PT Bank Rakyat Indonesia (Persero) Tbk

DB:BYRA Stock Report

Market Cap: €39.9b

Bank Rakyat Indonesia (Persero) Valuation

Is BYRA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BYRA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BYRA (€0.27) is trading below our estimate of fair value (€0.38)

Significantly Below Fair Value: BYRA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BYRA?

Key metric: As BYRA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BYRA. This is calculated by dividing BYRA's market cap by their current earnings.
What is BYRA's PE Ratio?
PE Ratio10.8x
EarningsRp61.17t
Market CapRp662.86t

Price to Earnings Ratio vs Peers

How does BYRA's PE Ratio compare to its peers?

The above table shows the PE ratio for BYRA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.3x
CBK Commerzbank
8.1x8.8%€17.3b
PCZ ProCredit Holding
4.4x9.9%€471.2m
MBK Merkur PrivatBank KgaA
10x8.6%€107.3m
ACA Crédit Agricole
6.5x3.7%€39.3b
BYRA Bank Rakyat Indonesia (Persero)
10.8x9.2%€662.9t

Price-To-Earnings vs Peers: BYRA is expensive based on its Price-To-Earnings Ratio (10.8x) compared to the peer average (7.3x).

Price to Earnings Ratio vs Industry

How does BYRA's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BYRA 10.8xIndustry Avg. 7.4xNo. of Companies47PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BYRA is expensive based on its Price-To-Earnings Ratio (10.8x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is BYRA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BYRA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.8x
Fair PE Ratio14.1x

Price-To-Earnings vs Fair Ratio: BYRA is good value based on its Price-To-Earnings Ratio (10.8x) compared to the estimated Fair Price-To-Earnings Ratio (14.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BYRA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.27
€0.34
+25.8%
8.5%€0.41€0.27n/a21
Nov ’25€0.28
€0.34
+21.3%
8.7%€0.40€0.26n/a21
Oct ’25€0.31
€0.35
+15.1%
10.3%€0.40€0.24n/a21
Sep ’25€0.28
€0.34
+22.2%
10.5%€0.40€0.23n/a21
Aug ’25€0.28
€0.33
+16.8%
10.3%€0.38€0.23n/a21
Jul ’25€0.28
€0.35
+25.0%
11.1%€0.41€0.25n/a22
Jun ’25€0.27
€0.36
+32.8%
8.5%€0.41€0.30n/a23
May ’25€0.28
€0.36
+29.5%
9.2%€0.41€0.30n/a24
Apr ’25€0.35
€0.39
+12.3%
6.7%€0.44€0.34n/a24
Mar ’25€0.36
€0.39
+7.3%
5.7%€0.42€0.34n/a24
Feb ’25€0.35
€0.38
+9.3%
7.0%€0.42€0.30n/a24
Jan ’25€0.34
€0.37
+10.8%
6.4%€0.42€0.31n/a23
Dec ’24n/a
€0.37
0%
6.0%€0.42€0.31n/a23
Nov ’24€0.28
€0.37
+33.9%
6.2%€0.42€0.31€0.2824
Oct ’24€0.32
€0.38
+17.5%
6.9%€0.43€0.32€0.3123
Sep ’24€0.33
€0.38
+13.1%
6.1%€0.41€0.32€0.2822
Aug ’24€0.32
€0.36
+12.0%
6.2%€0.40€0.31€0.2822
Jul ’24n/a
€0.37
0%
6.8%€0.41€0.32€0.2822
Jun ’24€0.36
€0.36
+0.2%
8.2%€0.42€0.30€0.2723
May ’24€0.31
€0.35
+13.1%
7.2%€0.39€0.30€0.2823
Apr ’24€0.27
€0.34
+25.5%
6.7%€0.38€0.29€0.3523
Mar ’24€0.28
€0.34
+23.9%
6.5%€0.38€0.30€0.3625
Feb ’24€0.26
€0.34
+27.2%
5.9%€0.38€0.29€0.3525
Jan ’24€0.28
€0.33
+17.3%
5.7%€0.37€0.29€0.3425
Dec ’23€0.27
€0.33
+22.1%
6.1%€0.37€0.29n/a23
Nov ’23€0.27
€0.35
+27.0%
7.3%€0.40€0.30€0.2824

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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