Valuation November 2016: Jasa Marga (JSMR.JK)

Toll revenues is a steady stream of cash flow, Jasa Marga has many projects to be completed in 2017 and is expected to generate higher revenue for the next 5 years. But how is the stock price performing after the right issue this year? This valuation incorporated the dilution due to right issue, higher risk-free rate (8% from previously 7%), and update from the 3Q16 report. There is a small upside potential, but if JSMR loss the litigation case, the stock value is expected to decrease by Rp 200/share to Rp 4057/share, which is last Friday’s closing price.

Download the excel file containing the full valuation:

jsmr-jasamarga-update-1h16

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Published by Journeyman

A global macro analyst with over four years experience in the financial market, the author began his career as an equity analyst before transitioning to macro research focusing on Emerging Markets at a well-known independent research firm. He read voraciously, spending most of his free time following The Economist magazine and reading topics on finance and self-improvement. When off duty, he works part-time for Getty Images, taking pictures from all over the globe. To date, he has over 1200 pictures over 35 countries being sold through the company.

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