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PT Bakrie & Brothers Tbk, through its subsidiaries, (BNBR) Fair Value & Analysis

Industrials · ID · Market cap 14.9T IDR

PB PT Bakrie & Brothers Tbk, through its subsidiaries, BNBR · JK
Price106.00 IDR
Fair Value87.14 IDR
Upside-17.8%
Quality15/100
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Expensive Growth
Solidly profitable · 11.4% net margin
High debt · negative free cash flow
Trails peers (4/12)
Moderate moat 46/100
Evidence: Medium Range 65.36 IDR – 108.94 IDR Share as image

Fair value as of: Jul 16, 2026

From 7 valuation models · updated 24 days ago

Share price +32.5% over the past month.

Below-average quality, and screening another 18% overvalued on our models.

What matters now

  • Weak quality (15/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • Our model range runs from 65.36 IDR (bear) to 108.94 IDR (bull), base 87.14 IDR. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 15/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

3,800 IDR 20.00 IDR Fair Value 87.14 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 20.00 IDR – 3,800 IDR · fair‑value band 65.36 IDR – 108.94 IDR · the 106.00 IDR price screens above the 87.14 IDR fair value. Dashed = 300-day average. As of Jul 16, 2026.

Full chart & analysis →

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Analysis

PT Bakrie & Brothers Tbk, through its subsidiaries, (BNBR) currently trades at 106.00 IDR, while our model-based Fair Value estimate is 87.14 IDR, implying the stock looks roughly 17.8% overvalued today. The Quality Score stands at 15/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, PT Bakrie & Brothers Tbk, through its subsidiaries, generated revenue of 3.9T IDR at a net margin of 11.4%. Revenue grew 19.0% year over year. It earns a return on equity of 10.6%. Net debt stands at 15.8T IDR. Fundamentals as of Jul 16, 2026

Our scenario range runs from 65.36 IDR (bear case) to 108.94 IDR (bull case); at 106.00 IDR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 60% below its 52-week high and 324% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at -18%, BNBR screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income 26.27 IDR 33.67 IDR 95.40 IDR 76
Gordon GGM 0.2000 IDR 0.3100 IDR 0.4400 IDR 70
P/E Multiple 55.28 IDR 73.71 IDR 92.14 IDR 63
All 7 models by family
Earnings-Based
Graham-Dodd 23.87 IDR 51.14 IDR 64.94 IDR 54
Dividend Discount
Gordon GGM 0.2000 IDR 0.3100 IDR 0.4400 IDR 70
DDM Multi-Stage 0.2000 IDR 0.2900 IDR 0.4000 IDR 61
Multiples
P/E Multiple 55.28 IDR 73.71 IDR 92.14 IDR 63
P/B Multiple 44.75 IDR 59.67 IDR 74.59 IDR 55
Asset-Based
NCAV (Graham) 13.69 IDR 18.35 IDR 27.39 IDR 50
Economic Profit
Residual Income 26.27 IDR 33.67 IDR 95.40 IDR 76

Widest divergence: Multiples (59.67 IDR) versus Dividend Discount (0.2900 IDR). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 3.9T IDR
Revenue growth (YoY) +19.0%
Net margin 11.4%
Return on equity 10.6%
Free cash flow −294B IDR FY2025
P/E ratio 38.9
More key figures
Operating margin 18.7%
EPS (TTM) 2.21 IDR
EPS growth (YoY) -78.8%
Net debt 15.8T IDR FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 15/100

Of which business quality 14 · Market factors (momentum, volatility) 43

Profitability 29
Margins and returns on capital today
Quality Growth 9
Are margins and returns improving?
Cashflow 3
Earnings quality: real cash, not paper profit
Fin. Strength 5
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 20
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PT Bakrie & Brothers Tbk, through its subsidiaries, engages in the trading, construction, agriculture, coal mining, oil and gas, and telecommunication businesses in Indonesia and internationally. The company operates through Infrastructure and Manufacturing; Fabrication and Construction Services; and Trading, Services, and Investment segments.

