PT XL Axiata Tbk

EXCL

Overview

EXCL Overview

PT XL Axiata Tbk is an Indonesia-based telecommunications company. The Company operates and manages the business in a single segment, which provides global system for mobile communications (GSM) mobile and telecommunications network services to its customers. It provides and expands its stable Internet network coverage through innovations and technology to reach a digitalized Indonesia. It also offers interconnection services, which includes voice over Internet protocol (VoIP) service. Its network services include fourth generation (4G) network services, fiberization, universal service obligation (USO) and 5G network services. Its XL Axiata Business solutions include Mobile Communication, Fixed Connectivity, Cloud & Data Center and Internet of Things. Its consumer products include XL Prepaid, XL Prioritas, XL Home, AXIS and SIM Card Registration.

51015ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: EXCL

Main
Market Cap.
IDR 32.29Trillion

~$2.02B USD

Industry
Wireless Telecommunication Services
Sub-Industry
Wireless Telecommunication Services
Sector
Infrastructures

Valuation

EXCL Valuation Metrics

2,470

IDR
0.0%

Closing Price on 2024-05-22

Price to Equity

25.40

P/E

At 25.40x P/E TTM, EXCL.JK is trading at a premium to its peers in the Telecommunication sector (avg 18.0x).

Price to Book

1.22

P/B

At 1.22x P/B TTM, EXCL.JK is trading in line with its peers in the Telecommunication sector.

Price to Sales

1.00

P/S

At 1.00x P/S TTM, EXCL.JK is trading at a discount to its peers in the Telecommunication sector.

Valuing PT XL Axiata Tbk based on its trailing twelve months (TTM) valuation metrics against its peers in the Telecommunication sector

Historical Price to Earnings

Other Valuation Metrics

Valuing PT XL Axiata Tbk relative to other stocks in the Telecommunication sector

Price/Cash Flow
2.01x
Price/Forward Earnings
16.49x
Enterprise Value/Revenue
2.39x
Enterprise Value/EBITDA
4.80x
PEG Ratio
0.25x

Analyst Ratings

40
60
80
0
100

75.0

Recommended

Neutral

Not Recommended

Last closing: IDR2,4702024-05-22
IDR 910.52

Considerably Lower Intrinsic Value: Analyst's intrinsic value is of EXCL is IDR911, which is 62% lower than EXCL's last closing price of IDR2,470 (as of 2024-05-22).

Valuation Recap of EXCL stock
WeightNotesScore
High
The P/E ratio is calculated by dividing the market price of a company's stock by its earnings per share (EPS). It is a key tool for investors and analysts to assess whether a stock is overvalued, undervalued, or fairly valued. A P/E ratio of 25.40x is above the ID market average of 8.70x and is trading at a premium to peers in the Telecommunication sector (18.03x).

High
The P/B ratio is calculated by dividing the market price of a company's stock by its book value per share (BVPS). It measures the company's stock value relative to its assets minus liabilities. A P/B ratio of 1.22x is similar to the peers average of 1.42x in the Telecommunication sector.

Medium
The P/S ratio is calculated by dividing the market price of a company's stock by its sales per share. It measures the company's stock value relative to its sales. A P/S ratio of 1.00x is below the peers average of 4.45x in the Telecommunication sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of EXCL's valuation relative to its current sales and future earnings growth. EXCL trades at a Forward P/E ratio of 16.49x, which is considered richly valued by analysts.

Low
The Price/Cash Flow ratio (P/CF) is calculated by dividing the market price of a company's stock by its cash flow per share. It measures the company's stock value relative to its cash flow, and is sometimes said to be a more objective measure of a company's value because cash flows cannot be manipulated as easily as earnings, which considers non-cash items such as depreciation and amortization. EXCL's P/CF ratio of 2.01x is considered healthy by analysts.

Low
The Enterprise Value/Revenue ratio (EV/R) is calculated by dividing the enterprise value of a company by its revenue. It measures the company's enterprise value relative to its revenue. It is an indicator of how much it costs to buy the company's revenue; the lower the ratio, the cheaper the company's revenue. EXCL's EV/R ratio of 2.39x is considered fairly underpriced by the market The average EV/R ratio for the Telecommunication sector is 7.04x.

Medium
Considerably Lower Intrinsic Value: Analyst's intrinsic value is of EXCL is IDR 910.52, which is 62% lower than EXCL's last closing price of IDR 2,470.00.

Peers

EXCL Peers and Comparison

Peer Companies

Supertype Fuzzy Search
SymbolCompany Name
Market Cap
(in Trillion IDR)
Total Assets
(in Trillion IDR)
Total Revenue
(in Trillion IDR)
Profit and Loss
(in Trillion IDR)
P/E
P/B
BRENPT Barito Renewables Energy Tbk.1,505.09T54.35T 9.22T 1.66T 904.56218.79
TLKMPT Telkom Indonesia (Persero) Tbk291.24T286.59T 149.22T 24.43T 11.922.15
ISATPT Indosat Tbk81.23T114.72T 51.23T 4.51T 18.032.64
PGEOPT Pertamina Geothermal Energy Tbk52.28T45.91T 6.29T 2.53T 20.631.71
MTELPT Dayamitra Telekomunikasi Tbk49.92T57.01T 8.59T 2.01T 24.831.47
SUPRSolusi Tunas Pratama Tbk44.51T9.89T 1.89T 1.13T 39.457.79
TBIGPT Tower Bersama Infrastructure Tbk41.88T46.97T 6.64T 1.56T 26.843.57
TOWRSarana Menara Nusantara Tbk38.10T68.42T 11.74T 3.25T 11.712.31
JSMRPT Jasa Marga Tbk36.29T129.31T 21.32T 6.79T 5.341.30
EXCLPT XL Axiata Tbk32.29T87.69T 32.32T 1.27T 25.401.22
Competitiveness Recap of EXCL stock
WeightNotesScore
High
At a market cap of IDR 32,287.59 billion, EXCL.JK ranks 10 in Market Cap out of 10 companies in the Infrastructures sector.

