Nama Perusahaan TOTL Total Bangun Persada Tbk

Jumlah Saham(lembar) 3410000000

Nilai Kapitalisasi(Milyar) Rp 2,319
*Dalam Jutaan Rupiah (Kecuali Dinyatakan Lain)
KURS 1 US Dollar = Rp 9,419 Rp 10,950 Rp 9,400
2007 2008 2009
Neraca
Kas dan Setara Kas Rp 131,356 Rp 289,621 Rp 433,958
Jumlah Aset Lancar Rp 1,102,947 Rp 1,147,300 Rp 1,118,028
Jumlah Aset Tidak Lancar Rp 202,992 Rp 190,331 Rp 171,521
Total Aset Rp 1,305,939 Rp 1,337,631 Rp 1,289,549
Utang Bank/Pinjaman jangka pendek Rp - Rp - Rp -
Jumlah Liabilitas Lancar Rp 786,719 Rp 825,535 Rp 726,276
Jumlah Liabilitas Tidak Lancar Rp 67,565 Rp 66,917 Rp 71,293
Total Liabilitas Rp 854,284 Rp 892,452 Rp 797,570
Kepentingan Non Pengendali Rp - Rp - Rp 147
Jumlah Ekuitas Rp 451,655 Rp 445,178 Rp 491,832
Liabilitas + Ekuitas Rp 1,305,939 Rp 1,337,631 Rp 1,289,549

Laba Rugi
Total Pendapatan(Sales) Rp 1,321,607 Rp 1,893,461 Rp 1,730,573
Laba/rugi Proyek JV/KSO Rp 22,614 Rp 17,066 Rp 4,504
Beban Pokok Penjualan(COGS) Rp 1,241,640 Rp 1,792,118 Rp 1,564,623
Laba Kotor(Gross Profit) Rp 102,581 Rp 118,409 Rp 170,454
Jumlah Beban Usaha Rp 56,426 Rp 59,352 Rp 78,380
Laba Usaha(Operating Income) Rp 46,155 Rp 59,057 Rp 92,074
Laba Bersih(Net Income) Rp 53,613 Rp 17,383 Rp 52,030
Laba Bersih per Saham(EPS) Rp 15.7 Rp 5.1 Rp 15.3
EPS non adjusted 19.5 6.34 19.15

Key Statistics
Harga Saham Penutupan Tahunan Rp 590 Rp 89 Rp 186
Dividen per Share(DPS) Rp 7.50 Rp 2.00 Rp 7.50
Dividen Payout Ratio(DPR) 38.46% 31.55% 39.16%
Price Earning Ratio(PER) 30.26 14.04 9.71
EV/EBIT 40.74 0.23 2.18
Rasio Laba Bersih terhadap Ekuitas(ROE) 11.87% 3.90% 10.58%
Rasio Laba Bersih terhadap Aset(ROA) 4.11% 1.30% 4.03%
Rasio Total Hutang terhadap Total Aset(DAR) 5.17% 5.00% 5.53%
Rasio Utang terhadap Ekuitas(DER) 189.15% 200.47% 162.16%
Rasio Utang berbunga terhadap Ekuitas 0.00% 0.00% 0.00%
Cash Ratio 16.70% 35.08% 59.75%
Current Ratio 140.20% 138.98% 153.94%
Gross Profit Margin(GPM) 7.76% 6.25% 9.85%
Operating Profit Margi(OPM) 3.49% 3.12% 5.32%
Net Profit Margin(NPM) 4.06% 0.92% 3.01%
EPS Growth -67.58% 199.31%

Rata-Rata Pertumbuhan(2007-2016) Growth C.A.G.R.

