Valuasi TLKM Aditya Anjasmara Helmi Dhanu

Forecast Income Statement PT
2007-2020 F
Growth rate
2007
Net Sales
Other Revenue
Total Revenue
Cost of Revenue
Gross Profit
59,440,011,000
-59,440,011,000
9,590,596,000
49,849,415,000
Selling/General/Administrative Expense
5,336,813,000
Labor & Related Expense
8,494,890,000
Selling/General/Admin. Expenses, Total

Research & Development
Depreciation
Amortization of Intangibles
Depreciation/Amortization
13,831,703,000
-9,545,004,000
-9,545,004,000
Other Income (Expense)
Total Operating Expense
32,967,303,000
Operating Income
26,472,708,000
Interest Inc.(Exp.),Net-Non-Op., Total
(1,205,639,000)
Gain (Loss) on Sale of Assets

Other Non-Operating Income (Expense)
-328,584,000
Net Income Before Taxes
25,595,653,000
Provision for Income Taxes

Net Income After Taxes
7,927,823,000
17,667,830,000
ncome Statement PT Telkom Indonesia
2.10%
6.44%
6.24%
4.79%
2008
2009
2010
2011
60,689,784,000
--
64,596,635,000
--
68,629,181,000
--
71,253,000,000
665,000,000
60,689,784,000
64,596,635,000
68,629,181,000
71,918,000,000
12,217,685,000
14,582,285,000
19,132,769,000
19,927,000,000
48,472,099,000
50,014,350,000
49,496,412,000
51,326,000,000
5,978,415,000
6,312,124,000
4,877,364,000
6,213,000,000
9,116,634,000
8,533,157,000
7,516,470,000
8,555,000,000
15,095,049,000
14,845,281,000
12,393,834,000
14,768,000,000
-11,069,575,000
--
-12,565,928,000
--
-14,611,458,000
--
-14,863,000,000
--
11,069,575,000
12,565,928,000
14,611,458,000
14,863,000,000
38,382,309,000
41,993,494,000
46,138,061,000
49,558,000,000
22,307,475,000
22,603,141,000
22,491,120,000
22,360,000,000
(2,503,272,000)
(594,622,000)
(1,477,355,000)
(1,311,000,000)
--
--
--
--
508,605,000
340,769,000
402,586,000
(192,000,000)
20,312,808,000
22,349,288,000
21,416,351,000
20,857,000,000
5,639,695,000
14,673,113,000
6,373,076,000
15,976,212,000
5,546,039,000
15,870,312,000
5,387,000,000
15,470,000,000
5.75%
10.82%
4.10%
6%
6%
2012
2013
2014F
2015F
77,143,000,000
2,559,000,000
82,967,000,000
--
87,945,020,000
93,221,721,200
79,702,000,000
82,967,000,000
87,945,020,000
93,221,721,200
21,470,000,000
24,259,000,000
25,714,540,000
27,257,412,400
55,673,000,000
58,708,000,000
62,230,480,000
65,964,308,800
6,130,000,000
7,199,000,000
7,630,940,000
8,088,796,400
9,786,000,000
9,733,000,000
10,316,980,000
10,935,998,800
15,916,000,000
16,932,000,000
17,947,920,000
19,024,795,200
-14,456,000,000
-14,456,000,000
0
-15,108,000,000
--
--
16,304,094,056
17,571,953,755
16,304,094,056
17,571,953,755
581,000,000
15,689,000,000
(2,579,000,000)
51,842,000,000
56,880,000,000
59,966,554,056
63,854,161,355
27,860,000,000
27,846,000,000
27,978,465,944
29,367,559,845
(1,659,000,000)
(697,000,000)
--
--
(1,973,000,000)
--
(697,000,000)
(697,000,000)
24,228,000,000
27,149,000,000
27,281,465,944
28,670,559,845
5,866,000,000
18,362,000,000
6,859,000,000
20,290,000,000
6,820,366,486
20,461,099,458
7,167,639,961
21,502,919,884
6%
6%
6%
6%
2016F
2017F
2018F
2019F
98,815,024,472
104,743,925,940
111,028,561,497
117,690,275,187
98,815,024,472
104,743,925,940
111,028,561,497
117,690,275,187
28,892,857,144
30,626,428,573
32,464,014,287
34,411,855,144
69,922,167,328
74,117,497,368
78,564,547,210
83,278,420,042
8,574,124,184
9,088,571,635
9,633,885,933
10,211,919,089
11,592,158,728
12,287,688,252
13,024,949,547
13,806,446,520
20,166,282,912
21,376,259,887
22,658,835,480
24,018,365,609
--
--
--
--
18,915,885,036
20,340,452,194
21,850,493,382
23,451,137,040
18,915,885,036
20,340,452,194
21,850,493,382
23,451,137,040
67,975,025,092
72,343,140,653
76,973,343,149
81,881,357,793
30,839,999,380
32,400,785,287
34,055,218,348
35,808,917,393
(697,000,000)
(697,000,000)
(697,000,000)
(697,000,000)
30,142,999,380
31,703,785,287
33,358,218,348
35,111,917,393
7,535,749,845
22,607,249,535
7,925,946,322
23,777,838,965
8,339,554,587
25,018,663,761
8,777,979,348
26,333,938,045
6%
Tax =
Assumtion Growth
2020F
124,751,691,698
Dividend Payout Ratio

