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Bank Tabungan Negara (Persero)

BST:TA2
Snowflake Description

Undervalued with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TA2
BST
IDR24,463B
Market Cap
  1. Home
  2. DE
  3. Banks
Company description

PT Bank Tabungan Negara (Persero) Tbk provides various commercial banking products and services in Indonesia. The last earnings update was 18 days ago. More info.


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TA2 Share Price and Events
7 Day Returns
0.1%
BST:TA2
-3.7%
DE Banks
-1.6%
DE Market
1 Year Returns
-2.2%
BST:TA2
-33.7%
DE Banks
-10.5%
DE Market
TA2 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bank Tabungan Negara (Persero) (TA2) 0.1% -6.5% 5.1% -2.2% 5.9% 91.2%
DE Banks -3.7% -18% -27.8% -33.7% -5.4% -36.5%
DE Market -1.6% -5.4% -6% -10.5% -0% 8.1%
1 Year Return vs Industry and Market
  • TA2 outperformed the Banks industry which returned -33.7% over the past year.
  • TA2 outperformed the Market in Germany which returned -10.5% over the past year.
Price Volatility
TA2
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Bank Tabungan Negara (Persero)'s competitors could be found in our database.

Value

 Is Bank Tabungan Negara (Persero) undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bank Tabungan Negara (Persero) to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bank Tabungan Negara (Persero).

BST:TA2 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 15 analysts.
= Stable Book Value * Return on Equity
= IDR2,682.39 * 12.6%
IDR337.20
Book Value of Equity per Share Weighted future Book Value estimates from 15 analysts. IDR2,682.39
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BST:TA2
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.57
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.566 (1 + (1- 25%) (185.4%))
1.214
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.21
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.214 * 5.96%)
7.46%

Discounted Cash Flow Calculation for BST:TA2 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Bank Tabungan Negara (Persero) is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BST:TA2 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.6% – 7.46%) * IDR2,682.39)
IDR137.00
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= IDR137.00 / (7.46% - 0.23%)
IDR1,893.39
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= IDR2,682.39 + IDR1,893.39
IDR4575.78
BST:TA2 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BST:TA2 represents 6.0E-5x of IDX:BBTN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
6.0E-5x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (IDR) x Listing Adjustment Factor
= IDR 4,575.78 x 6.0E-5
€0.25
Value per share (EUR) From above. €0.25
Current discount Discount to share price of €0.13
= -1 x (€0.13 - €0.25) / €0.25
49.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bank Tabungan Negara (Persero) is available for.
Intrinsic value
50%
Share price is €0.1281 vs Future cash flow value of €0.25375
Current Discount Checks
For Bank Tabungan Negara (Persero) to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bank Tabungan Negara (Persero)'s share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bank Tabungan Negara (Persero)'s share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bank Tabungan Negara (Persero)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bank Tabungan Negara (Persero)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:TA2 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in IDR IDR254.06
IDX:BBTN Share Price ** IDX (2019-08-16) in IDR IDR2310
Germany Banks Industry PE Ratio Median Figure of 6 Publicly-Listed Banks Companies 13.8x
Germany Market PE Ratio Median Figure of 410 Publicly-Listed Companies 18.56x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bank Tabungan Negara (Persero).

BST:TA2 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= IDX:BBTN Share Price ÷ EPS (both in IDR)

= 2310 ÷ 254.06

9.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank Tabungan Negara (Persero) is good value based on earnings compared to the DE Banks industry average.
  • Bank Tabungan Negara (Persero) is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Bank Tabungan Negara (Persero)'s expected growth come at a high price?
Raw Data
BST:TA2 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
25.1%per year
Europe Banks Industry PEG Ratio Median Figure of 113 Publicly-Listed Banks Companies 0.69x
Germany Market PEG Ratio Median Figure of 262 Publicly-Listed Companies 1.3x

*Line of best fit is calculated by linear regression .