Liabilitas 235% 9.96%
Ekuitas 205% 8.29%
Aset 226% 9.48%
Laba bersih(EPS) 416% 17.16%
Harga per saham 130% 2.93%
Rp 9,000 Rp 9,100 Rp 9,650 Rp 12,185 Rp 12,480 Rp 13,195
2010 2011 2012 2013 2014 2015

Rp 488,214 Rp 661,096 Rp 697,686 Rp 548,424 Rp 578,718 Rp 732,980

Rp 1,365,428 Rp 1,605,217 Rp 1,784,022 Rp 1,936,126 Rp 2,022,837 Rp 2,236,105
Rp 223,922 Rp 292,202 Rp 280,047 Rp 290,292 Rp 460,910 Rp 610,048
Rp 1,589,350 Rp 1,897,420 Rp 2,064,069 Rp 2,226,418 Rp 2,483,746 Rp 2,846,153
Rp - Rp - Rp 1,557 Rp 21,841 Rp - Rp 15,956
Rp 907,073 Rp 1,143,440 Rp 1,235,301 Rp 1,225,647 Rp 1,557,920 Rp 1,777,040
Rp 82,048 Rp 80,260 Rp 122,931 Rp 181,781 Rp 126,592 Rp 202,798
Rp 989,121 Rp 1,223,700 Rp 1,358,232 Rp 1,407,428 Rp 1,684,512 Rp 1,979,838
Rp 41,809 Rp 40,486 Rp 46,983 Rp 65,860 Rp 1,781 Rp 17,684
Rp 558,420 Rp 633,234 Rp 658,854 Rp 753,130 Rp 797,453 Rp 848,631
Rp 1,589,350 Rp 1,897,420 Rp 2,064,069 Rp 2,226,418 Rp 2,483,746 Rp 2,846,153

Rp 1,541,101 Rp 1,569,453 Rp 1,833,934 Rp 2,287,323 Rp 2,106,349 Rp 2,266,168

Rp 350 Rp 8,742 Rp 758 Rp 8,530 Rp 22,519 Rp 62,307
Rp 1,345,290 Rp 1,325,209 Rp 1,485,386 Rp 1,855,329 Rp 1,798,723 Rp 1,923,848
Rp 196,161 Rp 252,987 Rp 349,307 Rp 440,524 Rp 330,145 Rp 404,627
Rp 94,897 Rp 114,396 Rp 160,943 Rp 184,308 Rp 153,400 Rp 176,123
Rp 101,264 Rp 138,590 Rp 188,363 Rp 256,216 Rp 176,745 Rp 228,504
Rp 80,772 Rp 124,837 Rp 175,661 Rp 194,291 Rp 163,673 Rp 191,399
Rp 23.7 Rp 36.6 Rp 51.5 Rp 57.0 Rp 48.0 Rp 56.1
25.37

Rp 250 Rp 285 Rp 890 Rp 550 Rp 1,120 Rp 615

Rp 14.67 Rp 44.00 Rp 29.33 Rp 35.00 Rp 30.00 Rp 40.00
57.82% 120.19% 56.94% 61.43% 62.50% 71.26%
9.85 7.78 17.28 9.65 23.33 10.96
3.60 2.24 12.42 5.26 18.33 6.04
14.46% 19.71% 26.66% 25.80% 20.52% 22.55%
5.08% 6.58% 8.51% 8.73% 6.59% 6.72%
5.16% 4.23% 5.96% 8.16% 5.10% 7.13%
177.13% 193.25% 206.15% 186.88% 211.24% 233.30%
0.00% 0.00% 0.24% 2.90% 0.00% 1.88%
53.82% 57.82% 56.48% 44.75% 37.15% 41.25%
150.53% 140.38% 144.42% 157.97% 129.84% 125.83%
12.73% 16.12% 19.05% 19.26% 15.67% 17.86%
6.57% 8.83% 10.27% 11.20% 8.39% 10.08%
5.24% 7.95% 9.58% 8.49% 7.77% 8.45%
 55.24% 54.55% 40.71% 10.61% -15.76% 16.94%

