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Bank Mandiri (Persero)

DB:PQ9
Snowflake Description

Excellent balance sheet, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PQ9
DB
IDR372,167B
Market Cap
  1. Home
  2. DE
  3. Banks
Company description

PT Bank Mandiri (Persero) Tbk provides various banking products and services to individuals and businesses in Indonesia and internationally. The last earnings update was 54 days ago. More info.


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PQ9 Share Price and Events
7 Day Returns
8.3%
DB:PQ9
1.7%
DE Banks
1.6%
DE Market
1 Year Returns
32%
DB:PQ9
-26.1%
DE Banks
-7.4%
DE Market
PQ9 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bank Mandiri (Persero) (PQ9) 8.3% 9.9% 16.4% 32% 75% 78%
DE Banks 1.7% -6.6% -8.5% -26.1% 5.3% -33.1%
DE Market 1.6% 1.9% 2.6% -7.4% 14.7% 9.4%
1 Year Return vs Industry and Market
  • PQ9 outperformed the Banks industry which returned -26.1% over the past year.
  • PQ9 outperformed the Market in Germany which returned -7.4% over the past year.
Price Volatility
PQ9
Industry
5yr Volatility vs Market

Value

 Is Bank Mandiri (Persero) undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bank Mandiri (Persero) to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bank Mandiri (Persero).

DB:PQ9 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 20 analysts.
= Stable Book Value * Return on Equity
= IDR4,549.80 * 15.5%
IDR703.28
Book Value of Equity per Share Weighted future Book Value estimates from 18 analysts. IDR4,549.80
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:PQ9
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.592 (1 + (1- 25%) (24.76%))
0.8
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:PQ9 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Bank Mandiri (Persero) is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:PQ9 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (15.5% – 5%) * IDR4,549.80)
IDR475.97
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= IDR475.97 / (5% - 0.23%)
IDR9,982.69
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= IDR4,549.80 + IDR9,982.69
IDR14532.49
DB:PQ9 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:PQ9 represents 6.0E-5x of IDX:BMRI
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
6.0E-5x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (IDR) x Listing Adjustment Factor
= IDR 14,532.49 x 6.0E-5
€0.93
Value per share (EUR) From above. €0.93
Current discount Discount to share price of €0.51
= -1 x (€0.51 - €0.93) / €0.93
45.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bank Mandiri (Persero) is available for.
Intrinsic value
45%
Share price is €0.511 vs Future cash flow value of €0.93117
Current Discount Checks
For Bank Mandiri (Persero) to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bank Mandiri (Persero)'s share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bank Mandiri (Persero)'s share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bank Mandiri (Persero)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bank Mandiri (Persero)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:PQ9 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in IDR IDR565.46
IDX:BMRI Share Price ** IDX (2019-06-21) in IDR IDR7975
Germany Banks Industry PE Ratio Median Figure of 6 Publicly-Listed Banks Companies 15.72x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 19.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bank Mandiri (Persero).

DB:PQ9 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= IDX:BMRI Share Price ÷ EPS (both in IDR)

= 7975 ÷ 565.46

14.1x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank Mandiri (Persero) is good value based on earnings compared to the DE Banks industry average.
  • Bank Mandiri (Persero) is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Bank Mandiri (Persero)'s expected growth come at a high price?
Raw Data
DB:PQ9 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
12.9%per year
Europe Banks Industry PEG Ratio Median Figure of 113 Publicly-Listed Banks Companies 0.82x
Germany Market PEG Ratio Median Figure of 271 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

DB:PQ9 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.1x ÷ 12.9%

1.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank Mandiri (Persero) is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bank Mandiri (Persero)'s assets?
Raw Data
DB:PQ9 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in IDR IDR4,070.64
IDX:BMRI Share Price * IDX (2019-06-21) in IDR IDR7975
Germany Banks Industry PB Ratio Median Figure of 6 Publicly-Listed Banks Companies 0.91x
Germany Market PB Ratio Median Figure of 575 Publicly-Listed Companies 1.8x
DB:PQ9 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= IDX:BMRI Share Price ÷ Book Value per Share (both in IDR)

= 7975 ÷ 4,070.64

1.96x

* Primary Listing of Bank Mandiri (Persero).