BST:TA2 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.09x ÷ 25.1%

0.36x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank Tabungan Negara (Persero) is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Bank Tabungan Negara (Persero)'s assets?
Raw Data
BST:TA2 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in IDR IDR2,328.70
IDX:BBTN Share Price * IDX (2019-08-16) in IDR IDR2310
Germany Banks Industry PB Ratio Median Figure of 6 Publicly-Listed Banks Companies 0.62x
Germany Market PB Ratio Median Figure of 567 Publicly-Listed Companies 1.64x
BST:TA2 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= IDX:BBTN Share Price ÷ Book Value per Share (both in IDR)

= 2310 ÷ 2,328.70

0.99x

* Primary Listing of Bank Tabungan Negara (Persero).

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank Tabungan Negara (Persero) is overvalued based on assets compared to the DE Banks industry average.
X
Value checks
We assess Bank Tabungan Negara (Persero)'s value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Bank Tabungan Negara (Persero) has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bank Tabungan Negara (Persero) expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
25.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bank Tabungan Negara (Persero) expected to grow at an attractive rate?
  • Bank Tabungan Negara (Persero)'s earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Bank Tabungan Negara (Persero)'s earnings growth is expected to exceed the Germany market average.
  • Bank Tabungan Negara (Persero)'s revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
BST:TA2 Future Growth Rates Data Sources
Data Point Source Value (per year)
BST:TA2 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 25.1%
BST:TA2 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 16.6%
Germany Banks Industry Earnings Growth Rate Market Cap Weighted Average 8.8%
Germany Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BST:TA2 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in IDR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:TA2 Future Estimates Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 17,477,034 4,344,860 11
2020-12-31 15,269,982 3,424,001 13
2019-12-31 13,002,403 2,622,986 10
BST:TA2 Past Financials Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income *
2019-06-30 10,450,986 -35,523,102 2,690,544
2019-03-31 10,626,578 -29,564,745 2,846,727
2018-12-31 10,446,440 -34,282,643 2,807,923
2018-09-30 10,999,092 -32,341,391 3,258,366
2018-06-30 10,725,057 -27,986,197 3,180,099
2018-03-31 10,355,623 -33,836,766 3,117,424
2017-12-31 10,060,654 -30,423,660 3,027,466
2017-09-30 9,872,990 -19,622,933 3,002,815
2017-06-30 9,393,836 -22,202,753 2,847,710
2017-03-31 9,075,036 -23,125,817 2,722,194
2016-12-31 8,738,829 -21,128,956 2,618,905
2016-09-30 7,925,214 -25,065,785 2,249,899

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bank Tabungan Negara (Persero)'s earnings are expected to grow significantly at over 20% yearly.
  • Bank Tabungan Negara (Persero)'s revenue is expected to grow by 16.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BST:TA2 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from Bank Tabungan Negara (Persero) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:TA2 Future Estimates Data
Date (Data in IDR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 406.40 493.09 282.00 10.00
2020-12-31 321.42 377.66 240.00 13.00
2019-12-31 247.66 259.00 236.50 6.00
BST:TA2 Past Financials Data
Date (Data in IDR Millions) EPS *
2019-06-30 254.06
2019-03-31 268.81
2018-12-31 265.15
2018-09-30 307.68
2018-06-30 300.29
2018-03-31 294.37
2017-12-31 285.88
2017-09-30 283.55
2017-06-30 268.91
2017-03-31 257.05
2016-12-31 247.33
2016-09-30 212.52

