Equal · Financial Report

Dayamitra Telekomunikasi (Mitratel)

MTEL/FY2021–FY2025/Educational Analysis/IDR/Data source · 2026-07-02

ROE = tax × interest × margin × turnover × leverage

	FY2021	FY2022	FY2023	FY2024	FY2025
Tax burden	0.76x	0.82x	0.86x	0.75x	0.73x
Interest burden	0.67x	0.67x	0.64x	0.68x	0.69x
Operating margin	39.7%	41.8%	42.5%	44.9%	44.2%
Asset turnoverdriver	0.12x	0.14x	0.15x	0.16x	0.16x
Leverage (equity mult.)	1.72x	1.66x	1.68x	1.74x	1.75x
= Return on Equity (consolidated)	4.1%	5.3%	5.9%	6.3%	6.4%
Return on Invested Capital (ROIC)	6.0%	5.9%	6.1%	5.9%	5.7%

Consolidated (pre-minority-interest) basis; the headline ROE in the ratio grid is owners’ basis.

Liquidity

	FY2021	FY2022	FY2023	FY2024	FY2025
Current Ratio(Current Assets / Current Liabilities)	3.29x	0.77x	0.31x	0.28x	0.41x
Quick Ratio((Current Assets − Inventory) / Current Liabilities)	3.29x	0.77x	0.31x	0.28x	0.41x
Cash Ratio(Cash / Current Liabilities)	2.95x	0.62x	0.08x	0.05x	0.08x
Working Capital(Current Assets − Current Liabilities)	Rp 15 T	-Rp 2.3 T	-Rp 7.7 T	-Rp 8.8 T	-Rp 4.4 T

Leverage & Solvency

	FY2021	FY2022	FY2023	FY2024	FY2025
Debt to Equity (DER)(Total Debt / Total Equity)	0.59x	0.52x	0.54x	0.61x	0.64x
Liabilities to Equity(Total Liabilities / Total Equity)	0.72x	0.66x	0.68x	0.74x	0.75x
Debt to Assets(Total Debt / Total Assets)	0.35x	0.31x	0.32x	0.35x	0.37x
Net Debt(Total Debt − Cash)	Rp 826 M	Rp 11 T	Rp 18 T	Rp 20 T	Rp 21 T
Interest Coverage(EBIT / Interest Expense)	2.99x	3.06x	2.74x	3.08x	3.23x
Equity Multiplier (Assets ÷ Equity)	1.72x	1.66x	1.68x	1.74x	1.75x

Profitability

	FY2021	FY2022	FY2023	FY2024	FY2025
Gross Margin(Gross Profit / Revenue)	82.8%	86.3%	87.7%	89.8%	89.3%
Operating Margin(EBIT / Revenue)	39.7%	41.8%	42.5%	44.9%	44.2%
Net Margin(Net Income / Revenue)	20.1%	23.1%	23.2%	22.6%	22.2%
EBITDA(EBIT + D&A)	Rp 4.3 T	Rp 4.9 T	Rp 5.5 T	Rp 6.2 T	Rp 6.3 T
EBITDA Margin(EBITDA / Revenue)	62.0%	63.4%	63.8%	66.6%	66.0%
Return on Assets (ROA)(Net Income / Total Assets)	2.4%	3.2%	3.5%	3.6%	3.6%
Return on Equity (ROE)(Net Income (Owners) / Equity (Owners))	4.1%	5.3%	5.9%	6.3%	6.4%
Tax Burden (Net ÷ Pretax)	0.76x	0.82x	0.86x	0.75x	0.73x
Interest Burden (Pretax ÷ EBIT)	0.67x	0.67x	0.64x	0.68x	0.69x
Return on Invested Capital (ROIC)	6.0%	5.9%	6.1%	5.9%	5.7%

Operations & Efficiency

Turnover	FY2021	FY2022	FY2023	FY2024	FY2025
Asset Turnover(Revenue / Total Assets)	0.12x	0.14x	0.15x	0.16x	0.16x
Inventory Turnover(COGS / Inventory)inventory is zero	—	—	—	—	—
Receivables Turnover(Revenue / Receivables)	6.15x	7.36x	5.31x	4.65x	4.31x
Payables Turnover(COGS / Payables)	0.93x	0.56x	0.51x	0.48x	0.74x

