Financials PT XL Axiata Tbk

Equities

EXCL

ID1000102502

Wireless Telecommunications Services

End-of-day quote INDONESIA S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
2,380 IDR 0.00% Intraday chart for PT XL Axiata Tbk +8.68% +19.00%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 33,667,075 29,073,203 33,818,153 27,973,958 26,143,886 31,111,224 - -
Enterprise Value (EV) 2 58,993 59,735 66,802 66,750 26,144 73,519 71,583 70,106
P/E ratio 47 x 78 x 26.2 x 20.4 x 20.4 x 19.3 x 15.9 x 13.4 x
Yield 0.63% 1.16% 1.61% 1.96% - 2.15% 2.75% 3.82%
Capitalization / Revenue 1.34 x 1.12 x 1.26 x 0.96 x 0.81 x 0.91 x 0.86 x 0.82 x
EV / Revenue 2.35 x 2.3 x 2.5 x 2.29 x 0.81 x 2.14 x 1.98 x 1.85 x
EV / EBITDA 5.92 x 4.57 x 4.94 x 4.69 x 1.65 x 4.35 x 4.02 x 3.74 x
EV / FCF 18.1 x 9.24 x 14.3 x 12.7 x - 8.75 x 8.3 x 7.22 x
FCF Yield 5.53% 10.8% 6.99% 7.9% - 11.4% 12.1% 13.8%
Price to Book 1.76 x 1.52 x 1.68 x 1.09 x - 1.14 x 1.09 x 1.04 x
Nbr of stocks (in thousands) 10,687,960 10,649,525 10,668,187 13,071,943 13,071,943 13,071,943 - -
Reference price 3 3,150 2,730 3,170 2,140 2,000 2,380 2,380 2,380
Announcement Date 2/10/20 2/15/21 2/21/22 2/20/23 2/12/24 - - -
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 25,150 26,009 26,754 29,142 32,323 34,276 36,072 37,898
EBITDA 1 9,966 13,060 13,517 14,235 15,885 16,889 17,821 18,754
EBIT 1 2,610 2,939 3,561 3,658 4,380 5,027 5,525 6,062
Operating Margin 10.38% 11.3% 13.31% 12.55% 13.55% 14.67% 15.32% 15.99%
Earnings before Tax (EBT) 1 1,144 146.2 1,708 1,353 1,705 2,080 2,598 2,829
Net income 1 713 371.6 1,288 1,109 1,271 1,615 1,925 2,058
Net margin 2.83% 1.43% 4.81% 3.81% 3.93% 4.71% 5.34% 5.43%
EPS 2 67.00 35.00 121.0 105.0 98.00 123.2 149.6 177.5
Free Cash Flow 3 3,260,890 6,462,000 4,670,662 5,273,424 - 8,402,980 8,626,480 9,704,667
FCF margin 12,965.77% 24,845.16% 17,457.78% 18,095.62% - 24,515.74% 23,914.91% 25,607.29%
FCF Conversion (EBITDA) 32,720.15% 49,479.33% 34,553.7% 37,045.48% - 49,755.45% 48,406.2% 51,746.38%
FCF Conversion (Net income) 457,347.83% 1,738,975.99% 362,683.38% 475,323.05% - 520,419.2% 448,214.12% 471,616.48%
Dividend per Share 2 20.00 31.70 51.00 42.00 - 51.13 65.49 90.92
Announcement Date 2/10/20 2/15/21 2/21/22 2/20/23 2/12/24 - - -
1IDR in Billions2IDR3IDR in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - - - - - - - 8,217 15,765 - 8,455 8,250 - - -
EBITDA 1 3,418 3,611 3,174 3,560 3,643 3,858 3,579 4,069 7,652 4,103 4,130 4,000 - - -
EBIT - - - - - - - - - - 1,150 - - - -
Operating Margin - - - - - - - - - - 13.6% - - - -
Earnings before Tax (EBT) - - - - - - - - - - 454 - - - -
Net income 1 300.4 271.4 139.1 475.8 366.3 128.2 200.9 449.8 - 361 260.5 285.5 - - -
Net margin - - - - - - - 5.47% - - 3.08% 3.46% - - -
EPS 2 28.00 26.00 13.00 45.00 35.00 12.00 16.00 34.00 - 28.00 20.00 29.75 29.75 29.75 29.75
Dividend per Share - - - - - 42.00 - - - - - - - - -
Announcement Date 11/8/21 2/21/22 5/10/22 8/24/22 11/7/22 2/20/23 5/10/23 7/28/23 7/28/23 11/21/23 2/12/24 - - - -
1IDR in Billions2IDR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 25,326 30,662 32,984 38,776 - 42,408 40,471 38,995
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.541 x 2.348 x 2.44 x 2.724 x - 2.511 x 2.271 x 2.079 x
Free Cash Flow 2 3,260,890 6,462,000 4,670,662 5,273,424 - 8,402,980 8,626,480 9,704,667
ROE (net income / shareholders' equity) 3.81% 3.55% 6.57% 4.84% - 6% 6.64% 6.95%
ROA (Net income/ Total Assets) 1.19% 1.04% 1.83% 2.77% - 1.84% 2.51% 2.66%
Assets 1 60,169 35,703 70,249 40,016 - 87,811 76,721 77,350
Book Value Per Share 3 1,789 1,794 1,883 1,972 - 2,096 2,189 2,295
Cash Flow per Share 3 1,156 1,308 1,122 1,315 - 1,049 1,094 1,106
Capex 1 9,096 7,766 7,293 8,831 - 8,917 9,177 9,138
Capex / Sales 36.17% 29.86% 27.26% 30.3% - 26.01% 25.44% 24.11%
Announcement Date 2/10/20 2/15/21 2/21/22 2/20/23 2/12/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
24
Last Close Price
2,380 IDR
Average target price
2,864 IDR
Spread / Average Target
+20.34%
Consensus
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