Reported Earnings • May 02
First quarter 2026 earnings released: EPS: Rp17.43 (vs Rp18.52 in 1Q 2025) First quarter 2026 results: EPS: Rp17.43 (down from Rp18.52 in 1Q 2025). Revenue: Rp1.72t (flat on 1Q 2025). Net income: Rp390.1b (down 5.6% from 1Q 2025). Profit margin: 23% (down from 24% in 1Q 2025). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Aankondiging • May 01
PT Tower Bersama Infrastructure Tbk, Annual General Meeting, Jun 09, 2026 PT Tower Bersama Infrastructure Tbk, Annual General Meeting, Jun 09, 2026. Buy Or Sell Opportunity • Apr 08
Now 20% overvalued Over the last 90 days, the stock has fallen 30% to €0.078. The fair value is estimated to be €0.065, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.9%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. New Risk • Mar 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Jan 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to €0.10. The fair value is estimated to be €0.085, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.5%. Revenue is forecast to grow by 4.1% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. New Risk • Dec 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 03
Third quarter 2025 earnings released: EPS: Rp12.80 (vs Rp19.35 in 3Q 2024) Third quarter 2025 results: EPS: Rp12.80 (down from Rp19.35 in 3Q 2024). Revenue: Rp1.71t (flat on 3Q 2024). Net income: Rp285.6b (down 35% from 3Q 2024). Profit margin: 17% (down from 26% in 3Q 2024). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: Rp18.35 (vs Rp16.83 in 2Q 2024) Second quarter 2025 results: EPS: Rp18.35 (up from Rp16.83 in 2Q 2024). Revenue: Rp1.72t (flat on 2Q 2024). Net income: Rp409.2b (up 7.4% from 2Q 2024). Profit margin: 24% (up from 22% in 2Q 2024). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Aankondiging • Jul 11
Mitratel Reportedly to Weigh Reviving $5.5 Billion Bersama Merger Indonesian telecommunications tower company PT Dayamitra Telekomunikasi Tbk. (IDX:MTEL) is considering reviving a merger with rival PT Tower Bersama Infrastructure Tbk (IDX:TBIG), people familiar with the matter said, which would mark the second such attempt in a decade. The companies, both listed in Jakarta, have held early talks with prospective advisers about the merits of a potential combination that could create an entity worth about IDR 90 trillion ($5.5 billion), the people said, asking not to be identified because the deliberations are private. Shares of Dayamitra, known as Mitratel, have fallen about 17% this year, giving it a market value of roughly IDR 45 trillion. Tower Bersama’s stock has dropped about 4%, valuing it at IDR 45.8 trillion. This would be the second attempt to merge the two tower firms, after a previous plan fell apart in 2015. It would also follow a wave of consolidation in the telecoms sector in Indonesia. Some recent deals include a $6.5 billion merger between PT XL Axiata and PT Smartfren Telecom, and a similar move by CK Hutchison Holdings Ltd. and Qatar’s Ooredoo QPSC, which combined their local businesses in 2022 in a $6 billion transaction to create PT Indosat. Mitratel — which is about 72% controlled by PT Telkom Indonesia Persero — owns and manages more than 39,400 towers, according to its latest annual report. Indonesia’s government holds roughly 52% Telkom through the nation’s sovereign wealth fund Danantara. Tower Bersama, established in 2004 and listed on the Jakarta stock exchange six years later, has more 23,000 telecom sites, according to its website. The company is majority-owned by Bersama Digital Infrastructure Asia Pte, a platform controlled by Provident Capital and PT Saratoga Investama Sedaya. Macquarie Group Ltd.’s asset management arm also holds a significant minority stake in Bersama Digital after it invested around $610 million in 2022. Considerations about a potential merger of Mitratel and Bersama are at an early stage and there’s no certainty there will be a deal, the people said. Representatives for Tower Bersama, Mitratel and Danantara didn’t reply to requests for comment, while Telkom declined to comment. Reported Earnings • May 31
First quarter 2025 earnings released: EPS: Rp18.52 (vs Rp15.46 in 1Q 2024) First quarter 2025 results: EPS: Rp18.52 (up from Rp15.46 in 1Q 2024). Revenue: Rp1.73t (up 1.6% from 1Q 2024). Net income: Rp413.4b (up 18% from 1Q 2024). Profit margin: 24% (up from 21% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Aankondiging • May 05
PT Tower Bersama Infrastructure Tbk, Annual General Meeting, Jun 10, 2025 PT Tower Bersama Infrastructure Tbk, Annual General Meeting, Jun 10, 2025. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Buy Or Sell Opportunity • Apr 08
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to €0.076. The fair value is estimated to be €0.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 5.3%. Reported Earnings • Nov 03
