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INCO

Vale Indonesia IDX:INCO Stock Report

Last Price

Rp6.73k

Market Cap

Rp66.8t

7D

7.6%

1Y

42.5%

Updated

05 Oct, 2022

Data

Company Financials +
INCO fundamental analysis
Snowflake Score
Valuation1/6
Future Growth0/6
Past Performance5/6
Financial Health6/6
Dividends2/6

INCO Stock Overview

PT Vale Indonesia Tbk engages in the exploration and mining, processing, storage, transportation, and marketing of nickel and related mineral products in Indonesia, Canada, and Japan.

Vale Indonesia Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Vale Indonesia
Historical stock prices
Current Share PriceRp6,725.00
52 Week HighRp8,800.00
52 Week LowRp4,240.00
Beta1.41
1 Month Change13.03%
3 Month Change33.17%
1 Year Change42.48%
3 Year Change87.33%
5 Year Change126.43%
Change since IPO8,577.42%

Recent News & Updates

Shareholder Returns

INCOID Metals and MiningID Market
7D7.6%-1.0%-0.3%
1Y42.5%15.6%11.0%

Return vs Industry: INCO exceeded the ID Metals and Mining industry which returned 15.6% over the past year.

Return vs Market: INCO exceeded the ID Market which returned 11% over the past year.

Price Volatility

Is INCO's price volatile compared to industry and market?
INCO volatility
INCO Average Weekly Movement7.4%
Metals and Mining Industry Average Movement5.3%
Market Average Movement5.4%
10% most volatile stocks in ID Market11.5%
10% least volatile stocks in ID Market2.7%

Stable Share Price: INCO is not significantly more volatile than the rest of ID stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: INCO's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19682,961Febriany Eddyhttps://www.vale.com/indonesia/EN/Pages/default.aspx

PT Vale Indonesia Tbk engages in the exploration and mining, processing, storage, transportation, and marketing of nickel and related mineral products in Indonesia, Canada, and Japan. It operates a concession area of 118,017 hectares located in central, south, and southeast Sulawesi. The company also explores for iron ore and pellets, nickel, manganese and ferroalloys, coal, and copper deposits.

Vale Indonesia Fundamentals Summary

How do Vale Indonesia's earnings and revenue compare to its market cap?
INCO fundamental statistics
Market CapRp66.82t
Earnings (TTM)Rp3.92t
Revenue (TTM)Rp16.78t

17.1x

P/E Ratio

4.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
INCO income statement (TTM)
RevenueUS$1.10b
Cost of RevenueUS$744.99m
Gross ProfitUS$357.78m
Other ExpensesUS$100.31m
EarningsUS$257.47m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 27, 2022

Earnings per share (EPS)0.026
Gross Margin32.44%
Net Profit Margin23.35%
Debt/Equity Ratio0%

How did INCO perform over the long term?

See historical performance and comparison

Dividends

0.7%

Current Dividend Yield

13%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

INCO 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/Revenue3.5x
Enterprise Value/EBITDA7.7x
PEG Ratio-10.2x

Price to Earnings Ratio vs Peers

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

INCO PE Ratio vs Peers
The above table shows the PE ratio for INCO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average22.5x
MDKA Merdeka Copper Gold
49.3x27.0%Rp95.2t
BRMS Bumi Resources Minerals
22.9x5.9%Rp23.7t
TINS TIMAH
4.8x-11.0%Rp10.2t
IFSH Ifishdeco
14xn/aRp2.4t
INCO Vale Indonesia
17.1x-1.7%Rp66.8t

Price-To-Earnings vs Peers: INCO is good value based on its Price-To-Earnings Ratio (17.1x) compared to the peer average (22.5x).


Price to Earnings Ratio vs Industry

How does INCO's PE Ratio compare vs other companies in the ID Metals and Mining Industry?

Price-To-Earnings vs Industry: INCO is expensive based on its Price-To-Earnings Ratio (17.1x) compared to the ID Metals and Mining industry average (15.6x)


Price to Earnings Ratio vs Fair Ratio

What is INCO'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.

INCO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.1x
Fair PE Ratio13.5x

Price-To-Earnings vs Fair Ratio: INCO is expensive based on its Price-To-Earnings Ratio (17.1x) compared to the estimated Fair Price-To-Earnings Ratio (13.5x).


Share Price vs Fair Value

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

Below Fair Value: INCO (IDR6725) is trading above our estimate of fair value (IDR6109.53)

Significantly Below Fair Value: INCO is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is Vale Indonesia forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-1.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: INCO's earnings are forecast to decline over the next 3 years (-1.7% per year).

Earnings vs Market: INCO's earnings are forecast to decline over the next 3 years (-1.7% per year).

High Growth Earnings: INCO's earnings are forecast to decline over the next 3 years.

Revenue vs Market: INCO's revenue is expected to decline over the next 3 years (-0.4% per year).

High Growth Revenue: INCO's revenue is forecast to decline over the next 3 years (-0.4% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: INCO's Return on Equity is forecast to be low in 3 years time (9.5%).


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Past Performance

How has Vale 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


52.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: INCO has high quality earnings.

Growing Profit Margin: INCO's current net profit margins (23.3%) are higher than last year (10.8%).


Past Earnings Growth Analysis

Earnings Trend: INCO's earnings have grown significantly by 52.4% per year over the past 5 years.

