A Genuinely Comparable Year, With a Real (if Modest) Debt Uptick
FY2024 closes the cleanest full year this site has tracked for Indosat since the merger: revenue grew 9.1% to Rp55,886.9 billion, the company's own EBITDA grew 10.2% to Rp26,375 billion, and net income attributable to owners grew 9.0% to Rp4,910.8 billion - all measured against an FY2023 base that itself included a Rp1,342.5 billion one-off sale-leaseback gain, so this year's growth is genuinely comparable rather than needing the kind of adjustment FY2023's own post required. Strip both years' one-offs out entirely and adjusted operating profit grew a stronger 19.3% YoY (Rp10,837.9 billion vs. FY2023's adjusted Rp9,085.2 billion) - the underlying business kept accelerating even as the headline comparison got harder.
The year's one real inflection: total debt ticked up 0.65% to Rp14,899.4 billion from FY2023's Rp14,803.0 billion - a small move, but the first increase this site has recorded since the post-merger deleveraging trend began with Q1 2023's tower-sale-funded paydown. This continues the capex-driven cash-flow pressure 9M 2024's coverage first flagged, though free cash flow actually recovered for the full year (+37.5% YoY on this filing's own FY2023 comparative), so the picture is more nuanced than a straight capex-outrunning-cash-flow story once Q4 is included.
The Prescription
Indosat should state explicitly whether the small FY2024 debt uptick reflects a deliberate shift away from the pure-deleveraging posture of 2023, now that leverage (0.40x net debt/EBITDA) is comfortably low, or whether it's simply a byproduct of funding the AI-strategy capex flagged at June 2024's Capital Markets Day without any change in target leverage. What it should keep doing: paying a growing cash dividend (Rp2,163.8 billion in FY2024, up from Rp2,061.4 billion in FY2023) even while investing heavily - a genuinely balanced capital-allocation signal.
Key Financial Metrics
FY2024 (year ended December 31, 2024) vs FY2023, consolidated
FX: Rp16,102 = US$1 (December 31, 2024) - period-end market quote, used only to convert the USD columns.
| Metric | FY2024 (Rp) | FY2024 (US$) | FY2023 (Rp) | YoY (Rp) | YoY (US$) |
|---|---|---|---|---|---|
| Revenue | Rp55,886.9B | ~$3,471.0M | Rp51,228.8B | ✅ +9.1% | ✅ |
| EBITDA» (company-disclosed) | Rp26,375.0B | ~$1,638.3M | Rp23,938.0B | ✅ +10.2% | ✅ |
| Operating Income» (no one-off in FY2024; FY2023 incl. Rp1,342.5bn one-off) | Rp10,837.9B | ~$673.1M | Rp10,427.7B | ✅ +3.9% (reported); ✅ +19.3% (vs. FY2023 excl. one-off) | ✅ |
| Net Income (attributable to owners) | Rp4,910.8B | ~$305.0M | Rp4,506.4B | ✅ +9.0% | ✅ |
| ...of which, consolidated total (incl. non-controlling interests») | Rp5,272.4B | ~$327.5M | Rp4,775.7B | ✅ +10.4% | ✅ |
| Free Cash Flow» (operating cash flow - capex, this filing's own basis) | Rp6,423.5B | ~$399.0M | Rp4,671.0B | ✅ +37.5% | ✅ |
| Total Cash | Rp4,454.1B | ~$276.6M | Rp5,189.6B | ⚠️ -14.2% | ⚠️ |
FCF here uses this filing's own comparative capex figures (Rp12,672.6 billion FY2024 vs. Rp13,009.5 billion FY2023, including intangibles), which differ slightly in scope from the headline capex figure FY2023's own press-release-sourced post cited (Rp12,783.4 billion, excl. right-of-use assets) - both are the company's own disclosed figures, just from different documents with slightly different exclusions. Total debt rose to Rp14,899.4 billion (+0.65% YoY), the first increase since deleveraging began - still a small, single-digit-percentage move against a comfortably low leverage base.
FY2024's 9.0% profit growth is genuinely comparable against FY2023's one-off-inflated base - adjusted for both years' one-off items, operating profit actually grew a stronger 19.3%. The year's one real inflection is a small first-ever uptick in total debt, worth watching alongside the still-unquantified AI-strategy capex. See Beyond the Usual below.
Key Operational Metrics
FY2024's located source documents don't include a numeric subscriber count or blended ARPU table in text-extractable form this year - not available; unlike FY2023's info memo, which gave this site its first subscriber/ARPU figures, this year's presentation materials present the equivalent data only as image-based charts.
Segment Comparison
| Segment | Revenue FY2024 | Revenue FY2023 | YoY | Share of Revenue |
|---|---|---|---|---|
| Cellular | Rp47,036.0B | Rp43,749.9B | ✅ +7.5% | 84.2% |
| MIDI (enterprise/data/internet) | Rp7,986.5B | Rp6,472.9B | ✅ +23.4% | 14.3% |
| Fixed Telecommunications | Rp864.4B | Rp1,006.0B | ⚠️ -14.1% | 1.5% |
| Total | Rp55,886.9B | Rp51,228.8B | ✅ +9.1% | 100% |
Cellular
Grew 7.5% for the year, a step down from FY2023's 8.7% full-year pace - broadly consistent with the low-double-digit-to-high-single-digit range this segment has shown across Q1, H1, and 9M 2024.