1-DPR
0
124,751,691,698
HPR
36,476,566,453
88,275,125,245
10,824,634,234
14,634,833,311
25,459,467,545
-25,147,819,319
25,147,819,319
0
87,083,853,317
37,667,838,381
(697,000,000)
0
36,970,838,381
9,242,709,595
27,728,128,786
HPY
25%
6.0%
70%
30%
1.396
1.0572
0.0572
Statement of Financial Statement

PT Telkom Indonesia
2007
Assets (IDR Thousands)
Cash and Short Term Investments
Cash
Cash & Equivalents
Short Term Investments
Accounts Receivable - Trade, Net
Accounts Receivable - Trade, Gross
Provision for Doubtful Accounts
Total Receivables, Net
Receivables - Other
Total Inventory
Inventories - Finished Goods
10,300,295,000
-10,140,791,000
159,504,000
3,361,488,000
4,461,944,000
(1,100,456,000)
3,932,546,000
571,058,000
211,441,000
166,547,000
Inventories - Raw Materials
50,990,000
Inventories - Other
(6,096,000)
Prepaid Expenses
(6,096,000)
Other Current Assets, Total
78,720,000
Deferred Income Tax - Current Asset
--
Discountinued Operations - Current Asset
--
Other Current Assets

Total Current Assets
Property/Plant/Equipment, Total - Gross
Buildings - Gross
Land/Improvements - Gross
Machinery/Equipment - Gross
78,720,000
15,978,095,000
116,106,355,000
2,965,284,000
565,994,000
106,956,826,000
Construction in Progress - Gross
2,682,124,000
Other Property/Plant/Equipment - Gross
2,936,127,000
Property/Plant/Equipment, Total - Net

Accumulated Depreciation, Total
Goodwill, Net
Goodwill - Gross
Accumulated Goodwill Amortization
Intangibles, Net
Intangibles - Gross
Accumulated Intangible Amortization
Long Term Investments
LT Investment - Affiliate Companies
LT Investments - Other
Note Receivable - Long Term
61,168,983,000
(54,937,372,000)
0
106,348,000
(106,348,000)
3,387,128,000
8,038,847,000
(4,651,719,000)
113,990,000
-113,990,000
--
Other Long Term Assets, Total

Pension Benefits - Overfunded
Defered Income Tax - Long Term Asset
Restricted Cash - Long Term
Other Long Term Assets
Total Assets
1,410,564,000
398,000
-1,402,000
1,408,764,000
82,058,760,000
Liabilities (IDR Thousands)

Accounts Payable
Payable/Accrued
Accrued Expenses
Notes Payable/Short Term Debt
6,904,934,000
-2,741,076,000
573,669,000
Current Port. of LT Debt/Capital Leases
4,830,809,000
Other Current liabilities, Total
5,624,141,000
Dividends Payable
--
Customer Advances
2,555,313,000
Income Taxes Payable
3,052,149,000
Other Payables
Other Current Liabilities
16,679,000
--
Total Current Liabilities
20,674,629,000
Total Long Term Debt
10,595,319,000
Long Term Debt

Capital Lease Obligations
Deferred Income Tax
Deferred Income Tax - LT Liability
10,393,325,000
201,994,000
3,034,100,000
3,034,100,000
Minority Interest
9,304,762,000
Other Liabilities, Total
4,701,371,000
Pension Benefits - Underfunded

Other Long Term Liabilities
Total Liabilities
4,197,986,000
503,385,000
48,310,181,000
Shareholders Equity (IDR Thousands)

Redeemable Preferred Stock, Total
--
Preferred Stock - Non Redeemable, Net
--
Common Stock, Total

Common Stock
Additional Paid-In Capital
5,040,000,000
5,040,000,000
1,073,333,000
Retained Earnings (Accumulated Deficit)
28,915,008,000
Treasury Stock - Common
(2,176,611,000)
ESOP Debt Guarantee

