Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk

TLK

Communication ServicesTelecommunications ServicesNYSE

$16.95

Market Cap: $16.79B

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$867,133.75 – $5,686,188.08	$1,470,471.93	+7901415.0%
Growth Exit 10Y	$904,369.37 – $5,460,577.01	$1,482,455.18	+7965806.4%
EBITDA Exit 5Y	$960,383.19 – $1,928,759.78	$1,404,013.23	+7544302.1%
EBITDA Exit 10Y	$975,112.75 – $2,037,519.73	$1,427,930.65	+7672821.3%
▸ Trading Multiples
P/E	$115,248.62 – $713,081.83	$399,892.70	+2148705.5%
EV/EBITDA	$584,913.31 – $2,570,504.25	$1,415,659.54	+7606883.0%
EV/Revenue	$369,834.10 – $398,233.13	$334,476.25	+1797193.1%
▸ PEG
PEG Fair Value	$544,542.50 – $544,542.50	$544,542.50	+2925974.7%
▸ Earnings Power Value
Earnings Power Value	$731,553.73 – $1,196,783.38	$910,461.91	+4892226.2%
▸ Dividend Discount
Dividend Discount	$388.32 – $403.51	$395.91	+2027.4%

Valuation History

DCF Analysis

Fair Value

$1,470,471.93

Market Price

$16.95

Upside / Downside

+8675250.6%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -2.0% to -3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 145, DIO 8). At a 6.5% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $1470471.93 per share, suggesting TLK is undervalued by 8675250.6% at the current price of $16.95.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2025	2026	2027	2028	2029	Terminal
Profit Before Tax	73,871,713	77,573,361	80,035,258	84,245,046	81,759,716	83,803,709
(−) Net Interest	3,748,516	3,936,351	4,061,277	4,274,896	4,148,782	4,252,501
(+) D&A	31,551,800	32,023,033	32,741,525	32,655,348	33,214,337	34,044,696
EBITDA	109,172,029	113,532,745	116,838,059	121,175,290	119,122,836	122,100,907

(−) Tax	16,641,681	17,475,581	18,030,193	18,978,566	18,418,675	18,879,142
(−) CapEx	31,916,166	33,515,457	34,579,116	36,397,949	35,324,166	36,207,270
(−) ΔWC	-5,328,828	-195,166	-129,802	-221,958	131,037	134,313
Free Cash Flow (FCFF)	65,943,011	62,736,873	64,358,552	66,020,733	65,248,957	66,880,181

Terminal Value						1,673,336,131
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	63,899,941	57,084,464	54,987,591	52,966,606	49,153,987	1,221,518,509

Enterprise Value	1,499,611,099
Projection Period	278,092,590	18.5%
Terminal Value	1,221,518,509	81.5%

(−) Current Net Debt	42,929,000

Equity Value	1,456,682,099
(/) Outstanding Shares	991

Fair Price	$1470471.93

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$2058512	$2420586	$2963985	$3870421	$5686188
5.5%	$1536430	$1721261	$1967768	$2313004	$2831133
6.5%	$1223698	$1333366	$1470472	$1646787	$1881936
7.5%	$1015556	$1086898	$1172519	$1277179	$1408026
8.5%	$867134	$916528	$974158	$1042273	$1124020

Current price: $16.95. Green = undervalued, Red = overvalued.

Fair Value

$1,482,455.18

Market Price

$16.95

Upside / Downside

+8745948.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -2.0% to 2.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 145, DIO 8). At a 6.5% WACC with mid-year discounting, the terminal value (67% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $1482455.18 per share, suggesting TLK is undervalued by 8745948.2% at the current price of $16.95.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	Terminal
Profit Before Tax	73,871,713	77,573,361	80,035,258	84,245,046	81,759,716	83,796,958	85,970,143	88,287,077	90,756,199	93,386,630	95,721,296
(−) Net Interest	3,748,516	3,936,351	4,061,277	4,274,896	4,148,782	4,252,159	4,362,434	4,480,004	4,605,296	4,738,773	4,857,243
(+) D&A	31,551,800	32,023,033	32,741,525	32,655,348	33,214,337	34,346,571	35,204,208	35,929,772	36,642,809	37,205,436	38,135,572
EBITDA	109,172,029	113,532,745	116,838,059	121,175,290	119,122,836	122,395,687	125,536,785	128,696,853	132,004,304	135,330,840	138,714,111

