Record Detail

The Indonesian toll road is not new. It started in 1978 with launched the Jagorawi Tol road
continued by several toll sections in the following years. Engaged in the field of toll road
operations with more than 40 years of experience. Jasa marga as the State Owned
Company has 33 toll road concessions with a total road length of 1,527 km. 70% of Jasa
Marga shares are owned by the Government of Indonesia and 30% owned by Public. The
industry faced common issues as elsewhere, including inefficiency, high level risks due to
highly leverage of liabilities and investment environment. By far, the company has
successfully managed almost 33 toll sections, which spread in all Indonesian provinces.
Some emerging cities around Indonesia have forced the company to serve a higher
demand for toll roads. This study aims to see the valuation of PT Jasa marga using the
DCF and Multiple valuation methods. This study found that the valuation of PT Jasa
Marga in June 2, 2020 was IDR 6,300 per share, while Jasa Marga's share price on that
day was IDR 3,820. thus, Jasa Marga's share price is considered cheap, and worthy of
taking.