Accelerating Growth: INCO's earnings growth over the past year (191%) exceeds its 5-year average (52.4% per year).

Earnings vs Industry: INCO earnings growth over the past year (191%) exceeded the Metals and Mining industry 75.4%.


Return on Equity

High ROE: INCO's Return on Equity (11.2%) is considered low.


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Financial Health

How is Vale Indonesia's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: INCO's short term assets ($970.6M) exceed its short term liabilities ($171.0M).

Long Term Liabilities: INCO's short term assets ($970.6M) exceed its long term liabilities ($141.3M).


Debt to Equity History and Analysis

Debt Level: INCO is debt free.

Reducing Debt: INCO has no debt compared to 5 years ago when its debt to equity ratio was 5%.

Debt Coverage: INCO has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: INCO has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

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

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


0.70%

Current Dividend Yield

Dividend Yield vs Market

Vale Indonesia Dividend Yield vs Market
How does Vale Indonesia dividend yield compare to the market?
SegmentDividend Yield
Company (Vale Indonesia)0.7%
Market Bottom 25% (ID)1.1%
Market Top 25% (ID)4.8%
Industry Average (Metals and Mining)1.4%
Analyst forecast in 3 Years (Vale Indonesia)1.7%

Notable Dividend: INCO's dividend (0.7%) isn’t notable compared to the bottom 25% of dividend payers in the ID market (1.11%).

High Dividend: INCO's dividend (0.7%) is low compared to the top 25% of dividend payers in the ID market (4.83%).


Stability and Growth of Payments

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

Growing Dividend: INCO's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (12.9%), INCO's dividend payments are thoroughly covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (19.1%), INCO's dividend payments are well covered by cash flows.


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Management

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

1.8yrs

Average management tenure


CEO

Febriany Eddy (45 yo)

9.5yrs

Tenure

Ms. Febriany Eddy has been President Director and Chief Executive Officer of PT Vale Indonesia Tbk since April 29, 2021. She has been Director at PT Vale Indonesia Tbk since April 23, 2013. She served as V...


Leadership Team

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


Board Members

Experienced Board: INCO's board of directors are not considered experienced ( 2.1 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

What is the ownership structure of INCO?
Owner TypeNumber of SharesOwnership Percentage
Institutions527,737,8405.3%
General Public1,576,711,24015.9%
Private Companies1,987,267,74520.0%
Public Companies5,844,621,89558.8%

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


Top Shareholders

Top 25 shareholders own 83.75% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
43.79%
Vale S.A.
4,351,403,820$29.3t-1.23%no data
20%
PT Indonesia Asahan Aluminium (Persero)
1,987,267,745$13.4t0%no data
15.03%
Sumitomo Metal Mining Co., Ltd.
1,493,218,075$10.0t0%no data
1.01%
Baillie Gifford & Co.
99,863,100$671.6b5.27%0.02%
0.86%
Norges Bank Investment Management
85,172,595$572.8b0%no data
0.82%
The Vanguard Group, Inc.
81,911,783$550.9b1.67%no data
0.58%
BlackRock, Inc.
57,614,551$387.5b4.88%no data
0.31%
Dimensional Fund Advisors LP
30,763,276$206.9b-1.49%no data
0.3%
Baring Asset Management Limited
29,970,200$201.5b0%0.16%
0.27%
GWL Investment Management Ltd.
26,583,046$178.8b-12.72%0.05%
0.089%
Geode Capital Management, LLC
8,877,115$59.7b3.2%no data
0.086%
Nikko Asset Management Co., Ltd.
8,517,800$57.3b-10.66%no data
0.078%
Causeway Capital Management LLC
7,711,400$51.9b13.79%0.02%
0.076%
Putnam LLC
7,561,358$50.9b-3.06%0.01%
0.063%
Fidelity International Ltd
6,213,200$41.8b0%no data
0.056%
First Trust Advisors LP
5,596,102$37.6b1.15%no data
0.05%
Goldman Sachs Asset Management, L.P.
4,930,352$33.2b-10.47%no data
0.05%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
4,922,886$33.1b53.5%no data
0.043%
Grantham Mayo Van Otterloo & Co. LLC
4,304,000$28.9b0%0.01%
0.036%
SEI Investments Company
3,618,800$24.3b31.94%no data
0.033%
Toroso Investments, LLC
3,247,601$21.8b29.99%0.04%
0.032%
Russell Investment Management, LLC
3,212,700$21.6b0%no data
0.032%
First Sentier Investors (Australia) IM Ltd
3,148,800$21.2b0%no data
0.03%
Invesco Capital Management LLC
3,010,042$20.2b10.51%no data
0.027%
Charles Schwab Investment Management, Inc.
2,641,503$17.8b0.92%no data

Company Information

PT Vale Indonesia Tbk's employee growth, exchange listings and data sources


Key Information


Number of Employees


Location

  • PT Vale Indonesia Tbk
  • The Energy Building
  • 31st Floor
  • Jakarta
  • Jakarta Raya
  • 12190
  • Indonesia


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PTND.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJan 1992
INCOIDX (Indonesia Stock Exchange)YesCommon SharesIDIDRJan 1992
XT3BDB (Deutsche Boerse AG)YesCommon SharesDEEURJan 1992
PTND.YOTCPK (Pink Sheets LLC)ADRUSUSDMar 2009

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/05 00:00
End of Day Share Price2022/10/05 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.