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Jasa Marga (Persero)

OTCPK:PTJS.Y
Snowflake Description

Acceptable track record unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PTJS.Y
OTCPK
IDR43,910B
Market Cap
  1. Home
  2. US
  3. Transportation
Company description

PT Jasa Marga (Persero) Tbk develops, constructs, operates, manages, and maintains toll roads in Indonesia. The last earnings update was 36 days ago. More info.


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PTJS.Y Share Price and Events
7 Day Returns
0%
OTCPK:PTJS.Y
-1.8%
US Infrastructure
-0.3%
US Market
1 Year Returns
-
OTCPK:PTJS.Y
-18.4%
US Infrastructure
7%
US Market
PTJS.Y Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Jasa Marga (Persero) (PTJS.Y) 0% 0% - - - -
US Infrastructure -1.8% 3.3% -2% -18.4% -49.7% -27.6%
US Market -0.3% 2% 8.5% 7% 37.7% 46.8%
1 Year Return vs Industry and Market
  • No trading data on PTJS.Y.
  • No trading data on PTJS.Y.
Price Volatility
PTJS.Y
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Jasa Marga (Persero)'s competitors could be found in our database.

PTJS.Y Value

 Is Jasa Marga (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 Jasa Marga (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 Jasa Marga (Persero).

OTCPK:PTJS.Y Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:PTJS.Y
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.99
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.989 (1 + (1- 25%) (75.08%))
1.365
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.37
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.365 * 5.96%)
10.87%

Discounted Cash Flow Calculation for OTCPK:PTJS.Y using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Jasa Marga (Persero) is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OTCPK:PTJS.Y DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (IDR, Millions) Source Present Value
Discounted (@ 10.87%)
2019 -20,171,333.33 Analyst x3 -18,194,022.07
2020 -11,213,000.00 Analyst x3 -9,122,419.59
2021 7,007,000.00 Analyst x1 5,141,791.36
2022 2,423,000.00 Analyst x1 1,603,724.85
2023 3,527,000.00 Analyst x1 2,105,600.69
2024 4,472,684.28 Est @ 26.81% 2,408,423.79
2025 5,348,789.07 Est @ 19.59% 2,597,851.06
2026 6,125,996.36 Est @ 14.53% 2,683,673.15
2027 6,799,266.00 Est @ 10.99% 2,686,637.24
2028 7,378,037.11 Est @ 8.51% 2,629,553.10
Present value of next 10 years cash flows IDR-5,459,186.42
OTCPK:PTJS.Y DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= IDR7,378,037.11 × (1 + 2.73%) ÷ (10.87% – 2.73%)
IDR93,137,559.31
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= IDR93,137,559.31 ÷ (1 + 10.87%)10
IDR33,194,487.06
OTCPK:PTJS.Y Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= IDR-5,459,186.42 + IDR33,194,487.06
IDR27,735,300.64
Equity Value per Share
(IDR)
= Total value / Shares Outstanding
= IDR27,735,300.64 / 7,257.87
IDR3821.41
OTCPK:PTJS.Y Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:PTJS.Y represents 0.00126x of IDX:JSMR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00126x
Value per Share
(Listing Adjusted, USD)
= Value per Share (IDR) x Listing Adjustment Factor
= IDR 3,821.41 x 0.00126
$4.82
Value per share (USD) From above. $4.82
Current discount Discount to share price of $7.63
= -1 x ($7.63 - $4.82) / $4.82
-58.3%

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

  • The current share price of Jasa Marga (Persero) is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Jasa Marga (Persero)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Jasa Marga (Persero)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:PTJS.Y PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in IDR IDR303.48
IDX:JSMR Share Price ** IDX (2019-03-21) in IDR IDR6050
North America Infrastructure Industry PE Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 30.55x
United States of America Market PE Ratio Median Figure of 3,081 Publicly-Listed Companies 18.18x

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

** Primary Listing of Jasa Marga (Persero).

OTCPK:PTJS.Y PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 6050 ÷ 303.48

19.94x

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

  • Jasa Marga (Persero) is good value based on earnings compared to the North America Infrastructure industry average.
  • Jasa Marga (Persero) is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Jasa Marga (Persero)'s expected growth come at a high price?
Raw Data
OTCPK:PTJS.Y PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
1.4%per year
Global Infrastructure Industry PEG Ratio Median Figure of 47 Publicly-Listed Infrastructure Companies 2.15x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