AVERAGE RATIO* Real Time Ratio* Proyeksi Dividen

PER AVG = 15.33 PER = 9.09 EPS = Rp 74.78
EPS GROWTH 17% PEG = 0.63 Jumlah = Rp 50.49
AVG = PBV = 2.58 Harga Saham = Rp 680
DPR AVG = 67.52% BVPS = Rp 263.72 Yield = 7.43%
PEG = 0.89 EV/EBIT = 7.0
*Last 3 years - 2016 *per 14 Oktober 2017

40
60
40
Rp 13,490 Rp 13,285
2016 2017
2 *disetahunkan berdasarkan LK Q2
Rp 655,988 Rp 423,283
Rp 2,284,941 Rp 2,333,139
Rp 665,618 Rp 640,785
Rp 2,950,560 Rp 2,973,924
Rp 8,632 Rp 9,221
Rp 1,784,172 Rp 1,837,380
Rp 223,777 Rp 227,152
Rp 2,007,950 Rp 2,064,532
Rp 17,378 Rp 10,112
Rp 925,232 Rp 899,279
Rp 2,950,560 Rp 2,973,924

Rp 2,379,016 Rp 2,814,791
Rp 60,221 Rp 14,966
Rp 1,958,868 Rp 2,343,022
Rp 480,369 Rp 486,736
Rp 196,650 Rp 213,585
Rp 283,720 Rp 273,151
Rp 223,017 Rp 254,994
Rp 65.4 Rp 74.8

Rp 765 Rp 680
Rp 45.00 Rp -
68.81% 0.00%
11.70 9.09
6.91 6.97
24.10% 28.36% 23.93%
7.56% 8.57% 7.62%
7.58% 7.64%
217.02% 229.58%
0.93% 1.03%
36.77% 23.04%
128.07% 126.98%
20.19% 17.29%
11.93% 9.70%
9.37% 9.06%
16.52% 14.34%
Nama Perusahaan TOTL Total Bangun Persada Tbk
Dalam Jutaan Rupiah
KURS 1 US Dollar = Rp 9,419 Rp 10,950 Rp 9,400 Rp 9,000
2007 2008 2009 2010
Arus Kas dari :
Operasi Rp 22,923.76 Rp 156,236.40 Rp 195,612.50 Rp 199,297.63
Investasi -Rp 68,015.67 Rp 25,797.88 -Rp 45,811.17 -Rp 89,208.75
Pendanaan -Rp 41,250.00 -Rp 23,859.38 -Rp 5,376.88 -Rp 55,984.03
CAPEX Rp 10,052.05 Rp 12,233.53 Rp 3,885.86 Rp 11,777.97
Pembayaran Dividen Rp 41,250.00 Rp 20,623.13 Rp 5,432.94 Rp 20,625.00
Kas Akhir Tahun Rp 131,355.85 Rp 289,621.39 Rp 433,957.84 Rp 488,213.58
Free Cash Flow Rp 12,871.72 Rp 144,002.87 Rp 191,726.64 Rp 187,519.66

Cash Flow
Rp400,000.00

Rp300,000.00

Rp200,000.00

Rp100,000.00

Rp-
2007 2008 2009 2010 2011 2012 2013 2014 2015 20

-Rp100,000.00

-Rp200,000.00
Opera si Investa si Pendana an
 Cash Flow
Rp 9,100 Rp 9,650 Rp 12,185 Rp 12,480 Rp 13,195
2011 2012 2013 2014 2015

Rp 274,964.60 Rp 201,506.37 -Rp 113,475.90 Rp 210,178.39 Rp 306,248.36

-Rp 47,444.99 -Rp 37,750.83 -Rp 24,758.28 -Rp 4,670.53 -Rp 119,191.74
-Rp 54,852.38 -Rp 136,119.97 -Rp 1,018.37 -Rp 158,787.33 -Rp 43,444.00
Rp 34,021.60 Rp 30,539.29 Rp 11,953.29 Rp 5,855.09 Rp 122,112.75
Rp 50,024.70 Rp 150,040.00 Rp 100,015.30 Rp 119,350.00 Rp 102,300.00
Rp 661,096.15 Rp 697,685.56 Rp 548,424.40 Rp 578,717.50 Rp 732,979.86
Rp 240,943.00 Rp 170,967.08 -Rp 125,429.19 Rp 204,323.30 Rp 184,135.61

