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PT Tower Bersama Infrastructure Tbk, (TBIG) Fair Value & Analysis

Communication Services · ID · Market cap 32.5T IDR

PT PT Tower Bersama Infrastructure Tbk, TBIG · JK
Price1,410 IDR
Fair Value1,389 IDR
Upside-1.5%
Quality56/100
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Expensive Growth
Highly profitable · 20.4% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (7/14)
Wide moat 69/100
Evidence: High Range 861.99 IDR – 1,737 IDR Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from 1,430 IDR to 1,389 IDR (−2.8%) since Jun 24, 2026. Share price +1.4% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (861.99 IDR to 1,737 IDR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

3,031 IDR 1,262 IDR Fair Value 1,389 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 1,262 IDR – 3,031 IDR · fair‑value band 861.99 IDR – 1,737 IDR · the 1,410 IDR price screens above the 1,389 IDR fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

PT Tower Bersama Infrastructure Tbk, (TBIG) currently trades at 1,410 IDR, while our model-based Fair Value estimate is 1,389 IDR, implying the stock looks roughly 1.5% fairly valued today. The Quality Score stands at 56/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, PT Tower Bersama Infrastructure Tbk, generated revenue of 6.9T IDR at a net margin of 20.4%. Revenue declined 0.8% year over year. It earns a return on equity of 12.1%. Net debt stands at 29.8T IDR. Fundamentals as of Jul 15, 2026

Our scenario range runs from 861.99 IDR (bear case) to 1,737 IDR (bull case); at 1,410 IDR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 52% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 32% fair-value upside, at -1%, TBIG screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 975.52 IDR 2,342 IDR 4,812 IDR 80
Residual Income 500.45 IDR 598.29 IDR 1,247 IDR 76
Rev-Margin DCF 247.37 IDR 817.14 IDR 1,557 IDR 74
All 26 models by family
DCF Models
FCF DCF 983.04 IDR 2,448 IDR 5,120 IDR 38
Owner Earnings 5.32 IDR 614.35 IDR 31
5Y Revenue Exit 247.37 IDR 815.72 IDR 1,561 IDR 39
5Y EBITDA Exit 1,324 IDR 3,039 IDR 5,203 IDR 41
5Y P/E Exit 474.48 IDR 1,285 IDR 2,199 IDR 38
10Y Revenue Exit 449.70 IDR 1,078 IDR 1,995 IDR 36
10Y EBITDA Exit 1,204 IDR 2,746 IDR 5,119 IDR 37
10Y P/E Exit 626.85 IDR 1,430 IDR 2,542 IDR 35
Earnings-Based
Graham-Dodd 429.46 IDR 2,000 IDR 2,747 IDR 54
Lynch FV 527.85 IDR 754.07 IDR 980.30 IDR 50
PEG = 1.0 527.85 IDR 754.07 IDR 980.30 IDR 46
EPV 1,017 IDR 1,323 IDR 1,595 IDR 59
Dividend Discount
Gordon GGM 225.37 IDR 492.03 IDR 827.85 IDR 70
DDM Multi-Stage 225.37 IDR 403.05 IDR 512.77 IDR 61
Multiples
P/E Multiple 1,042 IDR 1,389 IDR 1,737 IDR 63
P/S Multiple 802.82 IDR 1,070 IDR 1,338 IDR 58
P/B Multiple 805.23 IDR 1,074 IDR 1,342 IDR 55
EV/EBIT 1,595 IDR 2,365 IDR 3,135 IDR 53
EV/EBITDA 1,651 IDR 2,440 IDR 3,228 IDR 54
EV/Revenue 201.82 IDR 477.07 IDR 43
Asset-Based
NCAV (Graham) 266.88 IDR 357.62 IDR 533.76 IDR 50
Growth DCF
Growth DCF 975.52 IDR 2,342 IDR 4,812 IDR 80
Rev-Margin DCF 247.37 IDR 817.14 IDR 1,557 IDR 74
Economic Profit
Residual Income 500.45 IDR 598.29 IDR 1,247 IDR 76
ROIC Compounder 1,225 IDR 2,005 IDR 3,117 IDR 72
Growth Earnings
Growth-Adj P/E 861.99 IDR 1,231 IDR 1,601 IDR 68

Widest divergence: DCF Models (1,285 IDR) versus Asset-Based (357.62 IDR). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 6.9T IDR
Revenue growth (YoY) -0.8%
Net margin 20.4%
Return on equity 12.1%
Free cash flow 2.8T IDR FY2025
P/E ratio 23.0
More key figures
Operating margin 63.0%
EPS (TTM) 62.64 IDR
EPS growth (YoY) -5.9%
Net debt 29.8T IDR FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 51 · Market factors (momentum, volatility) 29

Profitability 38
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 10
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 87
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PT Tower Bersama Infrastructure Tbk, together with its subsidiaries, engages in central telecommunications construction, telecommunications installations, and cable-based telecommunications business. The company operates through Tower, Repeater, Building, and Fiber Optic segments.