(−) Tax	16,641,681	17,475,581	18,030,193	18,978,566	18,418,675	18,877,621	19,367,192	19,889,147	20,445,386	21,037,965	21,563,914
(−) CapEx	31,916,166	33,515,457	34,579,116	36,397,949	35,324,166	36,204,353	37,143,275	38,144,303	39,211,083	40,347,557	41,356,246
(−) ΔWC	-5,328,828	-195,166	-129,802	-221,958	131,037	-107,412	-114,579	-122,159	-130,183	-138,687	-142,155
Free Cash Flow (FCFF)	65,943,011	62,736,873	64,358,552	66,020,733	65,248,957	67,421,125	69,140,898	70,785,562	72,478,017	74,084,005	75,936,105

Terminal Value											1,899,914,532
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	63,899,941	57,084,464	54,987,591	52,966,606	49,153,987	47,691,891	45,924,764	44,148,909	42,446,802	40,740,513	1,012,436,495

Enterprise Value	1,511,481,964
Projection Period	499,045,469	33.0%
Terminal Value	1,012,436,495	67.0%

(−) Current Net Debt	42,929,000

Equity Value	1,468,552,964
(/) Outstanding Shares	991

Fair Price	$1482455.18

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$2154872	$2484811	$2979981	$3805967	$5460577
5.5%	$1606166	$1766760	$1980942	$2280907	$2731093
6.5%	$1277921	$1368817	$1482455	$1628591	$1823491
7.5%	$1059745	$1116177	$1183902	$1266688	$1370186
8.5%	$904369	$941672	$985195	$1036636	$1098371

Current price: $16.95. Green = undervalued, Red = overvalued.

Fair Value

$1,404,381.27

Market Price

$16.95

Upside / Downside

+8285335.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -2.0% to -3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 145, DIO 8). At a 6.5% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 13.0x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $1404013.23 per share, suggesting TLK is undervalued by 8283163.9% at the current price of $16.95.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

EV/EBITDA Exit Multiple

12.97x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2025	2026	2027	2028	2029	Terminal
Profit Before Tax	73,871,713	77,573,361	80,035,258	84,245,046	81,759,716	83,803,709
(−) Net Interest	3,748,516	3,936,351	4,061,277	4,274,896	4,148,782	4,252,501
(+) D&A	31,551,800	32,023,033	32,741,525	32,655,348	33,214,337	34,044,696
EBITDA	109,172,029	113,532,745	116,838,059	121,175,290	119,122,836	122,100,907

(−) Tax	16,641,681	17,475,581	18,030,193	18,978,566	18,418,675	—
(−) CapEx	31,916,166	33,515,457	34,579,116	36,397,949	35,324,166	—
(−) ΔWC	-5,328,828	-195,166	-129,802	-221,958	131,037	—
Free Cash Flow (FCF)	65,943,011	62,736,873	64,358,552	66,020,733	65,248,957	—

Peers' EBITDA Multiple						13.0x
Terminal Value						1,583,648,760
WACC / Discount Rate	6.50%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	63,899,941	57,084,464	54,987,591	52,966,606	49,153,987	1,156,047,633

Enterprise Value	1,434,140,222
Projection Period	278,092,590	19.4%
Terminal Value	1,156,047,633	80.6%

(−) Current Net Debt	42,929,000
Equity Value	1,391,211,222
(÷) Outstanding Shares	991M
Fair Price	$1404381	+8285335.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	9.0x	11.0x	13.0x	15.0x	17.0x
4.5%	$1137379	$1335224	$1533069	$1730915	$1928760
5.5%	$1089472	$1278117	$1466761	$1655406	$1844050
6.5%	$1044108	$1224061	$1404013	$1583966	$1763918
7.5%	$1001128	$1172865	$1344601	$1516338	$1688074
8.5%	$960383	$1124350	$1288317	$1452284	$1616250

Current price: $16.95. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$1,428,235.87

