FINANCIAL ANALYSIS

PT. TELEKOMUNIKASI INDONESIA TBK

Kelompok 4

Anggota:
Muhammad Abrar Raihan 120110150093
Nur Ilham Habibie 120110170026
Agisna Farih Makhrojan 120110170033
RATIO ANALYSIS
 Measuring Overall Profitability

Telkom Indosat XL Smartfren

Ratio 2018 2017 2018 2017 2018 2017 2018 2017

ROE 27.21% 27.08% -15.33% 8.09% -0.65% 1.74% -15,14% -18,08%

Decomposing Profitability

- Traditional Approach
- Alternative Approach
Traditional Approach
 Traditional Approach
Telkom Indosat XL Smartfren

Ratio 2018 2017 2018 2017 2018 2017 2018 2017

Net Profit 24.41% 23.68% -8.04% 4.00% -0.63% 1.64% -64,71% -64,75%
Margin
(ROS)

X Asset 0.63 0.65 0.44 0.59 0.41 0.42 2,76 1,82

Turnover

= Return 15.48% 15.30% -3.50% 2.36% -0.26% 0.69% -178,75% -117,60%

on Assets
(ROA)
 Traditional Approach
Telkom Indosat XL Smartfren

Ratio 2018 2017 2018 2017 2018 2017 2018 2017

= Return 15.48% 15.30% -3.50% 2.36% -0.26% 0.69% -178,75% -117,60%

on Assets
(ROA)

X 1.76 1.77 4.38 3.42 2.51 2.53 0,08 0,15

Financial
Leverage

= Return 27.21% 27.08% -15.33% 8.09% -0.65% 1.74% -15,14% -18,08%

on Equity
(ROE)
Alternative Approach
 Alternative Approach
Telkom Indosat XL Smartfren

Ratio 2018 2017 2018 2017 2018 2017 2018 2017

Net Operating 13.08% 16.48% -3.92% 2.57% 1.91% 0.69% 49,03% 25,79%
Profit Margin

X Net 1.76 1.77 4.38 3.42 3.05 2.52 0,16 0,28

Operating
Asset
Turnover

= Operating 23.00% 29.16% -17.18% 8.78% 5.83% 1.72% 7,83% 7,17%

ROA
 Alternative Approach
Telkom Indosat XL Smartfren

Spread 30.30% -82.43% 1.29% -0.65% -4.31% 0.01% -32,31% -20,44%

X Net Financial 0.14 0.03 1.43 1.07 1.50 1.29 0,71 1,24
Leverage

= Financial 4.21% -2.08% 1.85% -0.70% -6.48% 0.02% -22,97% -25,25%

Leverage Gain

ROE = 27.21% 27.08% - 8.09% -0.65% 1.74% -15,14% -18,08%

Operating ROA + 15.33%
Financial
Leverage Gain
 Result From Profitability Analysis
Telkom Indosat XL Smartfren

Ratio 2018 2017 2018 2017 2018 2017 2018 2017

Asset 0.63 1.76 0.44 4.38 0.41 3.05 2,76 0,16

Turnover

ROA 15.48% 23.00% -3.50% -17.18% -0.26% 5.83% -178,75% 7,83%

Financial 1.76 0.14 4.38 1.43 2.51 1.50 0,08 0,71

Leverage
Decomposing Net Profit Margin
 Decomposing Net Profit Margin
Telkom Indosat XL Smartfren

Ratio 2018 2017 2018 2017 2018 2017 2018 2017

Line Items as
a Percent of
Sales

Sales 100.00% 100.00% 100.00% 100.00% 100% 100% 100,00% 100,00%

Cost of Sales 63.20% 57.36% 97.37% 78.59% 99.73% 84.54% 55.98% 61.41%
 Decomposing Net Profit Margin
Telkom Indosat XL Smartfren

