Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk

IDX:TLKM Stock Report

Market Cap: Rp271.4t

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 (IDR2740) is trading below our estimate of fair value (IDR6249.59)

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 Ratio12x
EarningsRp22.60t
Market CapRp271.43t

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 Average26.9x
SUPR Solusi Tunas Pratama
45.2xn/aRp49.9t
MTEL Dayamitra Telekomunikasi
25.6x7.9%Rp54.1t
TBIG Tower Bersama Infrastructure
27.3x8.8%Rp44.0t
TOWR Sarana Menara Nusantara
9.5x6.9%Rp31.0t
TLKM Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
12x6.7%Rp271.4t

Price-To-Earnings vs Peers: TLKM is good value based on its Price-To-Earnings Ratio (12x) compared to the peer average (26.9x).

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 12.0xIndustry Avg. 15.3xNo. of Companies27PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TLKM is good value based on its Price-To-Earnings Ratio (12x) compared to the Asian Telecom industry average (15.3x).

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 Ratio12x
Fair PE Ratio17.2x

Price-To-Earnings vs Fair Ratio: TLKM is good value based on its Price-To-Earnings Ratio (12x) compared to the estimated Fair Price-To-Earnings Ratio (17.2x).

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
CurrentRp2,740.00
Rp3,698.41
+35.0%
15.5%Rp4,800.00Rp2,500.00n/a22
Dec ’25Rp2,710.00
Rp3,698.41
+36.5%
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%Rp6,000.00Rp3,900.00Rp2,710.0026
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

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.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/25 07:31
End of Day Share Price 2024/12/24 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk is covered by 47 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Anand RamachandranBarclays
Choong Chen FoongBNP Paribas Securities (Asia)
Sukriti BansalBofA Global Research