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bank Tabungan Negara (Persero) is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bank Tabungan Negara (Persero)'s future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bank Tabungan Negara (Persero) has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bank Tabungan Negara (Persero) performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bank Tabungan Negara (Persero)'s growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bank Tabungan Negara (Persero)'s year on year earnings growth rate has been positive over the past 5 years.
  • Bank Tabungan Negara (Persero)'s 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bank Tabungan Negara (Persero)'s 1-year earnings growth is negative, it can't be compared to the DE Banks industry average.
Earnings and Revenue History
Bank Tabungan Negara (Persero)'s revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bank Tabungan Negara (Persero) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:TA2 Past Revenue, Cash Flow and Net Income Data
Date (Data in IDR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 10,450,986.00 2,690,544.00 4,362,860.00
2019-03-31 10,626,578.00 2,846,727.00 4,381,183.00
2018-12-31 10,446,440.00 2,807,923.00 4,296,663.00
2018-09-30 10,999,092.00 3,258,366.00 4,232,952.00
2018-06-30 10,725,057.00 3,180,099.00 4,170,043.00
2018-03-31 10,355,623.00 3,117,424.00 3,989,720.00
2017-12-31 10,060,654.00 3,027,466.00 3,841,344.00
2017-09-30 9,872,990.00 3,002,815.00 3,687,332.00
2017-06-30 9,393,836.00 2,847,710.00 2,963,388.00
2017-03-31 9,075,036.00 2,722,194.00 3,069,849.00
2016-12-31 8,738,829.00 2,618,905.00 3,156,794.00
2016-09-30 7,925,214.00 2,249,899.00 3,080,897.00
2016-06-30 7,533,231.00 2,062,025.00 3,597,684.00
2016-03-31 7,325,553.00 1,939,741.00 3,594,334.00
2015-12-31 7,016,091.00 1,850,907.00 3,511,735.00
2015-09-30 6,572,821.00 1,612,460.00 3,391,650.00
2015-06-30 6,265,343.00 1,437,884.00 3,412,380.00
2015-03-31 5,764,073.00 1,206,654.00 3,277,404.00
2015-01-01 5,583,931.00 1,145,572.00 3,203,128.00
2014-09-30 5,750,096.00 1,260,616.00 3,654,581.00
2014-06-30 5,881,323.00 1,427,655.00 3,132,299.00
2014-03-31 5,900,474.00 1,569,628.00 3,156,093.00
2013-12-31 5,848,328.00 1,562,161.00 2,978,205.00
2013-09-30 5,433,374.00 1,399,923.00 2,772,112.00
2013-06-30 5,246,527.00 1,378,457.00 2,964,432.00
2013-03-31 5,186,895.00 1,384,870.00 2,597,757.00
2012-12-31 5,077,922.00 1,363,962.00 2,533,110.00
2012-09-30 5,110,660.00 1,436,013.00 2,247,133.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bank Tabungan Negara (Persero) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bank Tabungan Negara (Persero) used its assets more efficiently than the DE Banks industry average last year based on Return on Assets.
  • Unable to establish if Bank Tabungan Negara (Persero) improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Bank Tabungan Negara (Persero)'s performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bank Tabungan Negara (Persero) has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bank Tabungan Negara (Persero)'s financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Bank Tabungan Negara (Persero)'s finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bank Tabungan Negara (Persero) Company Filings, last reported 1 month ago.