Conversion Period	FY2021	FY2022	FY2023	FY2024	FY2025
Days Inventory Outstanding (DIO)(365 × Inventory / COGS)	0.0 days	0.0 days	0.0 days	0.0 days	0.0 days
Days Sales Outstanding (DSO)(365 × Receivables / Revenue)	59.4 days	49.6 days	68.8 days	78.6 days	84.7 days
Days Payable Outstanding (DPO)(365 × Payables / COGS)	392.4 days	653.5 days	720.9 days	758.6 days	490.2 days
Cash Conversion Cycle (CCC)(DIO + DSO − DPO)	-333.0 days	-603.9 days	-652.1 days	-680.0 days	-405.5 days

Cash Flow

	FY2021	FY2022	FY2023	FY2024	FY2025
Free Cash Flow(Operating Cash Flow − Capex)	-Rp 7.2 T	-Rp 4.6 T	-Rp 1.2 T	Rp 3.6 T	Rp 4.5 T

Valuation

price as-of 2026-07-31fundamentals: FY2025

Price Rp 462 · market cap Rp 37 T

Multiple	MTEL	Peer median	vs median
P/E	17.66x	8.65x	+104%
P/B	1.12x	0.87x	+29%
P/S	3.93x	1.76x	+123%
EV/EBITDA	9.26x	9.19x	+1%
EV/EBIT	13.83x	12.25x	+13%
EV/Sales	6.11x	5.11x	+20%
FCF Yield	12.15%	12.97%	-6%
Dividend Yield	5.55%	4.48%(4/5)	+24%

EV = mkt cap Rp 37 T + debt Rp 21 T − cash Rp 609 M = Rp 58 T

What the price implies

At today’s price, the market is paying for 8.1%/yr FCF growth (5.0% at 12.0% to 11.0% at 16.0% discount rates). Delivered over the last 4 years: FCF n/m (sign flip) · 8.5% revenue.

Reverse DCF: single-stage FCF, terminal growth 2.5%, discount band 12.0–16.0% (β=1; build cited in Methodology). Not a forecast.

Forward DCF (glass-box)

This model projects the operating cash the whole business generates, discounts it back at the blended cost of capital, and subtracts net debt. What remains is the equity value, stated per share. Every input below comes from the company's own audited record or from cited market data, and you can adjust each one yourself.

Assumption	Value	Basis
Rf (risk-free)	7.26%	Indonesia 10Y government bond, 8 Jul 2026
ERP (Rm − Rf)	6.69%	Damodaran Indonesia, Jul 2026 (Baa2, CRP 2.46%)
β	0.68 → 0.98	Transportation (unlevered) relevered at own D/E 0.57
Cost of equity	13.80%	Rf + β × ERP
Cost of debt	6.08%	FY2025 interest expense ÷ total debt
Tax rate	23.9%	median effective rate, FY2021–FY2025 (pretax ≈ EBIT − interest)
WACC	10.45%	64% E × CoE + 36% D × Kd × (1 − t)
Revenue growth (yr 1, fading)	8.5%	delivered 4-yr revenue CAGR 8.5%, fading linearly to terminal
EBIT margin	43.8%	mean EBIT margin, last 3 FYs
D&A / revenue	21.6%	mean D&A/revenue, last 3 FYs
Capex / revenue	43.0%	mean capex/revenue, last 3 FYs, for the explicit years; in the terminal year capex falls to replacement level (equal to depreciation, 21.6% of revenue) because holding a build-phase or pause-phase ratio in perpetuity misprices the company in whichever direction that phase points
ΔNWC / Δrevenue	59.4%	median ΔNWC/Δrevenue across the seeded years (NWC = AR + inventory − AP)
Terminal growth	2.5%	BI inflation-target midpoint (2.5% ± 1%)

