Multi Bintang Indonesia (IDX:MLBI) - Share price, News & Analysis

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

MLBI (IDR9975) is trading below our estimate of [[fair value]] (IDR16651.34)

MLBI fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	6/6
Past Performance	5/6
Financial Health	5/6
Dividends	3/6

MLBI Stock Overview

PT Multi Bintang Indonesia Tbk produces and markets alcoholic and non-alcoholic beverages in Indonesia.

Rewards

Trading at 40.1% below our estimate of its fair value

Earnings are forecast to grow 32.64% per year

Earnings grew by 133% over the past year

Risk Analysis

Dividend of 4.76% is not well covered by earnings or forecast to be in the next 3 years

Multi Bintang Indonesia Competitors

Delta Djakarta

IDX:DLTA

Rp3.1t

Garudafood Putra Putri Jaya

IDX:GOOD

Rp19.0t

Astra Agro Lestari

IDX:AALI

Rp18.6t

Japfa Comfeed Indonesia

IDX:JPFA

Rp18.1t

Price History & Performance

Summary of all time highs, changes and price drops for Multi Bintang Indonesia
Historical stock prices
Current Share Price	Rp9,975.00
52 Week High	Rp11,600.00
52 Week Low	Rp6,775.00
Beta	0.29
1 Month Change	1.79%
3 Month Change	15.65%
1 Year Change	24.69%
3 Year Change	-50.56%
5 Year Change	-17.73%
Change since IPO	9,776.24%

Shareholder Returns

	MLBI	ID Beverage	ID Market
7D	3.1%	4.6%	0.08%
1Y	24.7%	27.8%	13.4%

Return vs Industry: MLBI underperformed the ID Beverage industry which returned 27.8% over the past year.

Return vs Market: MLBI exceeded the ID Market which returned 13.4% over the past year.

Price Volatility

Is MLBI's price volatile compared to industry and market?
MLBI volatility
MLBI Average Weekly Movement	5.5%
Beverage Industry Average Movement	5.5%
Market Average Movement	6.3%
10% most volatile stocks in ID Market	12.3%
10% least volatile stocks in ID Market	3.1%

Stable Share Price: MLBI is not significantly more volatile than the rest of ID stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: MLBI's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1929	407	Rene Valle	https://www.multibintang.co.id

PT Multi Bintang Indonesia Tbk produces and markets alcoholic and non-alcoholic beverages in Indonesia. The company offers beers, sodas, carbonated soft drinks, and ciders under the Heineken, Bintang, Bintang Radler, Strongbow, Bintang Zero, Bintang Crystal, Fayrouz, and Green Sands brands. It also exports its products.

Multi Bintang Indonesia Fundamentals Summary

How do Multi Bintang Indonesia's earnings and revenue compare to its market cap?
MLBI fundamental statistics
Market Cap	Rp21.02t
Earnings (TTM)	Rp665.68b
Revenue (TTM)	Rp2.47t

31.6x

P/E Ratio

8.5x

P/S Ratio

Is MLBI overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MLBI income statement (TTM)
Revenue	Rp2.47t
Cost of Revenue	Rp1.11t
Gross Profit	Rp1.36t
Other Expenses	Rp696.02b
Earnings	Rp665.68b

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	315.94
Gross Margin	55.05%
Net Profit Margin	26.91%
Debt/Equity Ratio	36.4%

How did MLBI perform over the long term?

See historical performance and comparison

Dividends

4.8%

Current Dividend Yield

150%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MLBI. This is calculated by dividing MLBI's market cap by their current preferred multiple.
What is MLBI's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	Rp21.02t

MLBI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	8.4x
Enterprise Value/EBITDA	17x
PEG Ratio	1x

Price to Earnings Ratio vs Peers

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

MLBI PE Ratio vs Peers

The above table shows the PE ratio for MLBI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	20.9x
DLTA Delta Djakarta	15.9x	n/a	Rp3.1t
GOOD Garudafood Putra Putri Jaya	48.1x	n/a	Rp19.0t
AALI Astra Agro Lestari	9.4x	7.7%	Rp18.6t
JPFA Japfa Comfeed Indonesia	10.3x	17.1%	Rp18.1t
MLBI Multi Bintang Indonesia	31.6x	32.6%	Rp21.0t

Forward PE

Price-To-Earnings vs Peers: MLBI is expensive based on its Price-To-Earnings Ratio (31.6x) compared to the peer average (20.9x).