Market Price

$16.95

Upside / Downside

+8426070.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -2.0% to 2.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 145, DIO 8). At a 6.5% WACC with mid-year discounting, the terminal value (66% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 13.0x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $1427930.65 per share, suggesting TLK is undervalued by 8424269.6% at the current price of $16.95.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

EV/EBITDA Exit Multiple

12.97x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	Terminal
Profit Before Tax	73,871,713	77,573,361	80,035,258	84,245,046	81,759,716	83,796,958	85,970,143	88,287,077	90,756,199	93,386,630	95,721,296
(−) Net Interest	3,748,516	3,936,351	4,061,277	4,274,896	4,148,782	4,252,159	4,362,434	4,480,004	4,605,296	4,738,773	4,857,243
(+) D&A	31,551,800	32,023,033	32,741,525	32,655,348	33,214,337	34,346,571	35,204,208	35,929,772	36,642,809	37,205,436	38,135,572
EBITDA	109,172,029	113,532,745	116,838,059	121,175,290	119,122,836	122,395,687	125,536,785	128,696,853	132,004,304	135,330,840	138,714,111

(−) Tax	16,641,681	17,475,581	18,030,193	18,978,566	18,418,675	18,877,621	19,367,192	19,889,147	20,445,386	21,037,965	—
(−) CapEx	31,916,166	33,515,457	34,579,116	36,397,949	35,324,166	36,204,353	37,143,275	38,144,303	39,211,083	40,347,557	—
(−) ΔWC	-5,328,828	-195,166	-129,802	-221,958	131,037	-107,412	-114,579	-122,159	-130,183	-138,687	—
Free Cash Flow (FCF)	65,943,011	62,736,873	64,358,552	66,020,733	65,248,957	67,421,125	69,140,898	70,785,562	72,478,017	74,084,005	—

Peers' EBITDA Multiple											13.0x
Terminal Value											1,799,122,014
WACC / Discount Rate	6.50%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	63,899,941	57,084,464	54,987,591	52,966,606	49,153,987	47,691,891	45,924,764	44,148,909	42,446,802	40,740,513	958,725,645

Enterprise Value	1,457,771,114
Projection Period	499,045,469	34.2%
Terminal Value	958,725,645	65.8%

(−) Current Net Debt	42,929,000
Equity Value	1,414,842,114
(÷) Outstanding Shares	991M
Fair Price	$1428236	+8426070.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	9.0x	11.0x	13.0x	15.0x	17.0x
4.5%	$1315961	$1496350	$1676740	$1857130	$2037520
5.5%	$1218243	$1382245	$1546247	$1710249	$1874251
6.5%	$1129457	$1278694	$1427931	$1577168	$1726405
7.5%	$1048685	$1184606	$1320527	$1456448	$1592369
8.5%	$975113	$1099013	$1222914	$1346814	$1470714

Current price: $16.95. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$331,161.60

Market Price

$16.95

Upside / Downside

+1953655.8%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) has a fair value of $331,161.60 based on 3 comparable companies in the Telecommunications Services industry.

P/E Valuation — Telecommunications Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia TbkTLK	16,791	0.0x	0.0x
BCE Inc.BCE	22,623	4.8x	—
TELUS CorporationTU	20,074	24.1x	—
Pinterest, Inc.PINS	12,314	29.9x	10.3x
Industry Median		24.1x	10.3x
(*) Profit after tax		17,969,024	21,577,175
Equity Value		433,711,807	222,392,342
(/) Outstanding shares		991	991
Fair Price		$437823	$224500

Selected Fair Value (avg of trailing + forward)

$331161.60

+1953655.8%

Fair Value

$1,380,788.02

Market Price

$16.95

Upside / Downside

+8146142.0%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) has a fair value of $1,380,788.02 based on 4 comparable companies in the Telecommunications Services industry.

EV/EBITDA Valuation — Telecommunications Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia TbkTLK	16,791	0.5x	0.6x
BCE Inc.BCE	22,623	6.7x	—
TELUS CorporationTU	20,074	8.1x	—
Pinterest, Inc.PINS	12,314	33.6x	29.9x
Lumen Technologies, Inc.LUMN	6,800	17.8x	20.3x
Industry Median		13.0x	25.1x
(*) EBITDA		74,369,609	73,812,457
= Enterprise Value		964,269,625	1,852,580,230
(-) Net Debt		40,602,163	40,602,163
Equity Value		923,667,462	1,811,978,066
(/) Outstanding shares		991	991
Fair Price		$932423	$1829153

Selected Fair Value (avg of trailing + forward)

$1380788.02

+8146142.0%

Fair Value

$334,135.89

Market Price

$16.95

Upside / Downside

+1971203.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) has a fair value of $334,135.89 based on 4 comparable companies in the Telecommunications Services industry.

