Stock JSMR PT JASA MARGA (PERSERO) TBK
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Financials PT Jasa Marga (Persero) Tbk

Equities

JSMR

ID1000108103

Highways & Rail Tracks

End-of-day quote INDONESIA S.E.
Other stock markets
 06:00:00 2024-05-21 pm EDT 		5-day change 1st Jan Change
5,000 IDR +2.04% Intraday chart for PT Jasa Marga (Persero) Tbk -1.48% +2.67%
Apr. 30 PT Jasa Marga Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Mar. 19 Metro Pacific-led consortium in talks to buy stake in Indonesian toll company for $750 million, sources say RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 37,559,483 33,603,944 28,233,119 21,628,456 35,345,833 36,289,356 - -
Enterprise Value (EV) 2 75,769 92,896 82,414 62,443 35,346 101,915 101,482 104,826
P/E ratio 17 x 67.1 x 17.5 x 7.87 x 5.2 x 12.5 x 10.7 x 8.5 x
Yield 0.29% - - - - 1.82% 2.16% 2.66%
Capitalization / Revenue 3.42 x 3.5 x 2.4 x 1.57 x 2.27 x 1.97 x 1.81 x 1.64 x
EV / Revenue 6.9 x 9.69 x 7 x 4.53 x 2.27 x 5.54 x 5.07 x 4.75 x
EV / EBITDA 10.4 x 15.1 x 10.7 x 7.19 x 3.57 x 9.07 x 8.15 x 7.42 x
EV / FCF -7.02 x -4.57 x -391 x -95.9 x - 40.6 x 47.3 x 22.6 x
FCF Yield -14.2% -21.9% -0.26% -1.04% - 2.46% 2.12% 4.43%
Price to Book 2.01 x 1.76 x 1.37 x 0.99 x - 1.16 x 1.09 x 0.97 x
Nbr of stocks (in thousands) 7,257,871 7,257,871 7,257,871 7,257,871 7,257,871 7,257,871 - -
Reference price 3 5,175 4,630 3,890 2,980 4,870 5,000 5,000 5,000
Announcement Date 4/30/20 3/30/21 3/21/22 3/2/23 4/16/24 - - -
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 10,984 9,588 11,776 13,783 15,566 18,405 20,007 22,063
EBITDA 1 7,285 6,155 7,676 8,680 9,912 11,238 12,451 14,129
EBIT 1 5,857 4,466 2,254 7,383 6,951 8,382 9,100 10,297
Operating Margin 53.32% 46.58% 19.14% 53.57% 44.65% 45.54% 45.48% 46.67%
Earnings before Tax (EBT) 1 3,098 696.5 2,072 3,726 7,926 4,548 5,009 5,957
Net income 1 2,207 501 1,615 2,747 6,794 2,924 3,404 4,008
Net margin 20.09% 5.23% 13.71% 19.93% 43.64% 15.89% 17.02% 18.17%
EPS 2 304.1 69.04 222.6 378.5 936.0 400.7 466.2 587.9
Free Cash Flow 3 -10,796,070 -20,314,421 -210,757 -651,333 - 2,507,667 2,146,400 4,646,500
FCF margin -98,288.13% -211,879.58% -1,789.72% -4,725.78% - 13,624.58% 10,728.14% 21,059.7%
FCF Conversion (EBITDA) - - - - - 22,315.15% 17,239.32% 32,886.39%
FCF Conversion (Net income) - - - - - 85,748.65% 63,046.66% 115,930.75%
Dividend per Share 2 15.20 - - - - 90.96 107.8 132.9
Announcement Date 4/30/20 3/30/21 3/21/22 3/2/23 4/16/24 - - -
1IDR in Billions2IDR3IDR in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 5,645 3,517 3,196 3,458 3,559 3,569 3,388 3,592 4,022 4,564 4,548 4,548 5,093 - -
EBITDA 3,359 - - - - - - - - - - - - - -
EBIT 1 2,513 -2,364 - 1,399 1,286 3,201 1,585 1,376 1,960 2,155 2,081 2,081 2,331 - -
Operating Margin 44.53% -67.23% - 40.46% 36.14% 89.69% 46.78% 38.3% 48.74% 47.22% 45.77% 45.77% 45.77% - -
Earnings before Tax (EBT) - - - - - - - - - 1,131 - - - - -
Net income 1 - 865.6 393 342 272.3 1,740 497.6 651.1 4,826 819.1 805.9 805.9 902.6 - -
Net margin - 24.61% 12.3% 9.89% 7.65% 48.75% 14.69% 18.13% 119.98% 17.95% 17.72% 17.72% 17.72% - -
EPS 2 - 119.3 - 47.12 37.52 239.7 68.55 89.72 664.9 112.9 111.0 111.0 124.4 - -
Dividend per Share 2 - - - - - - - - - - 19.89 19.89 19.89 22.21 22.21
Announcement Date 7/28/21 3/21/22 5/13/22 7/30/22 10/31/22 3/2/23 4/29/23 8/24/23 11/30/23 4/16/24 - - - - -
1IDR in Billions2IDR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 38,210 59,292 54,181 40,815 - 65,626 65,193 68,537
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.245 x 9.633 x 7.058 x 4.702 x - 5.84 x 5.236 x 4.851 x
Free Cash Flow 2 -10,796,070 -20,314,421 -210,757 -651,333 - 2,507,667 2,146,400 4,646,500
ROE (net income / shareholders' equity) 12.4% 2.65% 8.14% 12.9% - 10.4% 11.2% 12%
ROA (Net income/ Total Assets) 2.42% 0.49% 1.57% 2.86% - 2.7% 3.03% 3.25%
Assets 1 91,049 101,882 102,664 96,191 - 108,351 112,191 123,323
Book Value Per Share 3 2,574 2,628 2,839 3,007 - 4,317 4,592 5,169
Cash Flow per Share 3 469.0 199.0 381.0 484.0 - 778.0 929.0 -
Capex 1 14,201 21,755 2,978 4,163 - 9,903 10,462 10,842
Capex / Sales 129.28% 226.91% 25.29% 30.2% - 53.81% 52.29% 49.14%
Announcement Date 4/30/20 3/30/21 3/21/22 3/2/23 4/16/24 - - -
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 Jasa Marga (Persero) Tbk

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
5,000 IDR
Average target price
6,050 IDR
Spread / Average Target
+21.00%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Highway Operators
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