Harum Energy Tbk PT (HRUM) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Harum Energy Tbk PT IDR 865, price IDR 885, upside -2.3%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PT Harum Energy Tbk, through its subsidiaries, engages in the coal and nickel mining, logistics, and nickel processing and refining activities in Indonesia. It operates through Mining Sectors, Rental and Service Sectors, Nickel Smelter Sector, and Other Sectors segments.
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PT Harum Energy Tbk, through its subsidiaries, engages in the coal and nickel mining, logistics, and nickel processing and refining activities in Indonesia. It operates through Mining Sectors, Rental and Service Sectors, Nickel Smelter Sector, and Other Sectors segments. The company is involved in the coal and nickel mining, including general survey, exploration, exploitation, and sales activities; and coal shipping and handling, tugboat rental, and road hauling operations, as well as nickel smelting and investing business. It also exports its products to China, Japan, Hong Kong, South Korea, Taiwan, India, Bangladesh, Vietnam, Philippines, Thailand, Norway, and the Netherlands. The company was formerly known as PT Asia Antrasit and changed its name to PT Harum Energy Tbk in December 2016. The company was incorporated in 1995 and is headquartered in Jakarta Pusat, Indonesia. PT Harum Energy Tbk operates as a subsidiary of PT Karunia Bara Perkasa.
Stock analysis
Harum Energy Tbk PT (HRUM) currently trades at 885.00 IDR, while our model-based Fair Value estimate is 865.11 IDR, implying the stock looks roughly 2.3% fairly valued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 865.11 IDR per share, and 6 of the 14 models we run sit above the 885.00 IDR price.
Bear case: the Earnings-Based group reads lowest at 346.04 IDR, and 8 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: 648.84 IDR (bear) to 1,009 IDR (bull), the price of 885.00 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 40/100 (below-average quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Harum Energy Tbk PT reported revenue of $1.3B in FY2025 versus $336M in FY2021, a compound +41.3%/yr. Reported net income was $37.4M in FY2025, compounding −15.7%/yr from FY2021.
Key figures
Market cap 11.7T IDR (≈ $1.2B) · P/E ratio 15.8 · P/S ratio 0.44 · EPS (TTM) 55.86 IDR · Net margin 2.8% · Return on equity 3.6% · Return on assets (EBIT) 16.5% · Operating margin 12.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 38% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −31% fair-value upside, at −2%, HRUM screens cheaper than that median.
Fair Value models
Bear 648.84 IDRFair Value 865.11 IDRBull 1,009 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 (40.86 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.52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+3.3%
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.
+14.0%
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.
+53.4%
Start year 2020 (pandemic). Over 10 years: +18.3% a year
Revenue growth 18 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.
−31.6%
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What shareholders gained per year (last 5 years) ⓘ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.
−9.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.4%
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.−9% vs 19%, slowing
Profit margin 2017 to 2022 ⓘ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% → 53%
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.Thermal Coal · 101 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside+1% · Above median
Profitability
Return on equity (TTM)4% · Below median
Return on assets3% · Above median
Net margin (TTM)3% · Below median
Operating margin (TTM)13% · Above median
Growth and dividend
Revenue growth16% · Top 25%
Balance sheet
Debt / equity0.53× · Highest 25%
Valuation Multiplesvs Thermal Coal 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). "Harum Energy Tbk PT Fair Value". https://www.fairvalue-calculator.com/stock/HRUM
Frequently asked questions
Is Harum Energy Tbk PT (HRUM) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 865.11 IDR versus a price of 885.00 IDR, about −2% upside (fairly valued).
What is the fair value of HRUM?
Our model-based fair value for Harum Energy Tbk PT is 865.11 IDR (as of Sep 23, 2026), built from audited fundamentals. The current price: 885.00 IDR.
What is the quality score of HRUM?
Harum Energy Tbk PT 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 Harum Energy Tbk PT (HRUM)?
Our model-based price target is the fair value of 865.11 IDR (as of Sep 23, 2026) from 14 valuation models. Cautious scenario 648.84 IDR, optimistic scenario 1,009 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Harum Energy Tbk PT stock forecast for 2026?
Our models put fair value at 865.11 IDR, about −2% upside versus a price of 885.00 IDR (fairly valued). Cautious scenario 648.84 IDR, optimistic scenario 1,009 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Harum Energy Tbk PT (HRUM)?
