Tower Bersama Infrastructure (IDX:TBIG) Stock Valuation, Peer Comparison & Price Targets

Q: What is the Fair Price of TBIG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TBIG (IDR1890) is trading below our estimate of [[fair value]] (IDR1991.01)

Share Price vs Fair Value

What is the Fair Price of TBIG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TBIG (IDR1890) is trading below our estimate of fair value (IDR1991.01)

Significantly Below Fair Value: TBIG is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TBIG?

Key metric: As TBIG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TBIG. This is calculated by dividing TBIG's market cap by their current earnings.
What is TBIG's PE Ratio?
PE Ratio	26.4x
Earnings	Rp1.61t
Market Cap	Rp42.51t

TBIG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	10.7x
Enterprise Value/EBITDA	13.5x
PEG Ratio	3x

Price to Earnings Ratio vs Peers

How does TBIG's PE Ratio compare to its peers?

The above table shows the PE ratio for TBIG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	27.7x
MTEL Dayamitra Telekomunikasi	22.5x	7.5%	Rp47.5t
SUPR Solusi Tunas Pratama	45.2x	n/a	Rp49.9t
TOWR Sarana Menara Nusantara	11x	7.1%	Rp36.0t
MORA Mora Telematika Indonesia	32.3x	n/a	Rp9.0t
TBIG Tower Bersama Infrastructure	26.4x	8.8%	Rp42.5t

Price-To-Earnings vs Peers: TBIG is good value based on its Price-To-Earnings Ratio (26.4x) compared to the peer average (27.7x).

Price to Earnings Ratio vs Industry

How does TBIG's PE Ratio compare vs other companies in the Asian Telecom Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TBIG is expensive based on its Price-To-Earnings Ratio (26.4x) compared to the Asian Telecom industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is TBIG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TBIG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	26.4x
Fair PE Ratio	16.7x

Price-To-Earnings vs Fair Ratio: TBIG is expensive based on its Price-To-Earnings Ratio (26.4x) compared to the estimated Fair Price-To-Earnings Ratio (16.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TBIG forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	Rp1,890.00	Rp2,086.43 +10.4%	21.2%	Rp3,200.00	Rp1,550.00	n/a	14
Nov ’25	Rp1,880.00	Rp2,086.43 +11.0%	21.2%	Rp3,200.00	Rp1,550.00	n/a	14
Oct ’25	Rp1,900.00	Rp2,050.71 +7.9%	20.0%	Rp3,200.00	Rp1,550.00	n/a	14
Sep ’25	Rp1,925.00	Rp2,050.71 +6.5%	20.0%	Rp3,200.00	Rp1,550.00	n/a	14
Aug ’25	Rp1,990.00	Rp2,050.71 +3.1%	20.0%	Rp3,200.00	Rp1,550.00	n/a	14
Jul ’25	Rp1,870.00	Rp2,228.00 +19.1%	32.4%	Rp4,500.00	Rp1,550.00	n/a	15
Jun ’25	Rp1,770.00	Rp2,280.67 +28.9%	30.6%	Rp4,500.00	Rp1,550.00	n/a	15
May ’25	Rp1,975.00	Rp2,236.25 +13.2%	27.8%	Rp4,500.00	Rp1,650.00	n/a	16
Apr ’25	Rp1,865.00	Rp2,262.67 +21.3%	28.1%	Rp4,500.00	Rp1,650.00	n/a	15
Mar ’25	Rp1,885.00	Rp2,266.67 +20.2%	28.0%	Rp4,500.00	Rp1,650.00	n/a	15
Feb ’25	Rp1,950.00	Rp2,266.67 +16.2%	28.0%	Rp4,500.00	Rp1,650.00	n/a	15
Jan ’25	Rp2,090.00	Rp2,270.00 +8.6%	27.8%	Rp4,500.00	Rp1,650.00	n/a	15
Dec ’24	Rp2,070.00	Rp2,270.00 +9.7%	27.8%	Rp4,500.00	Rp1,650.00	n/a	15
Nov ’24	Rp2,030.00	Rp2,105.36 +3.7%	10.1%	Rp2,500.00	Rp1,650.00	Rp1,880.00	14
Oct ’24	Rp2,020.00	Rp2,173.21 +7.6%	16.7%	Rp3,250.00	Rp1,650.00	Rp1,900.00	14
Sep ’24	Rp2,030.00	Rp2,322.50 +14.4%	30.3%	Rp4,500.00	Rp1,650.00	Rp1,925.00	14
Aug ’24	Rp1,875.00	Rp2,390.38 +27.5%	30.7%	Rp4,500.00	Rp1,650.00	Rp1,990.00	13
Jul ’24	Rp2,010.00	Rp2,582.69 +28.5%	30.0%	Rp4,500.00	Rp1,900.00	Rp1,870.00	13
Jun ’24	Rp2,130.00	Rp2,641.07 +24.0%	28.1%	Rp4,500.00	Rp1,900.00	Rp1,770.00	14
May ’24	Rp2,060.00	Rp2,783.93 +35.1%	28.0%	Rp4,500.00	Rp1,900.00	Rp1,975.00	14
Apr ’24	Rp2,160.00	Rp2,881.43 +33.4%	30.6%	Rp4,500.00	Rp1,900.00	Rp1,865.00	14
Mar ’24	Rp2,060.00	Rp2,917.14 +41.6%	29.6%	Rp4,500.00	Rp1,900.00	Rp1,885.00	14
Feb ’24	Rp2,150.00	Rp2,917.14 +35.7%	29.6%	Rp4,500.00	Rp1,900.00	Rp1,950.00	14
Jan ’24	Rp2,300.00	Rp2,999.33 +30.4%	27.3%	Rp4,500.00	Rp1,900.00	Rp2,090.00	15
Dec ’23	Rp2,410.00	Rp3,019.33 +25.3%	27.1%	Rp4,500.00	Rp1,900.00	Rp2,070.00	15
Nov ’23	Rp2,380.00	Rp3,090.00 +29.8%	25.1%	Rp4,500.00	Rp1,915.00	Rp2,030.00	16

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Tower Bersama Infrastructure Valuation