Growth path

year 1 → fading to terminal over 5 yrs8.5%

EBIT margin43.8%

WACC10.5%

Terminal growth2.5%

Explicit years5

Year	+1	+2	+3	+4	+5	T∞
Growth	8.5%	7.0%	5.5%	4.0%	2.5%	2.5%
Revenue	Rp 10 T	Rp 11 T	Rp 12 T	Rp 12 T	Rp 12 T	Rp 13 T
EBIT	Rp 4.5 T	Rp 4.9 T	Rp 5.1 T	Rp 5.3 T	Rp 5.5 T	Rp 5.6 T
NOPAT	Rp 3.5 T	Rp 3.7 T	Rp 3.9 T	Rp 4.1 T	Rp 4.2 T	Rp 4.3 T
+ D&A	Rp 2.2 T	Rp 2.4 T	Rp 2.5 T	Rp 2.6 T	Rp 2.7 T	Rp 2.8 T
− Capex	Rp 4.4 T	Rp 4.8 T	Rp 5.0 T	Rp 5.2 T	Rp 5.4 T	Rp 2.8 T
− ΔNWC	Rp 484 M	Rp 432 M	Rp 363 M	Rp 279 M	Rp 181 M	Rp 185 M
FCFF	Rp 763 M	Rp 902 M	Rp 1.0 T	Rp 1.2 T	Rp 1.3 T	Rp 4.1 T
PV	Rp 691 M	Rp 739 M	Rp 775 M	Rp 797 M	Rp 803 M	Rp 31 T

Check it yourself: revenue × margin = EBIT · NOPAT = EBIT × (1 − tax) · FCFF = NOPAT + D&A − Capex − ΔNWC · PV = FCFF ÷ (1+WACC)^yr · TV = FCFF(T∞) ÷ (WACC − g), discounted from year 5

EV = PV(explicit) Rp 3.8 T + PV(TV) Rp 31 T = Rp 35 T · TV 89% of EV · − net debt Rp 21 T − minority Rp 0

Model output: Rp 174/share (-62% vs price Rp 462)· exit-multiple check (9.2x): Rp 352

Under these assumptions the model lands 62% below today's price. The market, in other words, is paying for faster growth, a fatter margin, or a lower discount rate than the inputs here assume.

Sensitivity (per share, Rp)

g \ WACC	9.5%	10.5%	11.5%
2.0%	218	149	96
2.5%	251	174	115
3.0%	291	203	137

Model output under the stated assumptions. Every input above comes from the company's own audited record or from cited market data, and every one can be adjusted. This is not a price target and not advice.

Educational analysis. Multiples pair today’s price with the latest audited fiscal year (trailing-FY convention); peer figures are the covered peer sample, not the whole market. Never a price target.

Macro backdropfull backdrop + sensitivity map →

BI Rate 5.75%IDR/USD 18,05810Y government bond yield 7.26%Inflation 3.34%(as-of 2026-07-31)

BI rate ↑(M)GDP/consumption ↑(M)

Income Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	Rp 6.9 T	Rp 7.7 T	Rp 8.7 T	Rp 9.3 T	Rp 9.5 T
Cost of Goods Sold	Rp 1.2 T	Rp 1.1 T	Rp 1.1 T	Rp 951 M	Rp 1.0 T
Gross Profit	Rp 5.7 T	Rp 6.7 T	Rp 7.6 T	Rp 8.4 T	Rp 8.5 T
Operating Income (EBIT)	Rp 2.7 T	Rp 3.2 T	Rp 3.7 T	Rp 4.2 T	Rp 4.2 T
Interest Expense	Rp 913 M	Rp 1.1 T	Rp 1.3 T	Rp 1.4 T	Rp 1.3 T
Net Income	Rp 1.4 T	Rp 1.8 T	Rp 2.0 T	Rp 2.1 T	Rp 2.1 T
Net Income Attributable to Owners	Rp 1.4 T	Rp 1.8 T	Rp 2.0 T	Rp 2.1 T	Rp 2.1 T
Depreciation & Amortization	Rp 1.5 T	Rp 1.7 T	Rp 1.9 T	Rp 2.0 T	Rp 2.1 T