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank Mandiri (Persero) is overvalued based on assets compared to the DE Banks industry average.
X
Value checks
We assess Bank Mandiri (Persero)'s value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Bank Mandiri (Persero) has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bank Mandiri (Persero) expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bank Mandiri (Persero) expected to grow at an attractive rate?
  • Bank Mandiri (Persero)'s earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Bank Mandiri (Persero)'s earnings growth is expected to exceed the Germany market average.
  • Bank Mandiri (Persero)'s revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:PQ9 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:PQ9 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 12.9%
DB:PQ9 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 11%
Germany Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:PQ9 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in IDR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:PQ9 Future Estimates Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 111,005,261 36,101,564 11
2020-12-31 100,780,802 31,929,428 15
2019-12-31 91,366,769 27,993,626 16
DB:PQ9 Past Financials Data
Date (Data in IDR Millions) Revenue Cash Flow Net Income *
2019-03-31 73,705,983 -57,840,590 26,388,234
2018-12-31 71,246,382 -57,737,938 25,015,021
2018-09-30 67,626,716 -67,638,071 23,662,323
2018-06-30 67,232,864 -61,978,871 23,354,754
2018-03-31 65,275,820 -34,609,807 22,420,581
2017-12-31 62,467,327 -47,717,816 20,639,683
2017-09-30 55,848,786 -50,356,492 16,862,594
2017-06-30 53,048,188 -52,609,707 16,189,190
2017-03-31 50,346,908 -37,382,619 14,068,593
2016-12-31 49,535,827 -43,796,675 13,806,565
2016-09-30 55,010,796 -35,953,738 17,765,646
2016-06-30 53,839,017 -17,260,879 17,490,908

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bank Mandiri (Persero)'s earnings are expected to grow by 12.9% yearly, however this is not considered high growth (20% yearly).
  • Bank Mandiri (Persero)'s revenue is expected to grow by 11% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:PQ9 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from Bank Mandiri (Persero) Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PQ9 Future Estimates Data
Date (Data in IDR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 774.39 823.70 712.79 10.00
2020-12-31 686.48 764.00 610.20 18.00
2019-12-31 600.83 653.00 545.00 18.00
DB:PQ9 Past Financials Data
Date (Data in IDR Millions) EPS *
2019-03-31 565.46
2018-12-31 536.04
2018-09-30 507.05
2018-06-30 500.46
2018-03-31 480.44
2017-12-31 442.28
2017-09-30 361.34
2017-06-30 346.92
2017-03-31 301.47
2016-12-31 295.85
2016-09-30 380.69
2016-06-30 374.80

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bank Mandiri (Persero) is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bank Mandiri (Persero)'s future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bank Mandiri (Persero) has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bank Mandiri (Persero) performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bank Mandiri (Persero)'s growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bank Mandiri (Persero)'s year on year earnings growth rate has been positive over the past 5 years.
  • Bank Mandiri (Persero)'s 1-year earnings growth exceeds its 5-year average (17.7% vs 4.1%)
  • Bank Mandiri (Persero)'s earnings growth has exceeded the DE Banks industry average in the past year (17.7% vs 4.7%).
Earnings and Revenue History
Bank Mandiri (Persero)'s revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bank Mandiri (Persero) Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PQ9 Past Revenue, Cash Flow and Net Income Data
Date (Data in IDR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 73,705,983.00 26,388,234.00 31,780,101.00
2018-12-31 71,246,382.00 25,015,021.00 31,426,064.00
2018-09-30 67,626,716.00 23,662,323.00 30,877,656.00
2018-06-30 67,232,864.00 23,354,754.00 29,952,905.00
2018-03-31 65,275,820.00 22,420,581.00 29,360,261.00
2017-12-31 62,467,327.00 20,639,683.00 28,863,209.00
2017-09-30 55,848,786.00 16,862,594.00 27,186,347.00
2017-06-30 53,048,188.00 16,189,190.00 26,581,152.00
2017-03-31 50,346,908.00 14,068,593.00 26,516,090.00
2016-12-31 49,535,827.00 13,806,565.00 26,370,440.00
2016-09-30 55,010,796.00 17,765,646.00 26,627,965.00
2016-06-30 53,839,017.00 17,490,908.00 26,061,511.00
2016-03-31 54,813,984.00 19,013,591.00 25,254,401.00
2015-12-31 55,424,160.00 20,334,968.00 24,137,105.00
2015-09-30 53,248,952.00 20,000,881.00 23,210,452.00
2015-06-30 53,503,321.00 20,210,907.00 22,740,379.00
2015-03-31 52,139,677.00 20,085,676.00 21,862,593.00
2014-12-31 51,119,548.00 19,871,873.00 21,322,643.00
2014-09-30 51,723,012.00 19,853,877.00 20,609,331.00
2014-06-30 49,905,157.00 19,495,148.00 19,971,026.00
2014-03-31 48,049,764.00 18,824,928.00 19,295,277.00
2013-12-31 46,147,429.00 18,203,753.00 18,446,326.00
2013-09-30 43,758,920.00 17,188,050.00 17,771,976.00
2013-06-30 42,010,551.00 16,651,205.00 16,685,541.00
2013-03-31 41,060,387.00 16,404,672.00 16,014,875.00
2012-12-31 39,334,199.00 15,504,067.00 15,438,307.00
2012-09-30 36,165,056.00 14,192,832.00 14,695,115.00
2012-06-30 34,455,396.00 13,069,998.00 14,086,779.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bank Mandiri (Persero) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bank Mandiri (Persero) used its assets more efficiently than the DE Banks industry average last year based on Return on Assets.
  • Unable to establish if Bank Mandiri (Persero) improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Bank Mandiri (Persero)'s performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bank Mandiri (Persero) has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bank Mandiri (Persero)'s financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Bank Mandiri (Persero)'s finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bank Mandiri (Persero) Company Filings, last reported 2 months ago.

