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
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