Valuation November 2016: Bank Pan Indonesia (PNBN.JK)

Non-performing Loa has been rising significantly this year, so banks have to put more provision expense. In my valuation of PNBN.JK, I projected increasing NPL level and decreasing Net Interest Margin, which reflects the current trend. It results in equity value of Rp 1240/share according to FCFE model, which is close to the book value per share at the end of 2016.

Download the excel file containing the full valuation:



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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