Balance Sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	Rp 19 T	Rp 6.3 T	Rp 890 M	Rp 597 M	Rp 609 M
Accounts Receivable	Rp 1.1 T	Rp 1.1 T	Rp 1.6 T	Rp 2.0 T	Rp 2.2 T
Inventory	Rp 0	Rp 0	Rp 0	Rp 0	Rp 0
Current Assets	Rp 21 T	Rp 7.9 T	Rp 3.5 T	Rp 3.4 T	Rp 3.1 T
Total Assets	Rp 58 T	Rp 56 T	Rp 57 T	Rp 58 T	Rp 58 T
Accounts Payable	Rp 1.3 T	Rp 1.9 T	Rp 2.1 T	Rp 2.0 T	Rp 1.4 T
Current Liabilities	Rp 6.5 T	Rp 10 T	Rp 11 T	Rp 12 T	Rp 7.5 T
Total Liabilities	Rp 24 T	Rp 22 T	Rp 23 T	Rp 25 T	Rp 25 T
Total Interest-Bearing Debt	Rp 20 T	Rp 18 T	Rp 19 T	Rp 20 T	Rp 21 T
Total Equity	Rp 34 T	Rp 34 T	Rp 34 T	Rp 33 T	Rp 33 T
Equity Attributable to Owners	Rp 34 T	Rp 34 T	Rp 34 T	Rp 33 T	Rp 33 T

Cash Flow Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	Rp 5.4 T	Rp 6.0 T	Rp 5.2 T	Rp 6.6 T	Rp 6.8 T
Capital Expenditure	Rp 13 T	Rp 11 T	Rp 6.4 T	Rp 3.0 T	Rp 2.2 T

Company Deep Analysis

Reviewed: 2026-07-02

Analyst Verdict

Dayamitra Telekomunikasi (Mitratel/MTEL), majority-owned by Telkom Indonesia (TLKM) and floated in late 2021, is Indonesia's largest tower company by both count (~40,200 towers) and market share (55%), with a growing fibre-optic network on top (~70,600 km billable). The FY21 numbers carry the heavy build-out capex of the IPO year, producing a deeply negative FCF of −Rp7.2tn; by FY25 that had swung to +Rp4.5tn as the network matured into cash-generative colocation leases, the sharpest FCF turnaround of the three listed tower companies. Its gross margin is the highest of the three and still rising (82.8%→89.3%, FY21–25), evidence of a maturing, high-tenancy portfolio (63,084 tenants, with +3,216 added in FY25 alone). But MTEL's Telkom-linked conservatism shows up in leverage: D/E of just 0.5–0.6x (against TOWR's 1.67–2.73x and TBIG's 2.4–3.0x) structurally caps ROE at 4–6%, well below its tower-sector peers despite comparable or better underlying margins, on a large asset base (~Rp58tn total assets). This is the dominant, best-margin, most conservatively financed tower company in Indonesia; its return on equity is modest by design, not because the operations are weak.

Business Model

MTEL builds and operates cell towers, leasing antenna space to mobile operators under long-term colocation contracts, plus an expanding fiber-optic backhaul/broadband business. As the Telkom Group's dedicated tower vehicle (IPO 2021), MTEL benefits from an anchor-tenant relationship with Telkomsel while also serving competing operators (XL Axiata, Indosat, Smartfren) as an independent infrastructure provider. Revenue = tenant count × lease rate (towers) + billable fiber length × rate (fiber). Majority-owned by PT Telkom Indonesia (Persero) Tbk; listed on IDX.

Segments

Tower colocation (dominant) across ~40,200 towers and 63,084 tenants: the largest portfolio in Indonesia, 55% market share. Fiber-optic network (~70,600 km billable, growing) is a smaller but expanding segment supporting broadband and enterprise connectivity, plus an emerging Fixed Wireless Access (FWA) initiative flagged for FY26. Gross margin 82.8%→89.3% (FY21–25) is the highest and most improved of the three listed tower companies.