DB:PQ9 Past Debt and Equity Data
Date (Data in IDR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 193,665,175.00 92,162,117.00 130,961,500.00
2018-12-31 184,960,305.00 97,630,037.00 73,409,284.00
2018-09-30 176,277,019.00 77,026,986.00 77,971,403.00
2018-06-30 170,042,142.00 97,349,617.00 108,176,896.00
2018-03-31 165,199,361.00 65,776,214.00 165,132,542.00
2017-12-31 170,006,132.00 57,984,278.00 117,278,898.00
2017-09-30 163,891,115.00 61,949,505.00 115,469,678.00
2017-06-30 157,444,295.00 70,621,123.00 117,084,592.00
2017-03-31 151,824,481.00 54,015,202.00 108,671,466.00
2016-12-31 153,369,723.00 50,260,646.00 113,964,204.00
2016-09-30 152,785,707.00 58,033,605.00 92,867,959.00
2016-06-30 147,089,194.00 52,639,198.00 105,113,646.00
2016-03-31 118,047,258.00 44,087,065.00 105,305,069.00
2015-12-31 119,491,841.00 48,827,165.00 75,840,842.00
2015-09-30 113,136,999.00 32,821,903.00 96,771,126.00
2015-06-30 109,261,809.00 38,664,719.00 109,166,135.00
2015-03-31 104,790,758.00 33,089,319.00 95,923,484.00
2014-12-31 104,844,562.00 39,144,947.00 112,366,688.00
2014-09-30 99,034,249.00 24,907,173.00 90,237,704.00
2014-06-30 93,960,319.00 34,645,616.00 82,424,505.00
2014-03-31 89,041,002.00 29,178,105.00 65,813,507.00
2013-12-31 88,790,596.00 28,405,567.00 83,492,490.00
2013-09-30 83,742,250.00 28,093,693.00 74,958,785.00
2013-06-30 79,461,564.00 23,958,940.00 72,457,440.00
2013-03-31 81,033,749.00 22,452,916.00 83,664,553.00
2012-12-31 75,755,589.00 18,733,015.00 90,145,002.00
2012-09-30 71,295,227.00 25,835,675.00 71,917,329.00
2012-06-30 67,099,991.00 27,593,621.00 70,988,087.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Bank Mandiri (Persero) has an acceptable proportion of non-loan assets held.
  • Bank Mandiri (Persero)'s liabilities are made up of primarily low risk sources of funding.
  • Loans at Bank Mandiri (Persero) are broadly funded by customer deposits.
  • Bank Mandiri (Persero)'s level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Bank Mandiri (Persero) has a sufficient allowance for bad loans.
  • Bank Mandiri (Persero) has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Bank Mandiri (Persero)'s financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bank Mandiri (Persero) has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bank Mandiri (Persero)'s current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.5%
Current annual income from Bank Mandiri (Persero) dividends. Estimated to be 3.34% next year.
If you bought €2,000 of Bank Mandiri (Persero) shares you are expected to receive €50 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bank Mandiri (Persero)'s pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Bank Mandiri (Persero)'s dividend is below the markets top 25% of dividend payers in Germany (3.83%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:PQ9 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Germany Banks Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:PQ9 Future Dividends Estimate Data
Date (Data in IDR) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 301.05 12.00
2020-12-31 264.20 19.00
2019-12-31 244.62 18.00
DB:PQ9 Past Annualized Dividends Data
Date (Data in IDR) Dividend per share (annual) Avg. Yield (%)
2018-03-23 199.026 2.788
2017-04-26 133.135 1.894
2017-02-16 133.135 2.304
2017-01-16 133.135 2.396
2016-05-16 130.725 2.493
2016-02-24 130.725 2.664
2015-07-30 106.457 2.371
2015-02-23 106.457 1.936
2014-10-23 117.024 2.174
2014-07-25 117.024 2.289
2014-07-24 117.024 2.261
2014-04-29 117.024 2.319
2014-02-12 117.024 2.456
2013-07-29 99.665 2.469
2013-04-29 99.665 2.172
2013-02-26 99.669 1.984
2012-07-31 52.483 1.262
2012-04-26 52.483 1.464
2012-04-23 52.483 1.484
2011-07-28 69.135 2.059
2011-05-23 69.135 1.906
2011-03-30 69.136 1.981
2010-10-29 59.686 1.900
2010-01-04 59.686 2.183
2009-10-30 19.264 0.833
2009-09-30 19.264 0.806
2009-07-31 19.264 0.922
2009-07-15 19.264 1.068

