 - 701,994 - 778,428
9,448,449 10,426,133 11,510,268

-42% -42% -42%

 2017 2018 2019
Working Capital
Total Current Asset 7,635,220 7,058,652 7,145,648
- Cash and Equivalent (2,455,343) (1,047,115) (1,603,445)
- Current Liabilities (7,475,861) (9,105,808) (8,042,098)
+ Current Portion of Longterm Debt 4,206,738 2,577,975 7,459,004
Net Working Capital 1,910,754 (516,296) 4,959,109
Net Change in Working Capital (2,427,050) 5,475,405
AL-CL (Trade Payable) 159,359 (2,047,156) (896,450)
Change (2,206,515) 1,150,706
Capital Expanditure 7,000,000 6,790,000 7,990,000
% of Revenue 31% 30% 32%
Depreciation - 6,757,453 - 11,473,609 - 7,330,432
Amortisations (193,582) (147,711) (32,763)
D&A (6,951,035) (11,621,320) (7,363,195)
 2020 2021 2022F 2023F 2024F 2025F 2026F

7,571,123 7,733,191 5,090,931 6,928,050 7,391,480 10,452,037 18,700,408

(2,965,589) (2,664,387) 140,423 (1,214,730) 1,024,756 3,180,360 10,150,916
(7,378,821) (10,637,997) (8,405,050) (8,919,554) (9,593,550) (10,468,183) (11,607,969)
6,242,067 6,276,412 7,532,426 9,120,477 10,153,233 12,231,366 13,602,434
3,468,780 707,219 4,358,730 5,914,243 8,975,920 15,395,580 30,845,789
(1,490,329) (2,761,561) 3,651,511 1,555,513 3,061,678 6,419,660 15,450,209
192,302 (2,904,806) (3,314,119) (1,991,504) (2,202,069) (16,146) 7,092,439
1,088,752 (3,097,108) (409,313) 1,322,615 (210,566) 2,185,923 7,108,585
6,160,000 9,920,000 8,559,690 9,083,659 9,770,056 10,660,781 11,821,537
24% 37% 31% 31% 31% 31% 31%
- 12,432,846 - 7,989,540 - 8,366,929 - 8,879,099 - 9,550,038 - 10,420,705 - 11,555,321
(21,842) - - - - - -
(12,454,688) (7,989,540) (8,366,929) (8,879,099) (9,550,038) (10,420,705) (11,555,321)
 KEY FINANCIAL RATIO 2017A 2018A 2019A 2020A 2021A
Profitability Ratio
Operating Profit Margin 7.2% -12.1% 13.0% 10.1% 14.9%
Net Profit Margin 1.6% -14.4% 2.8% 1.4% 4.8%
Return on Asset 0.7% -5.7% 1.1% 0.5% 1.8%
Return on Equity 1.7% -18.0% 3.7% 1.9% 6.4%
Liquidity Ratio
Current Ratio 0.50 0.45 0.34 0.40 0.37
Quick Ratio 0.48 0.43 0.32 0.38 0.35
Cash Ratio 0.16 0.07 0.08 0.16 0.13
Solvability Ratio
Debt to Asset Ratio 0.26 0.22 0.20 0.14 0.14
Debt to Equity Ratio 0.68 0.68 0.67 0.49 0.51
Time Interest Earned 5.59 5.07 4.74 5.66 5.04
Activity Ratio
Account Receivable Turnover 35.34 36.31 36.00 39.27 45.73
Days 10.33 10.05 10.14 9.29 7.98
Account Payable Turnover 3.27 2.77 2.93 3.37 2.97
Days 111.52 131.92 124.52 108.21 122.90
Fixed Asset Turnover 0.65 0.62 0.60 0.55 0.52
Asset Turnover 0.41 0.40 0.40 0.38 0.37
Profitability
Revenue Growth 0.28% 9.56% 3.49% 2.86%
EBITDA Margin 36.79% 37.94% 42.20% 57.92% 44.77%
Net Income Margin 1.64% -14.37% 2.84% 1.43% 4.81%
 2022F 2023F 2024F 2025F 2026F
Profitability Ratio
14.9% 14.9% 14.9% 14.9% 14.9%
4.8% 4.8% 4.8% 4.8% 4.8%
1.8% 1.7% 1.7% 1.7% 1.7%
6.5% 6.6% 6.8% 7.1% 7.6%
Liquidity Ratio
0.26 0.31 0.30 0.37 0.59
0.25 0.30 0.29 0.36 0.58
-0.01 0.05 0.04 0.11 0.32
olvability Ratio
0.17 0.19 0.19 0.20 0.21
0.62 0.72 0.76 0.87 0.92
5.04 5.04 5.04 5.04 5.04
Activity Ratio
39.33 40.08 41.10 41.56 40.52
9.28 9.11 8.88 8.78 9.01
3.30 3.30 3.30 3.30 3.30
110.61 110.61 110.61 110.61 110.61
0.49 0.47 0.46 0.45 0.45
0.37 0.35 0.35 0.34 0.35
Profitability
4.72% 6.12% 7.56% 9.12% 10.89%
44.77% 44.77% 44.77% 44.77% 44.77%
4.81% 4.81% 4.81% 4.81% 4.81%
 12/1/2022
EXCL
2,470
Cost of Debt 6.8%
Effective Tax Rate 22%
After tax cost of debt 5.3%
Risk free rate 7.25%
Observed beta 0.53
market risk premium 2.82%
Cost of equity 8.7%
Debt amount 35,648,638
Shares outstanding (jutaan) 10,668
Market value of equity (jutaan) 26,349,960
Debt portion 57%
Equity portion 43%
WACC 6.76% 6.76%
Terminal growth 1.00%

