Major Estimate Revision • May 28
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$2.01b to US$1.97b. EPS estimate also fell from US$0.014 per share to US$0.012 per share. Net income forecast to grow 65% next year vs 55% growth forecast for Metals and Mining industry in Indonesia. Consensus price target broadly unchanged at Rp2,291. Share price rose 11% to Rp1,510 over the past week. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp1,530, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 107% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp2,825 per share. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: US$0.002 (vs US$0.002 in 1Q 2025) First quarter 2026 results: EPS: US$0.002 (in line with 1Q 2025). Revenue: US$267.5m (up 34% from 1Q 2025). Net income: US$87.7m (up 34% from 1Q 2025). Profit margin: 33% (in line with 1Q 2025). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Metals and Mining 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 26% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 16
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$2.28b to US$2.07b. EPS estimate also fell from US$0.012 per share to US$0.01 per share. Net income forecast to grow 54% next year vs 78% growth forecast for Metals and Mining industry in Indonesia. Consensus price target broadly unchanged at Rp2,130. Share price rose 9.7% to Rp1,930 over the past week. Announcement • Mar 12
PT Alamtri Minerals Indonesia Tbk, Annual General Meeting, Apr 17, 2026 PT Alamtri Minerals Indonesia Tbk, Annual General Meeting, Apr 17, 2026. Price Target Changed • Mar 12
Price target increased by 8.7% to Rp2,065 Up from Rp1,899, the current price target is an average from 9 analysts. New target price is 9.8% above last closing price of Rp1,880. Stock is up 110% over the past year. The company is forecast to post earnings per share of US$0.011 for next year compared to US$0.0066 last year. Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: US$0.007 (vs US$0.011 in FY 2024) Full year 2025 results: EPS: US$0.007 (down from US$0.011 in FY 2024). Revenue: US$972.9m (down 16% from FY 2024). Net income: US$271.2m (down 38% from FY 2024). Profit margin: 28% (down from 38% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 45% p.a. on average during the next 2 years, compared to a 44% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Rp2,280, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 24x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Rp2,057 per share. Price Target Changed • Jan 20
Price target increased by 7.3% to Rp1,805 Up from Rp1,682, the current price target is an average from 9 analysts. New target price is 12% below last closing price of Rp2,060. Stock is up 106% over the past year. The company is forecast to post earnings per share of US$0.0068 for next year compared to US$0.011 last year. Price Target Changed • Jan 09
Price target increased by 12% to Rp1,637 Up from Rp1,465, the current price target is an average from 9 analysts. New target price is 6.5% below last closing price of Rp1,750. Stock is up 67% over the past year. The company is forecast to post earnings per share of US$0.0069 for next year compared to US$0.011 last year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Rp1,645, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 23x in the Metals and Mining industry in Indonesia. Total returns to shareholders of 12% over the past three years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: US$0.002 (vs US$0.002 in 3Q 2024) Third quarter 2025 results: EPS: US$0.002 (in line with 3Q 2024). Revenue: US$231.2m (down 1.2% from 3Q 2024). Net income: US$63.7m (down 24% from 3Q 2024). Profit margin: 28% (down from 36% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 32% growth forecast for the Metals and Mining industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Oct 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Independent Commissioner Mohammad Effendi was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Mar 30
PT Adaro Minerals Indonesia Tbk, Annual General Meeting, May 14, 2025 PT Adaro Minerals Indonesia Tbk, Annual General Meeting, May 14, 2025. Location: jakarta Indonesia Major Estimate Revision • Nov 08
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$0.0098 to US$0.0109. Revenue forecast unchanged at US$1.17b. Net income forecast to shrink 11% next year vs 61% growth forecast for Metals and Mining industry in Indonesia . Consensus price target down from Rp1,991 to Rp1,895. Share price was steady at Rp1,395 over the past week. New Risk • Nov 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.9% 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 Risks Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. High level of non-cash earnings (42% accrual ratio). Reported Earnings • Nov 02
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: US$0.002 (in line with 3Q 2023). Revenue: US$234.0m (down 9.0% from 3Q 2023). Net income: US$84.2m (down 3.2% from 3Q 2023). Profit margin: 36% (up from 34% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Metals and Mining industry in Indonesia. New Risk • Oct 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% 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 Risks Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. High level of non-cash earnings (36% accrual ratio). Reported Earnings • Aug 28
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.003 (up from US$0.002 in 2Q 2023). Revenue: US$332.5m (up 48% from 2Q 2023). Net income: US$132.7m (up 68% from 2Q 2023). Profit margin: 40% (up from 35% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 1.8%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Metals and Mining industry in Indonesia. Major Estimate Revision • May 18
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$0.0094 to US$0.0106. Revenue forecast unchanged at US$1.23b. Net income forecast to shrink 1.7% next year vs 50% growth forecast for Metals and Mining industry in Indonesia . Consensus price target broadly unchanged at Rp1,802. Share price was steady at Rp1,300 over the past week. Reported Earnings • May 05
First quarter 2024 earnings released: EPS: US$0.003 (vs US$0.002 in 1Q 2023) First quarter 2024 results: EPS: US$0.003 (up from US$0.002 in 1Q 2023). Revenue: US$274.5m (up 15% from 1Q 2023). Net income: US$116.0m (up 37% from 1Q 2023). Profit margin: 42% (up from 36% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Metals and Mining industry in Indonesia. New Risk • Apr 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.0% 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 Risks Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Major Estimate Revision • Mar 09
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$1.12b to US$1.25b. EPS estimate reaffirmed at US$0.0096. Net income forecast to shrink 30% next year vs 13% growth forecast for Metals and Mining industry in Indonesia . Consensus price target broadly unchanged at Rp1,734. Share price fell 2.3% to Rp1,455 over the past week. Reported Earnings • Mar 02