Third quarter 2024 earnings released: EPS: Rp19.35 (vs Rp18.96 in 3Q 2023) Third quarter 2024 results: EPS: Rp19.35 (up from Rp18.96 in 3Q 2023). Revenue: Rp1.71t (up 2.4% from 3Q 2023). Net income: Rp436.6b (up 1.6% from 3Q 2023). Profit margin: 26% (in line with 3Q 2023). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Nov 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.9% to €0.088. The fair value is estimated to be €0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.6% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Buy Or Sell Opportunity • Sep 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.3% to €0.091. The fair value is estimated to be €0.076, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.5% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Buy Or Sell Opportunity • Aug 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.3% to €0.09. The fair value is estimated to be €0.075, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.5% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: Rp16.84 (vs Rp15.75 in 2Q 2023) Second quarter 2024 results: EPS: Rp16.84 (up from Rp15.75 in 2Q 2023). Revenue: Rp1.71t (up 2.9% from 2Q 2023). Net income: Rp381.0b (up 6.8% from 2Q 2023). Profit margin: 22% (in line with 2Q 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • May 07
First quarter 2024 earnings released: EPS: Rp15.45 (vs Rp14.81 in 1Q 2023) First quarter 2024 results: EPS: Rp15.45 (up from Rp14.81 in 1Q 2023). Revenue: Rp1.70t (up 5.4% from 1Q 2023). Net income: Rp349.8b (up 5.4% from 1Q 2023). Profit margin: 21% (in line with 1Q 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2023 earnings released: EPS: Rp69.11 (vs Rp73.44 in FY 2022) Full year 2023 results: EPS: Rp69.11 (down from Rp73.44 in FY 2022). Revenue: Rp6.64t (up 1.8% from FY 2022). Net income: Rp1.56t (down 4.7% from FY 2022). Profit margin: 24% (down from 25% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 1.6% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Feb 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Nov 30
Third quarter 2023 earnings released: EPS: Rp18.96 (vs Rp17.51 in 3Q 2022) Third quarter 2023 results: EPS: Rp18.96 (up from Rp17.51 in 3Q 2022). Revenue: Rp1.67t (up 3.4% from 3Q 2022). Net income: Rp429.6b (up 8.3% from 3Q 2022). Profit margin: 26% (up from 25% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: Rp15.75 (vs Rp18.36 in 2Q 2022) Second quarter 2023 results: EPS: Rp15.75 (down from Rp18.36 in 2Q 2022). Revenue: Rp1.66t (flat on 2Q 2022). Net income: Rp356.8b (down 13% from 2Q 2022). Profit margin: 22% (down from 25% in 2Q 2022). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year and the company’s share price has also increased by 17% per year. Reported Earnings • Nov 25
Third quarter 2022 earnings released: EPS: Rp17.51 (vs Rp19.31 in 3Q 2021) Third quarter 2022 results: EPS: Rp17.51 (down from Rp19.31 in 3Q 2021). Revenue: Rp1.62t (up 1.8% from 3Q 2021). Net income: Rp396.7b (down 5.0% from 3Q 2021). Profit margin: 25% (down from 26% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Independent Commissioner Heri Sunaryadi was the last independent director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be €0.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 19% in the next 2 years. Reported Earnings • Sep 15
Second quarter 2022 earnings released: EPS: Rp17.75 (vs Rp17.74 in 2Q 2021) Second quarter 2022 results: EPS: Rp17.75 (up from Rp17.74 in 2Q 2021). Revenue: Rp1.66t (up 7.3% from 2Q 2021). Net income: Rp410.9b (up 3.4% from 2Q 2021). Profit margin: 25% (in line with 2Q 2021). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 35% per year. Upcoming Dividend • May 29
Upcoming dividend of Rp36.00 per share Eligible shareholders must have bought the stock before 03 June 2022. Payment date: 22 June 2022. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (3.3%). Reported Earnings • May 26
First quarter 2022 earnings released: EPS: Rp19.91 (vs Rp12.75 in 1Q 2021) First quarter 2022 results: EPS: Rp19.91 (up from Rp12.75 in 1Q 2021). Revenue: Rp1.64t (up 15% from 1Q 2021). Net income: Rp415.3b (up 56% from 1Q 2021). Profit margin: 25% (up from 19% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.1%, compared to a 2.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Commissioner Ludovicus Wondabio was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 10
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: Rp20.02 (up from Rp11.36 in 3Q 2020). Revenue: Rp1.59t (up 17% from 3Q 2020). Net income: Rp417.7b (up 76% from 3Q 2020). Profit margin: 26% (up from 17% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 10.0%, compared to a 1.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 04
Second quarter 2021 earnings released: EPS Rp19.04 (vs Rp13.52 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Rp1.55t (up 18% from 2Q 2020). Net income: Rp397.4b (up 41% from 2Q 2020). Profit margin: 26% (up from 21% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Reported Earnings • Jun 09
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: Rp1.42t (up 13% from 1Q 2020). Net income: Rp265.9b (up 16% from 1Q 2020). Profit margin: 19% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. Reported Earnings • Apr 30
Full year 2020 earnings released: EPS Rp48.40 (vs Rp39.26 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: Rp5.33t (up 13% from FY 2019). Net income: Rp1.01t (up 23% from FY 2019). Profit margin: 19% (up from 17% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Reported Earnings • Oct 26
Third quarter earnings released Over the last 12 months the company has reported total profits of Rp955.0b, up 42% from the prior year. Total revenue was Rp5.17t over the last 12 months, up 12% from the prior year.