Unrealized Gain (Loss)
Other Equity, Total
-11,237,000
885,612,000
Translation Adjustment
230,017,000
Other Equity
655,595,000
Total Equity
Total Liabilities & Shareholders' Equity
33,748,579,000
82,058,760,000
RATIOS
2007
Return on Asset ( % )
Return on Equity ( % )
Receivable Turn Over ( Days )
Payable Turn Over ( Days )
Inventory Turn Over ( Days )
Debt to Equity
Current Ratio
Quick Ratio
17.6826485771
1.3889482506
1.4314730407
0.7728358753
0.4982094237
t of Financial Statement
Indonesia
2008
7,156,989,000
--
2009
8,164,967,000
--
2010
9,490,282,000
--
2011
9,995,000,000
--
6,889,945,000
7,805,460,000
9,119,849,000
9,634,000,000
267,044,000
359,507,000
370,433,000
361,000,000
3,509,769,000
3,789,684,000
4,343,709,000
4,915,000,000
4,713,674,000
5,063,234,000
5,789,053,000
6,647,000,000
(1,203,905,000)
(1,273,550,000)
(1,445,344,000)
(1,732,000,000)
4,188,597,000
4,584,060,000
4,566,905,000
5,621,000,000
678,828,000
794,376,000
223,196,000
706,000,000
511,950,000
435,244,000
515,536,000
758,000,000
275,483,000
280,017,000
364,079,000
444,000,000
242,488,000
162,032,000
158,479,000
329,000,000
(6,021,000)
(6,805,000)
(7,022,000)
(15,000,000)
2,681,367,000
2,876,271,000
4,156,729,000
4,081,000,000
83,407,000
125,482,000
1,175,000
803,000,000
--
--
--
--
--
--
-791,000,000
83,407,000
125,482,000
1,175,000
12,000,000
14,622,310,000
16,186,024,000
18,730,627,000
21,258,000,000
133,233,284,000
149,135,976,000
159,544,786,000
163,687,000,000
3,182,978,000
3,505,187,000
3,804,890,000
4,067,000,000
686,081,000
782,542,000
817,184,000
842,000,000
124,635,768,000
141,757,757,000
151,937,545,000
155,088,000,000
1,692,297,000
568,573,000
580,057,000
1,203,000,000
3,036,160,000
2,521,917,000
2,405,110,000
2,487,000,000
71,066,244,000
76,419,897,000
75,832,408,000
74,897,000,000
(62,167,040,000)
(72,716,079,000)
(83,712,378,000)
(88,790,000,000)
89,496,000
85,171,000
162,530,000
163,000,000
106,544,000
106,544,000
191,780,000
192,000,000
(17,048,000)
(21,373,000)
(29,250,000)
(29,000,000)
3,098,312,000
2,343,109,000
1,621,995,000
1,626,000,000
9,405,599,000
9,892,395,000
10,686,777,000
3,584,000,000
(6,307,287,000)
(7,549,286,000)
(9,064,782,000)
(1,958,000,000)
169,253,000
-169,253,000
--
151,553,000
-151,553,000
--
253,850,000
-253,850,000
--
235,000,000
214,000,000
21,000,000
--
2,210,635,000
2,373,852,000
3,157,037,000
4,875,000,000
97,000
497,000
988,000
991,000,000
94,953,000
61,692,000
67,000,000
50,850,000
44,114,000
41,662,000
2,159,688,000
2,234,288,000
3,052,695,000
3,817,000,000
91,256,250,000
97,559,606,000
99,758,447,000
103,054,000,000
12,169,384,000
9,843,667,000
7,510,795,000
8,317,000,000
--
--
--
--
--
--
4,093,632,000
4,103,964,000
3,409,260,000
4,790,000,000
46,000,000
43,850,000
55,831,000
100,000,000
7,054,233,000
7,629,295,000
5,303,636,000
4,813,000,000
3,634,902,000
5,096,638,000
4,193,376,000
4,169,000,000
405,175,000
255,545,000
1,000,000
2,883,255,000
2,938,512,000
3,181,188,000
3,092,000,000
739,688,000
1,749,789,000
735,690,000
1,039,000,000
11,959,000
3,162,000
20,953,000
37,000,000
--
--
--
--
--
26,998,151,000
26,717,414,000
20,472,898,000
22,189,000,000
13,240,900,000
14,565,742,000
16,655,754,000
12,958,000,000
12,903,120,000
14,357,654,000
16,246,887,000
12,644,000,000
337,780,000
208,088,000
408,867,000
314,000,000
2,904,873,000
3,343,201,000
4,073,814,000
3,794,000,000
2,904,873,000
3,343,201,000
4,073,814,000
3,794,000,000
9,683,780,000
10,933,347,000
11,996,041,000
13,471,000,000
4,114,475,000
3,010,155,000
2,141,198,000
3,132,000,000
3,815,151,000
2,822,611,000
1,829,169,000
2,890,000,000
299,324,000
56,942,179,000
187,544,000
58,569,859,000
312,029,000
55,339,705,000
242,000,000
55,544,000,000
--
--
--
--
--
--
--
--
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
1,073,333,000
1,073,333,000
1,073,333,000
1,073,000,000
31,499,963,000
36,467,205,000
41,907,443,000
47,054,000,000
(4,264,073,000)
(4,264,073,000)
(4,264,073,000)
(6,323,000,000)
--
--
--
--
(19,066,000)
983,914,000
18,136,000
49,695,000
47,000,000
655,146,000
612,344,000
619,000,000
238,319,000
230,995,000
233,378,000
240,000,000
745,595,000
424,151,000
378,966,000
379,000,000
34,314,071,000
91,256,250,000
38,989,747,000
97,559,606,000
