EXCL - Solid ‘24 results; Merger focus for ‘25

KBVS Update
Friday, 14 February 2025

EXCL - Solid ‘24 results; Merger focus for ‘25
(Reiterate BUY - TP: IDR2,900)

Strong ‘24 performance fueled by data growth. EXCL's FY24 revenue reached IDR34.4 tn, a 6.4% yoy increase, fueled by 7.4% growth in data revenue, supported by a 9.4% rise in data payload and a 2.3% increase in subscribers.

Withholds ‘25F guidance amid merger review; Faces competition challenges. The EXCL-FREN merger is under regulatory review, with a final decision expected by March 2025. Due to the pending merger, EXCL has not provided financial guidance for ‘25F.  The company highlighted intense competition in both MBB & FBB markets.

Reiterate BUY with TP of IDR2,900, based on 2.7x ‘25F EV/EBITDA (-1SD 7yrs-historical mean).

Regards,
Steven Gunawan - KBVS Research