Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Rp2,300, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Rp1,945, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 13% over the past three years. Upcoming Dividend • May 28
Upcoming dividend of Rp10.25 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 19 June 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Indonesian dividend payers (6.4%). Lower than average of industry peers (6.7%). Reported Earnings • May 22
First quarter 2026 earnings released: EPS: US$0.001 (vs US$0.001 in 1Q 2025) First quarter 2026 results: EPS: US$0.001 (in line with 1Q 2025). Revenue: US$493.2m (flat on 1Q 2025). Net income: US$7.02m (up 142% from 1Q 2025). Profit margin: 1.4% (up from 0.6% in 1Q 2025). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 132 percentage points per year, which is a significant difference in performance. Announcement • Apr 24
PT. Indika Energy Tbk, Annual General Meeting, May 20, 2026 PT. Indika Energy Tbk, Annual General Meeting, May 20, 2026. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: US$0.001 (vs US$0.002 in FY 2024) Full year 2025 results: EPS: US$0.001 (down from US$0.002 in FY 2024). Revenue: US$2.03b (down 17% from FY 2024). Net income: US$6.03m (down 40% from FY 2024). Profit margin: 0.3% (down from 0.4% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. New Risk • Nov 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: US$0 (vs US$0.003 in 3Q 2024) Third quarter 2025 results: EPS: US$0 (down from US$0.003 in 3Q 2024). Revenue: US$486.1m (down 17% from 3Q 2024). Net loss: US$1.77m (down 113% from profit in 3Q 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Board Change • Oct 24
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 5 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President Director Azis Armand is the most experienced director on the board, commencing their role in 2007. Independent Commissioner Farid Harianto was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Apr 11
PT. Indika Energy Tbk, Annual General Meeting, May 05, 2025 PT. Indika Energy Tbk, Annual General Meeting, May 05, 2025. Location: jakarta Indonesia Reported Earnings • Nov 03
Third quarter 2024 earnings released: EPS: US$0.003 (vs US$0.001 in 3Q 2023) Third quarter 2024 results: EPS: US$0.003 (up from US$0.001 in 3Q 2023). Revenue: US$587.4m (down 6.1% from 3Q 2023). Net income: US$13.4m (up 232% from 3Q 2023). Profit margin: 2.3% (up from 0.6% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp1,735, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 8.7% over the past three years. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: US$0 (vs US$0.006 in 2Q 2023) Second quarter 2024 results: EPS: US$0 (down from US$0.006 in 2Q 2023). Revenue: US$629.4m (down 18% from 2Q 2023). Net income: US$896.6k (down 97% from 2Q 2023). Profit margin: 0.1% (down from 4.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: US$0.004 (vs US$0.011 in 1Q 2023) First quarter 2024 results: EPS: US$0.004 (down from US$0.011 in 1Q 2023). Revenue: US$567.3m (down 37% from 1Q 2023). Net income: US$20.1m (down 66% from 1Q 2023). Profit margin: 3.5% (down from 6.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 2.9% p.a. on average during the next 3 years compared to a 1.9% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: US$0.023 (vs US$0.087 in FY 2022) Full year 2023 results: EPS: US$0.023 (down from US$0.087 in FY 2022). Revenue: US$3.03b (down 30% from FY 2022). Net income: US$119.7m (down 74% from FY 2022). Profit margin: 4.0% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 4.2% p.a. on average during the next 2 years compared to a 3.5% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 16
Price target decreased by 21% to Rp2,150 Down from Rp2,707, the current price target is an average from 2 analysts. New target price is 35% above last closing price of Rp1,595. Stock is down 37% over the past year. The company posted earnings per share of US$0.087 last year. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: US$0.001 (vs US$0.026 in 3Q 2022) Third quarter 2023 results: EPS: US$0.001 (down from US$0.026 in 3Q 2022). Revenue: US$625.5m (down 48% from 3Q 2022). Net income: US$4.03m (down 97% from 3Q 2022). Profit margin: 0.6% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 15% p.a. on average during the next 3 years compared to a 8.5% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: US$0.006 (vs US$0.024 in 2Q 2022) Second quarter 2023 results: EPS: US$0.006 (down from US$0.024 in 2Q 2022). Revenue: US$766.4m (down 31% from 2Q 2022). Net income: US$30.9m (down 75% from 2Q 2022). Profit margin: 4.0% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 11% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. New Risk • Jul 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 49% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 49% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 04
First quarter 2023 earnings released: EPS: US$0.011 (vs US$0.014 in 1Q 2022) First quarter 2023 results: EPS: US$0.011 (down from US$0.014 in 1Q 2022). Revenue: US$906.8m (up 9.2% from 1Q 2022). Net income: US$58.9m (down 22% from 1Q 2022). Profit margin: 6.5% (down from 9.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 6.6% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Revenue: US$4.33b (up 41% from FY 2021). Net income: US$452.7m (up 124% from FY 2021). Profit margin: 10% (up from 6.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 4.3% p.a. on average during the next 2 years compared to a 7.9% decline forecast for the Oil and Gas industry in Indonesia. Price Target Changed • Mar 23
Price target decreased by 11% to Rp3,100 Down from Rp3,467, the current price target is an average from 3 analysts. New target price is 53% above last closing price of Rp2,030. Stock is down 13% over the past year. The company posted earnings per share of US$0.039 last year. Price Target Changed • Dec 13
