PT Vale Indonesia Tbk

IDX:INCO Stock Report

Market Cap: Rp70.6t

Vale Indonesia 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

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: INCO (IDR6825) is trading above our estimate of future cash flow value (IDR3135.04)

Significantly Below Future Cash Flow Value: INCO is trading above our estimate of future cash flow value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for INCO. This is calculated by dividing INCO's market cap by their current earnings.
What is INCO's PE Ratio?
PE Ratio54.9x
EarningsUS$76.06m
Market CapUS$4.10b

Price to Earnings Ratio vs Peers

How does INCO's PE Ratio compare to its 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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average70.5x
PTRO Petrosea
107.7x65.57%Rp56.5t
MBMA Merdeka Battery Materials
144.2x77.58%Rp71.3t
NCKL Trimegah Bangun Persada
9x18.38%Rp70.2t
TINS TIMAH
21.3x41.02%Rp28.1t
INCO Vale Indonesia
54.9x50.21%Rp70.6t

Price-To-Earnings vs Peers: INCO is good value based on its Price-To-Earnings Ratio (54.9x) compared to the peer average (70.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
DEWA Darma Henwa
4.7x-55.37%US$1.15b
KRAS Krakatau Steel (Persero)
1xn/aUS$332.14m
No more companies available in this PE range
INCO 54.9xIndustry Avg. 19.0xNo. of Companies5PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: INCO is expensive based on its Price-To-Earnings Ratio (54.9x) compared to the ID Metals and Mining industry average (19x).

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 Ratio54.9x
Fair PE Ratio32.9x

Price-To-Earnings vs Fair Ratio: INCO is expensive based on its Price-To-Earnings Ratio (54.9x) compared to the estimated Fair Price-To-Earnings Ratio (32.9x).

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 INCO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp6,825.00
Rp7,335.95
+7.49%
25.71%Rp9,985.82Rp3,593.51n/a16
Apr ’27Rp5,750.00
Rp7,029.60
+22.25%
30.28%Rp10,080.41Rp3,535.79n/a15
Mar ’27Rp7,900.00
Rp6,873.44
-12.99%
29.64%Rp9,966.13Rp3,489.82n/a15
Feb ’27Rp6,450.00
Rp6,618.42
+2.61%
27.13%Rp8,971.73Rp3,494.61n/a15
Jan ’27Rp5,175.00
Rp4,918.43
-4.96%
13.25%Rp5,936.93Rp3,488.37n/a15
Dec ’26Rp3,820.00
Rp4,739.14
+24.06%
16.79%Rp5,905.78Rp2,969.57n/a15
Nov ’26Rp4,750.00
Rp4,561.59
-3.97%
15.68%Rp5,656.24Rp2,961.21n/a15
Oct ’26Rp4,260.00
Rp4,433.86
+4.08%
14.24%Rp5,310.71Rp2,963.34n/a15
Sep ’26Rp3,710.00
Rp4,247.93
+14.50%
15.21%Rp5,242.13Rp2,925.07n/a14
Aug ’26Rp3,560.00
Rp3,986.76
+11.99%
14.26%Rp4,898.72Rp2,935.93n/a14
Jul ’26Rp3,500.00
Rp3,618.60
+3.39%
14.95%Rp4,480.03Rp2,645.82n/a14
Jun ’26Rp3,510.00
Rp3,595.47
+2.44%
13.66%Rp4,495.76Rp2,655.11n/a15
May ’26Rp2,490.00
Rp3,833.44
+53.95%
12.65%Rp4,681.20Rp2,705.80n/a15
Apr ’26Rp2,270.00
Rp4,139.16
+82.34%
10.92%Rp5,130.45Rp3,398.51Rp5,750.0015
Mar ’26Rp2,910.00
Rp4,213.34
+44.79%
12.39%Rp5,181.75Rp3,421.60Rp7,900.0015
Feb ’26Rp3,000.00
Rp4,420.29
+47.34%
13.51%Rp5,297.18Rp3,536.88Rp6,450.0015
Jan ’26Rp3,620.00
Rp4,644.50
+28.30%
14.11%Rp5,741.85Rp3,470.70Rp5,175.0018
Dec ’25Rp3,600.00
Rp4,753.72
+32.05%
15.02%Rp5,808.05Rp3,443.57Rp3,820.0018
Nov ’25Rp3,800.00
Rp4,702.65
+23.75%
15.41%Rp5,753.15Rp3,411.02Rp4,750.0018
Oct ’25Rp4,220.00
Rp4,514.10
+6.97%
11.37%Rp5,334.85Rp3,526.17Rp4,260.0018
Sep ’25Rp3,840.00
Rp4,745.98
+23.59%
12.30%Rp5,698.49Rp3,766.52Rp3,710.0018
Aug ’25Rp3,830.00
Rp4,745.98
+23.92%
12.30%Rp5,698.49Rp3,766.52Rp3,560.0018
Jul ’25Rp4,200.00
Rp5,228.25
+24.48%
21.17%Rp9,092.47Rp3,999.38Rp3,500.0018
Jun ’25Rp4,970.00
Rp5,220.41
+5.04%
20.47%Rp8,963.80Rp4,087.62Rp3,510.0018
May ’25Rp4,250.00
Rp4,969.21
+16.92%
22.62%Rp9,017.27Rp3,917.74Rp2,490.0020
Apr ’25Rp4,070.00
Rp4,927.87
+21.08%
22.85%Rp8,798.93Rp3,822.87Rp2,270.0020
Rp7.34k
Fair Value
7.0% undervalued intrinsic discount
16
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/27 10:24
End of Day Share Price 2026/04/27 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

PT Vale Indonesia Tbk is covered by 28 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nathan GeeBofA Global Research
Andi HadiwidjojoBofA Global Research
Jacquelin HamdaniCGS International