Mustika Ratu Tbk (MRAT) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Mustika Ratu Tbk stock IDR 293, price IDR 386, that is 24.2% below the price, quality 40 out of 100. Rating: overvalued. Calculated from audited financials with 23 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
60‑month range 177.00 IDR – 920.00 IDR · fair‑value band 289.36 IDR – 295.50 IDR · the 386.00 IDR price screens above the 292.70 IDR fair value. As of Nov 4, 2026.
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PT Mustika Ratu Tbk, together with its subsidiaries, engages in the manufacture, trade, and distribution of herbal medicine and traditional cosmetics in Indonesia. It is also involved in entertainment activities. The company was founded in 1978 and is based in Jakarta Selatan, Indonesia.
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PT Mustika Ratu Tbk operates as a subsidiary of PT Mustika Ratu Investama.
Stock analysis
Mustika Ratu Tbk (MRAT) currently trades at 386.00 IDR, while our model-based Fair Value estimate is 292.70 IDR, 24% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 798.98 IDR per share, and 12 of the 23 models we run sit above the 386.00 IDR price.
Bear case: the Multiples group reads lowest at 179.53 IDR, and 11 of the 23 models stay below the price. Data coverage for this calculation is low.
Scenario range: 289.36 IDR (bear) to 295.50 IDR (bull), the price of 386.00 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 40/100 (below-average quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Mustika Ratu Tbk reported revenue of 424B IDR in FY2025 versus 327B IDR in FY2021, a compound +6.7%/yr. Reported net income was 416M IDR in FY2025, compounding +3.8%/yr from FY2021.
Key figures
Market cap 232B IDR (≈ $12.9M) Micro · P/E ratio 51.7 · P/S ratio 0.46 · EPS (TTM) 7.47 IDR · Net margin 0.8% · Return on equity 0.5% · Return on assets (EBIT) 2.5% (5-year average) · Operating margin 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −26% fair-value upside, at −24%, MRAT screens cheaper than that median.
Fair Value models
Bear289.36 IDRFair Value 292.70 IDRBull295.50 IDR
Price 386.00 IDR · Downside -24.2%
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 (6.41 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.
Best data coverage
FCF DCF673.13 IDR798.38 IDR955.01 IDR81
Growth DCF680.69 IDR796.03 IDR934.42 IDR79
Owner Earnings527.85 IDR602.61 IDR696.11 IDR77
All 23 models by family
DCF Models
FCF DCF673.13 IDR798.38 IDR955.01 IDR81
Owner Earnings527.85 IDR602.61 IDR696.11 IDR77
5Y Revenue Exit490.52 IDR525.64 IDR563.95 IDR73
5Y EBITDA Exit531.03 IDR596.99 IDR666.96 IDR76
5Y P/E Exit467.56 IDR485.22 IDR500.15 IDR71
10Y Revenue Exit562.42 IDR606.07 IDR652.07 IDR67
10Y EBITDA Exit587.30 IDR650.73 IDR721.31 IDR69
10Y P/E Exit550.48 IDR580.76 IDR609.19 IDR64
Earnings-Based
Graham-Dodd6.61 IDR14.63 IDR18.67 IDR66
PEG = 1.02.35 IDR3.35 IDR4.36 IDR57
EPV340.42 IDR344.35 IDR347.65 IDR73
Multiples
P/E Multiple15.30 IDR20.41 IDR25.51 IDR63
P/S Multiple12.39 IDR16.52 IDR20.65 IDR57
P/B Multiple243.52 IDR324.69 IDR405.86 IDR55
EV/EBIT165.73 IDR191.79 IDR217.86 IDR65
EV/EBITDA225.87 IDR271.98 IDR318.10 IDR67
EV/Revenue143.34 IDR167.26 IDR191.18 IDR53
Asset-Based
NCAV (Graham)527.33 IDR798.98 IDR998.73 IDR54
Growth DCF
Growth DCF680.69 IDR796.03 IDR934.42 IDR79
Rev-Margin DCF490.52 IDR533.40 IDR582.15 IDR73
Economic Profit
Residual Income699.98 IDR758.47 IDR849.70 IDR71
ROIC Compounder340.42 IDR344.35 IDR347.65 IDR71
Growth Earnings
Growth-Adj P/E11.39 IDR16.28 IDR21.16 IDR67
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.66/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+27.0%
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.
+14.1%
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.
+5.9%
Start year 2020 (pandemic). Over 10 years: −0.1% 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.
+3.2%
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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.
+11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.2%
Dividend (yield on the price)0.0%
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.11.2% vs −20.4%, 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.4% → 1%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 2.5%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+2.9%
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 +0.3% a year for the price.
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.Household & Personal Products · 230 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside−24.2% · Below median
Profitability
Return on equity (12 months)0.5% · Below median
Return on assets0.1% · Bottom 25%
Net margin (12 months)0.8% · Below median
Operating margin (12 months)2.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)45.8% · Top 25%
Balance sheet
Debt / equity0.00× · Below median
Valuation Multiplesvs Household & Personal Products median · lower = cheaper
P/E (12 months)51.7× · Priciest 25%
P/B0.40× · Cheapest 25%
P/S (12 months)0.46× · Cheapest 25%
Price / free cash flow (fiscal year)16.1× · Cheaper than median
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). "Mustika Ratu Tbk Fair Value". https://www.fairvalue-calculator.com/stock/MRAT
Frequently asked questions
Is Mustika Ratu Tbk (MRAT) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 292.70 IDR versus a price of 386.00 IDR, about 24% lower (overvalued).
What is the fair value of MRAT?
Our model-based fair value for Mustika Ratu Tbk is 292.70 IDR (as of Nov 4, 2026), built from audited fundamentals. The current price: 386.00 IDR.