Value Chain & Positioning

Site acquisition (often leveraging Telkom Group land/infrastructure access) → tower construction → colocation contract signing (Telkomsel as anchor, plus competing operators) → lease revenue with escalation → fiber network extension → maintenance and tenant/route additions. The Telkom Group relationship gives MTEL a structural site-access advantage at the acquisition stage that independents (TOWR, TBIG) do not have.

Competitive Forces (Porter’s 5)

Supplier powerLow

How much leverage input/funding providers have over pricing.

Tower construction inputs are commoditized; MTEL additionally benefits from preferential access to Telkom Group land and existing infrastructure for new site development.

Implication → Lower effective site-acquisition friction than independent tower companies.

Buyer powerMedium

How much leverage customers have to push prices down.

Telkomsel (Telkom Group affiliate) is MTEL's anchor tenant: a related-party relationship that is commercially favorable but raises fair-pricing governance questions; competing operators (XL, Indosat, Smartfren) have some switching leverage to TOWR/TBIG.

Implication → The anchor-tenant relationship provides revenue stability but requires continued transparent arm's-length pricing to avoid related-party governance concerns.

Threat of new entryLow

How easily new competitors can enter the market.

Replicating a ~40,200-tower, 55%-share national network is not economically viable for a new entrant; MTEL's Telkom Group backing further raises the effective entry barrier via land/infrastructure access.

Implication → A durable market-leader position; the only real competitive dynamic is share contest among the existing 3 players.

Threat of substitutesLow

Risk that alternative products/services replace demand.

No practical substitute for physical tower coverage at national scale; MTEL's expanding fiber network also diversifies it beyond pure tower-substitution risk into fixed broadband infrastructure.

Implication → The FY26 FWA (Fixed Wireless Access) push is itself a hedge: MTEL positioning to capture broadband substitution demand rather than be disrupted by it.

Competitive rivalryMedium

Intensity of competition among existing players.

Three-player market: MTEL leads on both towers (~40,200) and share (55%), ahead of TOWR (~28,000) and TBIG (~24,200).

Implication → Scale leadership gives MTEL negotiating weight on new colocation and cost efficiencies, though all three compete for the same finite telco capex pool.

Moat / Competitive Edge

Medium. MTEL's moat combines sector-wide tower economics (locked-in long-term leases, high switching cost for tenants) with a structural advantage unique to it: Telkom Group affiliation gives preferential site access and an anchor-tenant relationship with Telkomsel, Indonesia's largest mobile operator. This has translated into the largest tower count, highest market share (55%), and best gross margin trajectory (82.8%→89.3%) of the three listed players. The trade-off: conservative Telkom-linked capital discipline caps leverage (D/E 0.5–0.6x) and therefore ROE (4–6%) well below what a more aggressively geared balance sheet could produce on the same asset base.

Key Drivers & Sensitivities

FCF turnaround (Rp−7.2tn FY21 → Rp+4.5tn FY25)
The sharpest FCF swing of the three listed tower companies: FY21's deeply negative FCF reflects IPO-year build-out capex; by FY24–25 the portfolio matured into strong, growing free cash flow (+Rp3.6tn, +Rp4.5tn), the clearest evidence the growth-investment phase has paid off.
Tenant additions (+3,216 in FY25 alone, 63,084 total)
Continued colocation growth on the existing 40,200-tower base drives the rising gross margin trend; FY26 guidance targets +2,500 more organic tenants.
Low leverage capping ROE (D/E 0.5–0.6x)
ROE of 4–6% is structurally low relative to tower-sector peers purely because of conservative gearing on a ~Rp58tn asset base: this is a capital-allocation choice, not an operating weakness, but it means equity returns lag TOWR/TBIG despite better margins.
Fiber and FWA expansion (Rp2.9tn FY26 capex plan)
FY26 plans to extend billable fiber by ~9,000 km and pilot Fixed Wireless Access broadband: a diversification beyond pure tower leasing that adds growth optionality but also new execution and demand risk outside the core colocation model.

