4 models fit PT Telekomunikasi Indonesia Tbk and they disagree: 1 of 4 land within 15% of the average.
Two or more of our models back this value.
Discount(i)Bronze52
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionPT Telekomunikasi Indonesia Tbk (TLK)
Fair value (4 models)
$15.40
ACCE price target
$17.50
Rating
Undervalued
Horizon
12 months
Fair value published on 21 Oct 2026, 11:06 CEST; previously $14.68 since 18 Oct 2026, 00:00 CEST.
ACCE price target published on 26 Sept 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 11:06 CEST.
Price used: $12.13 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
21.2% below
+26.9% to fair value
ACCE score
57
out of 100
Analysts
100% buy
1 covering
P/E
11.9x
forward 10.1x
1-year return
-40.3%
Dividend yield
10.00%
PT Telekomunikasi Indonesia Tbk in four questions
Plain answers, details below
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Overview
ACCE thesis
PT Telekomunikasi Indonesia (TLK) runs Indonesia's largest fixed-line and mobile network operator, with its Telkomsel unit serving the bulk of the country's cellular subscribers, alongside data centres, fibre backbone and enterprise IT services. The structural case rests on scale in a market with low fixed-broadband penetration and a large, still-maturing mobile user base, where incumbency in infrastructure is hard to replicate. Revenue growth of 6.4% and a 58.7% gross margin point to a business still converting its network position into steady top-line expansion, with the digital and data-centre segments the main growth lever. The stock trades at 12.3x trailing and 10.3x forward earnings with a 17.7% ROE, which looks undemanding for a dominant local operator, though the reported 0.0% operating margin is a figure that needs reconciling before anyone leans on the valuation. The composite score of 56/100 and absence from major indices suggest the name is under-owned by global funds, so a deeper look should start with the segment-level margin bridge and the reconciliation of operating profit.