Financials PT Jasa Marga (Persero) Tbk OTC Markets

Equities

PTJSY

US69369T1060

Highways & Rail Tracks

Delayed OTC Markets Other stock markets 10:44:15 2024-05-31 EDT			5-day change	1st Jan Change
5.74 ^USD	-12.90%		-.--%	+19.58%

04-30	PT Jasa Marga Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-19	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	102,516	102,365	106,005
P/E ratio	17 x	67.1 x	17.5 x	7.87 x	5.2 x	12.2 x	10.6 x	8.26 x
Yield	0.29%	-	-	-	-	1.72%	2.26%	2.76%
Capitalization / Revenue	3.42 x	3.5 x	2.4 x	1.57 x	2.27 x	1.98 x	1.8 x	1.64 x
EV / Revenue	6.9 x	9.69 x	7 x	4.53 x	2.27 x	5.6 x	5.07 x	4.8 x
EV / EBITDA	10.4 x	15.1 x	10.7 x	7.19 x	3.57 x	8.89 x	8.05 x	7.52 x
EV / FCF	-7.02 x	-4.57 x	-391 x	-95.9 x	-	40.9 x	47.7 x	22.8 x
FCF Yield	-14.2%	-21.9%	-0.26%	-1.04%	-	2.45%	2.1%	4.38%
Price to Book	2.01 x	1.76 x	1.37 x	0.99 x	-	1.15 x	1.07 x	0.96 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	4,960	4,960	4,960
Announcement Date	20-04-30	21-03-30	22-03-21	23-03-02	24-04-16	-	-	-

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	18,291	20,192	22,063
EBITDA ¹	7,285	6,155	7,676	8,680	9,912	11,537	12,708	14,095
EBIT ¹	5,857	4,466	2,254	7,383	6,951	8,439	9,178	10,415
Operating Margin	53.32%	46.58%	19.14%	53.57%	44.65%	46.14%	45.46%	47.21%
Earnings before Tax (EBT) ¹	3,098	696.5	2,072	3,726	7,926	4,655	5,085	6,234
Net income ¹	2,207	501	1,615	2,747	6,794	2,961	3,408	4,109
Net margin	20.09%	5.23%	13.71%	19.93%	43.64%	16.19%	16.88%	18.63%
EPS ²	304.1	69.04	222.6	378.5	936.0	408.0	469.6	600.6
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%	-	13,709.82%	10,630.11%	21,059.7%
FCF Conversion (EBITDA)	-	-	-	-	-	21,735.91%	16,889.73%	32,966.48%
FCF Conversion (Net income)	-	-	-	-	-	84,684.71%	62,979.25%	113,070.81%
Dividend per Share ²	15.20	-	-	-	-	85.32	112.2	136.7
Announcement Date	20-04-30	21-03-30	22-03-21	23-03-02	24-04-16	-	-	-

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	21-07-28	22-03-21	22-05-13	22-07-30	22-10-31	23-03-02	23-04-29	23-08-24	23-11-30	24-04-16	-	-	-	-	-

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	-	66,226	66,076	69,715
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.245 x	9.633 x	7.058 x	4.702 x	-	5.74 x	5.199 x	4.946 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%	-	10.5%	11.1%	12.1%
ROA (Net income/ Total Assets)	2.42%	0.49%	1.57%	2.86%	-	2.68%	3.03%	3.5%
Assets ¹	91,049	101,882	102,664	96,191	-	110,368	112,562	117,411
Book Value Per Share ³	2,574	2,628	2,839	3,007	-	4,312	4,615	5,176
Cash Flow per Share ³	469.0	199.0	381.0	484.0	-	425.0	676.0	824.0
Capex ¹	14,201	21,755	2,978	4,163	-	9,936	10,486	9,030
Capex / Sales	129.28%	226.91%	25.29%	30.2%	-	54.32%	51.93%	40.93%
Announcement Date	20-04-30	21-03-30	22-03-21	23-03-02	24-04-16	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,960 IDR

Average target price

5,954 IDR

Spread / Average Target

+20.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Highway Operators

	1st Jan change	Capi.
TRANSURBAN GROUP	-7.59%	26.29B
MUNDYS S.P.A.	+0.22%	20.21B
CHINA MERCHANTS EXPRESSWAY NETWORK & TECHNOLOGY HOLDINGS CO.,LTD.	+18.01%	10.93B
JIANGSU EXPRESSWAY COMPANY LIMITED	+18.52%	7.98B
SALIK COMPANY	+8.36%	6.74B
IMPULSORA DEL DESARROLLO Y EL EMPLEO EN AMÉRICA LATINA, S.A.B. DE C.V.	+5.41%	6.15B
SHANDONG HI-SPEED COMPANY LIMITED	+24.64%	5.71B
ATLAS ARTERIA LIMITED	-11.25%	4.96B
GRUPO CCR S.A.	-17.14%	4.41B

Highway Operators