Financials PT Sarana Menara Nusantara Tbk.

Equities

TOWR

ID1000128804

Integrated Telecommunications Services

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
810 ^IDR	+3.18%		+10.20%	-18.18%

Apr. 30	PT Sarana Menara Nusantara Tbk. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 24	Nomura Adjusts Sarana Menara Nusantara’s Price Target to IDR1,780 From IDR2,075, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	40,467,143	48,096,380	56,023,807	54,778,834	49,301,051	40,337,224	-	-
Enterprise Value (EV) ²	55,115	66,934	97,905	99,408	93,804	82,968	81,610	79,016
P/E ratio	17.5 x	16.8 x	16.3 x	15.9 x	15.2 x	12 x	11.3 x	11.3 x
Yield	2.96%	0.63%	2.5%	-	-	3.1%	3.37%	3.52%
Capitalization / Revenue	6.27 x	6.46 x	6.49 x	4.96 x	4.2 x	3.28 x	3.15 x	3.01 x
EV / Revenue	8.54 x	8.99 x	11.3 x	9.01 x	7.99 x	6.75 x	6.37 x	5.89 x
EV / EBITDA	10.2 x	10.5 x	13.2 x	10.4 x	9.4 x	8.02 x	7.6 x	7.07 x
EV / FCF	-42.6 x	33.3 x	24.5 x	29.3 x	21.5 x	18.3 x	14.3 x	13 x
FCF Yield	-2.35%	3.01%	4.09%	3.41%	4.66%	5.45%	7%	7.68%
Price to Book	4.63 x	4.82 x	4.77 x	3.8 x	3 x	2.19 x	1.95 x	1.76 x
Nbr of stocks (in thousands)	50,269,743	50,100,396	49,798,940	49,798,940	49,799,042	49,799,042	-	-
Reference price ³	805.0	960.0	1,125	1,100	990.0	810.0	810.0	810.0
Announcement Date	4/13/20	4/30/21	4/19/22	3/27/23	1/15/24	-	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,454	7,445	8,635	11,036	11,740	12,298	12,805	13,413
EBITDA ¹	5,385	6,405	7,434	9,517	9,980	10,345	10,738	11,172
EBIT ¹	4,036	4,761	5,575	7,210	7,136	7,438	7,638	7,838
Operating Margin	62.53%	63.94%	64.55%	65.33%	60.78%	60.48%	59.65%	58.44%
Earnings before Tax (EBT) ¹	3,009	3,399	4,051	4,459	4,104	4,239	4,501	4,638
Net income ¹	2,342	2,836	3,427	3,442	3,253	3,394	3,586	3,677
Net margin	36.29%	38.09%	39.69%	31.19%	27.71%	27.6%	28%	27.41%
EPS ²	46.00	57.00	69.00	69.00	65.00	67.44	71.43	71.76
Free Cash Flow ³	-1,293,554	2,012,603	4,003,706	3,391,931	4,368,396	4,524,683	5,714,933	6,066,250
FCF margin	-20,041.73%	27,031.4%	46,364.16%	30,736.12%	37,208.56%	36,791.26%	44,628.89%	45,225.32%
FCF Conversion (EBITDA)	-	31,422.77%	53,854.34%	35,642.42%	43,773.26%	43,738.27%	53,220.93%	54,297.43%
FCF Conversion (Net income)	-	70,966.26%	116,815.52%	98,544.64%	134,284.1%	133,309.82%	159,385.68%	164,973.56%
Dividend per Share ²	23.86	6.000	28.09	-	-	25.09	27.28	28.53
Announcement Date	4/13/20	4/30/21	4/19/22	3/27/23	1/15/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	3,685	-	-	-	-	-	-	-	2,943	-	-	-	-	-	-	-
EBITDA ¹	3,164	2,216	2,251	2,320	2,396	2,550	2,439	2,475	2,503	2,563	2,545	2,551	2,644	2,619	-	-
EBIT	2,282	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	61.91%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	1,301	847.7	853.5	837.6	867.6	883.3	752.4	806.7	866.5	827.5	-	765.5	752.1	782.3	-	-
Net margin	35.31%	-	-	-	-	-	-	-	29.44%	-	-	-	-	-	-	-
EPS ²	-	17.00	17.00	17.00	17.00	18.00	15.00	16.00	18.00	16.00	-	15.01	14.74	15.34	-	-
Dividend per Share ²	-	28.09	-	-	-	-	-	-	-	-	-	-	-	24.10	-	-
Announcement Date	8/3/20	4/19/22	5/31/22	8/30/22	11/30/22	3/27/23	5/2/23	8/1/23	10/31/23	1/15/24	5/1/24	-	-	-	-	-

¹IDR in Billions²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,648	18,838	41,881	44,629	44,503	42,631	41,273	38,679
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.72 x	2.941 x	5.633 x	4.69 x	4.459 x	4.121 x	3.844 x	3.462 x
Free Cash Flow ²	-1,293,554	2,012,603	4,003,706	3,391,931	4,368,396	4,524,683	5,714,933	6,066,250
ROE (net income / shareholders' equity)	28%	30%	30.9%	26%	21.1%	19.7%	18%	16.6%
ROA (Net income/ Total Assets)	9.25%	9.16%	6.85%	5.24%	4.85%	4.94%	4.97%	4.97%
Assets ¹	25,313	30,958	50,039	65,726	67,022	68,723	72,162	74,036
Book Value Per Share ³	174.0	199.0	236.0	289.0	330.0	371.0	416.0	460.0
Cash Flow per Share ³	78.50	119.0	124.0	162.0	179.0	153.0	157.0	141.0
Capex ¹	5,249	3,939	2,193	4,681	4,547	4,837	4,227	3,894
Capex / Sales	81.33%	52.9%	25.39%	42.42%	38.73%	39.33%	33.01%	29.03%
Announcement Date	4/13/20	4/30/21	4/19/22	3/27/23	1/15/24	-	-	-

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

810 IDR

Average target price

1,119 IDR

Spread / Average Target

+38.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Telecommunications Network Infrastructure

	1st Jan change	Capi.
PT SARANA MENARA NUSANTARA TBK.	-18.18%	2.5B
INDUS TOWERS LIMITED	+96.94%	12.64B
PT DAYAMITRA TELEKOMUNIKASI TBK.	-4.26%	3.45B
PT TOWER BERSAMA INFRASTRUCTURE TBK	-4.31%	2.81B
STATE GRID INFORMATION & COMMUNICATION CO., LTD.	+6.14%	2.67B
DIGITAL TELECOMMUNICATIONS INFRASTRUCTURE FUND	+3.87%	2.37B
CHORUS LIMITED	+0.51%	2.1B
3BB INTERNET INFRASTRUCTURE FUND	-11.20%	1.23B
GTL INFRASTRUCTURE LIMITED	+144.62%	488M
PT INTI BANGUN SEJAHTERA TBK	0.00%	469M

Telecommunications Network Infrastructure