EV/Revenue Valuation — Telecommunications Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia TbkTLK	16,791	0.3x	0.3x
BCE Inc.BCE	22,623	2.9x	—
TELUS CorporationTU	20,074	2.7x	—
Pinterest, Inc.PINS	12,314	2.7x	2.4x
Lumen Technologies, Inc.LUMN	6,800	1.9x	2.2x
Industry Median		2.7x	2.3x
(*) Revenue		148,019,004	146,910,096
= Enterprise Value		405,455,423	337,745,783
(-) Net Debt		40,602,163	40,602,163
Equity Value		364,853,260	297,143,619
(/) Outstanding shares		991	991
Fair Price		$368312	$299960

Selected Fair Value (avg of trailing + forward)

$334135.89

+1971203.2%

PEG Fair Value

Fair Value

$544,542.50

Market Price

$16.95

Upside / Downside

+3212540.1%

Verdict

Undervalued

Using the PEG framework with analyst consensus forward EPS growth of 25.0% plus 95918.3% dividend yield, the company has a fair value of $544,542.50 based on NTM EPS (FY2025) of $21781.70. The current PEG ratio is 0.00.

PEG Ratio

0.00Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 0.0 ÷ (1.8% + 95918.3%) = 0.00

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateForward	1.8%
Dividend Yield	+95918.3%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2025)	$21781.70
Fair Value	$544,542.50

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2024 (actual)	$23873.00	—	—
FY2025E	$21781.70	-8.8%	20
FY2026E	$23739.50	+9.0%	21
FY2027E	$25184.90	+6.1%	15
FY2028E	$25673.80	+1.9%	18

4Y Forward EPS CAGR: 1.8%

Historical Growth

Year	Net Income	EPS	YoY
FY2020	$21.1T	$30173.00	—
FY2021	$24.9T	$34269.00	+13.6%
FY2022	$20.7T	$27942.00	-18.5%
FY2023	$24.4T	$24792.00	-11.3%
FY2024	$23.6T	$23873.00	-3.7%

4Y Historical EPS CAGR: -5.7%

Earnings Power Value

Fair Value

$910,461.91

Market Price

$16.95

Upside / Downside

+5371356.7%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 6.5% and normalized earnings of $61.4T, the company has a fair value of $910,461.91 per share. The EPV range is $731,553.73 – $1,196,783.38 based on WACC sensitivity (5.0% – 8.0%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	61,385,353	61,385,353	61,385,353
(/) WACC	8.0%	6.5%	5.0%
Enterprise Value	767,622,342	944,852,751	1,228,489,144
(-) Net debt	42,929,000	42,929,000	42,929,000
Equity Value	724,693,342	901,923,751	1,185,560,144
(/) Outstanding shares	991	991	991
Fair Price	$731,553.73	$910,461.91	$1,196,783.38

Dividend Discount Model

Fair Value

$395.91

Market Price

$16.95

Upside / Downside

+2235.8%

Verdict

Undervalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 4917.4% and projected dividend growth of 8.9%, the fair value is $395.91 per share. The DDM range is $388.32 – $403.51 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$17850.40

Dividend Yield

95918.31%

Payout Ratio

74.9%

Dividend Coverage

1.34x

FCF Payout Ratio55.4%

DPS CAGR (4Y)12.1%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2024	$17850.40	74.9%	+6.5%
2023	$16760.17	68.0%	+11.8%
2022	$14996.64	71.6%	+19.0%
2021	$12600.16	50.2%	+11.5%
2020	$11303.00	53.2%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2025	$19433.28	8.9%	0.0199	$387.32
2026	$21156.53	8.9%	0.0004	$8.40
2027	$23032.59	8.9%	0.0000	$0.18
2028	$25075.01	8.9%	0.0000	$0.00
2029	$27298.53	8.9%	0.0000	$0.00
Terminal Value	$27981.00 DPS	2.5%		$0.00

