PT Multikarya Asia Pacific Ray (MKAP) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of PT Multikarya Asia Pacific Ray stock IDR 174, price IDR 1,070, that is 83.7% below the price, quality 46 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
33‑month range 152.56 IDR – 1,245 IDR · fair‑value band 97.15 IDR – 223.72 IDR · the 1,070 IDR price screens above the 174.32 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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PT Multikarya Asia Pasifik Raya Tbk provides products and services to the oil and gas industry in Indonesia and Southeast Asia. It provides rental, repair/recertification, maintenance, machining, and general trading services.
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The company also offers reciprocating, centrifugal, and screw pumps; mud pump part and expendables, centrifugal pump parts, butterfly valves, gate valves, and handling tools; solid control equipment; gas and diesel engine power generation sets; and wellhead compressors.
PT Multikarya Asia Pasifik Raya Tbk was founded in 2002 and is headquartered in Jakarta Selatan, Indonesia. The company operates as a subsidiary of PT International Sawo Resources.
Stock analysis
PT Multikarya Asia Pacific Ray (MKAP) currently trades at 1,070 IDR, while our model-based Fair Value estimate is 174.32 IDR, 84% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 488.02 IDR per share, and 0 of the 25 models we run sit above the 1,070 IDR price.
Bear case: the Dividend Discount group reads lowest at 25.54 IDR, and 25 of the 25 models stay below the price. Data coverage for this calculation is low.
Scenario range: 97.15 IDR (bear) to 223.72 IDR (bull), the price of 1,070 IDR sits above 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 46/100 (below-average quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
PT Multikarya Asia Pacific Ray reported revenue of 406B IDR in FY2025 versus 112B IDR in FY2021, a compound +38.0%/yr. Reported net income was 55.3B IDR in FY2025, compounding +38.5%/yr from FY2021.
Key figures
Market cap 3.5T IDR (≈ $193M) Micro · P/E ratio 117.8 · P/S ratio 16.1 · EPS (TTM) 9.08 IDR · Dividend yield 0.5% · Net margin 13.6% · Return on equity 13.3% · Return on assets (EBIT) 9.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 218% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −32% fair-value upside, at −84%, MKAP screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (25.50 IDR to 807.55 IDR). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear97.15 IDRFair Value 174.32 IDRBull223.72 IDR
Price 1,070 IDR · Downside -83.7%
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 (3.50 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.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+13.9%
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.
+27.7%
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.
+21.4%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
+14.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.7%
Dividend (yield on the price)0.5%
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.8% → 18%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+70.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about +65.7% a year for the price.
Compare PT Multikarya Asia Pacific Ray with another stock
Price, fair value, quality and upside side by side.
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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.Oil & Gas Equipment & Services · 166 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−83.7% · Bottom 25%
Profitability
Return on equity (12 months)13.3% · Above median
Return on assets10.3% · Top 25%
Net margin (12 months)11.0% · Above median
Operating margin (12 months)18.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)25.4% · Top 25%
Dividend yield (12 months)0.5% · Bottom 25%
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "PT Multikarya Asia Pacific Ray Fair Value". https://www.fairvalue-calculator.com/stock/MKAP
Frequently asked questions
Is PT Multikarya Asia Pacific Ray (MKAP) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 174.32 IDR versus a price of 1,070 IDR, about 84% lower (overvalued).
What is the fair value of MKAP?
Our model-based fair value for PT Multikarya Asia Pacific Ray is 174.32 IDR (as of Nov 4, 2026), built from audited fundamentals. The current price: 1,070 IDR.
What is the quality score of MKAP?
PT Multikarya Asia Pacific Ray has a Quality Score of 46/100. 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 PT Multikarya Asia Pacific Ray (MKAP)?
Our model-based price target is the fair value of 174.32 IDR (as of Nov 4, 2026) from 25 valuation models. Cautious scenario 97.15 IDR, optimistic scenario 223.72 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the PT Multikarya Asia Pacific Ray stock forecast for 2026?
Our models put fair value at 174.32 IDR, about 84% lower versus a price of 1,070 IDR (overvalued). Cautious scenario 97.15 IDR, optimistic scenario 223.72 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of PT Multikarya Asia Pacific Ray (MKAP)?
PT Multikarya Asia Pacific Ray reported trailing-twelve-month revenue of about 386B IDR (latest available figure, as of Nov 4, 2026).
Does PT Multikarya Asia Pacific Ray pay a dividend?
PT Multikarya Asia Pacific Ray currently shows a dividend yield of 0.47% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of PT Multikarya Asia Pacific Ray (MKAP) and when is the ex-dividend date?
PT Multikarya Asia Pacific Ray pays a dividend of 5.00 IDR per share a year, a dividend yield of 0.5%. The last ex-dividend date was Jul 1, 2026. The payout ratio is 55.1% of earnings. Free cash flow covers the dividend 1.40 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into PT Multikarya Asia Pacific Ray (MKAP)?
For today's price to be fair in a discounted-cash-flow model, PT Multikarya Asia Pacific Ray would have to grow free cash flow by +70.0 % per year for five years (discount rate 15.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.4 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of MKAP use?
Our models discount PT Multikarya Asia Pacific Ray at 15.8 %: a base by market capitalisation (micro), damped by beta 1.23, 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 PT Multikarya Asia Pacific Ray that is +70.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (15.8 %) and the same formula as our fair value.
How much growth has PT Multikarya Asia Pacific Ray (MKAP) delivered so far?