Free Cash Flow

Rp300,000.00

Rp250,000.00

Rp200,000.00

Rp150,000.00

Rp100,000.00

Rp50,000.00
2014 2015 2016
Rp-
2007 2008 2009 2010 2011 2012 2013 2

-Rp50,000.00

-Rp100,000.00

-Rp150,000.00
 Rp 13,490 Rp 13,285
2016 2017
(sampai Juni)
Rp 208,744.89 -Rp 78,152.16
-Rp 143,104.67 Rp 1,280.13
-Rp 149,039.80 Rp 156,916.32
Rp 28,253.60 Rp 7,461.65
Rp 136,400.00 Rp 153,450.00
Rp 655,987.50 Rp 423,282.70
Rp 180,491.29 -Rp 85,613.80

ash Flow

11 2012 2013 2014 2015 2016 2017

Nama Perusahaan TOTL Total Bangun Persada Tbk
Ba
2007 2008 2009
Jumlah Aset Rp 1,305,939 Rp 1,337,631 Rp 1,289,549
Jumlah Liabilitas Rp 854,284 Rp 892,452 Rp 797,570
Jumlah Ekuitas Rp 451,655 Rp 445,178 Rp 491,832

Balance Sheet
Rp3,500,000

Rp3,000,000

Rp2,500,000

Rp2,000,000

Rp1,500,000

Rp1,000,000

Rp500,000

Rp-
2007 2008 2009 2010 2011 2012 2013

Jumla h As et Jumla h Lia bi l i tas Juml a h Ekuita s

Rasi
2007 2008 2009
ROE 11.87% 3.90% 10.58%
ROA 4.11% 1.30% 4.03%

Rasio Profitabilitas
30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
2007 2008 2009 2010 2011 2012 2013 2014
 10.00%

5.00%

0.00%
2007 2008 2009 2010 2011 2012 2013 2014

ROE ROA

Rasio
2007 2008 2009
Gross Profit Margin(GPM) 7.76% 6.25% 9.85%
Operating Profit Margi(OPM) 3.49% 3.12% 5.32%
Net Profit Margin(NPM) 4.06% 0.92% 3.01%
Earnings Rp 53,613 Rp 17,383 Rp 52,030

25.00%
Rasio Profitibilitas 2

20.00%

15.00%

10.00%

5.00%

0.00%
2007 2008 2009 2010 2011 2012 2013 2014 201

Ea rnings Gros s Profit Margi n(GPM) Operating Profit Ma rgi (OPM) Net Profit Margi

Ras
2007 2008 2009
Rasio Total Hutang terhadap Total Aset(DAR) 5.17% 5.00% 5.53%
Rasio Utang terhadap Ekuitas(DER) 189.15% 200.47% 162.16%
Rasio Utang berbunga terhadap Ekuitas 0.00% 0.00% 0.00%

Rasio Solvabilitas
250.00%

200.00%

150.00%

100.00%
 200.00%

150.00%

100.00%

50.00%

0.00%
2007 2008 2009 2010 2011 2012 2013 2014

Ras i o Total Hutang terha da p Tota l As et(DAR) Ras i o Utang terha da p Ekui ta s(DER) Ras i o Utang b

Ra
2007 2008 2009
Cash Ratio 16.70% 35.08% 59.75%
Current Ratio 140.20% 138.98% 153.94%

Rasio Likuiditas
180.00%

160.00%

140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
2007 2008 2009 2010 2011 2012 2013 2014
Cas h Ratio Current Ratio

Div
2007 2008 2009
EPS non adjusted Rp 15.72 Rp 5.10 Rp 15.26
Dividen per Share(DPS) Rp 7.5 Rp 2.0 Rp 7.5
Dividen Payout Ratio(DPR) 38.46% 31.55% 39.16%