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Bank Mandiri (Persero)'s earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess Bank Mandiri (Persero)'s dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bank Mandiri (Persero) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bank Mandiri (Persero) has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bank Mandiri (Persero)'s salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kartika Wirjoatmodjo
AGE 45
TENURE AS CEO 3.3 years
CEO Bio

Mr. Kartika Wirjoatmodjo has been President Director of PT Bank Mandiri (Persero) Tbk since March 21, 2016 and has been its Director since March 16, 2015. Mr. Wirjoatmodjo had served as Tax & Accounting Consultant at RSM AAJ from 1995 to 1996. He had served as Credit Analyst at Industrial Bank of Japan from 1996 to 1998. He had served as Senior Consultant at PwC Financial Advisory Services from 1998 to 1999. He had served as Senior Consultant at the Boston Consulting Group from 2000 to 2003. He had served as Dept. Head Strategy & Performance Management Group of PT Bank Mandiri (Persero) Tbk ("Bank Mandiri") from 2003 to 2005. He had served as Group Head of Strategy & Performance Management Group at Bank Mandiri from 2005 to 2008. He had served as Managing Director at Mandiri Sekuritas from 2008 to 2011. He had served as President & CEO at Indonesia Infrastructure Finance from 2011 to 2013. He had served as Chief Executive Officer and Member of the Board of Commissioners at the Deposit Insurance Agency (LPS) from 2014 to 2015. He had served as Director of Finance and Strategy of Bank Mandiri from 2015 to 2016. He has done the Training and Seminar Courses of The Leadership Journey: Creating and Developing Young Leadership, Wharton Business School, USA-2009, Government Policies in creating the Business Climate-2003, Workshop of Scorecard and KPI-2004, Risk Management Certification 1 in 2006, Risk Management Certification 2 in 2007, Risk Management Certification 3 in 2008, Marshal Goldsmith Workshop-2009, Executive Coaching for Excellence-2010, The Leadership Forum in Lombok-2016, FGD the State-Owned Enterprises Synergy in Prapat and joined Executive training at IMD Laussane, Switzerland-2016. He hold Bachelor of Economics majoring in accounting from the University of Indonesia in 1996 and Master of Business Administration from Erasmus University in Rotterdam in 2001.

CEO Compensation
  • Insufficient data for Kartika to compare compensation growth.
  • Insufficient data for Kartika to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Bank Mandiri (Persero) management team in years:

1.3
Average Tenure
52
Average Age
  • The average tenure for the Bank Mandiri (Persero) management team is less than 2 years, this suggests a new team.
Management Team

Kartika Wirjoatmodjo

TITLE
President Director
AGE
45
TENURE
3.3 yrs

Sulaiman Arianto

TITLE
Deputy President Director
AGE
59

Panji Irawan

TITLE
Finance & Strategy Director and Director
AGE
53
TENURE
1.3 yrs

Rico Frans

TITLE
Director of Information Technology & Operation and Director
AGE
48

Yohan Setio

TITLE
Group Head of Investor Relations
TENURE
1.3 yrs

Agus Handaya

TITLE
Compliance & Human Capital Director and Director
AGE
48
TENURE
1.3 yrs

Eman Suherman

TITLE
Group Head Legal

Royke Tumilaar

TITLE
Director of Corporate Banking & Director
AGE
54

Hery Gunardi

TITLE
Business & Network Director and Director
AGE
57
TENURE
6.2 yrs

Aquarius Rudianto

TITLE
Senior Executive Vice President of Operation
AGE
51
Board of Directors Tenure