Price to Earnings Ratio vs Industry

How does MLBI's PE Ratio compare vs other companies in the Asian Beverage Industry?

Price-To-Earnings vs Industry: MLBI is expensive based on its Price-To-Earnings Ratio (31.6x) compared to the Asian Beverage industry average (26.1x)

Price to Earnings Ratio vs Fair Ratio

What is MLBI'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.

MLBI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	31.6x
Fair PE Ratio	18.4x

Price-To-Earnings vs Fair Ratio: MLBI is expensive based on its Price-To-Earnings Ratio (31.6x) compared to the estimated Fair Price-To-Earnings Ratio (18.4x).

Share Price vs Fair Value

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

Below Fair Value: MLBI (IDR9975) is trading below our estimate of fair value (IDR16651.34)

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

Price to Earnings Growth Ratio

PEG Ratio: MLBI is good value based on its PEG Ratio (1x)

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Future Growth

How is Multi Bintang Indonesia forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

6/6

Future Growth Score 6/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

32.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MLBI's forecast earnings growth (32.6% per year) is above the savings rate (7%).

Earnings vs Market: MLBI's earnings (32.6% per year) are forecast to grow faster than the ID market (11.9% per year).

High Growth Earnings: MLBI's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MLBI's revenue (24.3% per year) is forecast to grow faster than the ID market (12.2% per year).

High Growth Revenue: MLBI's revenue (24.3% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MLBI's Return on Equity is forecast to be very high in 3 years time (91.1%).

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Past Performance

How has Multi Bintang Indonesia performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-16.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MLBI has high quality earnings.

Growing Profit Margin: MLBI's current net profit margins (26.9%) are higher than last year (14.4%).

Past Earnings Growth Analysis

Earnings Trend: MLBI's earnings have declined by 16.6% per year over the past 5 years.

Accelerating Growth: MLBI's earnings growth over the past year (133%) exceeds its 5-year average (-16.6% per year).

Earnings vs Industry: MLBI earnings growth over the past year (133%) exceeded the Beverage industry 16.6%.

Return on Equity

High ROE: MLBI's Return on Equity (60.6%) is considered outstanding.

Discover strong past performing companies

Financial Health

How is Multi Bintang Indonesia's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: MLBI's short term assets (IDR1,241.1B) do not cover its short term liabilities (IDR1,682.7B).

Long Term Liabilities: MLBI's short term assets (IDR1,241.1B) exceed its long term liabilities (IDR140.2B).

Debt to Equity History and Analysis

Debt Level: MLBI has more cash than its total debt.

Reducing Debt: MLBI's debt to equity ratio has reduced from 48.5% to 36.4% over the past 5 years.

Debt Coverage: MLBI's debt is well covered by operating cash flow (292%).

Interest Coverage: MLBI's interest payments on its debt are well covered by EBIT (111.3x coverage).

Balance Sheet

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Dividend

What is Multi Bintang Indonesia current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

4.76%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MLBI's dividend (4.76%) is higher than the bottom 25% of dividend payers in the ID market (1.15%).

High Dividend: MLBI's dividend (4.76%) is in the top 25% of dividend payers in the ID market (4.46%)

Stability and Growth of Payments

Stable Dividend: MLBI's dividend payments have been volatile in the past 10 years.

Growing Dividend: MLBI's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (150.3%), MLBI's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (109.3%), MLBI's dividend payments are not well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure

CEO

Rene Valle (46 yo)

1.83yrs

Tenure

Mr. Rene Sanchez Valle serves as President Director of PT Multi Bintang Indonesia Tbk since August 28, 2020. Since joining HEINEKEN in 2010, he has held various senior positions within the Group including...

Leadership Team

Experienced Management: MLBI's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Experienced Board: MLBI's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/28 00:00
End of Day Share Price	2022/06/28 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31