In today’s briefing:
- ELSA IJ – What If Elnusa Does Not Need an Upstream Recovery?
ELSA IJ – What If Elnusa Does Not Need an Upstream Recovery?
- D&L is ELSA’s established earnings engine, contributing the largest share of Group profit in every primary-verified year from FY2022–FY2025, including 62.2% in FY2025, despite meaningful volatility in the other segments.
- 1H2026 confirms acceleration: D&L revenue grew 26.6%, operating profit 50.2%, and segment net profit 54.4%, with half of operating-profit growth driven by revenue/volume and half by margin expansion in tandem.
- Our Base Case requires no Upstream recovery and values ELSA at Rp934/share, implying 28.8% upside from Rp725 on a modest 7.5x P/E multiple, without credit for seismic conversion or recovery.
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