OTCPK:PTJS.Y PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.94x ÷ 1.4%

13.84x

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

  • Jasa Marga (Persero) is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Jasa Marga (Persero)'s assets?
Raw Data
OTCPK:PTJS.Y PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in IDR IDR2,329.68
IDX:JSMR Share Price * IDX (2019-03-21) in IDR IDR6050
United States of America Infrastructure Industry PB Ratio Median Figure of 6 Publicly-Listed Infrastructure Companies 1.15x
United States of America Market PB Ratio Median Figure of 5,184 Publicly-Listed Companies 1.91x
OTCPK:PTJS.Y PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 6050 ÷ 2,329.68

2.6x

* Primary Listing of Jasa Marga (Persero).

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

  • Jasa Marga (Persero) is overvalued based on assets compared to the US Infrastructure industry average.
X
Value checks
We assess Jasa Marga (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 Infrastructure 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 Infrastructure industry average (and greater than 0)? (1 check)
  5. Jasa Marga (Persero) has a total score of 1/6, 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.

PTJS.Y Future Performance

 How is Jasa Marga (Persero) expected to perform in the next 1 to 3 years based on estimates from 14 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
1.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Jasa Marga (Persero) expected to grow at an attractive rate?
  • Jasa Marga (Persero)'s earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Jasa Marga (Persero)'s earnings growth is positive but not above the United States of America market average.
  • Jasa Marga (Persero)'s revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:PTJS.Y Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:PTJS.Y Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 1.4%
OTCPK:PTJS.Y Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts -32.3%
North America Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 26.7%
Global Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*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
OTCPK:PTJS.Y Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in IDR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:PTJS.Y Future Estimates Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 15,364,491 6,240,800 2,268,687 9
2020-12-31 13,361,775 5,620,000 2,079,320 12
2019-12-31 10,994,587 4,069,333 1,957,091 10
OTCPK:PTJS.Y Past Financials Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income *
2018-12-31 36,974,075 909,813 2,202,600
2018-09-30 39,404,579 5,248,660 2,069,409
2018-06-30 40,654,799 5,004,671 2,229,738
2018-03-31 39,731,339 5,287,561 2,235,995
2017-12-31 35,092,196 4,356,186 2,200,256
2017-09-30 28,977,439 2,214,739 2,446,138
2017-06-30 23,047,973 2,169,835 1,979,942
2017-03-31 18,756,722 2,101,650 2,028,041
2016-12-31 16,661,403 2,245,043 1,889,313
2016-09-30 14,345,176 1,705,695 1,810,953
2016-06-30 12,444,577 1,917,298 1,748,977
2016-03-31 10,778,261 1,993,161 1,524,772

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Jasa Marga (Persero)'s earnings are expected to grow by 1.4% yearly, however this is not considered high growth (20% yearly).
  • Jasa Marga (Persero)'s revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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
OTCPK:PTJS.Y Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Jasa Marga (Persero) Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:PTJS.Y Future Estimates Data
Date (Data in IDR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 325.22 380.40 234.66 7.00
2020-12-31 292.97 318.00 240.95 10.00
2019-12-31 268.45 318.00 214.90 11.00
OTCPK:PTJS.Y Past Financials Data
Date (Data in IDR Millions) EPS *
2018-12-31 303.48
2018-09-30 285.13
2018-06-30 307.22
2018-03-31 308.08
2017-12-31 303.15
2017-09-30 341.42
2017-06-30 280.83
2017-03-31 292.40
2016-12-31 276.97
2016-09-30 266.32
2016-06-30 257.20
2016-03-31 224.23

*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.
  • Jasa Marga (Persero) is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Jasa Marga (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 North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Global 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.
Jasa Marga (Persero) has a total score of 0/6, 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.

