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

MBMA is expensive based on its Price-To-Earnings Ratio (124.7x) compared to the peer average (39.2x).

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

MBMA is expensive based on its Price-To-Earnings Ratio (124.7x) compared to the ID Metals and Mining industry average (14.3x).

What is MBMA'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.

MBMA is expensive based on its Price-To-Earnings Ratio (124.7x) compared to the estimated Fair Price-To-Earnings Ratio (77.8x).

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

MBMA (IDR462) is trading below our estimate of [[fair value]] (IDR1179.62)

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

Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

MBMA Stock Overview

Engages in the mining and processing of nickel, cobalt, and other mineral deposits in Indonesia. More details

MBMA fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	4/6
Past Performance	3/6
Financial Health	4/6
Dividends	0/6

Rewards

Trading at 60.8% below our estimate of its fair value

Earnings are forecast to grow 81.71% per year

Became profitable this year

Analysts in good agreement that stock price will rise by 53.5%

Risk Analysis

No risks detected for MBMA from our risk checks.

My Notes

Capture your thoughts, links and company narrative

PT Merdeka Battery Materials Tbk. Competitors

Bumi Resources Minerals

IDX:BRMS

Rp49.9t

Trimegah Bangun Persada

IDX:NCKL

Rp47.3t

Vale Indonesia

IDX:INCO

Rp37.3t

Hillcon

IDX:HILL

Rp6.9t

Price History & Performance

Summary of share price highs, lows and changes for Merdeka Battery Materials
Historical stock prices
Current Share Price	Rp462.00
52 Week High	Rp730.00
52 Week Low	Rp448.00
Beta	0
1 Month Change	-16.00%
3 Month Change	-15.23%
1 Year Change	-15.23%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-47.80%

Recent updates

Shareholder Returns

	MBMA	ID Metals and Mining	ID Market
7D	-8.5%	-4.6%	-3.6%
1Y	-15.2%	17.0%	2.7%

Return vs Industry: MBMA underperformed the ID Metals and Mining industry which returned 17% over the past year.

Return vs Market: MBMA underperformed the ID Market which returned 2.7% over the past year.

Price Volatility

Is MBMA's price volatile compared to industry and market?
MBMA volatility
MBMA Average Weekly Movement	6.2%
Metals and Mining Industry Average Movement	7.8%
Market Average Movement	5.5%
10% most volatile stocks in ID Market	12.8%
10% least volatile stocks in ID Market	2.4%

Stable Share Price: MBMA has not had significant price volatility in the past 3 months compared to the ID market.

Volatility Over Time: MBMA's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2019	3,689	Devin Ridwan	www.merdekabattery.com

PT Merdeka Battery Materials Tbk. engages in the mining and processing of nickel, cobalt, and other mineral deposits in Indonesia. The company manufactures non-ferrous basic metal; collects hazardous waste; and transmits, distributes, and sells electricity.

PT Merdeka Battery Materials Tbk. Fundamentals Summary

How do Merdeka Battery Materials's earnings and revenue compare to its market cap?
MBMA fundamental statistics
Market cap	Rp49.89t
Earnings (TTM)	Rp400.27b
Revenue (TTM)	Rp29.70t

124.7x

P/E Ratio

1.7x

P/S Ratio

Is MBMA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
MBMA income statement (TTM)
Revenue	US$1.83b
Cost of Revenue	US$1.74b
Gross Profit	US$95.44m
Other Expenses	US$70.72m
Earnings	US$24.72m

Last Reported Earnings

Sep 30, 2024

Next Earnings Date

n/a

Earnings per share (EPS)	0.00023
Gross Margin	5.20%
Net Profit Margin	1.35%
Debt/Equity Ratio	25.1%

How did MBMA perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/22 05:21
End of Day Share Price	2024/12/20 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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 here.

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 .

Analyst Sources

PT Merdeka Battery Materials Tbk. is covered by 10 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Yu Jie Lo	BofA Global Research
Edward Leung	BofA Global Research
Jacquelin Hamdani	CGS International