PV of Projected Dividends$395.91

PV of Terminal Value$0.00

Fair Value per Share$395.91

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	6.9%	7.9%	8.9%	9.9%	10.9%
4915.4%	$389	$392	$396	$400	$404
4916.4%	$389	$392	$396	$400	$403
4917.4%	$388	$392	$396	$400	$403
4918.4%	$388	$392	$396	$400	$403
4919.4%	$388	$392	$396	$399	$403

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$867,133.75 – $5,686,188.08	$1,470,471.93	+7901415.0%
Growth Exit 10Y	$904,369.37 – $5,460,577.01	$1,482,455.18	+7965806.4%
EBITDA Exit 5Y	$960,383.19 – $1,928,759.78	$1,404,013.23	+7544302.1%
EBITDA Exit 10Y	$975,112.75 – $2,037,519.73	$1,427,930.65	+7672821.3%
▸ Trading Multiples
P/E	$115,248.62 – $713,081.83	$399,892.70	+2148705.5%
EV/EBITDA	$584,913.31 – $2,570,504.25	$1,415,659.54	+7606883.0%
EV/Revenue	$369,834.10 – $398,233.13	$334,476.25	+1797193.1%
▸ PEG
PEG Fair Value	$544,542.50 – $544,542.50	$544,542.50	+2925974.7%
▸ Earnings Power Value
Earnings Power Value	$731,553.73 – $1,196,783.38	$910,461.91	+4892226.2%
▸ Dividend Discount
Dividend Discount	$388.32 – $403.51	$395.91	+2027.4%

Valuation History

DCF Analysis

Fair Value

$1,470,471.93

Market Price

$16.95

Upside / Downside

+8675250.6%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2025	2026	2027	2028	2029	Terminal
Profit Before Tax	73,871,713	77,573,361	80,035,258	84,245,046	81,759,716	83,803,709
(−) Net Interest	3,748,516	3,936,351	4,061,277	4,274,896	4,148,782	4,252,501
(+) D&A	31,551,800	32,023,033	32,741,525	32,655,348	33,214,337	34,044,696
EBITDA	109,172,029	113,532,745	116,838,059	121,175,290	119,122,836	122,100,907

(−) Tax	16,641,681	17,475,581	18,030,193	18,978,566	18,418,675	18,879,142
(−) CapEx	31,916,166	33,515,457	34,579,116	36,397,949	35,324,166	36,207,270
(−) ΔWC	-5,328,828	-195,166	-129,802	-221,958	131,037	134,313
Free Cash Flow (FCFF)	65,943,011	62,736,873	64,358,552	66,020,733	65,248,957	66,880,181

Terminal Value						1,673,336,131
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	63,899,941	57,084,464	54,987,591	52,966,606	49,153,987	1,221,518,509

Enterprise Value	1,499,611,099
Projection Period	278,092,590	18.5%
Terminal Value	1,221,518,509	81.5%

(−) Current Net Debt	42,929,000

Equity Value	1,456,682,099
(/) Outstanding Shares	991

Fair Price	$1470471.93

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$2058512	$2420586	$2963985	$3870421	$5686188
5.5%	$1536430	$1721261	$1967768	$2313004	$2831133
6.5%	$1223698	$1333366	$1470472	$1646787	$1881936
7.5%	$1015556	$1086898	$1172519	$1277179	$1408026
8.5%	$867134	$916528	$974158	$1042273	$1124020

Current price: $16.95. Green = undervalued, Red = overvalued.

