Bank Mandiri Persero Tbk PT (BMRI) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Bank Mandiri Persero Tbk PT stock IDR 6,099, price IDR 3,610, upside +68.9%, quality 64 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 1,975 IDR – 6,002 IDR · fair‑value band 3,516 IDR – 7,624 IDR · the 3,610 IDR price screens below the 6,099 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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PT Bank Mandiri (Persero) Tbk provides various banking products and services to individuals and businesses in Indonesia, Singapore, Malaysia, Hong Kong, Timor Leste, Shanghai, England, and the Cayman Islands.
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It offers savings and current accounts, multicurrency, payroll, NOW, and foreign currency savings accounts; personal, mortgage, micro enterprise, small and medium enterprises, working capital, and investment loans; corporate, credit, and debit cards; and e-banking services.
The company also provides life, health, and accident insurance products, as well as investment products; cash management, bill collection, payment, trade finance, money transfer, remittance, and wealth management services; and treasury services, including cash transaction, hedging, and investment products.
It operates branch offices, sub-branch offices, and overseas branch offices; and ATM facilities. The company was founded in 1998 and is headquartered in Jakarta, Indonesia.
Stock analysis
Bank Mandiri Persero Tbk PT (BMRI) currently trades at 3,610 IDR, while our model-based Fair Value estimate is 6,099 IDR, implying the stock looks roughly 41% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 5,721 IDR per share, and 5 of the 6 models we run sit above the 3,610 IDR price.
Bear case: the Asset-Based group reads lowest at 2,065 IDR, and 1 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: 3,516 IDR (bear) to 7,624 IDR (bull), the price of 3,610 IDR sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Bank Mandiri Persero Tbk PT reported revenue of 204T IDR in FY2025 versus 120T IDR in FY2021, a compound +14.2%/yr. Reported net income was 56.3T IDR in FY2025, compounding +19.0%/yr from FY2021.
Key figures
Market cap 337T IDR (≈ $18.7B) Large · P/E ratio 5.3 · P/S ratio 2.41 · EPS (TTM) 680.08 IDR · Dividend yield 10.4% · Net margin 45.8% · Return on equity 21.8% · Return on assets (EBIT) 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 77 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at 69%, BMRI screens cheaper than that median.
Fair Value models
Bear3,516 IDRFair Value 6,099 IDRBull7,624 IDR
Price 3,610 IDR · Upside +68.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (256.61 IDR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.96/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+15.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.0%
Start year 2020 (pandemic). Over 10 years: +8.7% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.0%
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What shareholders gained per year (last 5 years), in IDR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in IDR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+25.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.4%
Dividend (yield on the price)10.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.15.4% vs 11.0%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 38%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about −3.9% a year for the forecasts.
News mood ⓘNews mood, the average tone of recent news (22 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
AI conclusion: Solid profit growth from rising fee-based income via digital transactions and healthy credit expansion stands as the main strength, while state ownership risks imposing non-commercial priorities that undermine focus.
Main risk: Digital banks such as Bank Jago and SeaBank, backed by tech ecosystems with first-party data and lower costs, could draw retail and business customers from Bank Mandiri's Livin' and Kopra platforms or narrow margins on deposits and loans.
Bull case: Bank Mandiri could deepen integration of its digital platforms with lifestyle and business services while using its scale and state backing to match data advantages of rivals and retain or grow its customer base.
Bear case: If ecosystem digital banks gain share via superior data offerings and cost efficiency, Bank Mandiri could face slower deposit and loan growth, margin pressure and loss of relevance in retail and SME segments.
Bank Mandiri posted solid profit growth through September driven by rising fee-based income from digital transactions and healthy credit expansion. The bank is returning substantial capital to shareholders through dividends and buybacks while keeping capital ratios comfortable for further growth. Does the digital shift create more durable fee streams than traditional lending can sustain on its own?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1002 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside+68.9% · Top 25%
Profitability
Return on equity (12 months)21.8% · Top 25%
Return on assets2.0% · Top 25%
Net margin (12 months)45.8% · Top 25%
Operating margin (12 months)59.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−10.3% · Bottom 25%
Dividend yield (12 months)10.4% · Top 25%
Balance sheet
Debt / equity0.37× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is Bank Mandiri Persero Tbk PT (BMRI) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 6,099 IDR versus a price of 3,610 IDR, about +69% upside (undervalued).
What is the fair value of BMRI?
Our model-based fair value for Bank Mandiri Persero Tbk PT is 6,099 IDR (as of Nov 5, 2026), built from audited fundamentals. The current price: 3,610 IDR.
What is the quality score of BMRI?
Bank Mandiri Persero Tbk PT has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bank Mandiri Persero Tbk PT (BMRI)?
Our model-based price target is the fair value of 6,099 IDR (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 3,516 IDR, optimistic scenario 7,624 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank Mandiri Persero Tbk PT stock forecast for 2026?
Our models put fair value at 6,099 IDR, about +69% upside versus a price of 3,610 IDR (undervalued). Cautious scenario 3,516 IDR, optimistic scenario 7,624 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Bank Mandiri Persero Tbk PT (BMRI)?
Bank Mandiri Persero Tbk PT reported trailing-twelve-month revenue of about 140T IDR (latest available figure, as of Nov 5, 2026).
Does Bank Mandiri Persero Tbk PT pay a dividend?
Bank Mandiri Persero Tbk PT currently shows a dividend yield of 10.44% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Bank Mandiri Persero Tbk PT (BMRI)?
For today's price to be fair in a discounted-cash-flow model, Bank Mandiri Persero Tbk PT would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 11.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.1 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of BMRI use?
