Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to Rp1,180, the stock trades at a trailing P/E ratio of 47.5x. Average trailing P/E is 12x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 72% over the past three years. New Risk • Jun 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Rp1.78t (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 39% per year over the past 5 years. High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (Rp1.78t market cap, or US$99.7m). Reported Earnings • May 05
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$46.3m (down 7.7% from 1Q 2025). Net income: US$1.75m (up 8.7% from 1Q 2025). Profit margin: 3.8% (up from 3.2% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Apr 14
PT Mitrabara Adiperdana Tbk, Annual General Meeting, May 20, 2026 PT Mitrabara Adiperdana Tbk, Annual General Meeting, May 20, 2026. Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: US$0.001 (vs US$0.016 in FY 2024) Full year 2025 results: EPS: US$0.001 (down from US$0.016 in FY 2024). Revenue: US$164.9m (down 24% from FY 2024). Net income: US$1.55m (down 92% from FY 2024). Profit margin: 0.9% (down from 8.8% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 02
Third quarter 2025 earnings released: US$0.001 loss per share (vs US$0.004 profit in 3Q 2024) Third quarter 2025 results: US$0.001 loss per share (down from US$0.004 profit in 3Q 2024). Revenue: US$33.0m (down 35% from 3Q 2024). Net loss: US$1.95m (down 139% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Board Change • Oct 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Independent Commissioner Abdullah Siddik was the last independent director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 25
PT Mitrabara Adiperdana Tbk, Annual General Meeting, May 27, 2025 PT Mitrabara Adiperdana Tbk, Annual General Meeting, May 27, 2025. Location: jakarta Indonesia Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.004 (vs US$0.002 in 3Q 2023) Third quarter 2024 results: EPS: US$0.004 (up from US$0.002 in 3Q 2023). Revenue: US$50.7m (up 37% from 3Q 2023). Net income: US$5.03m (up 96% from 3Q 2023). Profit margin: 9.9% (up from 6.9% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: US$0.005 (vs US$0.009 in 2Q 2023) Second quarter 2024 results: EPS: US$0.005 (down from US$0.009 in 2Q 2023). Revenue: US$56.1m (down 1.0% from 2Q 2023). Net income: US$6.87m (down 39% from 2Q 2023). Profit margin: 12% (down from 20% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Rp3,650, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 94% over the past three years. Buy Or Sell Opportunity • Aug 06
Now 20% overvalued Over the last 90 days, the stock has fallen 11% to Rp2,950. The fair value is estimated to be Rp2,453, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 4.0%. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp3,320, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 10x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 113% over the past three years. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: US$0.018 (vs US$0.15 in FY 2022) Full year 2023 results: EPS: US$0.018 (down from US$0.15 in FY 2022). Revenue: US$224.1m (down 50% from FY 2022). Net income: US$21.7m (down 88% from FY 2022). Profit margin: 9.7% (down from 40% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp4,350, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 227% over the past three years. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.002 (vs US$0.041 in 3Q 2022) Third quarter 2023 results: EPS: US$0.002 (down from US$0.041 in 3Q 2022). Revenue: US$37.1m (down 69% from 3Q 2022). Net income: US$2.57m (down 95% from 3Q 2022). Profit margin: 6.9% (down from 43% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 01
Second quarter 2023 earnings released: EPS: US$0.009 (vs US$0.055 in 2Q 2022) Second quarter 2023 results: EPS: US$0.009 (down from US$0.055 in 2Q 2022). Revenue: US$56.7m (down 61% from 2Q 2022). Net income: US$11.2m (down 83% from 2Q 2022). Profit margin: 20% (down from 46% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Rp4,580, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 474% over the past three years. New Risk • Jun 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 118% Dividend yield: 43% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 118% Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Upcoming Dividend • May 30
Upcoming dividend of Rp963 per share at 25% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 13 June 2023. Payout ratio is a comfortable 61% and the cash payout ratio is 93%. Trailing yield: 25%. Within top quartile of Indonesian dividend payers (5.6%). Higher than average of industry peers (11%). Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to Rp5,775, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 490% over the past three years. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Rp5,500, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 455% over the past three years. Reported Earnings • Apr 08
Full year 2022 earnings released: EPS: US$0.15 (vs US$0.082 in FY 2021) Full year 2022 results: EPS: US$0.15 (up from US$0.082 in FY 2021). Revenue: US$449.5m (up 45% from FY 2021). Net income: US$179.4m (up 78% from FY 2021). Profit margin: 40% (up from 33% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors There are 4 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: 4 new directors. 3 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Independent Commissioner Abdullah Siddik is the most experienced director on the board, commencing their role in 2016. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: US$0.041 (vs US$0.016 in 3Q 2021) Third quarter 2022 results: EPS: US$0.041 (up from US$0.016 in 3Q 2021). Revenue: US$117.8m (up 75% from 3Q 2021). Net income: US$50.7m (up 161% from 3Q 2021). Profit margin: 43% (up from 29% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 15% share price gain to Rp10,650, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 7x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 717% over the past three years. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: US$0.055 (vs US$0.012 in 2Q 2021) Second quarter 2022 results: EPS: US$0.055 (up from US$0.012 in 2Q 2021). Revenue: US$144.6m (up 118% from 2Q 2021). Net income: US$67.1m (up 354% from 2Q 2021). Profit margin: 46% (up from 22% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year whereas the company’s share price has increased by 56% per year. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 21% share price gain to Rp8,100, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 10x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 480% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Rp6,400, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 10x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 334% over the past three years. Board Change • Apr 27
No independent directors There are 4 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: 4 new directors. 3 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Independent Commissioner Abdullah Siddik is the most experienced director on the board, commencing their role in 2016. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Nov 02
Third quarter 2021 earnings released: EPS US$0.016 (vs US$0.001 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$67.4m (up 114% from 3Q 2020). Net income: US$19.4m (up US$17.8m from 3Q 2020). Profit margin: 29% (up from 5.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 19% share price gain to Rp3,880, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 12x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 81% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS US$0.022 (vs US$0.029 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: US$201.2m (down 23% from FY 2019). Net income: US$27.5m (down 22% from FY 2019). Profit margin: 14% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 23% 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 • Nov 27
Market bids up stock over the past week After last week's 15% share price gain to US$2,640, the stock is trading at a trailing P/E ratio of 6.7x, up from the previous P/E ratio of 5.8x. This compares to an average P/E of 13x in the Oil and Gas industry in Indonesia. Total returns to shareholders over the past three years are 27%. Is New 90 Day High Low • Nov 25
New 90-day high: Rp2,430 The company is up 6.0% from its price of Rp2,290 on 27 August 2020. The Indonesian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 3.0% over the same period.