PT Tower Bersama Infrastructure Tbk

TBIG

Overview

TBIG Overview

PT Tower Bersama Infrastructure Tbk is an Indonesia-based company engaged in leasing space for antennas and other equipment for wireless signal transmission at tower sites under long-term lease agreements with telecommunications operators. Its segments include Tower, Repeater, Building and Fiber Optic. The Company provides its tower leasing service through build-to-suit and collocation site solutions. Built-to-suit tower sites are constructed based on orders from telecommunications operators, while collocation is leasing on existing tower sites. It provides various services to its customers, including planning and design, site acquisition, licensing, construction and deployment, and operation and maintenance of tower infrastructure. The Company also provides telecommunications operators with access to its distributed antenna system (DAS) networks in shopping malls and office buildings in urban areas. It owns and operates approximately 70 DAS and repeater sites in urban areas.

246810ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: TBIG

Main
Market Cap.
IDR 41.88Trillion

~$2.62B USD

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

Valuation

TBIG Valuation Metrics

1,850

IDR
0.0%

Closing Price on 2024-05-22

Price to Equity

26.84

P/E

At 26.84x P/E TTM, TBIG.JK is trading at a premium to its peers in the Telecommunication sector (avg 18.0x).

Price to Book

3.57

P/B

At 3.57x P/B TTM, TBIG.JK is trading at a premium to its peers in the Telecommunication sector (avg 1.4x).

Price to Sales

6.31

P/S

At 6.31x P/S TTM, TBIG.JK is trading at a premium to its peers in the Telecommunication sector (avg 4.4x).

Valuing PT Tower Bersama Infrastructure 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 Tower Bersama Infrastructure Tbk relative to other stocks in the Telecommunication sector

Price/Cash Flow
9.56x
Price/Forward Earnings
24.02x
Enterprise Value/Revenue
10.70x
Enterprise Value/EBITDA
19.64x
PEG Ratio
4.09x

Analyst Ratings

40
60
80
0
100

55.0

Recommended

Neutral

Not Recommended

Last closing: IDR1,8502024-05-22
IDR 917.89

Considerably Lower Intrinsic Value: Analyst's intrinsic value is of TBIG is IDR918, which is 49% lower than TBIG's last closing price of IDR1,850 (as of 2024-05-22).

Valuation Recap of TBIG 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 26.84x 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 3.57x is above the peers average of 1.42x in the Telecommunication sector. TBIG trades at a higher P/B ratio than >75% of its peers 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 6.31x is above 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 TBIG's valuation relative to its current sales and future earnings growth. TBIG trades at a Forward P/E ratio of 24.02x, 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. TBIG's P/CF ratio of 9.56x 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. TBIG's EV/R ratio of 10.70x is considered a relatively high ratio The average EV/R ratio for the Telecommunication sector is 7.04x.

Medium
Considerably Lower Intrinsic Value: Analyst's intrinsic value is of TBIG is IDR 917.89, which is 49% lower than TBIG's last closing price of IDR 1,850.00.

Peers

TBIG Peers and Comparison

Market Cap.

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 TBIG stock
WeightNotesScore
High
At a market cap of IDR 41,877.52 billion, TBIG.JK ranks 7 in Market Cap out of 10 companies in the Infrastructures sector.

High
At a PE of 26.84, TBIG.JK ranks 3 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 26.84, TBIG.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 6.64 trillion, TBIG.JK ranks 8 in Revenue out of 10 companies in the Infrastructures sector.

Medium
At a profit of IDR 1.56 trillion, TBIG.JK ranks 8 in Profit out of 10 companies in the Infrastructures sector.

Future

Future Growth of TBIG

Growth Forecasts

TBIG 2024 Revenue Growth
+3.4%
TBIG 2025 Revenue Growth
+7.7%
TBIG 2024 EPS Growth
0.0%
TBIG 2025 EPS Growth
0.0%
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

TBIG Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of TBIG
WeightNotesScore
High
TBIG'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 TBIG'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 TBIG's earnings growth prospects in the next 2 years.

Medium
TBIG 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 TBIG's earnings growth prospects in the next 2 years.

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Management

Executive Management

President Director

Herman Setya Budi15.2 years

Vice President Director

Hardi Wijaya Liong15.4 years
Budianto Purwahjo
Director
Helmy Yusman Santoso
Director
NamePositionShares%
Budianto PurwahjoDirector5,025,0000.02
Edwin SoeryadjayaPresident Commissioner71,481,8300.32
Hardi Wijaya LiongVice President Director68,359,9050.3
Helmy Yusman SantosoDirector3,125,000< 0.01
Herman Setya BudiPresident Director4,625,0000.02
Expressed in millions IDR, unless otherwise stated

Ownership

TBIG Ownership

Others
8.34%
Insiders
90.09%
Institutions
1.57%
NameNumber of SharesOwnership (%)Value
Bersama Digital Infrastructure Asia Pte Ltd 17,067,840,62375.3331,575.51B
Public (Scripless)3,317,759,54714.646,137.86B
Wahana Anugerah Sejahtera, Pt2,098,321,8409.263,881.90B
Edwin Soeryadjaya71,481,8300.32132.24B
Hardi Wijaya Liong68,359,9050.3126.47B
Treasury Stock20,460,7000.0937.85B
Herman Setya Budi4,625,0000.028.56B
Budianto Purwahjo5,025,0000.029.30B
Helmy Yusman Santoso3,125,0000.015.78B

Largest Institutional Buy

Boston Common Asset Management
Bought 31-01-2024
+3,902,975 shares
AMP Financial Services
Bought 31-01-2024
+256,724 shares
Dimensional Fund Advisors
Bought 31-01-2024
+155,100 shares

Largest Institutional Sell

BlackRock Fund Advisors
Sold 31-01-2024
-79,491,170 shares
BlackRock
Sold 31-01-2024
-21,339,987 shares
Northern Trust Investments Inc
Sold 31-01-2024
-20,807,501 shares

Institutional Transactions

Tracking institutional transactions buying / selling of TBIG stock