PT Bukit Asam Tbk

IDX:PTBA Stock Report

Market Cap: Rp31.9t

Bukitm Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 PTBA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PTBA (IDR2770) is trading below our estimate of fair value (IDR4485.09)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for PTBA. This is calculated by dividing PTBA's market cap by their current earnings.
What is PTBA's PE Ratio?
PE Ratio5.9x
EarningsRp5.36t
Market CapRp31.89t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for PTBA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average6.4x
ITMG Indo Tambangraya Megah
5.4x-9.5%Rp31.6t
MCOL Prima Andalan Mandiri
8xn/aRp19.0t
GEMS Golden Energy Mines
7.6xn/aRp60.4t
BSSR Baramulti Suksessarana
4.8xn/aRp11.2t
PTBA Bukitm
5.9x-5.8%Rp31.9t

Price-To-Earnings vs Peers: PTBA is good value based on its Price-To-Earnings Ratio (5.9x) compared to the peer average (6.4x).

Price to Earnings Ratio vs Industry

How does PTBA's PE Ratio compare vs other companies in the ID Oil and Gas Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
CNKO Exploitasi Energi Indonesia
1.7xn/aUS$3.95m
No more companies available in this PE range
PTBA 5.9xIndustry Avg. 8.0xNo. of Companies11PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PTBA is good value based on its Price-To-Earnings Ratio (5.9x) compared to the ID Oil and Gas industry average (8x).

Price to Earnings Ratio vs Fair Ratio

What is PTBA'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.

PTBA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.9x
Fair PE Ratio6.2x

Price-To-Earnings vs Fair Ratio: PTBA is good value based on its Price-To-Earnings Ratio (5.9x) compared to the estimated Fair Price-To-Earnings Ratio (6.2x).

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 PTBA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp2,770.00
Rp2,683.85
-3.1%
22.6%Rp3,750.00Rp1,800.00n/a13
Nov ’25Rp2,920.00
Rp2,683.85
-8.1%
22.6%Rp3,750.00Rp1,800.00n/a13
Oct ’25Rp3,070.00
Rp2,645.00
-13.8%
18.3%Rp3,500.00Rp1,800.00n/a12
Sep ’25Rp2,730.00
Rp2,463.85
-9.7%
19.6%Rp3,100.00Rp1,500.00n/a13
Aug ’25Rp2,670.00
Rp2,423.00
-9.3%
18.8%Rp3,100.00Rp1,500.00n/a10
Jul ’25Rp2,500.00
Rp2,359.09
-5.6%
18.3%Rp2,900.00Rp1,500.00n/a11
Jun ’25Rp2,490.00
Rp2,354.17
-5.5%
17.5%Rp2,900.00Rp1,500.00n/a12
May ’25Rp3,030.00
Rp2,707.69
-10.6%
33.8%Rp4,700.00Rp1,500.00n/a13
Apr ’25Rp2,890.00
Rp2,679.17
-7.3%
35.2%Rp4,700.00Rp1,500.00n/a12
Mar ’25Rp2,580.00
Rp2,653.64
+2.9%
37.4%Rp4,700.00Rp1,500.00n/a11
Feb ’25Rp2,560.00
Rp2,715.83
+6.1%
35.0%Rp4,700.00Rp1,500.00n/a12
Jan ’25Rp2,440.00
Rp2,805.00
+15.0%
34.7%Rp4,700.00Rp1,500.00n/a14
Dec ’24Rp2,430.00
Rp2,953.46
+21.5%
30.6%Rp4,700.00Rp1,900.00n/a13
Nov ’24Rp2,360.00
Rp2,961.15
+25.5%
30.2%Rp4,700.00Rp2,000.00Rp2,920.0013
Oct ’24Rp2,800.00
Rp3,091.92
+10.4%
26.7%Rp4,700.00Rp2,290.00Rp3,070.0013
Sep ’24Rp2,880.00
Rp3,262.69
+13.3%
30.2%Rp5,120.00Rp2,290.00Rp2,730.0013
Aug ’24Rp2,730.00
Rp3,461.56
+26.8%
25.3%Rp5,120.00Rp2,300.00Rp2,670.0016
Jul ’24Rp2,680.00
Rp3,760.00
+40.3%
20.7%Rp5,120.00Rp2,460.00Rp2,500.0016
Jun ’24Rp3,060.00
Rp3,776.56
+23.4%
19.9%Rp5,120.00Rp2,725.00Rp2,490.0016
May ’24Rp4,140.00
Rp3,957.50
-4.4%
18.5%Rp5,200.00Rp2,800.00Rp3,030.0016
Apr ’24Rp3,990.00
Rp3,875.00
-2.9%
17.8%Rp5,200.00Rp2,725.00Rp2,890.0015
Mar ’24Rp3,880.00
Rp4,032.81
+3.9%
17.0%Rp5,200.00Rp2,725.00Rp2,580.0016
Feb ’24Rp3,380.00
Rp4,073.44
+20.5%
15.8%Rp5,200.00Rp2,975.00Rp2,560.0016
Jan ’24Rp3,690.00
Rp4,248.44
+15.1%
14.3%Rp5,200.00Rp2,975.00Rp2,440.0016
Dec ’23Rp3,810.00
Rp4,336.76
+13.8%
14.3%Rp5,200.00Rp2,975.00Rp2,430.0017
Nov ’23Rp3,750.00
Rp4,415.28
+17.7%
12.9%Rp5,200.00Rp2,975.00Rp2,360.0018

Analyst Forecast: Target price is lower than the current share price.

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