44,418,742,000
99,758,447,000
47,510,000,000
103,054,000,000
2008
2009
2010
2011
17.2916747512
1.0039690587
17.0453882171
1.4813874748
15.7996728142
2.547369353
14.6323499491
2.3959360346
1.6594410789
0.5416041269
0.2650918205
1.5021861773
0.6058230037
0.3056046891
1.2458638518
0.9148986626
0.4635534256
1.1691012418
0.9580422732
0.4504484204
2012
17,428,000,000
-13,118,000,000
2013
21,568,000,000
2014F
2015F
21,013,878,985
20,385,767,066
2,743,000,000
--
4,310,000,000
18,825,000,000
5,223,000,000
6,026,000,000
6,387,560,000
6,770,813,600
7,270,000,000
8,898,000,000
9,431,880,000
9,997,792,800
(2,047,000,000)
(2,872,000,000)
(3,044,320,000)
(3,226,979,200)
5,845,000,000
6,431,000,000
6,792,560,000
7,175,813,600
622,000,000
405,000,000
405,000,000
405,000,000
579,000,000
509,000,000
539,540,000
571,912,400
354,000,000
102,000,000
108,120,000
114,607,200
183,000,000
272,000,000
288,320,000
305,619,200
42,000,000
135,000,000
143,100,000
151,686,000
4,093,000,000
4,462,000,000
4,729,720,000
5,013,503,200
28,000,000
105,000,000
105,000,000
105,000,000
--28,000,000
-105,000,000
--
27,973,000,000
33,075,000,000
33,180,698,985
33,251,996,266
174,322,000,000
188,123,000,000
202,752,060,000
218,258,863,600
4,570,000,000
5,036,000,000
977,000,000
1,098,000,000
162,684,000,000
172,324,000,000
1,312,000,000
1,971,000,000
4,779,000,000
7,694,000,000
77,047,000,000
86,761,000,000
93,507,819,233
100,659,447,621
(97,275,000,000)
(101,362,000,000)
(109,244,240,767)
(117,599,415,979)
240,000,000
241,000,000
241,000,000
241,000,000
269,000,000
270,000,000
270,000,000
270,000,000
(29,000,000)
(29,000,000)
(29,000,000)
(29,000,000)
1,203,000,000
1,267,000,000
1,267,000,000
1,267,000,000
3,375,000,000
3,900,000,000
3,900,000,000
3,900,000,000
(2,172,000,000)
(2,633,000,000)
(2,633,000,000)
(2,633,000,000)
275,000,000
304,000,000
254,000,000
283,000,000
21,000,000
21,000,000
--
--
304,000,000
304,000,000
4,631,000,000
6,303,000,000
1,032,000,000
927,000,000
89,000,000
82,000,000
--
6,303,000,000
6,303,000,000
--
3,510,000,000
5,294,000,000
111,369,000,000
127,951,000,000
134,803,518,218
142,026,443,887
7,280,000,000
11,600,000,000
12,296,000,000
13,033,760,000
--
--
6,163,000,000
5,264,000,000
5,264,000,000
5,264,000,000
37,000,000
432,000,000
432,000,000
432,000,000
5,621,000,000
5,093,000,000
5,093,000,000
5,093,000,000
5,006,000,000
6,048,000,000
6,048,000,000
6,048,000,000
--
--
2,986,000,000
3,962,000,000
3,962,000,000
3,962,000,000
1,844,000,000
1,698,000,000
1,698,000,000
1,698,000,000
176,000,000
388,000,000
388,000,000
388,000,000
--
--
24,107,000,000
28,437,000,000
29,133,000,000
29,870,760,000
13,617,000,000
14,731,000,000
14,731,000,000
14,731,000,000
11,803,000,000
10,410,000,000
10,410,000,000
10,410,000,000
1,814,000,000
4,321,000,000
4,321,000,000
4,321,000,000
3,059,000,000
3,004,000,000
3,004,000,000
3,004,000,000
3,059,000,000
3,004,000,000
3,004,000,000
3,004,000,000
15,437,000,000
16,882,000,000
16,882,000,000
16,882,000,000
3,608,000,000
4,355,000,000
4,355,000,000
4,355,000,000
3,274,000,000
3,883,000,000
3,883,000,000
3,883,000,000
334,000,000
59,828,000,000
472,000,000
67,409,000,000
472,000,000
68,105,000,000
472,000,000
68,842,760,000
--
--
--
--
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
1,073,000,000
2,323,000,000
2,323,000,000
2,323,000,000
52,777,000,000
58,628,000,000
64,766,329,837
71,217,205,803
(8,067,000,000)
(5,805,000,000)
(5,805,000,000)
(5,805,000,000)
--
--
42,000,000
38,000,000
38,000,000
38,000,000
676,000,000
318,000,000
318,000,000
318,000,000
271,000,000
391,000,000
391,000,000
391,000,000
405,000,000
(73,000,000)
(73,000,000)
(73,000,000)
51,541,000,000
111,369,000,000
60,542,000,000
127,951,000,000
Cash Position
2012
2013
15.2598123684
2.9491758242
13.7681712579
2.0912931034
1.1607846181
1.1603683577
0.7229435434
1.1134253906
1.1630973731
0.7584485002
66,680,329,837
134,785,329,837
73,131,205,803
141,973,965,803
(18,188,381)
(52,478,085)
2014
2015
2016F
2017F
2018F
2019F
19,678,854,835
18,888,020,272
18,007,808,424
17,032,409,769
7,177,062,416
7,607,686,161
8,064,147,331
8,547,996,170
10,597,660,368
11,233,519,990
11,907,531,189
12,621,983,061
(3,420,597,952)
(3,625,833,829)
(3,843,383,859)