BST:TA2 Past Debt and Equity Data
Date (Data in IDR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 24,660,888.00 45,354,584.00 18,137,765.00
2019-03-31 24,533,856.00 44,585,771.00 16,485,079.00
2018-12-31 23,840,448.00 40,078,924.00 32,173,167.00
2018-09-30 23,249,795.00 36,620,724.00 13,924,863.00
2018-06-30 22,379,046.00 38,783,263.00 15,806,106.00
2018-03-31 21,717,345.00 32,860,202.00 9,108,823.00
2017-12-31 21,663,434.00 32,855,831.00 26,779,297.00
2017-09-30 20,590,075.00 29,989,444.00 11,610,986.00
2017-06-30 19,851,474.00 28,647,544.00 11,549,039.00
2017-03-31 19,196,364.00 26,695,153.00 9,909,077.00
2016-12-31 19,130,536.00 24,303,644.00 20,039,917.00
2016-09-30 18,150,623.00 24,010,049.00 9,513,735.00
2016-06-30 17,546,645.00 24,506,346.00 10,791,058.00
2016-03-31 14,393,595.00 22,982,491.00 8,152,470.00
2015-12-31 13,860,107.00 22,354,021.00 9,241,324.00
2015-09-30 13,166,145.00 21,579,891.00 8,015,641.00
2015-06-30 12,758,142.00 19,535,875.00 6,629,685.00
2015-03-31 12,383,927.00 19,354,070.00 3,826,774.00
2015-01-01 12,252,895.00 19,335,700.00 4,250,650.00
2014-09-30 11,818,887.00 20,141,861.00 6,385,316.00
2014-06-30 11,618,581.00 17,789,577.00 4,193,151.00
2014-03-31 11,433,330.00 18,209,952.00 8,620,320.00
2013-12-31 11,556,753.00 18,562,473.00 8,947,654.00
2013-09-30 11,053,021.00 18,721,785.00 6,930,635.00
2013-06-30 10,680,614.00 18,583,369.00 7,638,081.00
2013-03-31 10,433,775.00 18,156,463.00 15,202,955.00
2012-12-31 10,278,871.00 16,209,036.00 12,368,978.00
2012-09-30 8,120,073.00 16,955,062.00 5,604,282.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Bank Tabungan Negara (Persero) has an acceptable proportion of non-loan assets held.
  • Bank Tabungan Negara (Persero)'s liabilities are made up of primarily low risk sources of funding.
  • Loans at Bank Tabungan Negara (Persero) are broadly funded by customer deposits.
  • Bank Tabungan Negara (Persero)'s level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Bank Tabungan Negara (Persero) has a low allowance for bad loans.
  • Bank Tabungan Negara (Persero) has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Bank Tabungan Negara (Persero)'s financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bank Tabungan Negara (Persero) has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bank Tabungan Negara (Persero)'s current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.48%
Current annual income from Bank Tabungan Negara (Persero) dividends. Estimated to be 2.67% next year.
If you bought €2,000 of Bank Tabungan Negara (Persero) shares you are expected to receive €50 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bank Tabungan Negara (Persero)'s pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.59%).
  • Bank Tabungan Negara (Persero)'s dividend is below the markets top 25% of dividend payers in Germany (4.29%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BST:TA2 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
Germany Banks Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 320 Stocks 3.3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BST:TA2 Future Dividends Estimate Data
Date (Data in IDR) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 76.25 11.00
2020-12-31 54.80 15.00
2019-12-31 53.01 7.00
BST:TA2 Past Annualized Dividends Data
Date (Data in IDR) Dividend per share (annual) Avg. Yield (%)
2018-03-26 57.176 2.222
2017-03-21 45.460 1.561
2016-04-15 35.000 1.895
2015-03-27 21.000 1.700
2011-07-15 31.190 2.319
2011-04-01 31.190 1.845
2010-04-07 15.090 0.935

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Bank Tabungan Negara (Persero) has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Bank Tabungan Negara (Persero) only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Bank Tabungan Negara (Persero)'s earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5.5x coverage).
X
Income/ dividend checks
We assess Bank Tabungan Negara (Persero)'s dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bank Tabungan Negara (Persero) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bank Tabungan Negara (Persero) has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bank Tabungan Negara (Persero)'s salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
. Maryono
AGE 64
CEO Bio

Mr. Maryono serves as President Director of Bank PT Bank Tabungan Negara (Persero) Tbk. Career: He was the President Director in Bank Mutiara from November 2008 until December 2012. In 2008, he was the President Commissioner in PT Mandiri Manajemen Investasi and he once served as Group Head Jakarta Network in PT Bank Mandiri (Persero) Tbk. Currently, he serves as Regional President of WSBI (World Saving Bank Institute) for Asia Pacific Region. Training attended, namely: He had attended numerous training program, such as Regional Conference on Postal Saving System in Asia 2016, in Tokyo, 2016; 24th World Congress of Saving and Retail Banks in the USA, 2015; 21st Meeting of the WSBI Asia Regional Group in Spain, 2015; Executive International Conference in Moscow, 2014; Refreshment of Risk Management Certification in Moscow, Russia, 2014; Negotiation Dynamics Programme, INSEAD, Fontainenbleau, France, 2004; and Senior Executive Programme In Asia, Michigan Business School, in Hong Kong, 2004. He is not affiliated with Directors and other member of Board of Commissioners, or main shareholder and/or controlling shareholder.