Dividen History
Rp70.00

Rp60.00

Rp50.00
 Dividen History
Rp70.00

Rp60.00

Rp50.00

Rp40.00

Rp30.00

Rp20.00

Rp10.00

Rp-
2007 2008 2009 2010 2011 2012 2013 2014 2015
EPS non adjusted Di vi den per Sha re(DPS) Di vi den Payout Ratio(DPR)
 Balance Sheet
2010 2011 2012 2013 2014
Rp 1,589,350 Rp 1,897,420 Rp 2,064,069 Rp 2,226,418 Rp 2,483,746
Rp 989,121 Rp 1,223,700 Rp 1,358,232 Rp 1,407,428 Rp 1,684,512
Rp 558,420 Rp 633,234 Rp 658,854 Rp 753,130 Rp 797,453

ce Sheet

2012 2013 2014 2015 2016 2017

Lia bi l i tas Juml a h Ekuita s

Rasio Profitabilitas
2010 2011 2012 2013 2014
14.46% 19.71% 26.66% 25.80% 20.52%
5.08% 6.58% 8.51% 8.73% 6.59%

tas

2013 2014 2015 2016 2017

 2013 2014 2015 2016 2017

Rasio Profitibilitas 2
2010 2011 2012 2013 2014
12.73% 16.12% 19.05% 19.26% 15.67%
6.57% 8.83% 10.27% 11.20% 8.39%
5.24% 7.95% 9.58% 8.49% 7.77%
Rp 80,772 Rp 124,837 Rp 175,661 Rp 194,291 Rp 163,673

Rp300,000

Rp250,000

Rp200,000

Rp150,000

Rp100,000

Rp50,000

Rp-
2013 2014 2015 2016 2017

Ma rgi(OPM) Net Profit Ma rgi n(NPM)

Rasio Solvabilitas
2010 2011 2012 2013 2014
5.16% 4.23% 5.96% 8.16% 5.10%
177.13% 193.25% 206.15% 186.88% 211.24%
0.00% 0.00% 0.24% 2.90% 0.00%

as
 2013 2014 2015 2016 2017

Ekui ta s(DER) Ras i o Utang berbunga terhadap Ekui ta s

Rasio Likuiditas
2010 2011 2012 2013 2014
53.82% 57.82% 56.48% 44.75% 37.15%
150.53% 140.38% 144.42% 157.97% 129.84%

2013 2014 2015 2016 2017

rent Ratio

Dividen History
2010 2011 2012 2013 2014
Rp 23.69 Rp 36.61 Rp 51.51 Rp 56.98 Rp 48.00
Rp 14.7 Rp 44.0 Rp 29.3 Rp 35.0 Rp 30.0
57.82% 120.19% 56.94% 61.43% 62.50%

140.00%

120.00%

100.00%
 140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
013 2014 2015 2016
Di vi den Payout Ratio(DPR)
 2015 2016 2017 *disetahunkan berdasarkan LK Q1
Rp 2,846,153 Rp 2,950,560 Rp 2,973,924
Rp 1,979,838 Rp 2,007,950 Rp 2,064,532
Rp 848,631 Rp 925,232 Rp 899,279

2015 2016 2017

22.55% 24.10% 28.36% 23.93%
6.72% 7.56% 8.57% 7.62%
 2015 2016 2017
17.86% 20.19% 17.29% 18.41%
10.08% 11.93% 9.70% 10.37%
8.45% 9.37% 9.06% 8.73%
Rp 191,399 Rp 223,017 Rp 254,994

2015 2016 2017

7.13% 7.58% 7.64%
233.30% 217.02% 229.58%
1.88% 0.93% 1.03%
 2015 2016 2017
41.25% 36.77% 23.04%
125.83% 128.07% 126.98%