Average tenure and age of the Bank Mandiri (Persero) board of directors in years:

3.3
Average Tenure
50.5
Average Age
  • The tenure for the Bank Mandiri (Persero) board of directors is about average.
Board of Directors

Kartika Wirjoatmodjo

TITLE
President Director
AGE
45
TENURE
3.3 yrs

Sulaiman Arianto

TITLE
Deputy President Director
AGE
59
TENURE
4.3 yrs

Panji Irawan

TITLE
Finance & Strategy Director and Director
AGE
53
TENURE
1.2 yrs

Rico Frans

TITLE
Director of Information Technology & Operation and Director
AGE
48
TENURE
3.3 yrs

Agus Handaya

TITLE
Compliance & Human Capital Director and Director
AGE
48
TENURE
1.2 yrs

Royke Tumilaar

TITLE
Director of Corporate Banking & Director
AGE
54
TENURE
8.1 yrs

Hery Gunardi

TITLE
Business & Network Director and Director
AGE
57
TENURE
6.2 yrs

Riduan Ahmad

TITLE
Commercial Banking Director & Director
AGE
48
TENURE
0.4 yrs

Alexandra Askandar

TITLE
Director of Institutional Relationship & Director
AGE
46
TENURE
1.2 yrs

Ahmad Badruddin

TITLE
Director of Risk Management & Director
AGE
54
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bank Mandiri (Persero)'s management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bank Mandiri (Persero) has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

PT Bank Mandiri (Persero) Tbk provides various banking products and services to individuals and businesses in Indonesia and internationally. It offers savings accounts, current accounts, time deposits, demand deposits, and foreign currency savings; housing loans, loan and credit facilities, mortgages, personal loans, auto loans, and loans to purchase new car and motorcycle, as well as loans for various purposes, such as education, home renovation, marriage, health, and other needs; debit, prepaid, and credit cards; priority services; investment products comprising mutual funds and retail state bonds, and bancassurance services; and payment, fund transfer, safety deposit boxes, and collection services. The company also provides financial advisory, underwriting, and securities trading and brokerage services; and working capital, term, and syndicated loan facilities, as well as consumer and micro loans, and installment loans. In addition, it offers bank guarantees and letters of credit; and cash management services, as well as mutual fund, pension, and insurance products. Further, the company provides treasury services, including foreign exchange; money market, securities, and derivatives transactions; repurchase market transactions; hedging transactions and products comprising currency swaps, interest rate swaps, and forward contracts; and dealing in Bank Indonesia Certificates and Government bonds, as well as capital market services, including custodial, trustee, paying agent, security agent, and escrow services. Additionally, it offers mobile, Internet, and SMS banking services, as well as ATM services, travelers’ cheques, and automated utility bills payments. As of 31 December 2018, it operated 2,632 branches, including 139 branch offices, 2,321 sub-branch offices, and 172 cash offices; and 18,291 ATM facilities. The company was founded in 1998 and is headquartered in Jakarta, Indonesia.

Details
Name: PT Bank Mandiri (Persero) Tbk
PQ9
Exchange: DB
Founded: 1998
IDR23,236,080,871
46,666,666,666
Website: http://www.bankmandiri.co.id
Address: PT Bank Mandiri (Persero) Tbk
Plaza Mandiri,
Jl. Jenderal Gatot Subroto Kav. 36-38,
Jakarta,
12190,
Indonesia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
IDX BMRI Series B Common Stock Indonesia Stock Exchange ID IDR 14. Jul 2003
OTCPK PPER.F Series B Common Stock Pink Sheets LLC US USD 14. Jul 2003
DB PQ9 Series B Common Stock Deutsche Boerse AG DE EUR 14. Jul 2003
OTCPK PPER.Y UNSPONSORED ADR Pink Sheets LLC US USD 15. Apr 2009
Number of employees
Current staff
Staff numbers
32,233
Bank Mandiri (Persero) employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/23 20:32
End of day share price update: 2019/06/21 00:00
Last estimates confirmation: 2019/06/20
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.