Multi Bintang Indonesia Tbk (MLBI) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Multi Bintang Indonesia Tbk stock IDR 9,246, price IDR 6,400, upside +44.5%, quality 87 out of 100. Rating: undervalued. Calculated from audited financials with 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 6, 2026.
How to read this chart
60‑month range 4,726 IDR – 8,344 IDR · fair‑value band 6,212 IDR – 13,270 IDR · the 6,400 IDR price screens below the 9,246 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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PT Multi Bintang Indonesia Tbk operates as a beverage company in Indonesia and internationally. The company is involved in the production and marketing of alcoholic beverages and other products, as well as management consulting activity.
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It offers beers under the Heineken; BINTANG Pilsener; BINTANG Arak Jeruk; BINTANG Anggur Merah; BINTANG Crystal; BINTANG Radler; and BINTANG 0.0% brand names. The company was founded in 1929 and is headquartered in Jakarta, Indonesia.
PT Multi Bintang Indonesia Tbk operates as a subsidiary of Heineken International B.V.
Stock analysis
Multi Bintang Indonesia Tbk (MLBI) currently trades at 6,400 IDR, while our model-based Fair Value estimate is 9,246 IDR, implying the stock looks roughly 31% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 10,514 IDR per share, and 13 of the 26 models we run sit above the 6,400 IDR price.
Bear case: the Economic Profit group reads lowest at 3,637 IDR, and 13 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 6,212 IDR (bear) to 13,270 IDR (bull), the price of 6,400 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 87/100 (high quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Multi Bintang Indonesia Tbk reported revenue of 3.5T IDR in FY2025 versus 2.5T IDR in FY2021, a compound +9.4%/yr. Reported net income was 1.2T IDR in FY2025, compounding +15.5%/yr from FY2021.
Key figures
Market cap 13.5T IDR (≈ $749M) Small · P/E ratio 10.5 · P/S ratio 3.56 · EPS (TTM) 610.63 IDR · Dividend yield 5.8% · Net margin 34.0% · Return on equity 122% · Return on assets (EBIT) 39.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 91 out of 100 (medium confidence).
What moves the price
The share trades about 9% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 21% fair-value upside, at 44%, MLBI screens cheaper than that median.
Fair Value models
Bear6,212 IDRFair Value 9,246 IDRBull13,270 IDR
Price 6,400 IDR · Upside +44.5%
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 (205.49 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
+4.7%
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.
+4.4%
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.
+12.3%
Start year 2020 (pandemic). Over 10 years: +2.8% 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.
+8.1%
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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.
+18.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.2%
Dividend (yield on the price)5.8%
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.12.2% vs 4.1%, 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.22% → 43%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
+2.4%
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 −0.2% a year for the price.
Compare Multi Bintang Indonesia Tbk 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.Beverages - Brewers · 55 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score87 · Top 25%
Fair Value upside+44.5% · Top 25%
Profitability
Return on equity (12 months)122.2% · Top 25%
Return on assets34.2% · Top 25%
Net margin (12 months)34.0% · Top 25%
Operating margin (12 months)40.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)19.9% · Top 25%
Dividend yield (12 months)5.8% · Top 25%
Valuation Multiplesvs Beverages - Brewers 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). "Multi Bintang Indonesia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/MLBI
Frequently asked questions
Is Multi Bintang Indonesia Tbk (MLBI) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 9,246 IDR versus a price of 6,400 IDR, about +44% upside (undervalued).
What is the fair value of MLBI?
Our model-based fair value for Multi Bintang Indonesia Tbk is 9,246 IDR (as of Nov 6, 2026), built from audited fundamentals. The current price: 6,400 IDR.
What is the quality score of MLBI?
Multi Bintang Indonesia Tbk has a Quality Score of 87/100. 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 Multi Bintang Indonesia Tbk (MLBI)?
Our model-based price target is the fair value of 9,246 IDR (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 6,212 IDR, optimistic scenario 13,270 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Multi Bintang Indonesia Tbk stock forecast for 2026?
Our models put fair value at 9,246 IDR, about +44% upside versus a price of 6,400 IDR (undervalued). Cautious scenario 6,212 IDR, optimistic scenario 13,270 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Multi Bintang Indonesia Tbk (MLBI)?
Multi Bintang Indonesia Tbk reported trailing-twelve-month revenue of about 3.8T IDR (latest available figure, as of Nov 6, 2026).
Does Multi Bintang Indonesia Tbk pay a dividend?
Multi Bintang Indonesia Tbk currently shows a dividend yield of 5.80% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Multi Bintang Indonesia Tbk (MLBI) and when is the ex-dividend date?
Multi Bintang Indonesia Tbk pays a dividend of 371.00 IDR per share a year, a dividend yield of 5.8%. The last ex-dividend date was Jun 22, 2026. A dividend has been paid every year since 2021. The payout ratio is 60.8% of earnings. Free cash flow covers the dividend 1.54 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Multi Bintang Indonesia Tbk (MLBI)?
For today's price to be fair in a discounted-cash-flow model, Multi Bintang Indonesia Tbk would have to grow free cash flow by +2.4 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.3 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of MLBI use?
Our models discount Multi Bintang Indonesia Tbk at 12.0 %: a base by market capitalisation (small), damped by beta 0.04, 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 Multi Bintang Indonesia Tbk that is +2.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Multi Bintang Indonesia Tbk (MLBI) delivered so far?