MIDI
Grew 23.4% for the full year, decelerating from the ~29-30% pace shown through H1 and 9M 2024, implying a meaningfully slower Q4 alone - still the fastest-growing large segment for the year, but worth watching whether the deceleration continues into FY2025.
Fixed Telecommunications
Declined 14.1% for the full year, confirming the reversal 9M 2024's coverage flagged - the growth streak that ran continuously from H1 2021 through FY2023 is now clearly over, not a temporary dip.
Beyond the Usual
Total Debt Rose for the First Time Since Post-Merger Deleveraging Began
Total debt (loans, bonds, sukuk, excl. leases) grew 0.65% YoY to Rp14,899.4 billion - a small move in absolute terms, but the first increase this site has tracked since Q1 2023's tower-sale-funded paydown began a run of declines that lasted seven straight quarterly/annual periods. Net debt/EBITDA still held flat at 0.40x since EBITDA grew alongside the debt, so this isn't yet a leverage concern - but it's the inflection point worth watching into FY2025.
The Cash Dividend Grew for a Second Straight Year
Indosat paid Rp2,163.8 billion in cash dividends to shareholders during FY2024, up from Rp2,061.4 billion in FY2023 - confirming the dividend program Q1 2024's coverage first documented is a recurring, growing commitment rather than a one-time event.
The 1-for-4 Stock Split Is Now Fully Reflected in the Balance Sheet
Shares outstanding at December 31, 2024 stand at 32,250,810,957 - the full post-split count, confirming the 1-for-4 split 9M 2024's coverage flagged as a subsequent event is now completely reflected in both the share count and, from this period forward, the market price - this is the last ISAT post in this site's coverage that needs to explain the pre-split-to-post-split price-adjustment convention, since every period from here forward reports on a consistent post-split basis.
Target Valuation Range
Bottom line: roughly Rp2,060-Rp3,220 fair-value range (bear-to-bull, EV/EBITDA-based, post-split terms) against a Rp2,480 actual close - the stock traded in the lower-middle of that range, reflecting a market still cautious despite a genuinely clean, growing year.
December 31, 2024 falls after Indosat's 1-for-4 stock split (effective October 14, 2024), so no price adjustment is needed this period - a closing price of Rp2,480.00 for December 30, 2024 is used directly, on the same post-split basis as the 32,250,810,957 shares outstanding reported on the balance sheet.
| Market cap → enterprise value | FY2024 (period-end, post-split) |
|---|---|
| Share price (period-end, nominal) | Rp2,480 |
| Shares outstanding (post-split) | 32,250,810,957 |
| Market capitalization | ~Rp79,982.0B (~$4,968.4M) |
| Plus: total principal debt (loans, bonds, sukuk; excl. lease liabilities) | Rp14,899.4B |
| Less: cash and cash equivalents | Rp4,454.1B |
| Enterprise value | ~Rp90,427.3B (~$5,616.0M) |
| Peer/multiple sanity check | FY2024 | FY2023 |
|---|---|---|
| EBITDA (company-disclosed) | Rp26,375.0B | Rp23,938.0B |
| EV / EBITDA | ~3.43x | ~3.56x |
| Net debt (total debt - cash) | Rp10,445.3B | Rp9,613.4B |
| Net debt / EBITDA | ~0.40x | ~0.40x |
| P/E (reported EPS, post-split) | ~16.3x | not directly comparable (pre-split share count) |
| Scenario | Key assumption | Multiple | Implied EV | Implied nominal price |
|---|---|---|---|---|
| Current (FY2024 close) | actual market price | ~3.43x EBITDA | ~Rp90,427B | Rp2,480 |
| Bear | Debt uptick continues and capex keeps outrunning cash flow into FY2025 | ~2.8x | ~Rp73,850B | ~Rp2,061 |
| Base | Growth holds near this year's pace, leverage stays flat | ~3.5x | ~Rp92,313B | ~Rp2,449 |
| Bull | MIDI reaccelerates and AI-strategy capex begins converting into visible revenue | ~4.4x | ~Rp116,050B | ~Rp3,209 |
Net debt/EBITDA held exactly flat at ~0.40x - genuinely stable leverage even with the small absolute debt increase, since EBITDA growth kept pace. No multi-year DCF yet: FY2024 is the cleanest annual comparison this site has for Indosat, and with FY2025 quarters to follow, this would be a reasonable point to start building a standalone multi-year model - but that's better done once FY2025's full trajectory (and whether the debt uptick continues) is also in hand.
PT Indosat Tbk's audited consolidated financial statements for the year ended December 31, 2024, together with the accompanying notes, and the company's FY2024 investor presentation.