PT Link Net Tbk FY 2017 Earnings Slides vF

PT Link Net Tbk
FY 2017 Earnings Conference Call
March 23, 2018

Double Digit Revenue & Earnings Growth
Revenue, EBITDA , Net Profit

EBITDA
Revenue

2,200
2,000

58.4%

58.9%
60%

56.5%

50%


1,800

40%

1,600

30%

2,001
1,400
1,200

1,727

10%

1,450

0%


-10%

1,000

2015

3,399

2016

27.7%
1,000

2017

Net Profit

1,100


2,954

29.6%

25%

28.2%

20%

2,564

15%

800

1,007
700

2016


2017

10%
5%

819
2015

35%
30%

900

600

20%

0%


640

-5%

500

-10%

2015

2016

2017

2

Strong homes passed numbers, brought in under budget
Homes Passed (‘000)

CAPEX (IDR Bn)


2,000

1,826

921

2016

2017

2017

3

Continued subscriber growth, and record high ARPU driven
by strong upsell transactions
RGU (‘000)

1,200


ARPU (IDR ‘000)

Upsell transaction

98%

97%

90%

386,344

1,000

329,031

70%
800


551
503
50%

421

600
30%
400

521

570

2016

2017

200


407

10%

-10%

-

Broadband

Cable TV

Bundling Rate

2016

2017

2016


2017

Blended ARPU
4

HOOQ, FMX, Cek.firstmedia.com, and MyFirstMedia App

5

Indonesia has the lowest broadband and pay TV penetration
amongst comparable Asian emerging markets
Broadband penetration (2017)

Pay TV penetration (2017)

45.5%
7.2%

62.9%


36.8%

35.2%

11.8%
50.4%
13.7%

17.1%
30.8%
3.5%

38.3%

3.8%

21.5%

19.7%

11.0%

3.8%
4.6%
Indonesia

11.3%

27.3%

6.2%

7.1%
Philippines

51.1%

18.8%

10.9%
8.4%

45.7%

4.8%
Thailand
ADSL

Malaysia

HSBB

Vietnam

7.5%

Indonesia Philippines

4.7%
Thailand

Cable TV + IPTV

Malaysia

Vietnam

DTH + DTT

6

Link Net’s compounded annual growth rate (3 yr)
Revenue (%)

EBITDA (%)

EPS (%)

23%

17%

18%

7

Link Net Valuation’s
PE (x)

15.18

EV/EBITDA (x)

7.33

PEG

0.66

8

Our strong balance sheet allows us to accelerate growth
and pay higher dividends with our own cash flow
Net Cash (IDR bn)

Free Cash Flow (IDR bn)

766

131

635

Total Cash

Total Debt

Net Cash

577

2017

9

Link Net has delivered since its 2014 re-IPO
Penetration

Penetration
rate

27.4%

28.5%

2014 commitment

2,000

Operational

(k)

Homes
passed

2014

ARPU

>1.8m homes passed by 2016
as per 2014 commitment

1,433

ARPU
(IDRk/month)

402

2017

421
570

(k)

392

Continued subscriber growth

Subscribers
2014

2017
3,400

(IDRbn)

Double digit top-line revenue
growth

Revenue
Financial

2,136

2014
EBITDA
margin

57.6%

2017

58.9%
2,001

EBITDA

(IDRbn)

Continued profitability growth;
operational efficiencies

1,231
2014

2017

10

Thank you