FCFF 12/1/2022 2022 F 2023 F

YEAR FRAC 8% 108%

EBIT 4,177,843 4,433,584

Tax Rate 22% 22%
After tax EBIT 3,258,718 3,458,195
Net Changes in working capital (27,024) (811,577)
Capital expenditure (8,559,690) (9,083,659)
D&A 8,366,929 8,879,099
Unlevered FCFF 3,038,933 2,442,058
Discount rate 6.76% 8% 108%
PV of levered FCFF 3,022,419 2,275,055

DCF FCFF
FCFF in 2026 4,581,960
Terminal value 60,936,028
PV of terminal value 58,509,789
PV of Cash Flow 14,517,217
Enterprise value 73,027,006
Debt (39,943,602)
Cash 10,150,916
Equity value 33,083,404
Shares outstanding (million) 10,668
Target Price 3,101
Potential Upside 26%
 Company Market Cap EV/EBITDA P/E
Telkom Indonesia 416,06 T 5.43 16.7
Smartfren Telecom 26,14 T 9.96 -1891.6
Indosat 51,4 T 3.64 7.7

Mean 6.34 -622.4

Relative Valuation
EV/EBITDA 6.34
EBITDA 12,544,772
Enterprise Value 79,575,673
Cash 1,214,730
MV of Debt 39,943,602
Equity Value 40,846,802
Shares Outstanding 10,668
Target Price Rp 3,829
Potential Upside 55.02%

Combination
DCF FCFF Rp 3,101
EV/EBITDA Rp 3,829
% Absolute 70%
% Relative 30%
Target Price Rp 3,319
Current Price Rp 2,470
Potential Upside 34.39%
Reccomendation BUY
2024 F 2025 F 2026 F
208% 308% 408%

4,768,603 5,203,351 5,769,897

22% 22% 22%
3,719,510 4,058,614 4,500,519
41,645 (611,701) 347,656
(9,770,056) (10,660,781) (11,821,537)
9,550,038 10,420,705 11,555,321
3,541,137 3,206,836 4,581,960
208% 308% 408%
3,090,160 2,621,304 3,508,280
P/BV
3.3
2.0
2.0

2.4