PT Merdeka Battery Materials Tbk.

IDX:MBMA Stock Report

Market Cap: Rp40.6t

Merdeka Battery Materials Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Discounted Cash Flow
Simply Wall St
Rp26.13
Fair Value
1.3k% overvalued intrinsic discount
9
Number of Analysts

Below Fair Value: MBMA (IDR376) is trading above our estimate of fair value (IDR26.13)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MBMA. This is calculated by dividing MBMA's market cap by their current earnings.
What is MBMA's PE Ratio?
PE Ratio100.9x
EarningsUS$24.72m
Market CapUS$2.50b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MBMA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average64.8x
BRMS Bumi Resources Minerals
168.7x22.7%Rp52.5t
NCKL Trimegah Bangun Persada
7.1x17.4%Rp42.3t
INCO Vale Indonesia
20.8x28.5%Rp30.9t
HILL Hillcon
62.7x37.0%Rp6.2t
MBMA Merdeka Battery Materials
100.9x77.9%Rp40.6t

Price-To-Earnings vs Peers: MBMA is expensive based on its Price-To-Earnings Ratio (100.9x) compared to the peer average (64.8x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ADMR Adaro Minerals Indonesia
4.2x-2.1%US$2.17b
GGRP Gunung Raja Paksi
2.3xn/aUS$143.33m
ISSP Steel Pipe Industry of Indonesia
3.7xn/aUS$110.33m
ALKA Alakasa Industrindo
4.6xn/aUS$10.10m
No more companies available in this PE range
MBMA 100.9xIndustry Avg. 13.9xNo. of Companies4PE020406080100+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MBMA is expensive based on its Price-To-Earnings Ratio (100.9x) compared to the ID Metals and Mining industry average (13.9x).

Price to Earnings Ratio vs Fair Ratio

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 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio100.9x
Fair PE Ratio60.8x

Price-To-Earnings vs Fair Ratio: MBMA is expensive based on its Price-To-Earnings Ratio (100.9x) compared to the estimated Fair Price-To-Earnings Ratio (60.8x).

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 MBMA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp376.00
Rp647.00
+72.1%
20.5%Rp841.10Rp388.20n/a9
Jan ’26Rp458.00
Rp688.84
+50.4%
15.3%Rp837.30Rp531.37n/a9
Dec ’25Rp500.00
Rp723.81
+44.8%
9.2%Rp818.22Rp613.67n/a9
Nov ’25Rp540.00
Rp723.81
+34.0%
9.7%Rp816.09Rp612.07n/a8
Oct ’25Rp590.00
Rp707.82
+20.0%
12.1%Rp835.95Rp577.56n/a7
Sep ’25Rp550.00
Rp759.94
+38.2%
9.6%Rp837.27Rp623.85n/a7
Aug ’25Rp605.00
Rp759.94
+25.6%
9.6%Rp837.27Rp623.85n/a7
Jul ’25Rp650.00
Rp759.94
+16.9%
9.6%Rp837.27Rp623.85n/a7
Jun ’25Rp670.00
Rp775.63
+15.8%
16.2%Rp985.70Rp614.04n/a6
May ’25Rp550.00
Rp806.70
+46.7%
17.8%Rp987.53Rp615.18n/a6
Apr ’25Rp486.00
Rp801.23
+64.9%
17.5%Rp967.83Rp602.91n/a6
Mar ’25Rp590.00
Rp895.76
+51.8%
13.2%Rp1,100.05Rp785.75n/a5
Feb ’25Rp685.00
Rp896.42
+30.9%
13.5%Rp1,104.74Rp789.10Rp382.005
Jan ’25Rp560.00
Rp935.41
+67.0%
17.2%Rp1,230.80Rp769.25Rp458.005
Dec ’24Rp605.00
Rp966.64
+59.8%
15.6%Rp1,239.28Rp774.55Rp500.005
Nov ’24Rp660.00
Rp958.20
+45.2%
10.5%Rp1,114.19Rp795.85Rp540.005
Oct ’24Rp805.00
Rp942.00
+17.0%
5.1%Rp997.23Rp874.49Rp590.005
Sep ’24Rp810.00
Rp912.56
+12.7%
5.9%Rp998.23Rp849.24Rp550.004
Aug ’24Rp745.00
Rp912.56
+22.5%
5.9%Rp998.23Rp849.24Rp605.004
Jul ’24Rp810.00
Rp912.56
+12.7%
5.9%Rp998.23Rp849.24Rp650.004
Jun ’24Rp755.00
Rp912.56
+20.9%
5.9%Rp998.23Rp849.24Rp670.004
Analyst Price Target
Consensus Narrative from 9 Analysts
Rp647.00
Fair Value
41.9% undervalued intrinsic discount
9
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/07 20:27
End of Day Share Price 2025/02/07 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 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.

AnalystInstitution
Yu Jie LoBofA Global Research
Edward LeungBofA Global Research
Jacquelin HamdaniCGS International