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Jumat, 06 Mei 2011

TOWR signs Rp2.1tr debt facility - DBS Vickers

Tower Bersama Nusantara: Buy; Rp10,700; TP Rp15,000; TOWR IJ

Protelindo, a subsidiary of independent tower operator, PT Sarana Menara Nusantara (TOWR) Tbk, secured US$250 million (Rp2.1tr) loan from several banks. The facility agreement was signed on Tuesday (May 3) between Protelindo and DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank and The Royal Bank of Scotland NV, Hong Kong branch. Protelindo also signed the facility with other financial institutions called original lenders, and The Royal Bank of Scotland Plc as facility agent, plus Bank Central Asia as common security agent.

Access to funding is a key advantage in the business. Tower needs capital for acquiring and building towers, and access to adequate funding is a key advantage. TOWR had net debt of Rp4.5tr at the end of 2010, translating to FY10 net debt to EBITDA of 4.0x. TOWR is the cheapest independent tower operator in Indonesia . TOWR trades at 11.5x FY11F EV/EBITDA while offering over 20% FY10-12F EBITDA CAGR. This is at 30% discount to US peers who offer only 10% EBITDA CAGR. We see over 35% upside potential to our TP of Rp 15,000.
Posted by Saham Pilihan at 13.29

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