Full company description

PT Bakrie & Brothers Tbk, through its subsidiaries, engages in the trading, construction, agriculture, coal mining, oil and gas, and telecommunication businesses in Indonesia and internationally. The company operates through Infrastructure and Manufacturing; Fabrication and Construction Services; and Trading, Services, and Investment segments. It offers automotive components, including ferrous foundry, precision machining, grey iron and steel casting, and pattern making. The company also provides fiber cement-based products; and ceiling and partition, mortars, and prefabricated house solutions, as well as flooring, fascia, and siding products. In addition, it owns, develops, and operates diversified assets portfolio and project pipelines comprising toll roads, power, oil and gas, ports, and telecommunication. Further, the company offers pipe manufacturing services consisting of electric resistance welding pipes, and longitudinal and helical submerged arc welding pipes; heavy industrial steel fabrication and construction services for oil and gas, metal, mining, and power industries; and civil steel structure and corrugated metals. The company was founded in 1942 and is headquartered in Jakarta Selatan, Indonesia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Bakrie & Brothers Tbk, through its subsidiaries, reported revenue of 3.7T IDR in FY2025 versus 2.4T IDR in FY2021, a compound +11.9%/yr. Reported net income was 494B IDR in FY2025, compounding +66.9%/yr from FY2021.

Growth Quality 45/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
3.7T IDR
Latest YoY
−3.3%
Avg. growth/yr (3Y)
+1.1%
Avg. growth/yr (5Y)
+8.8%
Avg. growth/yr (25Y)
+3.5%
Revenue +11.9%/yr
FY21 2.4T IDR
FY22 3.6T IDR
FY23 3.8T IDR
FY24 3.9T IDR
FY25 3.7T IDR
Net income +66.9%/yr
FY21 63.7B IDR
FY22 266B IDR
FY23 237B IDR
FY24 328B IDR
FY25 494B IDR

BNBR screens 18% overvalued. Compare with CITIC Limited →

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Cite: Fair Value Calculator (2026). "PT Bakrie & Brothers Tbk, through its subsidiaries, Fair Value". https://www.fairvalue-calculator.com/stock/BNBR

Peer Group

Conglomerates · 370 stocks

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.

Quality Score 15 · Bottom 25%
Fair Value upside −30% · Below median
Return on equity (TTM) 11% · Above median
Return on assets 1% · Below median
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth 19% · Top 25%
Debt / equity 3.78× · Higher than 75% of peers

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 38.9× · Pricier than 75% of peers
P/B 3.87× · Pricier than 75% of peers
P/S (TTM) 3.80× · Pricier than 75% of peers
EV/EBITDA 62.2× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 21
FUTURE 95 · sector 16
PAST 42 · sector 20
HEALTH 0 · sector 88
DIVIDEND 0 · sector 39

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Conglomerates stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
CITIC Limited 0267 HK$11.28 HK$22.56 +100%
Swire Pacific Limited 0019 HK$99.50 HK$16.77 -83%
SK Inc 034730 580,000 KRW 497,919 KRW -14%
PT Astra International Tbk, ASII 4,810 IDR 9,620 IDR +100%
Grupo Carso, S.A. GCARSOA1 127.02 MXN 66.21 MXN -48%
The Siam Cement Public Company SCC 254.00 THB 199.40 THB -21%
SRF Limited SRF ₹2,875 ₹1,053 -63%
Empresas Copec S.A COPEC 6,330 CLP 10,879 CLP +72%
Posco International Corporation 047050 50,900 KRW 61,248 KRW +20%
Tube Investments of India Limited TIINDIA ₹2,940 ₹559.30 -81%

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Frequently asked questions

Is PT Bakrie & Brothers Tbk, through its subsidiaries, (BNBR) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 87.14 IDR versus a price of 106.00 IDR, about −18% (overvalued).
What is the fair value of BNBR?
Our model-based fair value for PT Bakrie & Brothers Tbk, through its subsidiaries, is 87.14 IDR (as of Jul 16, 2026), built from audited fundamentals. The current price is 106.00 IDR.
What is the quality score of BNBR?
PT Bakrie & Brothers Tbk, through its subsidiaries, has a Quality Score of 15/100. 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 revenue of PT Bakrie & Brothers Tbk, through its subsidiaries, (BNBR)?
PT Bakrie & Brothers Tbk, through its subsidiaries, reported trailing-twelve-month revenue of about 3.9T IDR (latest available figure, as of Jul 16, 2026).
What is the net profit margin of BNBR?
The net profit margin of PT Bakrie & Brothers Tbk, through its subsidiaries, is about 11.4%, meaning it keeps roughly 11.4% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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