Over the past 5 years revenue at PT Multikarya Asia Pacific Ray grew +21.4 % a year. The price currently implies free-cash-flow growth of +70.0 % per 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 PT Multikarya Asia Pacific Ray (MKAP) growing?
The median revenue growth in the sector is +14.3 % a year. That is the yardstick for the growth priced into PT Multikarya Asia Pacific Ray (+70.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of PT Multikarya Asia Pacific Ray (MKAP)?
The free-cash-flow yield on the price is 0.65 %: that much free cash flow PT Multikarya Asia Pacific Ray produces per unit of market value. When it exceeds the discount rate of our models (15.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PT Multikarya Asia Pacific Ray (MKAP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PT Multikarya Asia Pacific Ray it is 174.32 IDR per share (as of Nov 4, 2026), against a price of 1,070 IDR. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is PT Multikarya Asia Pacific Ray stock overvalued or undervalued in 2026?
As of Nov 4, 2026, MKAP trades above its calculated fair value: price 1,070 IDR, fair value 174.32 IDR, a gap of about −84% (overvalued). 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 MKAP?
No. The price is what the market pays today (1,070 IDR); the fair value is what the company's own numbers justify (174.32 IDR). For PT Multikarya Asia Pacific Ray the two are 895.68 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is PT Multikarya Asia Pacific Ray worth?
The market values PT Multikarya Asia Pacific Ray at about 3.5T IDR (market capitalisation, as of Nov 4, 2026). Per share that is 1,070 IDR; our models calculate a fair value of 174.32 IDR per share.
What do the bullish and bearish scenarios say about MKAP?
Our models span a range for PT Multikarya Asia Pacific Ray: cautious scenario 97.15 IDR, base 174.32 IDR, optimistic 223.72 IDR per share (as of Nov 4, 2026, price 1,070 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MKAP?
PT Multikarya Asia Pacific Ray trades at a price-to-earnings ratio of 117.8 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 174.32 IDR is built from several models across several years. Other multiples: P/B 10.8, P/S 9.0, EV/EBITDA 45.2.
How solid is the balance sheet of PT Multikarya Asia Pacific Ray (MKAP)?
Balance-sheet figures for PT Multikarya Asia Pacific Ray (as of Nov 4, 2026): return on equity 13.3%, debt of 0.09 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is MKAP from its 52-week high?
PT Multikarya Asia Pacific Ray trades at 1,070 IDR, about 14% below its 52-week high of 1,245 IDR and 218% above the low of 336.56 IDR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 174.32 IDR is for.
Which stocks are comparable to PT Multikarya Asia Pacific Ray?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, Tenaris S.A, Halliburton Company, 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 PT Multikarya Asia Pacific Ray stock attractive at the current price?
The data as of Nov 4, 2026: price 1,070 IDR, calculated fair value 174.32 IDR (−84%), Quality Score 46/100, from 25 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 MKAP calculated?
We run PT Multikarya Asia Pacific Ray through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 174.32 IDR builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. PT Multikarya Asia Pacific Ray itself currently trades above fair value. 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 PT Multikarya Asia Pacific Ray (MKAP)?
The closing price on Nov 6, 2026 was 1,070 IDR. Our model-based fair value is 174.32 IDR, about 84% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PT Multikarya Asia Pacific Ray right now?
The price sits above even our optimistic bull case (223.72 IDR). The favourable scenario is already priced in. Weak quality (46/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (97.15 IDR to 223.72 IDR) leaves room in how you read the outcome.
Key figures of PT Multikarya Asia Pacific Ray
How large is the market capitalisation of PT Multikarya Asia Pacific Ray (MKAP)?
The market capitalisation of PT Multikarya Asia Pacific Ray is 3.5T IDR (≈ $193M). 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 PT Multikarya Asia Pacific Ray (MKAP)?
The price-to-sales ratio of PT Multikarya Asia Pacific Ray is 16.1 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of PT Multikarya Asia Pacific Ray (MKAP)?
Earnings per share at PT Multikarya Asia Pacific Ray are 9.08 IDR (price ÷ EPS = P/E 117.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PT Multikarya Asia Pacific Ray (MKAP)?
The dividend yield of PT Multikarya Asia Pacific Ray is 0.5% (payout 55.1%). 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 PT Multikarya Asia Pacific Ray (MKAP)?
The net margin of PT Multikarya Asia Pacific Ray is 13.6% (fiscal year 2025). 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 PT Multikarya Asia Pacific Ray (MKAP)?
The return on equity (ROE) of PT Multikarya Asia Pacific Ray is 13.3% (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 PT Multikarya Asia Pacific Ray (MKAP)?
On an EBIT basis the return on assets of PT Multikarya Asia Pacific Ray is 9.8% (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 PT Multikarya Asia Pacific Ray (MKAP)?
The operating margin of PT Multikarya Asia Pacific Ray is 18.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PT Multikarya Asia Pacific Ray (MKAP)?
Revenue at PT Multikarya Asia Pacific Ray is growing +25.4% versus a year earlier (3y avg +27.7%). 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 PT Multikarya Asia Pacific Ray (MKAP)?
Earnings per share at PT Multikarya Asia Pacific Ray are growing −5.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does PT Multikarya Asia Pacific Ray (MKAP) carry?
The net debt of PT Multikarya Asia Pacific Ray is 142B IDR (fiscal year 2025, ≈ 6.3 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 4, 2026