(4,073,986,890)
7,582,062,416
8,012,686,161
8,469,147,331
8,952,996,170
405,000,000
405,000,000
405,000,000
405,000,000
606,227,144
642,600,773
681,156,819
722,026,228
121,483,632
128,772,650
136,499,009
144,688,949
323,956,352
343,393,733
363,997,357
385,837,199
160,787,160
170,434,390
180,660,453
191,500,080
5,314,313,392
5,633,172,196
5,971,162,527
6,329,432,279
105,000,000
105,000,000
105,000,000
105,000,000
33,286,457,787
33,281,479,401
33,234,275,101
33,141,864,447
234,696,075,416
252,119,519,941
270,588,371,137
290,165,353,406
108,240,173,712
116,275,743,368
124,793,447,203
133,822,213,269
(126,455,901,704)
(135,843,776,573)
(145,794,923,934)
(156,343,140,137)
241,000,000
241,000,000
241,000,000
241,000,000
270,000,000
270,000,000
270,000,000
270,000,000
(29,000,000)
(29,000,000)
(29,000,000)
(29,000,000)
1,267,000,000
1,267,000,000
1,267,000,000
1,267,000,000
3,900,000,000
3,900,000,000
3,900,000,000
3,900,000,000
(2,633,000,000)
(2,633,000,000)
(2,633,000,000)
(2,633,000,000)
304,000,000
304,000,000
304,000,000
304,000,000
6,303,000,000
6,303,000,000
6,303,000,000
6,303,000,000
149,641,631,499
157,672,222,769
166,142,722,305
175,079,077,716
13,815,785,600
14,644,732,736
15,523,416,700
16,454,821,702
5,264,000,000
5,264,000,000
5,264,000,000
5,264,000,000
432,000,000
432,000,000
432,000,000
432,000,000
5,093,000,000
5,093,000,000
5,093,000,000
5,093,000,000
6,048,000,000
6,048,000,000
6,048,000,000
6,048,000,000
3,962,000,000
3,962,000,000
3,962,000,000
3,962,000,000
1,698,000,000
1,698,000,000
1,698,000,000
1,698,000,000
388,000,000
388,000,000
388,000,000
388,000,000
30,652,785,600
31,481,732,736
32,360,416,700
33,291,821,702
14,731,000,000
14,731,000,000
14,731,000,000
14,731,000,000
10,410,000,000
10,410,000,000
10,410,000,000
10,410,000,000
4,321,000,000
4,321,000,000
4,321,000,000
4,321,000,000
3,004,000,000
3,004,000,000
3,004,000,000
3,004,000,000
3,004,000,000
3,004,000,000
3,004,000,000
3,004,000,000
16,882,000,000
16,882,000,000
16,882,000,000
16,882,000,000
4,355,000,000
4,355,000,000
4,355,000,000
4,355,000,000
3,883,000,000
3,883,000,000
3,883,000,000
3,883,000,000
472,000,000
69,624,785,600
472,000,000
70,453,732,736
472,000,000
71,332,416,700
472,000,000
72,263,821,702
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
5,040,000,000
2,323,000,000
2,323,000,000
2,323,000,000
2,323,000,000
77,999,380,663
85,132,732,353
92,638,331,481
100,538,512,894
(5,805,000,000)
(5,805,000,000)
(5,805,000,000)
(5,805,000,000)
38,000,000
38,000,000
38,000,000
38,000,000
318,000,000
318,000,000
318,000,000
318,000,000
391,000,000
391,000,000
391,000,000
391,000,000
(73,000,000)
(73,000,000)
(73,000,000)
(73,000,000)
79,913,380,663
149,538,166,263
87,046,732,353
157,500,465,089
94,552,331,481
165,884,748,181
102,452,512,894
174,716,334,597
(103,465,236)
(171,757,680)
(257,974,124)
(362,743,119)
2016
2017
2018
2019
2020F
CAPEX (2013)
CAPEX (2012)
15,955,637,164
Capex
9,060,875,941
13,379,302,045
(4,318,426,104)
9,465,875,941
405,000,000
765,347,802
153,370,286
408,987,430
202,990,085
6,709,198,216
105,000,000
33,001,059,122
310,916,954,610
143,392,705,299
(167,524,249,311)
241,000,000
270,000,000
(29,000,000)
1,267,000,000
3,900,000,000
(2,633,000,000)
304,000,000
13,801,000,000
10,635,000,000
2014
14,629,060,000
6,303,000,000
184,508,764,421
17,442,111,004
5,264,000,000
432,000,000
5,093,000,000
6,048,000,000
3,962,000,000
1,698,000,000
388,000,000
34,279,111,004
14,731,000,000
10,410,000,000
4,321,000,000
3,004,000,000
3,004,000,000
16,882,000,000
4,355,000,000
3,883,000,000
472,000,000
73,251,111,004
5,040,000,000
5,040,000,000
2,323,000,000
108,856,951,530
(5,805,000,000)
38,000,000
318,000,000
391,000,000
(73,000,000)
110,770,951,530
184,022,062,534
(486,701,886)
2020
2015
15,506,803,600
2016
16,437,211,816
2017
17,423,444,524.96
2018
18,468,851,196.46
2019
19,576,982,268.25
2020
20,751,601,204.34
2007
Cash Flow-Operating Activities (IDR Thousands)
Cash Receipts
59,278,398,000
Cash Payments
(23,631,556,000)
Cash Taxes Paid
(6,963,766,000)
Cash Interest Paid
(1,470,328,000)
Changes in Working Capital
514,524,000
Accounts Receivable
--
Inventories
--
Prepaid Expenses
--
Payable/Accrued
--
Other Operating Cash Flow