Price target decreased to Rp3,350 Down from Rp3,850, the current price target is an average from 2 analysts. New target price is 16% above last closing price of Rp2,890. Stock is up 77% over the past year. The company posted earnings per share of US$0.039 last year. Board Change • Nov 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. 3 experienced directors. 1 highly experienced director. No independent directors (5 non-independent directors). Vice President Director, MD & Group CEO Azis Armand is the most experienced director on the board, commencing their role in 2007. Independent Commissioner Farid Harianto was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Price Target Changed • Oct 26
Price target increased to Rp4,050 Up from Rp3,650, the current price target is an average from 2 analysts. New target price is 25% above last closing price of Rp3,240. Stock is up 72% over the past year. The company is forecast to post earnings per share of US$0.086 for next year compared to US$0.039 last year. Announcement • Sep 30
PT. Indika Energy Tbk (IDX:INDY) acquired PT Perkasa Investama Mineral for $5 million. PT. Indika Energy Tbk (IDX:INDY) acquired PT Perkasa Investama Mineral for $5 million on September 26, 2022.PT. Indika Energy Tbk (IDX:INDY) completed the acquisition of PT Perkasa Investama Mineral for $5 million on September 26, 2022. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: US$0.024 (vs US$0.004 in 2Q 2021) Second quarter 2022 results: EPS: US$0.024 (up from US$0.004 in 2Q 2021). Revenue: US$1.11b (up 57% from 2Q 2021). Net income: US$125.6m (up 488% from 2Q 2021). Profit margin: 11% (up from 3.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 17% compared to a 21% growth forecast for the industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 09
Upcoming dividend of Rp114 per share Eligible shareholders must have bought the stock before 16 August 2022. Payment date: 30 August 2022. Trailing yield: 3.2%. Lower than top quartile of Indonesian dividend payers (4.4%). Lower than average of industry peers (4.8%). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp2,530, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 108% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp5,041 per share. Board Change • Apr 27
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. 4 experienced directors. 1 highly experienced director. No independent directors (5 non-independent directors). Vice President Director, MD & Group CEO Azis Armand is the most experienced director on the board, commencing their role in 2007. Independent Commissioner Farid Harianto was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 16% share price gain to Rp2,640, the stock trades at a trailing P/E ratio of 4.7x. Average forward P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 83% over the past three years. Reported Earnings • Apr 04
Full year 2021 earnings released: EPS: US$0.039 (vs US$0.026 loss in FY 2020) Full year 2021 results: EPS: US$0.039 (up from US$0.026 loss in FY 2020). Revenue: US$3.07b (up 69% from FY 2020). Net income: US$201.8m (up US$336.9m from FY 2020). Profit margin: 6.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the next year, revenue is expected to shrink by 16% compared to a 29% growth forecast for the oil industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp2,140, the stock trades at a trailing P/E ratio of 39.8x. Average forward P/E is 7x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 24% share price gain to Rp2,550, the stock trades at a trailing P/E ratio of 47.2x. Average forward P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improved over the past week After last week's 19% share price gain to Rp1,980, the stock trades at a trailing P/E ratio of 36.8x. Average forward P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 8.0% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improved over the past week After last week's 19% share price gain to Rp1,980, the stock trades at a trailing P/E ratio of 36.8x. Average forward P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 8.0% over the past three years. Announcement • Sep 25
PT. Indika Energy Tbk (IDX:INDY) completed the acquisition of stake in Nusantara Resources Limited (ASX:NUS) from Federation Mining Pty Ltd, Lion Selection Pty Ltd, Cumulus Wealth PTY Ltd and others for AUD 58 million. PT. Indika Energy Tbk (IDX:INDY) agreed to acquire71.5% stake in Nusantara Resources Limited (ASX:NUS) from Federation Mining Pty Ltd, Lion Selection Pty Ltd, Cumulus Wealth PTY Ltd and others for AUD 58 million on June 28, 2021. Cash offer price of AUD 0.35 per share which represents a 19% premium to the 5 day volume weighted average price of Nusantara. The Offer consideration of AUD 0.35 per share values Nusantara at approximately AUD 80 million on a 100% basis. Lion holds 49,904,775 Nusantara shares and has signed a Voting Intention Statement in support of the Scheme of Arrangement and The Voting Intention Statement confirms Lion intends to vote in favour of the Scheme: in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Nusantara shareholders. Major shareholders of NUS (representing 26.7% of issued capital), including Lion Selection (21.77%) and Cumulus Wealth (4.96%), have confirmed to NUS their intention to vote in favour of the transaction in the absence of a superior proposal and subject to the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of shareholders. As on August 17, 2021, Federation Mining Pty Ltd, holding approximately 12.3% of the total number of issued NUS shares, has confirmed to NUS its intention to vote in favour of the Scheme in the absence of a superior proposal and subject to the independent expert concluding that the Scheme is in the best interests of shareholders.
