Toll road developer and operator Citra Marga Nusaphala Persada (CMNP) is currently valued at equity, and gaining only 5% since December 2016 despite consistent growth of EBITDA from Rp575 billion in 2013 to Rp886 billion last year. Jasa Marga (JSMR), for a comparison, is now valued 2.3 x equity, and gaining 32.5% since December 2016.To subscribe please click here