EXCL recorded a solid EBITDA performance with 9M24 reaching Rp13.30 trillion, equivalent to 79.68% of FY24F estimate, supported by annual growth in the data segment despite quarterly contraction.

Operational efficiency remains strong with a manageable increase in operating expenses at a low single-digit level, ensuring sustained profitability growth.

The Fixed Broadband (FBB) segment saw significant subscriber growth, surpassing 1 million after the strategic Link Net acquisition, positioning EXCL as the second-largest FBB player in Indonesia.

EXCL’s digital ecosystem, including MyXL, has achieved 55% penetration among 32.2 million users, enhancing customer loyalty and revenue generation opportunities.

We maintain BUY with a target price of IDR2,900, offering 18.80% upside potential and implying EV/EBITDA of 4.75x/4.70x for FY24F/FY25F.

By PHINTRACO SEKURITAS | Research
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