Cash from Operating Activities
514,524,000
27,727,272,000
Cash Flow-Investing Activities (IDR Thousands)

Capital Expenditures
Purchase of Fixed Assets
Purchase/Acquisition of Intangibles
Other Investing Cash Flow Items, Total
(15,056,802,000)
(15,056,802,000)
0
(82,061,000)
Acquisition of Business
--
Sale of Business
Sale of Fixed Assets
39,105,000
Sale/Maturity of Investment
12,314,000
Purchase of Investments
Other Investing Cash Flow
Cash from Investing Activities
(98,226,000)
(35,254,000)
(15,138,863,000)
Cash Flow-Financing Activities (IDR Thousands)

Financing Cash Flow Items
Other Financing Cash Flow
Total Cash Dividends Paid
Cash Dividends Paid - Common
Issuance (Retirement) of Stock, Net
(5,917,537,000)
(5,917,537,000)
(6,047,431,000)
(6,047,431,000)
--
Sale/Issuance of Common
--
Common Stock, Net
--
Issuance (Retirement) of Debt, Net

Short Term Debt Issued
Short Term Debt Reduction
Short Term Debt, Net
Long Term Debt Issued
Long Term Debt Reduction
Long Term Debt, Net
Cash from Financing Activities
1,007,930,000
1,130,435,000
(1,233,333,000)
(102,898,000)
5,119,000,000
(4,008,172,000)
1,110,828,000
(10,957,038,000)
Foreign Exchange Effects
193,584,000
Net Change in Cash
1,824,955,000
Net Cash - Beginning Balance
8,315,836,000
Net Cash - Ending Balance