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$0.011 (up from US$0.008 in FY 2022). Revenue: US$1.09b (up 20% from FY 2022). Net income: US$441.0m (up 33% from FY 2022). Profit margin: 41% (up from 37% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Metals and Mining industry in Indonesia. New Risk • Mar 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 39% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 25% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Buy Or Sell Opportunity • Jan 30
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to Rp1,485. The fair value is estimated to be Rp1,155, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 66% in 2 years. Earnings are forecast to grow by 4.0% in the next 2 years. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: US$0.002 (vs US$0.002 in 3Q 2022) Third quarter 2023 results: EPS: US$0.002 (in line with 3Q 2022). Revenue: US$257.0m (up 11% from 3Q 2022). Net income: US$87.0m (up 5.8% from 3Q 2022). Profit margin: 34% (down from 36% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 60% decline forecast for the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Rp1,150, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 38% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Rp984 per share. Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: US$0.002 (vs US$0.003 in 2Q 2022) Second quarter 2023 results: EPS: US$0.002 (down from US$0.003 in 2Q 2022). Revenue: US$225.4m (down 11% from 2Q 2022). Net income: US$78.8m (down 34% from 2Q 2022). Profit margin: 35% (down from 47% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp1,155, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 34% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Rp961 per share. Price Target Changed • Jul 28
Price target decreased by 15% to Rp1,639 Down from Rp1,931, the current price target is an average from 4 analysts. New target price is 71% above last closing price of Rp960. Stock is down 48% over the past year. The company is forecast to post earnings per share of US$0.0082 for next year compared to US$0.0081 last year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp955, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 16x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 46% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Rp605 per share. Price Target Changed • May 09
Price target decreased by 12% to Rp1,931 Down from Rp2,183, the current price target is an average from 4 analysts. New target price is 103% above last closing price of Rp950. Stock is down 61% over the past year. The company is forecast to post earnings per share of US$0.0088 for next year compared to US$0.0081 last year. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp1,290, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Metals and Mining industry in Indonesia. Total loss to shareholders of 43% over the past year. Price Target Changed • Mar 30
Price target decreased by 11% to Rp2,058 Down from Rp2,313, the current price target is an average from 4 analysts. New target price is 72% above last closing price of Rp1,195. Stock is down 48% over the past year. The company is forecast to post earnings per share of US$0.0088 for next year compared to US$0.0081 last year. Major Estimate Revision • Nov 16
Consensus revenue estimates increase by 11% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$850.1m to US$941.8m. EPS estimate increased from US$0.01 to US$0.01 per share. Net income forecast to shrink 13% next year vs 9.0% decline forecast for Metals and Mining industry in Indonesia. Consensus price target of Rp2,483 unchanged from last update. Share price rose 7.5% to Rp2,010 over the past week. Board Change • Nov 16
No independent directors There are 12 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: 12 new directors. No experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Operation Director & Director Totok Azhariyanto is the most experienced director on the board, commencing their role in 2021. Independent Commissioner Mohammad Effendi was the last independent director to join the board, commencing their role in 2021. 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. Reported Earnings • Nov 06
Third quarter 2022 earnings released Third quarter 2022 results: EPS: US$0.002. Net income: US$82.3m (up US$82.3m from 3Q 2021). Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Metals and Mining industry in Indonesia. Buying Opportunity • Oct 11
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be Rp2,229, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 152% over the last year. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10.0% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 20% share price gain to Rp1,960, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 18x in the Metals and Mining industry in Indonesia. Simply Wall St's valuation model estimates the intrinsic value at Rp2,382 per share. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 17% share price gain to Rp1,770, the stock trades at a trailing P/E ratio of 21.1x. Average forward P/E is 10x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 15% share price gain to Rp2,450, the stock trades at a trailing P/E ratio of 30.1x. Average forward P/E is 13x in the Metals and Mining industry in Indonesia. Reported Earnings • May 03
First quarter 2022 earnings released First quarter 2022 results: EPS: US$0.002. Revenue: US$182.1m (flat on 1Q 2021). Net income: US$83.5m (up US$83.5m from 1Q 2021). Profit margin: 46% (up from null in 1Q 2021). Over the next year, revenue is forecast to grow 66%, compared to a 61% growth forecast for the industry in Indonesia. Board Change • Apr 27
No independent directors There are 11 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: 11 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Operation Director & Director Totok Azhariyanto is the most experienced director on the board, commencing their role in 2021. Independent Commissioner Mohammad Effendi was the last independent director to join the board, commencing their role in 2021. 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 24% share price gain to Rp2,790, the stock trades at a trailing P/E ratio of 51.2x. Average forward P/E is 20x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 16% share price gain to Rp1,965, the stock trades at a trailing P/E ratio of 36.1x. Average forward P/E is 15x in the Metals and Mining industry in Indonesia. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 32% share price gain to Rp1,690, the stock trades at a trailing P/E ratio of 31x. Average trailing P/E is 25x in the Metals and Mining industry in Indonesia. Reported Earnings • Mar 07
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.01 (up from US$0.002 loss in FY 2020). Revenue: US$460.2m (up 273% from FY 2020). Net income: US$155.1m (up US$183.4m from FY 2020). Profit margin: 34% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates.