Financials PT PP (Persero) Tbk

Equities

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 15/05/2024 am IST			5-day change	1st Jan Change
368 ^IDR	+0.55%		-3.66%	-14.02%

19/03	Indonesia proposes injecting $2.82 bln into 16 state firms next year, SOE minister says	RE
04/03	PT PP Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	98,26,837	1,15,35,662	61,23,488	44,22,519	26,47,326	22,76,206	-
Enterprise Value (EV) ¹	98,33,525	1,15,46,205	61,36,128	44,36,394	26,47,326	22,76,206	22,76,206
P/E ratio	10.6 x	88.8 x	23 x	16.3 x	5.49 x	4.84 x	5.13 x
Yield	2.14%	-	-	-	-	-	-
Capitalization / Revenue	0.4 x	0.73 x	0.37 x	0.23 x	0.13 x	0.09 x	0.1 x
EV / Revenue	0.4 x	0.73 x	0.37 x	0.23 x	0.13 x	0.09 x	0.1 x
EV / EBITDA	2.89 x	5.49 x	3.01 x	1.78 x	0.94 x	0.61 x	0.64 x
EV / FCF	-1,35,14,894 x	-1,57,87,007 x	13,68,44,342 x	6,16,55,283 x	-	-	-
FCF Yield	-0%	-0%	0%	0%	-	-	-
Price to Book	0.73 x	1.09 x	0.56 x	0.4 x	-	0.2 x	0.19 x
Nbr of stocks (in thousands)	61,99,897	61,85,341	61,85,341	61,85,341	61,85,341	61,85,341	-
Reference price ²	1,585	1,865	990.0	715.0	428.0	368.0	368.0
Announcement Date	17/03/20	16/03/21	11/03/22	08/03/23	04/03/24	-	-

¹IDR in Million²IDR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	24,660	15,831	16,764	18,922	19,994	24,263	23,165
EBITDA ¹	3,401	2,101	2,037	2,485	2,806	3,737	3,571
EBIT ¹	2,857	2,040	1,549	1,977	2,318	2,968	3,012
Operating Margin	11.59%	12.88%	9.24%	10.45%	11.59%	12.23%	13%
Earnings before Tax (EBT) ¹	1,240	755.7	967.8	864.6	643.4	1,538	1,748
Net income ¹	930.3	128.8	266	271.7	481.4	473	378.5
Net margin	3.77%	0.81%	1.59%	1.44%	2.41%	1.95%	1.63%
EPS ²	150.0	21.00	43.00	44.00	78.00	76.00	71.80
Free Cash Flow	-7,27,112	-7,30,706	44,748	71,730	-	-	-
FCF margin	-2,948.55%	-4,615.55%	266.93%	379.08%	-	-	-
FCF Conversion (EBITDA)	-	-	2,196.57%	2,885.93%	-	-	-
FCF Conversion (Net income)	-	-	16,823.97%	26,400.47%	-	-	-
Dividend per Share	33.84	-	-	-	-	-	-
Announcement Date	17/03/20	16/03/21	11/03/22	08/03/23	04/03/24	-	-

¹IDR in Billions²IDR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	6,688	10,544	12,640	13,875	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.966 x	5.017 x	6.205 x	5.582 x	-	-	-
Free Cash Flow	-7,27,112	-7,30,706	44,748	71,730	-	-	-
ROE (net income / shareholders' equity)	7.1%	1.15%	2.48%	2.47%	-	4%	3.7%
ROA (Net income/ Total Assets)	1.67%	0.23%	0.49%	0.48%	-	0.6%	0.7%
Assets ¹	55,858	55,979	54,491	56,604	-	78,833	54,071
Book Value Per Share ²	2,167	1,718	1,755	1,803	-	1,883	1,955
Cash Flow per Share	48.40	43.40	75.80	43.40	-	-	-
Capex ¹	1,027	462	424	197	-	2,197	2,242
Capex / Sales	4.17%	2.92%	2.53%	1.04%	-	9.05%	9.68%
Announcement Date	17/03/20	16/03/21	11/03/22	08/03/23	04/03/24	-	-

¹IDR in Billions²IDR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

368 IDR

Average target price

725 IDR

Spread / Average Target

+97.01%

	1st Jan change	Capi.
PT PP (PERSERO) TBK	-14.02%	14Cr
VINCI	+2.55%	7.15TCr
LARSEN & TOUBRO LIMITED	-3.31%	5.56TCr
QUANTA SERVICES, INC.	+25.48%	3.86TCr
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+14.76%	3.18TCr
FERROVIAL SE	+13.26%	2.9TCr
CHINA RAILWAY GROUP LIMITED	+17.08%	2.15TCr
WSP GLOBAL INC.	+17.18%	1.99TCr
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+35.34%	1.78TCr
EMCOR GROUP, INC.	+78.99%	1.76TCr