PTJS.Y Past Performance

  How has Jasa Marga (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 Jasa Marga (Persero)'s growth in the last year to its industry (Infrastructure).
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.
  • Jasa Marga (Persero)'s year on year earnings growth rate has been positive over the past 5 years.
  • Jasa Marga (Persero)'s 1-year earnings growth is less than its 5-year average (0.1% vs 16.6%)
  • Jasa Marga (Persero)'s earnings growth has exceeded the North America Infrastructure industry average in the past year (0.1% vs -34.8%).
Earnings and Revenue History
Jasa Marga (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 Jasa Marga (Persero) Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:PTJS.Y Past Revenue, Cash Flow and Net Income Data
Date (Data in IDR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 36,974,074.69 2,202,600.42 1,203,902.98
2018-09-30 39,404,578.60 2,069,409.25 1,135,578.25
2018-06-30 40,654,798.54 2,229,737.74 1,153,263.27
2018-03-31 39,731,339.17 2,235,995.21 1,096,855.58
2017-12-31 35,092,196.19 2,200,256.36 1,048,013.02
2017-09-30 28,977,439.12 2,446,138.46 1,007,575.17
2017-06-30 23,047,972.50 1,979,941.93 934,149.09
2017-03-31 18,756,722.12 2,028,040.99 887,059.19
2016-12-31 16,661,403.00 1,889,312.72 873,665.09
2016-09-30 14,345,175.78 1,810,952.78 837,594.49
2016-06-30 12,444,576.58 1,748,976.93 823,194.95
2016-03-31 10,778,260.76 1,524,771.69 776,858.63
2015-12-31 9,848,242.05 1,466,381.59 782,628.72
2015-09-30 8,831,575.54 1,362,010.52 804,352.82
2015-06-30 8,849,880.19 1,253,051.31 884,308.83
2015-03-31 9,090,198.92 1,395,806.89 871,215.48
2014-12-31 9,173,817.31 1,421,729.17 852,630.05
2014-09-30 9,760,563.91 1,064,980.01 925,501.99
2014-06-30 9,903,622.54 1,077,938.75 884,196.70
2014-03-31 9,865,497.10 1,081,503.66 881,974.54
2013-12-31 10,181,407.20 1,027,661.16 883,202.28
2013-09-30 10,639,552.23 1,419,480.85 824,621.91
2013-06-30 10,407,052.77 1,438,274.27 812,569.33
2013-03-31 9,606,044.73 1,541,970.82 801,307.69
2012-12-31 8,994,991.18 1,602,090.23 763,355.81
2012-09-30 7,764,780.59 1,462,277.44 788,839.08
2012-06-30 6,943,057.03 1,410,606.89 673,672.27

*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.
  • Jasa Marga (Persero) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Jasa Marga (Persero) used its assets more efficiently than the North America Infrastructure industry average last year based on Return on Assets.
  • Jasa Marga (Persero)'s use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Jasa Marga (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 Infrastructure 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.
Jasa Marga (Persero) has a total score of 3/6, 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.

PTJS.Y Health

 How is Jasa Marga (Persero)'s financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Jasa Marga (Persero)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Jasa Marga (Persero)'s short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Jasa Marga (Persero)'s long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Jasa Marga (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.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.4x debt.
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 Jasa Marga (Persero) Company Filings, last reported 3 months ago.

OTCPK:PTJS.Y Past Debt and Equity Data
Date (Data in IDR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 20,198,985.80 32,967,232.95 6,086,778.66
2018-09-30 18,849,148.83 29,367,751.81 3,984,827.86
2018-06-30 19,301,654.12 34,493,956.32 4,738,441.77
2018-03-31 18,910,593.80 34,748,798.60 6,758,422.89
2017-12-31 18,359,439.52 34,919,791.40 7,030,375.17
2017-09-30 17,770,062.58 30,268,601.57 7,227,229.94
2017-06-30 17,857,968.15 33,376,041.20 4,853,157.76
2017-03-31 16,410,705.46 30,378,464.92 4,327,867.26
2016-12-31 16,338,840.06 26,912,318.76 4,132,600.75
2016-09-30 13,895,120.62 18,236,704.55 2,658,293.00
2016-06-30 13,401,018.53 18,268,845.62 4,054,271.64
2016-03-31 12,563,403.51 16,159,036.89 3,414,692.37
2015-12-31 12,368,664.47 15,957,413.10 3,330,176.24
2015-09-30 11,599,773.34 13,960,706.85 2,504,987.19
2015-06-30 11,300,221.12 13,822,788.97 2,766,255.36
2015-03-31 10,858,694.19 13,144,959.67 2,924,758.57
2014-12-31 11,020,729.32 13,332,896.17 3,297,927.19
2014-09-30 11,436,166.42 13,892,137.55 4,133,438.66
2014-06-30 11,101,771.58 12,862,817.75 3,477,904.63
2014-03-31 10,677,877.20 12,583,283.84 3,634,905.36
2013-12-31 10,557,947.25 12,182,532.71 3,520,689.25
2013-09-30 10,383,197.17 14,116,463.96 6,077,096.93
2013-06-30 9,989,371.93 11,559,918.25 3,916,731.83
2013-03-31 10,186,084.41 10,894,154.39 4,426,619.75
2012-12-31 9,787,785.57 10,259,791.57 4,310,204.23
2012-09-30 9,420,482.02 9,661,851.29 4,075,652.04
2012-06-30 8,997,862.56 9,119,819.20 4,163,374.37
  • Jasa Marga (Persero)'s level of debt (163.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (115.4% vs 163.2% today).
  • Debt is not well covered by operating cash flow (2.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Jasa Marga (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. Jasa Marga (Persero) has a total score of 0/6, 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.