The acquisition will be implemented by way of Scheme of Arrangement under the Australian Corporations Act 2001. The Scheme is subject to approval of Nusantara shareholders at a general meeting. Nusantara’s Independent Board Committee, comprising Greg Foulis, Rob Hogarth, Robin Widdup and Neil Whitaker, unanimously recommends that all Nusantara shareholders vote in favour of the Scheme, subject to an independent expert report concluding that the transaction is in the best interests of all shareholders and in the absence of a superior proposal. The Scheme is subject to approval by NUS shareholders at a general meeting expected to be held in mid to late September 2021. The transaction is subject to Court approval. On and from the date of this deed, Nusantara Resources and PT. Indika Energy Tbk agree to establish a committee. As of August 20, 2021, the Supreme Court of Western Australia (Court) has made orders approving the convening of a meeting of NUS shareholders to consider and vote on the Scheme. The shareholder meeting will be held on September 22, 2021. The second court hearing will be held on September 24, 2021. As on September 22, 2021, the transaction was approved by Nusantara's shareholders. As of September 24, 2021, Supreme Court of Western Australia approved the transaction.
The transaction is expected to be held in mid to late September 2021. transaction is expected to complete on October 6, 2021. Taylor Collison Limited acted as financial advisor and Gilbert and Tobin acted as legal advisor to Nusantara Resources. Grant Thornton Corporate Finance Pty Limited acted as independent expert to Nusantara Resources Limited.
PT. Indika Energy Tbk (IDX:INDY) completed the acquisition of 71.5% stake in Nusantara Resources Limited (ASX:NUS) from Federation Mining Pty Ltd, Lion Selection Pty Ltd, Cumulus Wealth PTY Ltd and others on September 24, 2021. Announcement • Jun 30
PT. Indika Energy Tbk (IDX:INDY) agreed to acquire an unknown majority stake in Nusantara Resources Limited (ASX:NUS) from Federation Mining Pty Ltd, Lion Selection Pty Ltd, Cumulus Wealth PTY Ltd and others for AUD 41.7 million. PT. Indika Energy Tbk (IDX:INDY) agreed to acquire an unknown majority stake in Nusantara Resources Limited (ASX:NUS) from Federation Mining Pty Ltd, Lion Selection Pty Ltd, Cumulus Wealth PTY Ltd and others for AUD 41.7 million on June 28, 2021. Cash offer price of $0.35 per share which represents a 19% premium to the 5 day volume weighted average price of Nusantara. The Offer consideration of $0.35 per share values Nusantara at approximately $80 million on a 100% basis. Lion holds 49,904,775 Nusantara shares and has signed a Voting Intention Statement in support of the Scheme of Arrangement and The Voting Intention Statement confirms Lion intends to vote in favour of the Scheme: in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Nusantara shareholders. Major shareholders of NUS (representing 26.7% of issued capital), including Lion Selection (21.77%) and Cumulus Wealth (4.96%), have confirmed to NUS their intention to vote in favour of the transaction in the absence of a superior proposal and subject to the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of shareholders. The acquisition will be implemented by way of Scheme of Arrangement under the Australian Corporations Act 2001. The Scheme is subject to approval of Nusantara shareholders at a general meeting. Nusantara’s Independent Board Committee, comprising Greg Foulis, Rob Hogarth, Robin Widdup and Neil Whitaker, unanimously recommends that all Nusantara shareholders vote in favour of the Scheme, subject to an independent expert report concluding that the transaction is in the best interests of all shareholders and in the absence of a superior proposal. The Scheme is subject to approval by NUS shareholders at a general meeting expected to be held in mid to late September 2021. The transaction is subject to Court approval. On and from the date of this deed, Nusantara Resources and PT. Indika Energy Tbk agree to establish a committee. The transaction is expected to be held in mid to late September 2021. Taylor Collison Limited acted as financial advisor and Gilbert and Tobin acted as legal advisor to Nusantara Resources . Reported Earnings • Apr 07
Full year 2020 earnings released: US$0.023 loss per share (vs US$0.003 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$2.08b (down 25% from FY 2019). Net loss: US$117.5m (loss widened US$99.4m from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 10
New 90-day low: Rp1,400 The company is down 25% from its price of Rp1,870 on 10 December 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 12% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: Rp1,930 The company is up 109% from its price of Rp925 on 11 September 2020. The Indonesian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 28% over the same period. Reported Earnings • Dec 04
Third quarter 2020 earnings released: US$0.006 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: US$409.7m (down 41% from 3Q 2019). Net loss: US$30.6m (loss widened 44% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 98% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 20
Price target raised to Rp1,427 Up from Rp977, the current price target is provided by 1 analyst. The new target price is 22% above the current share price of Rp1,170. As of last close, the stock is down 6.4% over the past year. Is New 90 Day High Low • Nov 19
New 90-day high: Rp1,180 The company is up 13% from its price of Rp1,040 on 19 August 2020. The Indonesian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 3.0% over the same period. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total losses of US$52.7m, with earnings decreasing by US$68.5m from the prior year. Total revenue was US$2.53b over the last 12 months, down 13% from the prior year. 
