Company Valuation: PT Antam (Persero) Tbk

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 5,40,69,221 4,77,01,068 4,09,72,454 3,66,46,916 7,56,96,909 6,85,06,256 - -
Change - -11.78% -14.11% -10.56% 106.56% -9.5% - -
Enterprise Value (EV) 1 54,031 46,379 34,271 31,895 71,514 60,001 57,290 57,788
Change - -14.16% -26.11% -6.93% 124.21% -16.1% -4.52% 0.87%
P/E Ratio 29x 12.5x 13.3x 10x 10.5x 6.13x 6.3x 4.92x
PBR 2.59x 2.01x 1.34x 1.16x 2.14x 1.66x 1.57x 1.5x
PEG - 0x -0.7x 0.5x 0.1x 0.1x -2.37x 0.2x
Capitalization / Revenue 1.41x 1.04x 1x 0.53x 0.89x 0.53x 0.53x 0.44x
EV / Revenue 1.41x 1.01x 0.83x 0.46x 0.84x 0.46x 0.44x 0.37x
EV / EBITDA 14.8x 9.64x 7.99x 7x 7.43x 3.76x 3.8x 2.96x
EV / EBIT 19.7x 11.8x 13.1x 10.6x 8.52x 4.31x 4.26x 3.3x
EV / FCF 11.9x 13.6x 10.9x 11.8x 16.2x 8.38x 4.95x 4.35x
FCF Yield 8.41% 7.37% 9.13% 8.49% 6.18% 11.9% 20.2% 23%
Dividend per Share 3 38.74 - 128.1 - - 239.8 309.9 481.9
Rate of return 1.72% - 7.51% - - 8.41% 10.9% 16.9%
EPS 3 77.47 159 128.1 151.8 300 464.6 452.2 579.2
Distribution rate 50% - 100% - - 51.6% 68.5% 83.2%
Net sales 1 38,446 45,930 41,048 69,192 84,642 1,30,042 1,29,103 1,56,982
EBITDA 1 3,639 4,813 4,289 4,553 9,631 15,953 15,077 19,546
EBIT 1 2,738 3,942 2,617 2,998 8,395 13,917 13,449 17,535
Net income 1 1,862 3,821 3,078 3,647 7,209 10,984 10,867 13,918
Net Debt 1 -38.15 -1,322 -6,701 -4,752 -4,183 -8,505 -11,217 -10,718
Reference price 3 2,250.00 1,985.00 1,705.00 1,525.00 3,150.00 2,850.00 2,850.00 2,850.00
Nbr of stocks (in thousands) 2,40,30,765 2,40,30,765 2,40,30,765 2,40,30,765 2,40,30,765 2,40,37,283 - -
Announcement Date 16/03/22 26/03/23 29/03/24 08/04/25 31/03/26 - - -
1IDR in Million2IDR in Billions3IDR
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.13x0.46x3.76x8.41% 383.72Cr
23.52x14.19x15.39x0.84% 4.07TCr
9.56x3.32x4.81x2.8% 3.61TCr
6x2.43x3.39x6.76% 3.24TCr
14.04x4.21x7.16x3.67% 1.68TCr
10.04x - - 6.56% 1.54TCr
5.05x1.59x3.09x5.32% 987Cr
21.06x10.96x13.68x0.79% 603.45Cr
39.12x4.85x7.39x1.72% 401.54Cr
Average 14.95x 5.25x 7.33x 4.1% 1.84TCr
Weighted average by Cap. 13.59x 6.34x 7.93x 3.72%

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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