PTJS.Y Dividends

 What is Jasa Marga (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
1.29%
Current annual income from Jasa Marga (Persero) dividends. Estimated to be 0.99% next year.
If you bought $2,000 of Jasa Marga (Persero) shares you are expected to receive $26 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?
  • Jasa Marga (Persero)'s pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.39%).
  • Jasa Marga (Persero)'s dividend is below the markets top 25% of dividend payers in United States of America (3.62%).
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
OTCPK:PTJS.Y 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 14 Analyst Estimates (S&P Global) See Below
Global Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 70 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2009 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

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

OTCPK:PTJS.Y Future Dividends Estimate Data
Date (Data in IDR) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 61.00 8.00
2020-12-31 70.78 11.00
2019-12-31 49.09 12.00
OTCPK:PTJS.Y Past Annualized Dividends Data
Date (Data in IDR) Dividend per share (annual) Avg. Yield (%)
2018-04-06 78.094 1.695
2017-02-08 78.094 1.448
2017-01-16 78.094 1.848
2013-02-28 78.880 1.366
2012-03-22 78.880 1.432
2011-10-17 105.690 2.505
2011-07-15 105.690 2.718
2011-03-22 105.690 3.077
2010-03-30 87.910 3.296
2009-04-23 52.000 3.070

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Jasa Marga (Persero)'s earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Jasa Marga (Persero) has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5.8x coverage).
X
Income/ dividend checks
We assess Jasa Marga (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 Jasa Marga (Persero) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Jasa Marga (Persero) has a total score of 2/6, see the detailed checks below.


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

PTJS.Y Management

 What is the CEO of Jasa Marga (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
Desi Arryani
COMPENSATION IDR3,201,407,575
AGE 56
TENURE AS CEO 2.7 years
CEO Bio

Ms. Desi Arryani, Ir. & MM, serves as President Director of Pt Jasa Marga (Persero) Tbk since August 29, 2016 and also serves as its Director. ms. Arryani served as Operation I Director at PT Waskita Karya (Persero) Tbk since 2013 until August 29, 2016. Ms. Arryani Started as an employee of PT Waskita Karya (Persero) in 1987 as a Staff of Budgeting of Central Office Project. In 1991 became the Head of Talud Benoa Project and Irrigation Perfection of Sabah Paket II Project in Buleleng. Ms. Arryani served as the Head of Marketing in Branch Office IX Denpasar from 1991 to 1997 In the same period, became the Head of Project that deals with various water resources projects in Branch IX Denpasar. In 1997 - 2001, promoted to be the Head of Branch NTB in Mataram. In 2002 - 2005 became the Vice Head of Region III Surabaya and in 2005 until 2008 served as Head of Division III in Jakarta. In 2008 - 2009 as Head of Civil Division in Jakarta, in 2009 -2010 as the Head of Division II in Jakarta and in 2010 until now, when elected as a Director, she is still serving as the Head of Division II in Jakarta. She served as a Director of PT Waskita Karya (Persero) until November 30, 2016. Ms. Arryani finished undergraduate of Civil Engineering from Universitas Indonesia in 1987 and a Master of Management was obtained from Institut Manajemen Prasetya Mulya.