Over the past 5 years revenue at Multi Bintang Indonesia Tbk grew +12.3 % a year. The price currently implies free-cash-flow growth of +2.4 % 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 Multi Bintang Indonesia Tbk (MLBI) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Multi Bintang Indonesia Tbk (+2.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Multi Bintang Indonesia Tbk (MLBI)?
The free-cash-flow yield on the price is 8.93 %: that much free cash flow Multi Bintang Indonesia Tbk produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Multi Bintang Indonesia Tbk (MLBI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Multi Bintang Indonesia Tbk it is 9,246 IDR per share (as of Nov 6, 2026), against a price of 6,400 IDR. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Multi Bintang Indonesia Tbk stock overvalued or undervalued in 2026?
As of Nov 6, 2026, MLBI trades below its calculated fair value: price 6,400 IDR, fair value 9,246 IDR, a gap of about +44% (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 MLBI?
No. The price is what the market pays today (6,400 IDR); the fair value is what the company's own numbers justify (9,246 IDR). For Multi Bintang Indonesia Tbk the two are 2,846 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Multi Bintang Indonesia Tbk worth?
The market values Multi Bintang Indonesia Tbk at about 13.5T IDR (market capitalisation, as of Nov 6, 2026). Per share that is 6,400 IDR; our models calculate a fair value of 9,246 IDR per share.
What do the bullish and bearish scenarios say about MLBI?
Our models span a range for Multi Bintang Indonesia Tbk: cautious scenario 6,212 IDR, base 9,246 IDR, optimistic 13,270 IDR per share (as of Nov 6, 2026, price 6,400 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MLBI?
Multi Bintang Indonesia Tbk trades at a price-to-earnings ratio of 10.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9,246 IDR is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 23.2. Other multiples: P/B 9.9, P/S 3.6, EV/EBITDA 6.0.
How solid is the balance sheet of Multi Bintang Indonesia Tbk (MLBI)?
Balance-sheet figures for Multi Bintang Indonesia Tbk (as of Nov 6, 2026): return on equity 122.2%. They feed the Quality Score of 87/100, which measures business quality independently of the share price.
How far is MLBI from its 52-week high?
Multi Bintang Indonesia Tbk trades at 6,400 IDR, about 9% below its 52-week high of 7,050 IDR and 27% above the low of 5,032 IDR (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 9,246 IDR is for.
Which stocks are comparable to Multi Bintang Indonesia Tbk?
From the same area (Consumer Defensive) we also value Anheuser-Busch InBev SA, Heineken N.V, Constellation Brands, Inc, Heineken Holding, 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 Multi Bintang Indonesia Tbk stock attractive at the current price?
The data as of Nov 6, 2026: price 6,400 IDR, calculated fair value 9,246 IDR (+44%), Quality Score 87/100, from 26 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 MLBI calculated?
We run Multi Bintang Indonesia Tbk through 26 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 9,246 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. Multi Bintang Indonesia Tbk currently trades 31% 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 Multi Bintang Indonesia Tbk (MLBI)?
The closing price on Nov 9, 2026 was 6,400 IDR. Our model-based fair value is 9,246 IDR, about +44% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Multi Bintang Indonesia Tbk right now?
The rarer combination: high quality (87/100) AND below fair value. That earns a closer look rather than a quick verdict. 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 (6,212 IDR to 13,270 IDR) leaves room in how you read the outcome.
Where does the earnings growth of Multi Bintang Indonesia Tbk (MLBI) come from?
Earnings per share at Multi Bintang Indonesia Tbk grew +4.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.5 %, EBIT margin +1.9 %, tax rate +0.5 %, residual (interest, one-offs) +0.6 %. 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 Multi Bintang Indonesia Tbk
How large is the market capitalisation of Multi Bintang Indonesia Tbk (MLBI)?
The market capitalisation of Multi Bintang Indonesia Tbk is 13.5T IDR (≈ $749M). 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 Multi Bintang Indonesia Tbk (MLBI)?
The price-to-sales ratio of Multi Bintang Indonesia Tbk is 3.56 (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 Multi Bintang Indonesia Tbk (MLBI)?
Earnings per share at Multi Bintang Indonesia Tbk are 610.63 IDR (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Multi Bintang Indonesia Tbk (MLBI)?
The dividend yield of Multi Bintang Indonesia Tbk is 5.8% (payout 60.8%). 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 Multi Bintang Indonesia Tbk (MLBI)?
The net margin of Multi Bintang Indonesia Tbk is 34.0% (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 Multi Bintang Indonesia Tbk (MLBI)?
The return on equity (ROE) of Multi Bintang Indonesia Tbk is 122% (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 Multi Bintang Indonesia Tbk (MLBI)?
On an EBIT basis the return on assets of Multi Bintang Indonesia Tbk is 39.1% (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 Multi Bintang Indonesia Tbk (MLBI)?
The operating margin of Multi Bintang Indonesia Tbk is 40.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Multi Bintang Indonesia Tbk (MLBI)?
Revenue at Multi Bintang Indonesia Tbk is growing +19.9% versus a year earlier (3y avg +4.4%). 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 Multi Bintang Indonesia Tbk (MLBI)?
Earnings per share at Multi Bintang Indonesia Tbk are growing +30.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Multi Bintang Indonesia Tbk (MLBI) hold?
Multi Bintang Indonesia Tbk holds more cash than debt, 876B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 6, 2026