Bank Mandiri Persero Tbk PT (BMRI) fair value: what the stock is really worth
We calculate from audited financials what Bank Mandiri Persero Tbk PT is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 17, 2026.
How to read this chart
60‑month range 1,997 IDR – 6,095 IDR · fair‑value band 4,550 IDR – 7,584 IDR · the 4,260 IDR price screens below the 6,067 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 17, 2026.
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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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. 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 4,260 IDR, while our model-based Fair Value estimate is 6,067 IDR, implying the stock looks roughly 29.8% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 5,465 IDR per share, and 3 of the 4 models we run sit above the 4,260 IDR price.
Bear case: the Asset-Based group reads lowest at 2,109 IDR, and 1 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 4,550 IDR (bear) to 7,584 IDR (bull), the price of 4,260 IDR sits below 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 60/100 (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 398T IDR (≈ $39.8B) · P/E ratio 6.8 · P/S ratio 1.88 · EPS (TTM) 626.99 IDR · Net margin 27.6% · Return on equity 21.0% · Return on assets (EBIT) 2.9% · Operating margin 58.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at 42%, BMRI screens cheaper than that median.
Fair Value models
Bear 4,550 IDRFair Value 6,067 IDRBull 7,584 IDR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (453.24 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.Evidence ⓘEvidence = 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%
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.
+15.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.4%
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.15% vs 11%, 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%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−37.9%
Yearly growth needed for the next five years to justify today's price.
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.
−0.1%
Yearly sales growth analysts expect, extended to five years.
Compare Bank Mandiri Persero Tbk PT 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.Banks - Regional · 1073 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+37% · Top 25%
Profitability
Return on equity (TTM)21% · Top 25%
Return on assets3% · Top 25%
Net margin (TTM)40% · Top 25%
Operating margin (TTM)59% · Top 25%
Growth and dividend
Revenue growth2% · Below median
Dividend yield (TTM)0.0% · Bottom 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 Sep 17, 2026, our model estimates a fair value of 6,067 IDR versus a price of 4,260 IDR, about +42% upside (undervalued).
What is the fair value of BMRI?
Our model-based fair value for Bank Mandiri Persero Tbk PT is 6,067 IDR (as of Sep 17, 2026), built from audited fundamentals. The current price: 4,260 IDR.
What is the quality score of BMRI?
Bank Mandiri Persero Tbk PT has a Quality Score of 60/100. 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 6,067 IDR (as of Sep 17, 2026) from 4 valuation models. Cautious scenario 4,550 IDR, optimistic scenario 7,584 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 6,067 IDR, about +42% upside versus a price of 4,260 IDR (undervalued). Cautious scenario 4,550 IDR, optimistic scenario 7,584 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 145T IDR (latest available figure, as of Sep 17, 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 -37.9 % 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 Sep 17, 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 -37.9 % 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 -37.9 % 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 +8.1 % a year. That is the yardstick for the growth priced into Bank Mandiri Persero Tbk PT (-37.9 % 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 23.94 %: 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 6,067 IDR per share (as of Sep 17, 2026), against a price of 4,260 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Bank Mandiri Persero Tbk PT stock overvalued or undervalued in 2026?
As of Sep 17, 2026, BMRI trades below its calculated fair value: price 4,260 IDR, fair value 6,067 IDR, a gap of about +42% (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 (4,260 IDR); the fair value is what the company's own numbers justify (6,067 IDR). For Bank Mandiri Persero Tbk PT the two are 1,807 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 398T IDR (market capitalisation, as of Sep 17, 2026). Per share that is 4,260 IDR; our models calculate a fair value of 6,067 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 4,550 IDR, base 6,067 IDR, optimistic 7,584 IDR per share (as of Sep 17, 2026, price 4,260 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 6.8 (as of Sep 17, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 6,067 IDR is built from several models across several years. Other multiples: PEG 1.8, P/B 1.4, P/S 2.8, EV/EBITDA 1.6.
What is the PEG ratio of BMRI?
The PEG ratio of Bank Mandiri Persero Tbk PT is 1.76 (P/E divided by earnings growth, as of Sep 17, 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 Sep 17, 2026): return on equity 21.0%, debt of 0.37 per unit of equity. They feed the Quality Score of 60/100, 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 4,260 IDR, about 14% below its 52-week high of 4,937 IDR and 18% above the low of 3,611 IDR (as of Sep 17, 2026). Distance from the high says nothing about value: that is what the fair value of 6,067 IDR is for.
Which stocks are comparable to Bank Mandiri Persero Tbk PT?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Sep 17, 2026: price 4,260 IDR, calculated fair value 6,067 IDR (+42%), Quality Score 60/100, from 4 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 4 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 6,067 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 16.1 % above its aggregate fair value. Bank Mandiri Persero Tbk PT currently trades 42 % 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 Sep 18, 2026 was 4,260 IDR. Our model-based fair value is 6,067 IDR, about +42% 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 price is below even our cautious bear case (4,550 IDR). The market is more pessimistic than our downside scenario. 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 (60/100) at a price below fair value, the discount is the argument here, not the business quality. 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 398T IDR (≈ $39.8B). 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 1.88 (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 Bank Mandiri Persero Tbk PT (BMRI)?
Earnings per share at Bank Mandiri Persero Tbk PT are 626.99 IDR (price ÷ EPS = P/E 6.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bank Mandiri Persero Tbk PT (BMRI)?
The net margin of Bank Mandiri Persero Tbk PT is 27.6% (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 Bank Mandiri Persero Tbk PT (BMRI)?
The return on equity (ROE) of Bank Mandiri Persero Tbk PT is 21.0% (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 58.6% (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 +1.5% 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 +16.7% 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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Thin data
Sep 17, 2026