CEO Compensation
  • Insufficient data for Desi to compare compensation growth.
  • Desi's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Jasa Marga (Persero) management team in years:

2.1
Average Tenure
55
Average Age
  • The tenure for the Jasa Marga (Persero) management team is about average.
Management Team

Desi Arryani

TITLE
President Director
COMPENSATION
IDR3B
AGE
56
TENURE
2.7 yrs

Kushartanto Koeswiranto

TITLE
Director of Human Resources & General Affairs and Director
COMPENSATION
IDR2B
AGE
57
TENURE
1.7 yrs

- Hasanudin

TITLE
Director of Development & Director
COMPENSATION
IDR4B
AGE
55

Mohammad Sofyan

TITLE
Director of Operation I & Director
COMPENSATION
IDR2B
AGE
47
TENURE
2.1 yrs

Donny Arsal

TITLE
Director of Finance & Director
COMPENSATION
IDR2B
AGE
48
TENURE
2.1 yrs

Subakti Syukur

TITLE
Director of Operations II & Director
COMPENSATION
IDR3B
AGE
55

Arief Nursetiawan

TITLE
Vice President of Finance & Accounting
TENURE
4.2 yrs

Alexander Koestriyuga

TITLE
Vice President of Legal & Compliance
AGE
35
TENURE
1.9 yrs

Laviana Hardini

TITLE
Head of Internal Audit
AGE
55
TENURE
2.3 yrs

Agus Setiawan

TITLE
Corporate Secretary
AGE
47
TENURE
2 yrs
Board of Directors Tenure

Average tenure and age of the Jasa Marga (Persero) board of directors in years:

2.4
Average Tenure
54.5
Average Age
  • The average tenure for the Jasa Marga (Persero) board of directors is less than 3 years, this suggests a new board.
Board of Directors

Desi Arryani

TITLE
President Director
COMPENSATION
IDR3B
AGE
56
TENURE
2.7 yrs

Kushartanto Koeswiranto

TITLE
Director of Human Resources & General Affairs and Director
COMPENSATION
IDR2B
AGE
57

Ricky Distawardhana

TITLE
President Director of PT Jalantol Lingkarluar Jakarta
AGE
53
TENURE
2.1 yrs

Roy Darwis

TITLE
President Director of PT Jasa Layanan
AGE
44
TENURE
3.7 yrs

Sari Purnawarman

TITLE
President Director of PT Jasamarga Pandaan Tol
AGE
54
TENURE
2 yrs

R. Kristianto

TITLE
President Director of PT Marga Lingkar Jakarta
AGE
56
TENURE
1.3 yrs

- Hasanudin

TITLE
Director of Development & Director
COMPENSATION
IDR4B
AGE
55
TENURE
7.3 yrs

Mohammad Sofyan

TITLE
Director of Operation I & Director
COMPENSATION
IDR2B
AGE
47
TENURE
2.1 yrs

Donny Arsal

TITLE
Director of Finance & Director
COMPENSATION
IDR2B
AGE
48

Subakti Syukur

TITLE
Director of Operations II & Director
COMPENSATION
IDR3B
AGE
55
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Jasa Marga (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. Jasa Marga (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.

PTJS.Y News

Simply Wall St News

PTJS.Y Company Info

Description

PT Jasa Marga (Persero) Tbk develops, constructs, operates, manages, and maintains toll roads in Indonesia. The company also offers toll road service, such as transaction services, traffic services, and road construction services. It operates 11 toll roads. PT Jasa Marga (Persero) Tbk was founded in 1978 and is headquartered in Jakarta, Indonesia.

Details
Name: PT Jasa Marga (Persero) Tbk
PTJS.Y
Exchange: OTCPK
Founded: 1978
IDR3,126,610,706
7,257,871,200
Website: http://www.jasamarga.com
Address: PT Jasa Marga (Persero) Tbk
Plaza Tol Taman Mini Indonesia Indah,
Jakarta,
13550,
Indonesia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
IDX JSMR Series B Shares Indonesia Stock Exchange ID IDR 12. Nov 2007
OTCPK PTJS.F Series B Shares Pink Sheets LLC US USD 12. Nov 2007
DB 0JM Series B Shares Deutsche Boerse AG DE EUR 12. Nov 2007
OTCPK PTJS.Y ADR Pink Sheets LLC US USD 30. Mar 2012
Number of employees
Current staff
Staff numbers
7,001
Jasa Marga (Persero) employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 00:21
End of day share price update: 2019/03/21 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/03/17
Last earnings reported: 2018/12/31
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.