Linkages

Linked to Telkom Group strategy and capital allocation (majority owner), Indonesian mobile data demand, telco capex cycles, 4G→5G densification, spectrum/tower regulation (Komdigi), and BI interest rates. Direct competitors: TOWR (Djarum-backed) and TBIG (Provident/Saratoga-backed). Anchor-tenant relationship with Telkomsel (also Telkom Group) is both a structural advantage and a related-party governance consideration.

Recent Developments

FY21–25 (own filed figures): revenue grew from Rp6.87tn to Rp9.53tn. Gross margin rose steadily 82.8%→86.3%→87.7%→89.8%→89.3%: the best trajectory of the three listed tower companies. EBITDA margin improved 62.0%→66.0%. Net margin held a stable 20–23% band. ROE rose gradually from 4.1% to 6.4% as the business matured, still capped by conservative leverage (D/E 0.59→0.64, briefly 0.52 in FY22). The standout metric: FCF swung from −Rp7.17tn (FY21) through −Rp4.60tn, −Rp1.15tn, to +Rp3.63tn (FY24) and +Rp4.55tn (FY25); a complete turnaround as the post-IPO build-out phase matured into cash generation. Operating update: 40,230 towers (+826 in FY25), 63,084 tenants (+3,216 in FY25), 55% tower market share, ~70,618 km billable fiber; FY26 capex guidance of Rp2.9tn targets +2,500 organic tenants, +9,000 km fiber, and an FWA pilot.

Regulation

Subject to Indonesian telecommunications tower regulation under Komdigi: shared-tower obligations, construction/safety standards, and local zoning permits, plus fiber-optic network licensing for its broadband segment. As a Telkom Group (state-linked, Telkom Indonesia is majority state-owned) subsidiary, MTEL also sits within broader BUMN governance oversight. OJK capital market rules apply to its listed equity. Listed on IDX.

ESG & Sustainability

Material issues: tower siting community impact, shared-infrastructure policy compliance, and energy consumption at remote sites (diesel backup; an active efficiency/emissions focus area, reinforced by parent Telkom Group's broader sustainability commitments). Governance: majority state-linked ownership (via Telkom) brings BUMN-style oversight and disclosure standards, but the Telkomsel anchor-tenant relationship is a related-party item requiring transparent arm's-length pricing. Social: fiber and tower expansion into secondary/tertiary areas extends digital connectivity access.

Risks

Related-party concentration risk: Telkomsel anchor-tenant relationship requires sustained arm's-length, transparent pricing to avoid governance concerns
Structurally low ROE (4–6%) versus tower-sector peers may weigh on equity valuation multiples despite strong operating margins
FY26 diversification into fiber/FWA introduces new execution and demand risk outside the proven tower-colocation model
Telco consolidation or capex slowdown among the 4 major operators would reduce new colocation demand across the sector
BUMN-linked governance and strategic-priority shifts at parent Telkom Indonesia are outside MTEL's direct control

Outlook & What to Watch

The dominant tower company in Indonesia by portfolio (55% share), with an 89% gross margin second to TOWR’s 92% with the sharpest FCF turnaround of its peer set (Rp−7.2tn→Rp+4.5tn, FY21–25): the post-IPO build-out phase has clearly paid off. ROE will likely remain structurally below TOWR/TBIG given MTEL's conservative, Telkom-linked capital discipline, but this also means lower financial risk. FY26's fiber and FWA push is the key growth-diversification watch item: success would extend the growth runway beyond pure tower colocation. (Interpretation, not a forecast.)

Key KPIs

Tower Market Share: 55%: the largest of the 3 listed tower companies
Tower + Tenant Count: 40,230 towers, 63,084 tenants (+826 towers, +3,216 tenants in FY25)
FCF: Rp−7.2tn (FY21) → Rp+4.5tn (FY25): the sharpest turnaround among peers
Gross Margin: 82.8%→89.3% (FY21–25): best and most improved of the 3 listed peers
D/E: 0.5–0.6x: most conservative of the 3 listed tower companies

Sources

Curated narrative (educational interpretation), backed by the linked sources. The figures above are deterministic. Not investment advice.