What is the quality score of MRAT?
Mustika Ratu Tbk has a Quality Score of 40/100. 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 Mustika Ratu Tbk (MRAT)?
Our model-based price target is the fair value of 292.70 IDR (as of Nov 4, 2026) from 23 valuation models. Cautious scenario 289.36 IDR, optimistic scenario 295.50 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Mustika Ratu Tbk stock forecast for 2026?
Our models put fair value at 292.70 IDR, about 24% lower versus a price of 386.00 IDR (overvalued). Cautious scenario 289.36 IDR, optimistic scenario 295.50 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Mustika Ratu Tbk (MRAT)?
Mustika Ratu Tbk reported trailing-twelve-month revenue of about 510B IDR (latest available figure, as of Nov 4, 2026).
What growth is priced into Mustika Ratu Tbk (MRAT)?
For today's price to be fair in a discounted-cash-flow model, Mustika Ratu Tbk would have to grow free cash flow by +2.9 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.9 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of MRAT use?
Our models discount Mustika Ratu Tbk at 10.6 %: a base by market capitalisation (nano), damped by beta 0.54, 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 Mustika Ratu Tbk that is +2.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Mustika Ratu Tbk (MRAT) delivered so far?
Over the past 5 years revenue at Mustika Ratu Tbk grew +5.9 % a year. The price currently implies free-cash-flow growth of +2.9 % 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 Mustika Ratu Tbk (MRAT) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Mustika Ratu Tbk (+2.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mustika Ratu Tbk (MRAT)?
The free-cash-flow yield on the price is 6.22 %: that much free cash flow Mustika Ratu Tbk produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mustika Ratu Tbk (MRAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mustika Ratu Tbk it is 292.70 IDR per share (as of Nov 4, 2026), against a price of 386.00 IDR. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Mustika Ratu Tbk stock overvalued or undervalued in 2026?
As of Nov 4, 2026, MRAT trades above its calculated fair value: price 386.00 IDR, fair value 292.70 IDR, a gap of about −24% (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 MRAT?
No. The price is what the market pays today (386.00 IDR); the fair value is what the company's own numbers justify (292.70 IDR). For Mustika Ratu Tbk the two are 93.30 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Mustika Ratu Tbk worth?
The market values Mustika Ratu Tbk at about 232B IDR (market capitalisation, as of Nov 4, 2026). Per share that is 386.00 IDR; our models calculate a fair value of 292.70 IDR per share.
What do the bullish and bearish scenarios say about MRAT?
Our models span a range for Mustika Ratu Tbk: cautious scenario 289.36 IDR, base 292.70 IDR, optimistic 295.50 IDR per share (as of Nov 4, 2026, price 386.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MRAT?
Mustika Ratu Tbk trades at a price-to-earnings ratio of 51.7 (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 292.70 IDR is built from several models across several years. Other multiples: P/B 0.4, P/S 0.5, EV/EBITDA 4.8.
How solid is the balance sheet of Mustika Ratu Tbk (MRAT)?
Balance-sheet figures for Mustika Ratu Tbk (as of Nov 4, 2026): return on equity 0.5%, debt of 0.00 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is MRAT from its 52-week high?
Mustika Ratu Tbk trades at 386.00 IDR, about 46% below its 52-week high of 715.00 IDR and 11% above the low of 348.00 IDR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 292.70 IDR is for.
Which stocks are comparable to Mustika Ratu Tbk?
From the same area (Consumer Defensive) we also value Colgate-Palmolive Company, Hindustan Unilever Limited, The Estée Lauder Companies Inc, Henkel AG, 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 Mustika Ratu Tbk stock attractive at the current price?
The data as of Nov 4, 2026: price 386.00 IDR, calculated fair value 292.70 IDR (−24%), Quality Score 40/100, from 23 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 MRAT calculated?
We run Mustika Ratu Tbk through 23 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 292.70 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. Mustika Ratu Tbk 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 Mustika Ratu Tbk (MRAT)?
The closing price on Nov 6, 2026 was 386.00 IDR. Our model-based fair value is 292.70 IDR, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mustika Ratu Tbk right now?
The price sits above even our optimistic bull case (295.50 IDR). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The models converge in a tight band (289.36 IDR to 295.50 IDR), unusually little disagreement for a valuation. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Mustika Ratu Tbk
How large is the market capitalisation of Mustika Ratu Tbk (MRAT)?
The market capitalisation of Mustika Ratu Tbk is 232B IDR (≈ $12.9M). 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 Mustika Ratu Tbk (MRAT)?
The price-to-sales ratio of Mustika Ratu Tbk is 0.46 (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 Mustika Ratu Tbk (MRAT)?
Earnings per share at Mustika Ratu Tbk are 7.47 IDR (price ÷ EPS = P/E 51.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Mustika Ratu Tbk (MRAT)?
The net margin of Mustika Ratu Tbk is 0.8% (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 Mustika Ratu Tbk (MRAT)?
The return on equity (ROE) of Mustika Ratu Tbk is 0.5% (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 Mustika Ratu Tbk (MRAT)?
On an EBIT basis the return on assets of Mustika Ratu Tbk is 2.5% (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 Mustika Ratu Tbk (MRAT)?
The operating margin of Mustika Ratu Tbk is 2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mustika Ratu Tbk (MRAT)?
Revenue at Mustika Ratu Tbk is growing +45.8% versus a year earlier (3y avg +14.1%). 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 Mustika Ratu Tbk (MRAT)?
Earnings per share at Mustika Ratu Tbk are growing +20.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Mustika Ratu Tbk (MRAT) hold?
Mustika Ratu Tbk holds more cash than debt, 48.3B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 4, 2026