PT Bank Negara Indonesia (Persero) Tbk

OTCPK:PBNN.F Stock Report

Market Cap: US$11.5b

Bank Negara Indonesia (Persero) Valuation

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

Valuation Score

6/6

Valuation Score 6/6

  • 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 PBNN.F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PBNN.F ($0.29) is trading below our estimate of fair value ($0.47)

Significantly Below Fair Value: PBNN.F is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PBNN.F?

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

The above table shows the Price to Earnings ratio for PBNN.F. This is calculated by dividing PBNN.F's market cap by their current earnings.
What is PBNN.F's PE Ratio?
PE Ratio8.5x
EarningsRp21.46t
Market CapRp182.93t

Price to Earnings Ratio vs Peers

How does PBNN.F's PE Ratio compare to its peers?

The above table shows the PE ratio for PBNN.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.7x
BAP Credicorp
11.1x11.9%US$15.0b
CMA Comerica
16.9x10.9%US$9.2b
FITB Fifth Third Bancorp
15.3x8.1%US$31.7b
INTR Inter & Co
19.5x36.0%US$2.6b
PBNN.F Bank Negara Indonesia (Persero)
8.5x12.2%US$182.9t

Price-To-Earnings vs Peers: PBNN.F is good value based on its Price-To-Earnings Ratio (8.5x) compared to the peer average (15.7x).

Price to Earnings Ratio vs Industry

How does PBNN.F's PE Ratio compare vs other companies in the US Banks Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FRCB First Republic Bank
0.02xn/aUS$27.98m
BKGM BankGuam Holding
1xn/aUS$18.48m
SBNY Signature Bank
0.002xn/aUS$2.18m
BCBH.F Caribbean Investment Holdings
0.00001xn/aUS$132.00
No more companies available in this PE range
PBNN.F 8.5xIndustry Avg. 12.9xNo. of Companies80PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PBNN.F is good value based on its Price-To-Earnings Ratio (8.5x) compared to the US Banks industry average (12.8x).

Price to Earnings Ratio vs Fair Ratio

What is PBNN.F'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.

PBNN.F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.5x
Fair PE Ratio58x

Price-To-Earnings vs Fair Ratio: PBNN.F is good value based on its Price-To-Earnings Ratio (8.5x) compared to the estimated Fair Price-To-Earnings Ratio (58x).

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 PBNN.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$0.29
US$0.41
+43.3%
7.0%US$0.48US$0.34n/a21
Nov ’25n/a
US$0.41
0%
7.0%US$0.48US$0.34n/a21
Oct ’25US$0.24
US$0.42
+74.4%
5.4%US$0.45US$0.36n/a21
Sep ’25US$0.41
US$0.40
-3.1%
5.4%US$0.45US$0.35n/a22
Aug ’25US$0.29
US$0.37
+28.8%
5.7%US$0.42US$0.33n/a22
Jul ’25US$0.55
US$0.37
-32.1%
5.1%US$0.42US$0.34n/a23
Jun ’25US$0.50
US$0.38
-22.9%
5.5%US$0.42US$0.34n/a23
May ’25US$0.20
US$0.39
+87.9%
7.0%US$0.42US$0.31n/a23
Apr ’25US$0.39
US$0.40
+2.6%
7.0%US$0.45US$0.32n/a22
Mar ’25US$0.37
US$0.41
+8.9%
6.6%US$0.43US$0.33n/a22
Feb ’25US$0.30
US$0.39
+30.1%
6.8%US$0.43US$0.32n/a23
Jan ’25US$0.35
US$0.38
+9.6%
7.4%US$0.46US$0.33n/a23
Dec ’24US$0.33
US$0.38
+13.4%
6.1%US$0.43US$0.33n/a23
Nov ’24US$0.40
US$0.37
-8.4%
6.2%US$0.42US$0.32n/a23
Oct ’24n/a
US$0.38
0%
6.5%US$0.44US$0.33US$0.2423
Sep ’24US$0.31
US$0.38
+20.6%
7.2%US$0.44US$0.31US$0.4124
Aug ’24US$0.30
US$0.38
+27.8%
7.9%US$0.44US$0.31US$0.2924
Jul ’24n/a
US$0.38
0%
7.2%US$0.44US$0.32US$0.5524
Jun ’24n/a
US$0.38
0%
6.9%US$0.44US$0.32US$0.5024
May ’24US$0.33
US$0.39
+17.7%
5.6%US$0.43US$0.34US$0.2023
Apr ’24US$0.29
US$0.38
+29.8%
5.3%US$0.42US$0.33US$0.3923
Mar ’24US$0.28
US$0.38
+36.4%
5.4%US$0.43US$0.34US$0.3722
Feb ’24US$0.30
US$0.39
+28.7%
5.2%US$0.43US$0.34US$0.3022
Jan ’24n/a
US$0.35
0%
8.6%US$0.41US$0.29US$0.3522
Dec ’23US$0.30
US$0.35
+17.1%
8.4%US$0.41US$0.29US$0.3322
Nov ’23US$0.29
US$0.34
+17.1%
7.9%US$0.41US$0.29US$0.4023

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

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