Selling, 7.91% 8.21% 10.18% 8.34% 10.96% 9.47% 0,05% 0,07%

General &
Admin
expenses

Other Income 1.34% 0.81% 5.66% 0.74% -14.37% 1.64% 0,01% 0,01%

Other 0.57% 1.03% 0.11% 0.33% 0.07% -0.63% 0,02% 0,03%

Expenses

Net Interest 0.78% 1.12% 0.16% 0.21% 7.61% 6.73% 1,09% 2,16%
expense/inco
me
 Decomposing Net Profit Margin
Telkom Indosat XL Smartfren

Income Taxes 7.21% 7.76% -2.50% 2.13% -4.79% -0.67% 2,74% 5,27%

Unusual 0.00% 0.00% 0.00% 0.00% 0.07% -0.63% 0,00% 0,00%

gains/loss, net
of taxes

Net Income 24.41% 23.68% -8.04% 4.00% -0.63% 1.64% -64,71% -64,75%
 Decomposing Net Profit Margin
Telkom Indosat XL Smartfren

Key Profitability
Ratios

Gross Profit 36.80% 42.64% 2.63% 21.41% 0.27% 15.46% 99,99% 99,99%
Margin

EBITDA Margin 46.07% 50.20% 37.66% 43.05% 37.11% 36.38% 17,75% 14,20%

NOPAT Margin 20.63% 25.50% -9.01% 4.35% 4.66% 1.63% 17,75% 14,20%

Net Income 24.41% 23.68% -8.04% 4.00% -0.63% 1.64%

Margin
 Decomposing Asset Turnover
Telkom Indosat XL Smartfren

Ratio 2018 2017 2018 2017 2018 2017 2018 2017

Operating -14.11% -16.41% 2.70% -7.07% 11.50% 2.38% 1,89% 6,43%

Working
Capital/Sales

Net Long- 117.79% 107.53% 186.51% 112.62% 152.29% 164.85% 35,57% 23,64%
Term
Assets/Sales

PPE/Sales 109.53% 101.49% 159.47% 119.93% 160.25% 152.71% 30,50% 32,17%

 Decomposing Asset Turnover
Telkom Indosat XL Smartfren

Operating -7.09 -6.09 37.08 -14.15 8.69 41.97 53,05 15,56

Working
Capital
Turnover

Net Long- 0.85 0.93 0.54 0.89 0.66 0.61 2,81 4,23
Term Assets
Turnover

PPE Turnover 0.91 0.99 0.63 0.83 0.62 0.65 3,28 3,11
 Decomposing Asset Turnover
Telkom Indosat XL Smartfren

A/R Turnover 0.09 0.07 0.13 0.13 0.02 0.02 0,45 0,40

Inventory 182.40 203.26 482.06 340.07 121.37 159.97 17,31 6,38

Turnover

A/P Turnover 19.35 19.24 9.46 21.92 29.18 39.99 62,90 42,98
Financial Leverage
 Financial Leverage
Telkom Indosat XL Smartfren

Ratio 2018 2017 2018 2017 2018 2017 2018 2017

Current Ratio 0.94 1.05 0.38 0.59 0.45 0.47 0,33 0,40

Quick Ratio 0.63 0.76 0.19 0.39 0.24 0.19 0,46 0,31

Cash Ratio 0.38 0.55 0.05 0.14 0.17 0.03 0,06 0,02

Operating 0.99 1.09 0.20 0.55 0.54 0.58 0,15 0,15

Cash Flow
Ratio
Assessing Sustainable Growth Rate
 Assessing Sustainable Growth Rate
Telkom Indosat XL Smartfren

Ratio 2018 2017 2018 2017 2018 2017 2018 2017

ROE 27.21% 27.08% -15.33% 8.09% -0.65% 1.74% -15,14% -18,08%

Dividend 85% 108% 112% 109% 0% 0% -27% -22%

Payout Ratio

Sustainable 4.21% -2.08% 1.85% -0.70% -0.65% 1.74% -19% -22%

Growth Rate
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