High
At a PE of 25.40, EXCL.JK ranks 4 out of 10 companies in the Infrastructures sector for P/E value. The average PE is 108.87 (unadjusted). A high P/E ratio often indicates higher growth expectation, or other qualitative factors that led investors to believe that the company has a defensible competitive advantage compared to its peers in Infrastructures. In this regard, it trails behind sector leaders such as PT Barito Renewables Energy Tbk. (904.56) in the Infrastructures sector.

Medium
At a PE of 25.40, EXCL.JK is trading at a higher PE than that of its subsector peers in Telecommunication (median of 18.03). false

Medium
At a revenue of IDR 32.32 trillion, EXCL.JK ranks 3 in Revenue out of 10 companies in the Infrastructures sector.

Medium
At a profit of IDR 1.27 trillion, EXCL.JK ranks 9 in Profit out of 10 companies in the Infrastructures sector.

Future

Future Growth of EXCL

Growth Forecasts

EXCL 2024 Revenue Growth
+6.7%
EXCL 2025 Revenue Growth
+13.5%
EXCL 2024 EPS Growth
+39.7%
EXCL 2025 EPS Growth
+67.8%
Sector Revenue Growth
+13.5%
Telecommunication
Indonesia Market Growth
+13.8%
IDX overall growth
Telecommunication Sector Revenue Growth '24
+4.5%
Telecommunication Sector Revenue Growth '25
+11.0%
Infrastructures Sector Revenue Growth '24
+4.9%
Infrastructures Sector Revenue Growth '25
+9.8%

Sector Benchmark

Telecommunication companies in Indonesia are growing at a projected rate of 13.47% against the IDX average of +13.8%.

Telecommunication sector overview

EXCL Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of EXCL
WeightNotesScore
High
EXCL's projected growth rate of 13.47% is below the ID market average of 13.80%.

High
The Telecommunication sub-sector is projected to grow revenue by 11.05% in 2025. This number is higher than the previous year 2024's growth rate of 4.48%. This bodes well for EXCL's revenue growth prospects in the next 2 years.

Medium
The Telecommunication sub-sector is projected to increase earnings by 24.45% in 2025. This number is higher than the previous year 2024's EPS growth of 12.10%. This bodes well for EXCL's earnings growth prospects in the next 2 years.

Medium
EXCL and its peers in the Telecommunication sub-sector belongs to the Infrastructures sector. Companies in the Infrastructures sector are projected to have a fruitful year heading into 2025. Specifically, earnings are projected to increase by 16.49% in 2025 while revenue growth is projected to increase by 9.78%. These macroeconomic trends will likely be a tailwind for EXCL's earnings growth prospects in the next 2 years.

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Management

Executive Management

President Director

Dian Siswarini 15.2 years
Yessie D. Yosetya
Director
Abhijit Jayant Navalekar
Director
David Arcelus Oses
Director
I Gede Darmayusa
Director
Feiruz Ikhwan Bin Abdul Malek
Director
NamePositionShares%
Abhijit NavalekarDirector3,125,4210.02
David Arcelus OsesDirector3,534,0690.03
Dian Siswarini President Director11,764,6220.09
Feiruz Ikhwan Bin Abdul MalekDirector222,134< 0.01
I Gede DarmayusaDirector454,924< 0.01
Yessie D. YosetyaDirector2,188,8450.02
Expressed in millions IDR, unless otherwise stated

Ownership

EXCL Ownership

Others
14.15%
Insiders
75.78%
Institutions
10.07%
NameNumber of SharesOwnership (%)Value
Axiata Investments (Indonesia) Sdn. Bhd.8,697,163,76266.2521,481.99B
Public (Scripless)4,353,489,08833.1610,753.12B
Treasury Stock56,487,8000.43139.52B
Dian Siswarini 11,764,6220.0929.06B
David Arcelus Oses3,534,0690.038.73B
Abhijit Navalekar3,125,4210.027.72B
Yessie D. Yosetya2,188,8450.025.41B

Largest Institutional Buy

State Street Global Advisors
Bought 31-01-2024
+4,795,506 shares
Niche Asset Management LTD
Bought 31-01-2024
+2,000,000 shares
Vanguard Equity Investment Group
Bought 31-01-2024
+1,639,400 shares

Largest Institutional Sell

Brandes Investment Partners, L.P.
Sold 31-01-2024
-29,036,900 shares
Public Mutual Berhad
Sold 31-01-2024
-16,034,995 shares
Commonwealth/Colonial Group
Sold 31-01-2024
-10,169,978 shares

Institutional Transactions

Tracking institutional transactions buying / selling of EXCL stock