Fair Value

$1,482,455.18

Market Price

$16.95

Upside / Downside

+8745948.2%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	Terminal
Profit Before Tax	73,871,713	77,573,361	80,035,258	84,245,046	81,759,716	83,796,958	85,970,143	88,287,077	90,756,199	93,386,630	95,721,296
(−) Net Interest	3,748,516	3,936,351	4,061,277	4,274,896	4,148,782	4,252,159	4,362,434	4,480,004	4,605,296	4,738,773	4,857,243
(+) D&A	31,551,800	32,023,033	32,741,525	32,655,348	33,214,337	34,346,571	35,204,208	35,929,772	36,642,809	37,205,436	38,135,572
EBITDA	109,172,029	113,532,745	116,838,059	121,175,290	119,122,836	122,395,687	125,536,785	128,696,853	132,004,304	135,330,840	138,714,111

(−) Tax	16,641,681	17,475,581	18,030,193	18,978,566	18,418,675	18,877,621	19,367,192	19,889,147	20,445,386	21,037,965	21,563,914
(−) CapEx	31,916,166	33,515,457	34,579,116	36,397,949	35,324,166	36,204,353	37,143,275	38,144,303	39,211,083	40,347,557	41,356,246
(−) ΔWC	-5,328,828	-195,166	-129,802	-221,958	131,037	-107,412	-114,579	-122,159	-130,183	-138,687	-142,155
Free Cash Flow (FCFF)	65,943,011	62,736,873	64,358,552	66,020,733	65,248,957	67,421,125	69,140,898	70,785,562	72,478,017	74,084,005	75,936,105

Terminal Value											1,899,914,532
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	63,899,941	57,084,464	54,987,591	52,966,606	49,153,987	47,691,891	45,924,764	44,148,909	42,446,802	40,740,513	1,012,436,495

Enterprise Value	1,511,481,964
Projection Period	499,045,469	33.0%
Terminal Value	1,012,436,495	67.0%

(−) Current Net Debt	42,929,000

Equity Value	1,468,552,964
(/) Outstanding Shares	991

Fair Price	$1482455.18

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$2154872	$2484811	$2979981	$3805967	$5460577
5.5%	$1606166	$1766760	$1980942	$2280907	$2731093
6.5%	$1277921	$1368817	$1482455	$1628591	$1823491
7.5%	$1059745	$1116177	$1183902	$1266688	$1370186
8.5%	$904369	$941672	$985195	$1036636	$1098371

Current price: $16.95. Green = undervalued, Red = overvalued.

Fair Value

$1,404,381.27

Market Price

$16.95

Upside / Downside

+8285335.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -2.0% to -3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 145, DIO 8). At a 6.5% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 13.0x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $1404013.23 per share, suggesting TLK is undervalued by 8283163.9% at the current price of $16.95.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

EV/EBITDA Exit Multiple

12.97x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2025	2026	2027	2028	2029	Terminal
Profit Before Tax	73,871,713	77,573,361	80,035,258	84,245,046	81,759,716	83,803,709
(−) Net Interest	3,748,516	3,936,351	4,061,277	4,274,896	4,148,782	4,252,501
(+) D&A	31,551,800	32,023,033	32,741,525	32,655,348	33,214,337	34,044,696
EBITDA	109,172,029	113,532,745	116,838,059	121,175,290	119,122,836	122,100,907

(−) Tax	16,641,681	17,475,581	18,030,193	18,978,566	18,418,675	—
(−) CapEx	31,916,166	33,515,457	34,579,116	36,397,949	35,324,166	—
(−) ΔWC	-5,328,828	-195,166	-129,802	-221,958	131,037	—
Free Cash Flow (FCF)	65,943,011	62,736,873	64,358,552	66,020,733	65,248,957	—

Peers' EBITDA Multiple						13.0x
Terminal Value						1,583,648,760
WACC / Discount Rate	6.50%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	63,899,941	57,084,464	54,987,591	52,966,606	49,153,987	1,156,047,633

Enterprise Value	1,434,140,222
Projection Period	278,092,590	19.4%
Terminal Value	1,156,047,633	80.6%

(−) Current Net Debt	42,929,000
Equity Value	1,391,211,222
(÷) Outstanding Shares	991M
Fair Price	$1404381	+8285335.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	9.0x	11.0x	13.0x	15.0x	17.0x
4.5%	$1137379	$1335224	$1533069	$1730915	$1928760
5.5%	$1089472	$1278117	$1466761	$1655406	$1844050
6.5%	$1044108	$1224061	$1404013	$1583966	$1763918
7.5%	$1001128	$1172865	$1344601	$1516338	$1688074
8.5%	$960383	$1124350	$1288317	$1452284	$1616250

Current price: $16.95. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$1,428,235.87

