Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk

IDX:TLKM Stock Report

Market Cap: Rp272.4t

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Valuation

Is TLKM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: TLKM (IDR2750) is trading below our estimate of fair value (IDR6153.62)

Significantly Below Fair Value: TLKM is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TLKM. This is calculated by dividing TLKM's market cap by their current earnings.
What is TLKM's PE Ratio?
PE Ratio12.1x
EarningsRp22.60t
Market CapRp272.42t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TLKM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average26.7x
SUPR Solusi Tunas Pratama
45.2xn/aRp49.9t
TBIG Tower Bersama Infrastructure
27.3x8.8%Rp44.0t
MTEL Dayamitra Telekomunikasi
23.5x7.5%Rp49.5t
TOWR Sarana Menara Nusantara
11x7.1%Rp36.0t
TLKM Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
12.1x6.9%Rp272.4t

Price-To-Earnings vs Peers: TLKM is good value based on its Price-To-Earnings Ratio (12.1x) compared to the peer average (26.7x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
TLKM 12.1xIndustry Avg. 15.1xNo. of Companies18PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TLKM is good value based on its Price-To-Earnings Ratio (12.1x) compared to the Asian Telecom industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is TLKM'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.

TLKM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.1x
Fair PE Ratio17.3x

Price-To-Earnings vs Fair Ratio: TLKM is good value based on its Price-To-Earnings Ratio (12.1x) compared to the estimated Fair Price-To-Earnings Ratio (17.3x).

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 TLKM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp2,750.00
Rp3,725.68
+35.5%
15.5%Rp4,800.00Rp2,500.00n/a22
Nov ’25Rp2,780.00
Rp3,826.74
+37.7%
12.0%Rp4,800.00Rp3,050.00n/a23
Oct ’25Rp3,020.00
Rp3,885.00
+28.6%
12.0%Rp5,000.00Rp3,200.00n/a24
Sep ’25Rp3,060.00
Rp3,927.92
+28.4%
12.7%Rp5,000.00Rp3,200.00n/a24
Aug ’25Rp2,880.00
Rp3,999.17
+38.9%
11.6%Rp5,000.00Rp3,300.00n/a24
Jul ’25Rp3,090.00
Rp4,136.92
+33.9%
11.0%Rp5,000.00Rp3,300.00n/a26
Jun ’25Rp2,900.00
Rp4,136.92
+42.7%
11.0%Rp5,000.00Rp3,300.00n/a26
May ’25Rp3,170.00
Rp4,225.93
+33.3%
9.6%Rp5,000.00Rp3,500.00n/a27
Apr ’25Rp3,510.00
Rp4,425.00
+26.1%
6.5%Rp5,000.00Rp3,800.00n/a26
Mar ’25Rp3,920.00
Rp4,601.60
+17.4%
6.3%Rp5,200.00Rp4,015.00n/a25
Feb ’25Rp4,040.00
Rp4,613.60
+14.2%
6.3%Rp5,200.00Rp4,015.00n/a25
Jan ’25Rp3,950.00
Rp4,666.35
+18.1%
9.0%Rp6,000.00Rp3,900.00n/a26
Dec ’24Rp3,830.00
Rp4,666.35
+21.8%
9.0%Rp6,000.00Rp3,900.00n/a26
Nov ’24Rp3,620.00
Rp4,694.79
+29.7%
8.9%Rp6,000.00Rp3,900.00Rp2,780.0024
Oct ’24Rp3,750.00
Rp4,743.75
+26.5%
9.5%Rp6,000.00Rp4,000.00Rp3,020.0024
Sep ’24Rp3,720.00
Rp4,809.00
+29.3%
9.0%Rp6,000.00Rp4,200.00Rp3,060.0025
Aug ’24Rp3,750.00
Rp4,873.96
+30.0%
8.9%Rp6,000.00Rp4,100.00Rp2,880.0024
Jul ’24Rp4,000.00
Rp4,924.04
+23.1%
7.9%Rp6,000.00Rp4,100.00Rp3,090.0026
Jun ’24Rp4,040.00
Rp4,957.88
+22.7%
7.8%Rp6,000.00Rp4,100.00Rp2,900.0026
May ’24Rp4,250.00
Rp4,988.20
+17.4%
7.6%Rp6,000.00Rp4,100.00Rp3,170.0025
Apr ’24Rp4,060.00
Rp4,979.04
+22.6%
7.8%Rp6,000.00Rp4,100.00Rp3,510.0026
Mar ’24Rp3,930.00
Rp5,021.85
+27.8%
7.4%Rp6,000.00Rp4,100.00Rp3,920.0027
Feb ’24Rp3,870.00
Rp5,021.85
+29.8%
7.4%Rp6,000.00Rp4,100.00Rp4,040.0027
Jan ’24Rp3,750.00
Rp5,065.00
+35.1%
6.5%Rp6,000.00Rp4,200.00Rp3,950.0026
Dec ’23Rp3,960.00
Rp5,079.60
+28.3%
6.7%Rp6,000.00Rp4,200.00Rp3,830.0025
Nov ’23Rp4,420.00
Rp5,148.46
+16.5%
10.7%Rp7,450.00Rp4,500.00Rp3,620.0026

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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