Reported Cash from Operating Activities
Depreciation
Reported Cash from Investing Activities
Reported Cash from Financing Activities
Free Cash Flow
10,140,791,000
----12,670,470,000
2008
2009
2010
2011
2012
60,276,276,000
63,746,969,000
68,582,802,000
71,105,000,000
75,903,000,000
(26,638,352,000)
(27,726,074,000)
(34,246,966,000)
(34,151,000,000)
(41,850,000,000)
(8,551,296,000)
(5,035,463,000)
(5,829,422,000)
(5,359,000,000)
(5,586,000,000)
(1,429,781,000)
(2,089,844,000)
(1,826,045,000)
(1,591,000,000)
(1,111,000,000)
659,450,000
819,986,000
1,078,394,000
549,000,000
585,000,000
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
659,450,000
24,316,297,000
819,986,000
29,715,574,000
1,078,394,000
27,758,763,000
549,000,000
30,553,000,000
585,000,000
27,941,000,000
(16,230,727,000)
(21,143,162,000)
(15,674,994,000)
(13,800,000,000)
(8,658,000,000)
(15,863,840,000)
(20,479,460,000)
(14,951,864,000)
(13,197,000,000)
(8,221,000,000)
(366,887,000)
(663,702,000)
(723,130,000)
(603,000,000)
(437,000,000)
(315,000,000)
(685,717,000)
(843,310,000)
(705,000,000)
(2,653,000,000)
(287,403,000)
--
0
--
(116,503,000)
--
0
--
(230,000,000)
--
3,598,000
12,465,000
11,702,000
56,000,000
360,000,000
32,313,000
27,395,000
30,824,000
59,000,000
53,000,000
(236,279,000)
(98,841,000)
(121,029,000)
(33,000,000)
(4,057,000,000)
172,771,000
(16,545,727,000)
(626,736,000)
(21,828,879,000)
(648,304,000)
(16,518,304,000)
(787,000,000)
(14,505,000,000)
1,221,000,000
(11,311,000,000)
(5,819,863,000)
(2,831,023,000)
(3,624,089,000)
(5,092,000,000)
(5,231,000,000)
(5,819,863,000)
(2,831,023,000)
(3,624,089,000)
(5,092,000,000)
(5,231,000,000)
(8,033,511,000)
(6,364,898,000)
(5,417,952,000)
(6,069,000,000)
(7,127,000,000)
(8,033,511,000)
(6,364,898,000)
(5,417,952,000)
(6,069,000,000)
(7,127,000,000)
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
(777,537,000)
(4,378,000,000)
(956,000,000)
2,504,938,000
2,543,257,000
54,235,000
117,673,000
163,133,000
316,000,000
590,000,000
(582,195,000)
(118,529,000)
(151,077,000)
(272,000,000)
(654,000,000)
(527,960,000)
(856,000)
12,056,000
44,000,000
(64,000,000)
8,433,000,000
9,606,558,000
8,157,069,000
3,273,000,000
4,297,000,000
(5,400,102,000)
(7,062,445,000)
(8,946,662,000)
(7,695,000,000)
(5,189,000,000)
3,032,898,000
2,544,113,000
(789,593,000)
(4,422,000,000)
(892,000,000)
(9,819,578,000)
(15,539,000,000)
(13,314,000,000)
(11,348,436,000)
(6,652,664,000)
327,020,000
(3,250,846,000)
(318,516,000)
(106,492,000)
5,000,000
168,000,000
915,515,000
1,314,389,000
514,000,000
3,484,000,000
10,140,791,000
6,889,945,000
7,805,460,000
9,120,000,000
9,634,000,000
6,889,945,000
7,805,460,000
9,119,849,000
9,634,000,000
13,118,000,000
--
--
--
--
--
--
--
--
--
--
---
---
---
---
---
8,085,570,000
8,572,412,000
12,083,769,000
16,753,000,000
19,283,000,000
2013
81,720,000,000
(37,323,000,000)
(7,395,000,000)
(1,476,000,000)
1,048,000,000
----1,048,000,000
36,574,000,000
(21,056,000,000)
(20,419,000,000)
(637,000,000)
(1,646,000,000)
(201,000,000)
926,000,000
466,000,000
202,000,000
(2,308,000,000)
(731,000,000)
(22,702,000,000)
(4,640,000,000)
(4,640,000,000)
(8,354,000,000)
(8,354,000,000)
2,368,000,000
2,368,000,000
2,368,000,000
(2,701,000,000)
813,000,000
(407,000,000)
406,000,000
2,725,000,000
(5,832,000,000)
(3,107,000,000)
(13,327,000,000)
2014
2015
2016
2017
2018
2019
1,039,000,000
1,584,000,000
13,118,000,000
14,702,000,000
----15,518,000,000
2020
1
2014F
Cash Inflow
EBIT (1-T)
Depreciation & Amortization
Cash Outflow
Capital Expenditure
Incremental Working Capital
Free Cash Flow to Firm (FCFF)
20,983,849,458
16,304,094,056
14,629,060,000
36,180,000
22,695,063,514
PVIF
PV
Total PV FCFF
Saham Outstanding
Price/Share
1.11
20,449,300,344
361,073,353,289.58
100,799,996,400
IDR
3,582.08
Harga Sekarang
Upside
IDR
2,955.00
21%
2014F
FCFE
Net Income
Depreciation
Capital Expenditure
Incremental Working Capital
(Pure Debt RepaymentNew Debt Issue)
FCFE
PVIF
PV
Total PV FCFFE
Saham Outstanding
Intrinsic Value per Share
Harga Sekarang
Upside
WACC
Rf
Ke
Kd (1-Tax)
Tax
We
20,461,099,458
16,304,094,056
14,629,060,000
36,180,000
0
22,172,313,514
0.8955517942
19,856,455,149.83
322,636,521,354.00
100,799,996,400
IDR 3,200.76
IDR
2,955.00
8%
7.50%
11.66%
7.9%
25%
82%
Wd
Beta
Market Premium
Wacc
18%
0.46
9.05%
11.0%
CAPM
Terminal Value
11.7%
4.0%
LTD
Equity
LTD + Equity
14731000000
66680329837.4388
81411329837.4388
2015F
2016F
2017F
2018F
22,025,669,884
17,571,953,755
23,129,999,535
18,915,885,036
24,300,588,965
20,340,452,194
25,541,413,761
21,850,493,382
15,506,803,600
38,350,800 24,129,170,839
16,437,211,816
40,651,848 25,649,324,603
17,423,444,525
43,090,959 27,260,687,593
18,468,851,196
45,676,416
28,968,732,363
1.23
19,590,093,125
1.37
18,763,639,788
1.52
17,969,045,574
1.68
17,205,398,934
2015F
2016F
2017F
2018F
21,502,919,884
17,571,953,755
15,506,803,600
38,350,800 -
22,607,249,535
18,915,885,036
16,437,211,816
40,651,848 -
23,777,838,965
20,340,452,194
17,423,444,525
43,090,959 -
25,018,663,761
21,850,493,382
18,468,851,196
45,676,416
0
23,606,420,839
0
25,126,574,603
0
26,737,937,593
0
28,445,982,363
0.8020130162
18,932,656,777.70
0.7182441956
18,047,016,364.62
0.6432248781
17,198,506,648.87
0.5760411937
16,386,057,635.52
14731000000
73131205802.5626
87862205802.5626
14731000000
79913380663.0327
94644380663.0327
14731000000
87046732352.5697
101777732352.57
14731000000
94552331480.9177
109283331480.918
2019F
2020F
26,856,688,045
23,451,137,040
28,250,878,786
25,147,819,319
19,576,982,268
48,417,001 30,779,259,818
20,751,601,204
51,322,021
32,698,418,922
1.87
16,471,777,917
2.07
15,767,255,718
2019F
2020F
26,333,938,045
23,451,137,040
19,576,982,268
48,417,001 -
27,728,128,786
25,147,819,319
20,751,601,204
51,322,021
0
30,256,509,818
0
32,175,668,922
0.5158747246
15,608,568,668.49
0.4619925352
14,864,918,855.98
Terminal Value
2.07
234,856,841,889
Terminal Value
201,742,341,253.00
14731000000
102452512894.405
117183512894.405
14731000000
110770951530.141
125501951530.141
1
Tahun
Deviden
PVIF
PV
Total PV
Harga Saham
Upside
Ke
2,010
322.59
4,656.36
2,955.00
57.6%
0.12
2,011
371.05
2,012
436.19
2,013 2014F
462.36
490.10
1.12
438.91
2015F
2016F
2017F
2018F
2019F
2020F
TV
519.51
550.68
583.72
618.74
655.87
695.22
4,359.05
1.25
1.39
1.55
1.74
1.94
2.16
2.16
416.65
395.52
375.46
356.42
338.35
321.19 2013.8497
Growth
Terminal Growth
6.0%
4%
s
PER
TLKM
BTEL
EXCL
ISAT
2007
15.76
2008
12.77
2009
16.31
2010
13.55
2011
12.60
2012
13.52
23.02
16.63
17.14
45.34
31.70
93.44
8.14
15.60
13.61
17.57
17.14
45.34
31.70
93.44
61.49
23.02
16.63
EV/EBITDA
TLKM
BTEL
EXCL
ISAT
2007
5.86
2008
4.56
2009
5.54
2010
4.62
2011
4.19
2012
4.46
6.42
5.12
5.60
5.41
5.52
5.57
7.01
4.77
4.73
5.91
5.16
6.31
6.42
5.12
5.60
5.41
5.52
5.57
2007
2008
2009
2010
2011
2012
6.06
3.96
0.95
3.52
2.93
3.76
2.96
0.29
0.83
1.29
1.69
0.75
3.45
1.56
1.87
3.85
2.82
3.16
6.79
3.44
5.32
4.43
2.61
3.75
2007
7.17
2008
5.04
2009
5.92
2010
4.89
2011
4.48
2012
5.22
21.98
2.32
3.89
5.56
12.66
7.88
2.03
2.57
6.43
5.13
6.20
7.24
4.67
3.53
4.12
4.03
4.00
P/B ratio
TLKM
BTEL
EXCL
ISAT
P/Cash Flow
TLKM
BTEL
EXCL
ISAT
Price/Earning Ratio
2013
14.58
100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
42.96
-
2013
5.11
4.84
2007
2008
2009
TLKM
7.20
4.84
2010
BTEL
2011
2012
2013
EXCL
ISAT
EV/EBITDA
8.00
7.00
6.00
2013
5.00
3.49
4.00
3.00
2.9
2.00
5.29
1.00
25.00
Price/Cash Flow
0.00
20.00
2007
2008
2009
TLKM
15.00
2013
5.74
2010
BTEL
2011
EXCL
2012
ISAT
10.00
6.53
5.00
3.58
0.00
2007
2008
2009
TLKM
2010
BTEL
EXCL
2011
2012
ISAT
Price to Book Ratio