2015 2016 2017

Rp 56.13 Rp 65.40
Rp 40.0 Rp 45.0 Rp -
71.26% 68.81% 0
 Harga Saham vs EPS(adjuste
2007 2008 2009 2010
Harga saham Rp 590 Rp 89 Rp 186 Rp 250
EPS(Adjusted) Rp 148,087 Rp 55,820 Rp 143,427 Rp 213,182
Ekuitas Rp 451,655 Rp 445,178 Rp 491,832 Rp 558,420
Book Value Per Share Rp 132 Rp 131 Rp 144 Rp 164
Saham beredar 3410000000 3410000000 3410000000 3410000000

EPS VS Harga Saham

Rp1,200,000 Rp1,200

Rp1,000,000 Rp1,000

Rp800,000 Rp800

Rp600,000 Rp600

Rp400,000 Rp400

Rp200,000 Rp200

Rp- Rp-
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Harga s a ha m EPS(Adjusted)
s EPS(adjusted) vs Book Value Per Share
2011 2012 2013 2014 2015
Rp 285 Rp 890 Rp 550 Rp 1,120 Rp 615
Rp 333,144 Rp 497,107 Rp 694,263 Rp 599,015 Rp 740,617
Rp 633,234 Rp 658,854 Rp 753,130 Rp 797,453 Rp 848,631
Rp 186 Rp 193 Rp 221 Rp 234 Rp 249
3410000000 3410000000 3410000000 3410000000 3410000000

Harga Saham VS Book Value

Rp1,200 Rp1,200

Rp1,000 Rp1,000

Rp800 Rp800

Rp600 Rp600

Rp400 Rp400

Rp200 Rp200

Rp- Rp-
6 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2
Ha rga s aham Book Val ue Per Share
 2016 2017
Rp 765 Rp 680
Rp 882,259 Rp 993,430
Rp 925,232 Rp 899,279
Rp 271 Rp 264
3410000000 3410000000

Value

3 2014 2015 2016 2017

Per Share
Discounted Cash Flow Valuation TOTL Total Bangun Persada Tbk

Market Assumptions
Riskfree Rate 5.0%
Market Risk Premium 3.3% Cal. Year Year
2016 0
Equity Assumptions 2017 1
Beta 2.21 2018 2
Cost of Equity 12.3% 2019 3
MV of Equity est.(Billions Rp) Rp 2,319 2020 4
2021 5
Debt Assumptions 2022 6
Pre-Tax Cost of Debt 5.00%
Effective Tax Rate 25%
After-Tax Cost of Debt 3.750%
MV of Debt est(Billions Rp) Rp -

Firm Assumptions
Firm Value est Rp 2,319
Debt-to-MV Ratio 0%
WACC 12.3%
Initial Cash Flow (Billions Rp) Rp 189,650
Long-Term(Terminal) Growth Rate 3%

Historical FCF (Million Rp)

2007 Rp 12,872
2008 Rp 144,003
2009 Rp 191,727
2010 Rp 187,520
2011 Rp 240,943
2012 Rp 170,967
2013 -Rp 125,429
2014 Rp 204,323
2015 Rp 184,136
2016 Rp 180,491

Average Rp 189,650

KURS Rp 13,350
otal Bangun Persada Tbk

Valuation Model

Gr. Rate FCF Term. Value Total

0% Rp 189,650.1 Rp 189,650
0% Rp 189,650.1 Rp 189,650 Rp 168,889
0% Rp 189,650.1 Rp 189,650 Rp 150,400
0% Rp 189,650.1 Rp 189,650 Rp 133,935
0% Rp 189,650.1 Rp 189,650 Rp 119,273
0% Rp 189,650.1 Rp 189,650 Rp 106,216
3.0% Rp 189,650.1 Rp 2,102,008 Rp 2,291,658 Rp 1,142,967

Firm Value Rp 1,821,680

Debt Value Rp -
Equity Value Rp 1,821,680
Shares Outstanding 3410000000

Intrinsic Value/Share Rp 534

Market Price/Share Rp 680