Market Price

$16.95

Upside / Downside

+8426070.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -2.0% to 2.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 145, DIO 8). At a 6.5% WACC with mid-year discounting, the terminal value (66% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 13.0x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $1427930.65 per share, suggesting TLK is undervalued by 8424269.6% at the current price of $16.95.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

EV/EBITDA Exit Multiple

12.97x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	Terminal
Profit Before Tax	73,871,713	77,573,361	80,035,258	84,245,046	81,759,716	83,796,958	85,970,143	88,287,077	90,756,199	93,386,630	95,721,296
(−) Net Interest	3,748,516	3,936,351	4,061,277	4,274,896	4,148,782	4,252,159	4,362,434	4,480,004	4,605,296	4,738,773	4,857,243
(+) D&A	31,551,800	32,023,033	32,741,525	32,655,348	33,214,337	34,346,571	35,204,208	35,929,772	36,642,809	37,205,436	38,135,572
EBITDA	109,172,029	113,532,745	116,838,059	121,175,290	119,122,836	122,395,687	125,536,785	128,696,853	132,004,304	135,330,840	138,714,111

(−) Tax	16,641,681	17,475,581	18,030,193	18,978,566	18,418,675	18,877,621	19,367,192	19,889,147	20,445,386	21,037,965	—
(−) CapEx	31,916,166	33,515,457	34,579,116	36,397,949	35,324,166	36,204,353	37,143,275	38,144,303	39,211,083	40,347,557	—
(−) ΔWC	-5,328,828	-195,166	-129,802	-221,958	131,037	-107,412	-114,579	-122,159	-130,183	-138,687	—
Free Cash Flow (FCF)	65,943,011	62,736,873	64,358,552	66,020,733	65,248,957	67,421,125	69,140,898	70,785,562	72,478,017	74,084,005	—

Peers' EBITDA Multiple											13.0x
Terminal Value											1,799,122,014
WACC / Discount Rate	6.50%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	63,899,941	57,084,464	54,987,591	52,966,606	49,153,987	47,691,891	45,924,764	44,148,909	42,446,802	40,740,513	958,725,645

Enterprise Value	1,457,771,114
Projection Period	499,045,469	34.2%
Terminal Value	958,725,645	65.8%

(−) Current Net Debt	42,929,000
Equity Value	1,414,842,114
(÷) Outstanding Shares	991M
Fair Price	$1428236	+8426070.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	9.0x	11.0x	13.0x	15.0x	17.0x
4.5%	$1315961	$1496350	$1676740	$1857130	$2037520
5.5%	$1218243	$1382245	$1546247	$1710249	$1874251
6.5%	$1129457	$1278694	$1427931	$1577168	$1726405
7.5%	$1048685	$1184606	$1320527	$1456448	$1592369
8.5%	$975113	$1099013	$1222914	$1346814	$1470714

Current price: $16.95. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$331,161.60

Market Price

$16.95

Upside / Downside

+1953655.8%

Verdict

Undervalued

P/E Valuation — Telecommunications Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia TbkTLK	16,791	0.0x	0.0x
BCE Inc.BCE	22,623	4.8x	—
TELUS CorporationTU	20,074	24.1x	—
Pinterest, Inc.PINS	12,314	29.9x	10.3x
Industry Median		24.1x	10.3x
(*) Profit after tax		17,969,024	21,577,175
Equity Value		433,711,807	222,392,342
(/) Outstanding shares		991	991
Fair Price		$437823	$224500

Selected Fair Value (avg of trailing + forward)

$331161.60

+1953655.8%

Fair Value

$1,380,788.02

Market Price

$16.95

Upside / Downside

+8146142.0%

Verdict

Undervalued

EV/EBITDA Valuation — Telecommunications Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia TbkTLK	16,791	0.5x	0.6x
BCE Inc.BCE	22,623	6.7x	—
TELUS CorporationTU	20,074	8.1x	—
Pinterest, Inc.PINS	12,314	33.6x	29.9x
Lumen Technologies, Inc.LUMN	6,800	17.8x	20.3x
Industry Median		13.0x	25.1x
(*) EBITDA		74,369,609	73,812,457
= Enterprise Value		964,269,625	1,852,580,230
(-) Net Debt		40,602,163	40,602,163
Equity Value		923,667,462	1,811,978,066
(/) Outstanding shares		991	991
Fair Price		$932423	$1829153