CEO Compensation
  • Insufficient data for . to compare compensation growth.
  • Insufficient data for . to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Bank Tabungan Negara (Persero) management team in years:

2
Average Tenure
49.5
Average Age
  • The tenure for the Bank Tabungan Negara (Persero) management team is about average.
Management Team

. Maryono

TITLE
President Director
AGE
64

Iman Soeko

TITLE
CFO and Director of Finance & Treasury
AGE
63

D. Indriana

TITLE
Head of Operation & Business Support
AGE
46

Dadang Jatnika

TITLE
Head of Finance & Accounting Division
AGE
49

Ully Hasibuan

TITLE
Investor Relations Professional

R. Prabantarikso

TITLE
Director of Strategy
AGE
49
TENURE
1.7 yrs

Nixon Lambok Napitupulu

TITLE
Chief Credit Officer
AGE
50
TENURE
1.7 yrs

Eko Waluyo

TITLE
Head of Human Capital Management & Culture Specialist
AGE
47
TENURE
2.3 yrs

Rafly Paska

TITLE
Head of Logistics Division and Head of Risk Management Division

Haris Perdana

TITLE
Head of Loan Restructuring and Settlement Division
AGE
61
TENURE
9.4 yrs
Board of Directors Tenure

Average tenure and age of the Bank Tabungan Negara (Persero) board of directors in years:

2.4
Average Tenure
52.5
Average Age
  • The average tenure for the Bank Tabungan Negara (Persero) board of directors is less than 3 years, this suggests a new board.
Board of Directors

. Maryono

TITLE
President Director
AGE
64

R. Prabantarikso

TITLE
Director of Strategy
AGE
49
TENURE
2.4 yrs

Nixon Lambok Napitupulu

TITLE
Chief Credit Officer
AGE
50
TENURE
2.4 yrs

Oni Rahardjo

TITLE
Director of Commercial Banking & Director
AGE
48
TENURE
4.4 yrs

Dasuki Amsir

TITLE
Director of Distribution & Network and Director
AGE
55
TENURE
1.7 yrs

Budi Satria

TITLE
Director of Consumer Banking & Director
AGE
55
TENURE
2.4 yrs

Yossi Istanto

TITLE
Director of Strategic Human Capital & Director
AGE
46
TENURE
1.4 yrs

Andi Nirwoto

TITLE
Director of IT & Operations and Director
AGE
49
TENURE
1.4 yrs

H. Muhammad Shihab

TITLE
Chairman of Sharia Supervisory Board
AGE
75
TENURE
0.6 yrs

Kamaruddin Sjam

TITLE
Independent Commissioner
AGE
72
TENURE
4.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bank Tabungan Negara (Persero)'s management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bank Tabungan Negara (Persero) has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

PT Bank Tabungan Negara (Persero) Tbk provides various commercial banking products and services in Indonesia. The company offers current, savings, and demand and time deposits accounts; certificates of deposit; subsidized and other mortgages; and consumer loans. It also provides construction loans; micro and small medium enterprise credits; and commercial and institutional funding services. In addition, the company offers treasury products, asset management, and wealth management services; e-banking services; and bank guarantees. As of December 31, 2018, it operated 100 branches, including 24 Sharia branches; 352 sub-branches comprising 48 Sharia sub-branches; 476 cash offices, including 8 Sharia cash offices; and 3,013 system online payment point/online post offices. The company was formerly known as Bank Tabungan Pos and changed its name to PT Bank Tabungan Negara (Persero) Tbk in 1963. PT Bank Tabungan Negara (Persero) Tbk was founded in 1897 and is headquartered in Jakarta, Indonesia.

Details
Name: PT Bank Tabungan Negara (Persero) Tbk
TA2
Exchange: BST
Founded: 1897
IDR1,550,349,190
10,590,000,000
Website: http://www.btn.co.id
Address: PT Bank Tabungan Negara (Persero) Tbk
Menara Bank BTN,
Jalan Gajah Mada No. 1,
Jakarta,
Jakarta Raya, 10130,
Indonesia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
IDX BBTN Series B Shares Indonesia Stock Exchange ID IDR 17. Dec 2009
BST TA2 Series B Shares Boerse-Stuttgart DE EUR 17. Dec 2009
Number of employees
Current staff
Staff numbers
10,140
Bank Tabungan Negara (Persero) employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/17 21:23
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/10
Last earnings filing: 2019/07/30
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.