MTEL - Expects 11% EBITDA growth in 2023

MTEL - Expects 11% EBITDA growth in 2023 Dayamitra Telekomunikasi (MTEL) is eyeing to achieve a 11% EBITDA growth in 2023, which is supported by its continued organic and inorganic expansions, as well as fiber assets. In addition, MTEL is planning to penetrate further into supporting tower business, including backup power, active equipment sharing and far edge computing. (Source: Kontan) Comment: We are of the view that management’s target to be achievable, and fairly in-line with our ’23 EBITDA growth assumption as we expect MTEL will be able to capitalize its unique portfolio that mostly located in ex-Java. This is aligned with MNO’s strategy to put more emphasis in those areas as they are looking for higher growth. We maintain our BUY call with IDR867/share, implying 10.5x ’23 EV/EBITDA.