Full company description

PT Tower Bersama Infrastructure Tbk, together with its subsidiaries, engages in central telecommunications construction, telecommunications installations, and cable-based telecommunications business. The company operates through Tower, Repeater, Building, and Fiber Optic segments. It engages in central construction of communication; wholesale trade in telecommunications equipment; services, trading, development, agriculture, industry, printing and transportation; and rental and leasing activity for mining and energy, and machines and equipment. The company is also involved in the operation of electricity power supply installations; operation of owned or leased real estate; and repair of electric motors generators, transformers, and telecommunications installations. In addition, it is involved in internet service, management consulting, construction, information and communication, employment, travel agents, and other business support, as well as wholesale trade of computer and computer supplies, communications equipment, electronic parts, and telecommunication equipment; and software trading and publishing. Further, the company offers construction of electrical network and other telecommunication, electricity installation, telecommunication installation, and electronic installation; and activities in the fields of electricity procurement, gas, steam/hot water, cold air, trade, and arts, as well as rental activities. The company was formerly known as PT Banyan Mas. PT Tower Bersama Infrastructure Tbk was founded in 2004 and is based in Jakarta Selatan, Indonesia. PT Tower Bersama Infrastructure Tbk operates as a subsidiary of Bersama Digital Infrastructure Asia Pte Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Tower Bersama Infrastructure Tbk, reported revenue of 6.9T IDR in FY2025 versus 6.2T IDR in FY2021, a compound +2.8%/yr. Reported net income was 1.4T IDR in FY2025, compounding −2.0%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.9T IDR
Latest YoY
+0.6%
Avg. growth/yr (3Y)
+1.9%
Avg. growth/yr (5Y)
+5.3%
Avg. growth/yr (18Y)
+24.1%
Revenue +2.8%/yr
FY21 6.2T IDR
FY22 6.5T IDR
FY23 6.6T IDR
FY24 6.9T IDR
FY25 6.9T IDR
Net income −2.0%/yr
FY21 1.5T IDR
FY22 1.6T IDR
FY23 1.6T IDR
FY24 1.4T IDR
FY25 1.4T IDR

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Cite: Fair Value Calculator (2026). "PT Tower Bersama Infrastructure Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/TBIG

Peer Group

Telecom Services · 252 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 56 · Above median
Fair Value upside −2% · Above median
Return on equity (TTM) 12% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 63% · Top 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 1.40× · Higher than 75% of peers

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 23.0× · Pricier than median
P/B 2.70× · Pricier than median
P/S (TTM) 4.72× · Pricier than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 8.9× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 31 · sector 30
FUTURE 0 · sector 15
PAST 48 · sector 28
HEALTH 30 · sector 89
DIVIDEND 0 · sector 72

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥89.98 ¥109.88 +22%
T-Mobile US, Inc TMUS $187.61 $172.67 -8%
Bharti Airtel Limited BHARTIARTL ₹1,922 ₹941.55 -51%
China Telecom Corporation 601728 ¥6.01 ¥8.36 +39%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 507.27 MXN +95%
Advanced Info Service Public Company ADVANC 379.00 THB 286.77 THB -24%
Chunghwa Telecom Co 2412 133.50 TWD 100.00 TWD -25%
China Unicom (Hong Kong) Limited 0762 HK$6.50 HK$13.03 +100%
Telefónica, S.A TEFN 75.67 MXN 111.01 MXN +47%

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Frequently asked questions

Is PT Tower Bersama Infrastructure Tbk, (TBIG) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 1,389 IDR versus a price of 1,410 IDR, about −1% (fairly valued).
What is the fair value of TBIG?
Our model-based fair value for PT Tower Bersama Infrastructure Tbk, is 1,389 IDR (as of Jul 15, 2026), built from audited fundamentals. The current price is 1,410 IDR.
What is the quality score of TBIG?
PT Tower Bersama Infrastructure Tbk, has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PT Tower Bersama Infrastructure Tbk, (TBIG)?
PT Tower Bersama Infrastructure Tbk, reported trailing-twelve-month revenue of about 6.9T IDR (latest available figure, as of Jul 15, 2026).
What is the net profit margin of TBIG?
The net profit margin of PT Tower Bersama Infrastructure Tbk, is about 20.4%, meaning it keeps roughly 20.4% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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