8
7
6
5
4
3
2
1
0
2007
2008
2009
2010
2011
2012
2013
2013
5
4
3
2
1
0
2007
2008
2009
TLKM
2010
BTEL
EXCL
2011
ISAT
2012
2013
2012
2013
2011
2012
2013
ISAT
2011
2012
12
2013
2013
12
2013

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Forecast Income Statement PT

Labor & Related Expense

Selling/General/Admin. Expenses, Total

Other Income (Expense)

Total Operating Expense

Interest Inc.(Exp.),Net-Non-Op., Total

Gain (Loss) on Sale of Assets

Net Income Before Taxes

Provision for Income Taxes

ncome Statement PT Telkom Indonesia

Dividend Payout Ratio

Statement of Financial Statement

Inventories - Raw Materials

Other Current Assets, Total

Deferred Income Tax - Current Asset

Discountinued Operations - Current Asset

Other Current Assets

Construction in Progress - Gross

Other Property/Plant/Equipment - Gross

Property/Plant/Equipment, Total - Net

Other Long Term Assets, Total

Liabilities (IDR Thousands)

Current Port. of LT Debt/Capital Leases

Other Current liabilities, Total

Income Taxes Payable

Total Current Liabilities

Total Long Term Debt

Long Term Debt

Other Liabilities, Total

Pension Benefits - Underfunded

Shareholders Equity (IDR Thousands)

Preferred Stock - Non Redeemable, Net

Common Stock, Total

Retained Earnings (Accumulated Deficit)

Treasury Stock - Common

ESOP Debt Guarantee

Cash Taxes Paid

Cash Interest Paid

Changes in Working Capital

Other Operating Cash Flow

Cash Flow-Investing Activities (IDR Thousands)

Sale of Fixed Assets

Cash Flow-Financing Activities (IDR Thousands)

Common Stock, Net

Issuance (Retirement) of Debt, Net

Foreign Exchange Effects

Net Change in Cash

Net Cash - Beginning Balance

Net Cash - Ending Balance

Price to Book Ratio

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