EXCL: Well-Positioned to Capture Growth in the Fixed Broadband Market
01 Mar 2024EXCL’s FY23 revenue grew 11% YoY to IDR 32.32 bn, driven by digital transformation reducing costs, leading to 15% PAT growth.
Anticipating a significant spike in data traffic in March-April 2024 due to election results and Lebaran, which could potentially double EXCL’s daily average.
EXCL’s LinkNet acquisition in 2022 propels it as a key player in Indonesia’s fixed broadband.
The transition of XL Home to XL Satu, due to the use of fiber optics for wider coverage, enhances competitiveness. With convergence penetration at 75% YoY in FY23.
EXCL’s 2024 guidance targets revenue growth, maintaining an EBITDA margin of 50% and capital expenditure of Rp8 trillion.
Using Discounted Free Cash Flow method with Required Return of 9.95% and Terminal Growth of 2.5% as terminal value.