Company Valuation: PT Antam (Persero) Tbk

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 54,069,221 47,701,068 40,972,454 36,646,916 75,696,909 70,188,866 - -
Change - -11.78% -14.11% -10.56% 106.56% -7.28% - -
Enterprise Value (EV) 1 54,031 46,379 34,271 31,895 71,514 62,930 59,777 57,868
Change - -14.16% -26.11% -6.93% 124.21% -12% -5.01% -3.19%
P/E 29x 12.5x 13.3x 10x 10.5x 6.51x 6.18x 5.51x
PBR 2.59x 2.01x 1.34x 1.16x 2.14x 1.73x 1.59x 1.54x
PEG - 0x -0.7x 0.5x 0.1x 0.1x 1.14x 0.5x
Capitalization / Revenue 1.41x 1.04x 1x 0.53x 0.89x 0.55x 0.52x 0.47x
EV / Revenue 1.41x 1.01x 0.83x 0.46x 0.84x 0.5x 0.45x 0.39x
EV / EBITDA 14.8x 9.64x 7.99x 7x 7.43x 4.08x 3.69x 3.19x
EV / EBIT 19.7x 11.8x 13.1x 10.6x 8.52x 4.57x 4.15x 3.5x
EV / FCF 11.9x 13.6x 10.9x 11.8x 16.2x 8.79x 5.16x 4.36x
FCF Yield 8.41% 7.37% 9.13% 8.49% 6.18% 11.4% 19.4% 22.9%
Dividend per Share 3 38.74 - 128.1 - - 245.5 329.9 424.2
Rate of return 1.72% - 7.51% - - 8.41% 11.3% 14.5%
EPS 3 77.47 159 128.1 151.8 300 448.3 472.5 529.7
Distribution rate 50% - 100% - - 54.8% 69.8% 80.1%
Net sales 1 38,446 45,930 41,048 69,192 84,642 126,509 134,300 149,229
EBITDA 1 3,639 4,813 4,289 4,553 9,631 15,430 16,189 18,168
EBIT 1 2,738 3,942 2,617 2,998 8,395 13,783 14,421 16,526
Net income 1 1,862 3,821 3,078 3,647 7,209 10,556 11,459 13,038
Net Debt 1 -38.15 -1,322 -6,701 -4,752 -4,183 -7,259 -10,412 -12,320
Reference price 3 2,250.00 1,985.00 1,705.00 1,525.00 3,150.00 2,920.00 2,920.00 2,920.00
Nbr of stocks (in thousands) 24,030,765 24,030,765 24,030,765 24,030,765 24,030,765 24,037,283 - -
Announcement Date 16/03/22 26/03/23 29/03/24 08/04/25 31/03/26 - - -
1IDR in Million2IDR in Billions3IDR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.51x0.5x4.08x8.41% 3.87B
23.42x13.96x15.08x0.88% 38.81B
6.22x2.39x3.35x6.71% 30.28B
14.13x4.15x7.11x3.65% 16.1B
9.18x - - 7.17% 14.06B
5.02x1.54x3.07x5.42% 9.45B
18.41x11.53x14x0.83% 5.71B
32.62x4.72x7.22x1.74% 3.87B
19.1x3.25x13.15x-.--% 3.53B
Average 14.96x 5.25x 8.38x 3.87% 13.96B
Weighted average by Cap. 14.52x 7.10x 8.96x 3.92%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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