May 2026
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Largest Telecom Service Providers Public Companies in Indonesia
Benchmark revenue and EBITDA valuation multiples for public comps like
Telkom Indonesia, PT XLSmart Telecom, IndoInternet, Balitower and MNC Vision Networks.
 | PT Telkom Indonesia (Persero) Tbk is the integrated telecommunications provider in Indonesia. The company is focusing on dividing business into 3 Digital Business Domains namely, digital connectivity, digital platform, and digital services. It also provides a wide range of other communication services, including telephone network, interconnection services, multimedia, data and internet communication-related services, satellite transponder leasing, leased line, intelligent network and related services, cable television, and VoIP services. The group derives revenue from product lines: Mobile, Consumer, Enterprise, WIB and Others. | $0 | -1% | $16B | $19B | 2.2x | 4.4x | ||
| PT XLSmart Telecom Sejahtera Tbk is an integrated telecommunications entity. Its brands are Prioritas, Axis, XLSmart, Smartfren, and Others. | $0 | +20% | $3B | $6B | 2.4x | 5.8x | ||
| PT IndoInternet Tbk is an information and communication technology company. It carries out the following main businesses: Internet Service Provider (ISP), cable telecommunications, hosting and its related activities, computer consulting, management of other computer facilities, and satellite telecommunications activities. Its operating segments are Connectivity, Data Center, Cloud Services, and Other Services. Maximum revenue for the company is generated from the Data Center segment, which represents the operations of its data centers serving corporate customers across various industries, including financial services, logistics, manufacturing, internet services, and oil and gas. Geographically, it derives maximum revenue from Indonesia and also has a presence in Singapore. | $0 | +17% | $547M | $755M | 15.9x | 50.8x | ||
| PT Bali Towerindo Sentra Tbk is a provider of telecommunication tower leasing and transmission network services in Bali Province and is expanding outside Bali Province by building Microcell Poles in several cities in Indonesia. Its supporting business activity is management and human resources development consultancy services, telecommunication services, information technology services, and services for the installation of telecommunication devices. The company operates in two business segments, which include Cellular that includes tower leasing, transmission/bandwidth leasing, and operations & maintenance (O&M), covering electricity and backup power activities, and Non-cellular, which offers residential, corporate, and government Fiber-to-the-X (FTTX) products under the brand Balifiber. | $0 | -8% | $278M | $451M | 6.4x | 15.4x | ||
| PT MNC Vision Networks Tbk core business consists of DTH post-paid and prepaid Pay TV, Fixed Broadband and Fiber optic Pay TV service, Android OTT Box, OTT Platform, and Local Cable Operator, content production that serves exclusively for the group. Its segments include Satellite services, Digital IPTV and broadband services, and others. The company generates the majority of its revenue from Satellite services. | $0 | +34% | $83M | $13M | 0.1x | (2.9x) | ||
| Median | $0 | +17% | $547M | $755M | 2.4x | 5.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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