New Street Research - Mitratel (IDR935) New Street: Mitratel (Buy, TP: IDR1,135, +43%) was IDR935 Upgrade forecasts, price target to IDR1,135

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New Street Research

Chris Hoare

New Street: Mitratel (Buy, TP: IDR1,135, +43%) was IDR935 Upgrade forecasts, price target to IDR1,135

We are upgrading our medium term co-location and revenue growth estimates for Mitratel. Our price target rises to IDR 1,135 from IDR 935. Recommendation remains Buy.

18/01/2022 1 EN

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Mitratel

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New Street Research

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Chris Hoare

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Mitratel (Buy, IDR 1,135, +100%) Q4 24 Quick Take: Steady margin improvement despite higher contribution from non-Towers

Trends were slower as expected as Mitratel lapped last year’s acquisition of PT Gametraco. EBITDA margins continued to improve while tenancy ratio inched higher.

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Mitratel (Buy, TP: IDR1,135, +76%) Q3 24 Quick Take: Faster

Mitratel delivered a faster topline and EBITDA trend, backed by healthy colocations and cost efficiencies again. Q4 is expected to slow as the M&A impact from its acquisition of PT Gametraco laps, but given the pace of EBITDA growth thus far (YTD +12%) and consensus at 9% for the full year, the bar is low going into Q4 (implies 2% growth).

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October 30, 2024 October 30, 2024 1 EN

New Street Research

Mitratel (Buy, TP: IDR1,135, +73%) Q2 24: YTD EBITDA tracking ahead

Mitratel reported better trends this quarter, supported by its Fiber and Tower operations (acquired 803 towers from PT Gametraco Tunggal in December 2023). EBITDA continue to rise ahead of revenue leading to improvements in margins again. Against consensus and guidance (high-single digit), 1H revenue (+7.7%) is in line while EBITDA (+10%) stays ahead.

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CMCSA: Quick thoughts following the call 1Q25

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New Street: Mitratel (Buy, TP: IDR1,135, +43%) was IDR935 Upgrade forecasts, price target to IDR1,135

Mitratel (Buy, IDR 1,135, +100%) Q4 24 Quick Take: Steady margin improvement despite higher contribution from non-Towers

Mitratel (Buy, TP: IDR1,135, +76%) Q3 24 Quick Take: Faster

Mitratel (Buy, TP: IDR1,135, +73%) Q2 24: YTD EBITDA tracking ahead

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

MasOrange (Equal Weight) Q1 25: Continued synergy delivery; FibreCo on track

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