Our models discount Bank Mandiri Persero Tbk PT at 11.5 %: a base by market capitalisation (large), country premium for Indonesia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bank Mandiri Persero Tbk PT that is less than minus 40 % per year a year over ten years, using the same discount rate (11.5 %) and the same formula as our fair value.
How much growth has Bank Mandiri Persero Tbk PT (BMRI) delivered so far?
Over the past 5 years revenue at Bank Mandiri Persero Tbk PT grew +12.1 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bank Mandiri Persero Tbk PT (BMRI) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Bank Mandiri Persero Tbk PT (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bank Mandiri Persero Tbk PT (BMRI)?
The free-cash-flow yield on the price is 28.27 %: that much free cash flow Bank Mandiri Persero Tbk PT produces per unit of market value. When it exceeds the discount rate of our models (11.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bank Mandiri Persero Tbk PT (BMRI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank Mandiri Persero Tbk PT it is 6,099 IDR per share (as of Nov 5, 2026), against a price of 3,610 IDR. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Bank Mandiri Persero Tbk PT stock overvalued or undervalued in 2026?
As of Nov 5, 2026, BMRI trades below its calculated fair value: price 3,610 IDR, fair value 6,099 IDR, a gap of about +69% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BMRI?
No. The price is what the market pays today (3,610 IDR); the fair value is what the company's own numbers justify (6,099 IDR). For Bank Mandiri Persero Tbk PT the two are 2,489 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank Mandiri Persero Tbk PT worth?
The market values Bank Mandiri Persero Tbk PT at about 337T IDR (market capitalisation, as of Nov 5, 2026). Per share that is 3,610 IDR; our models calculate a fair value of 6,099 IDR per share.
What do the bullish and bearish scenarios say about BMRI?
Our models span a range for Bank Mandiri Persero Tbk PT: cautious scenario 3,516 IDR, base 6,099 IDR, optimistic 7,624 IDR per share (as of Nov 5, 2026, price 3,610 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BMRI?
Bank Mandiri Persero Tbk PT trades at a price-to-earnings ratio of 5.3 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 6,099 IDR is built from several models across several years. Other multiples: PEG 3.6, P/B 1.2, P/S 2.4, EV/EBITDA 0.8.
What is the PEG ratio of BMRI?
The PEG ratio of Bank Mandiri Persero Tbk PT is 3.56 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bank Mandiri Persero Tbk PT (BMRI)?
Balance-sheet figures for Bank Mandiri Persero Tbk PT (as of Nov 5, 2026): return on equity 21.8%, debt of 0.37 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is BMRI from its 52-week high?
Bank Mandiri Persero Tbk PT trades at 3,610 IDR, about 26% below its 52-week high of 4,862 IDR and 7% above the low of 3,360 IDR (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 6,099 IDR is for.
Which stocks are comparable to Bank Mandiri Persero Tbk PT?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bank Mandiri Persero Tbk PT stock attractive at the current price?
The data as of Nov 5, 2026: price 3,610 IDR, calculated fair value 6,099 IDR (+69%), Quality Score 64/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BMRI calculated?
We run Bank Mandiri Persero Tbk PT through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 6,099 IDR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Bank Mandiri Persero Tbk PT currently trades 41% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bank Mandiri Persero Tbk PT (BMRI)?
The closing price on Nov 5, 2026 was 3,610 IDR. Our model-based fair value is 6,099 IDR, about +69% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank Mandiri Persero Tbk PT right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (3,516 IDR to 7,624 IDR) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Bank Mandiri Persero Tbk PT (BMRI) come from?
Earnings per share at Bank Mandiri Persero Tbk PT grew +13.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.5 %, EBIT margin +4.9 %, tax rate +0.0 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Bank Mandiri Persero Tbk PT
How large is the market capitalisation of Bank Mandiri Persero Tbk PT (BMRI)?
The market capitalisation of Bank Mandiri Persero Tbk PT is 337T IDR (≈ $18.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bank Mandiri Persero Tbk PT (BMRI)?
The price-to-sales ratio of Bank Mandiri Persero Tbk PT is 2.41 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bank Mandiri Persero Tbk PT (BMRI)?
Earnings per share at Bank Mandiri Persero Tbk PT are 680.08 IDR (price ÷ EPS = P/E 5.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bank Mandiri Persero Tbk PT (BMRI)?
The dividend yield of Bank Mandiri Persero Tbk PT is 10.4% (payout 55.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bank Mandiri Persero Tbk PT (BMRI)?
The net margin of Bank Mandiri Persero Tbk PT is 45.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bank Mandiri Persero Tbk PT (BMRI)?
The return on equity (ROE) of Bank Mandiri Persero Tbk PT is 21.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bank Mandiri Persero Tbk PT (BMRI)?
On an EBIT basis the return on assets of Bank Mandiri Persero Tbk PT is 2.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bank Mandiri Persero Tbk PT (BMRI)?
The operating margin of Bank Mandiri Persero Tbk PT is 59.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank Mandiri Persero Tbk PT (BMRI)?
Revenue at Bank Mandiri Persero Tbk PT is growing −10.3% versus a year earlier (3y avg +14.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bank Mandiri Persero Tbk PT (BMRI)?
Earnings per share at Bank Mandiri Persero Tbk PT are growing +13.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bank Mandiri Persero Tbk PT (BMRI) carry?
The net debt of Bank Mandiri Persero Tbk PT is 279T IDR (fiscal year 2025, ≈ 2.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 5, 2026