Selected Fair Value (avg of trailing + forward)

$1380788.02

+8146142.0%

Fair Value

$334,135.89

Market Price

$16.95

Upside / Downside

+1971203.2%

Verdict

Undervalued

EV/Revenue Valuation — Telecommunications Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia TbkTLK	16,791	0.3x	0.3x
BCE Inc.BCE	22,623	2.9x	—
TELUS CorporationTU	20,074	2.7x	—
Pinterest, Inc.PINS	12,314	2.7x	2.4x
Lumen Technologies, Inc.LUMN	6,800	1.9x	2.2x
Industry Median		2.7x	2.3x
(*) Revenue		148,019,004	146,910,096
= Enterprise Value		405,455,423	337,745,783
(-) Net Debt		40,602,163	40,602,163
Equity Value		364,853,260	297,143,619
(/) Outstanding shares		991	991
Fair Price		$368312	$299960

Selected Fair Value (avg of trailing + forward)

$334135.89

+1971203.2%

PEG Fair Value

Fair Value

$544,542.50

Market Price

$16.95

Upside / Downside

+3212540.1%

Verdict

Undervalued

PEG Ratio

0.00Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 0.0 ÷ (1.8% + 95918.3%) = 0.00

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateForward	1.8%
Dividend Yield	+95918.3%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2025)	$21781.70
Fair Value	$544,542.50

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2024 (actual)	$23873.00	—	—
FY2025E	$21781.70	-8.8%	20
FY2026E	$23739.50	+9.0%	21
FY2027E	$25184.90	+6.1%	15
FY2028E	$25673.80	+1.9%	18

4Y Forward EPS CAGR: 1.8%

Historical Growth

Year	Net Income	EPS	YoY
FY2020	$21.1T	$30173.00	—
FY2021	$24.9T	$34269.00	+13.6%
FY2022	$20.7T	$27942.00	-18.5%
FY2023	$24.4T	$24792.00	-11.3%
FY2024	$23.6T	$23873.00	-3.7%

4Y Historical EPS CAGR: -5.7%

Earnings Power Value

Fair Value

$910,461.91

Market Price

$16.95

Upside / Downside

+5371356.7%

Verdict

Undervalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	61,385,353	61,385,353	61,385,353
(/) WACC	8.0%	6.5%	5.0%
Enterprise Value	767,622,342	944,852,751	1,228,489,144
(-) Net debt	42,929,000	42,929,000	42,929,000
Equity Value	724,693,342	901,923,751	1,185,560,144
(/) Outstanding shares	991	991	991
Fair Price	$731,553.73	$910,461.91	$1,196,783.38

Dividend Discount Model

Fair Value

$395.91

Market Price

$16.95

Upside / Downside

+2235.8%

Verdict

Undervalued

Dividend Profile

Current DPS

$17850.40

Dividend Yield

95918.31%

Payout Ratio

74.9%

Dividend Coverage

1.34x

FCF Payout Ratio55.4%

DPS CAGR (4Y)12.1%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2024	$17850.40	74.9%	+6.5%
2023	$16760.17	68.0%	+11.8%
2022	$14996.64	71.6%	+19.0%
2021	$12600.16	50.2%	+11.5%
2020	$11303.00	53.2%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2025	$19433.28	8.9%	0.0199	$387.32
2026	$21156.53	8.9%	0.0004	$8.40
2027	$23032.59	8.9%	0.0000	$0.18
2028	$25075.01	8.9%	0.0000	$0.00
2029	$27298.53	8.9%	0.0000	$0.00
Terminal Value	$27981.00 DPS	2.5%		$0.00

PV of Projected Dividends$395.91

PV of Terminal Value$0.00

Fair Value per Share$395.91

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	6.9%	7.9%	8.9%	9.9%	10.9%
4915.4%	$389	$392	$396	$400	$404
4916.4%	$389	$392	$396	$400	$403
4917.4%	$388	$392	$396	$400	$403
4918.4%	$388	$392	$396	$400	$403
4919.4%	$388	$392	$396	$399	$403