Harum Energy Tbk PT reported trailing-twelve-month revenue of about $1.4B (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Harum Energy Tbk PT (HRUM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Harum Energy Tbk PT it is 865.11 IDR per share (as of Sep 23, 2026), against a price of 885.00 IDR. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Harum Energy Tbk PT stock overvalued or undervalued in 2026?
As of Sep 23, 2026, HRUM trades above its calculated fair value: price 885.00 IDR, fair value 865.11 IDR, a gap of about −2% (fairly valued). 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 HRUM?
No. The price is what the market pays today (885.00 IDR); the fair value is what the company's own numbers justify (865.11 IDR). For Harum Energy Tbk PT the two are 19.89 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Harum Energy Tbk PT worth?
The market values Harum Energy Tbk PT at about 11.7T IDR (market capitalisation, as of Sep 23, 2026). Per share that is 885.00 IDR; our models calculate a fair value of 865.11 IDR per share.
What do the bullish and bearish scenarios say about HRUM?
Our models span a range for Harum Energy Tbk PT: cautious scenario 648.84 IDR, base 865.11 IDR, optimistic 1,009 IDR per share (as of Sep 23, 2026, price 885.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HRUM?
Harum Energy Tbk PT trades at a price-to-earnings ratio of 15.8 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 865.11 IDR is built from several models across several years. Other multiples: PEG 0.3, P/B 1.2, P/S 0.8, EV/EBITDA 7.1.
What is the PEG ratio of HRUM?
The PEG ratio of Harum Energy Tbk PT is 0.28 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Harum Energy Tbk PT (HRUM)?
Balance-sheet figures for Harum Energy Tbk PT (as of Sep 23, 2026): return on equity 3.6%, debt of 0.53 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is HRUM from its 52-week high?
Harum Energy Tbk PT trades at 885.00 IDR, about 32% below its 52-week high of 1,305 IDR and 38% above the low of 640.00 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 865.11 IDR is for.
Which stocks are comparable to Harum Energy Tbk PT?
From the same area (Energy) we also value China Shenhua Energy Company, PT Bayan Resources Tbk.,, Adani Enterprises Limited, Shaanxi Coal Industry 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 Harum Energy Tbk PT stock attractive at the current price?
The data as of Sep 23, 2026: price 885.00 IDR, calculated fair value 865.11 IDR (−2%), Quality Score 40/100, from 14 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 HRUM calculated?
We run Harum Energy Tbk PT through 14 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 865.11 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 14.1 % above its aggregate fair value. Harum Energy Tbk PT 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 Harum Energy Tbk PT (HRUM)?
The closing price on Sep 23, 2026 was 885.00 IDR. Our model-based fair value is 865.11 IDR, about −2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Harum Energy Tbk PT right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Harum Energy Tbk PT (HRUM) come from?
Earnings per share at Harum Energy Tbk PT grew +31.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +14.8 %, EBIT margin +9.7 %, tax rate +3.9 %, residual (interest, one-offs) +0.7 %. 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 Harum Energy Tbk PT
How large is the market capitalisation of Harum Energy Tbk PT (HRUM)?
The market capitalisation of Harum Energy Tbk PT is 11.7T IDR (≈ $1.2B). 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 Harum Energy Tbk PT (HRUM)?
The price-to-sales ratio of Harum Energy Tbk PT is 0.44 (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 Harum Energy Tbk PT (HRUM)?
Earnings per share at Harum Energy Tbk PT are 55.86 IDR (price ÷ EPS = P/E 15.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Harum Energy Tbk PT (HRUM)?
The net margin of Harum Energy Tbk PT is 2.8% (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 Harum Energy Tbk PT (HRUM)?
The return on equity (ROE) of Harum Energy Tbk PT is 3.6% (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 Harum Energy Tbk PT (HRUM)?
On an EBIT basis the return on assets of Harum Energy Tbk PT is 16.5% (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 Harum Energy Tbk PT (HRUM)?
The operating margin of Harum Energy Tbk PT is 12.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Harum Energy Tbk PT (HRUM)?
Revenue at Harum Energy Tbk PT is growing +15.7% versus a year earlier (3y avg +14.0%). 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 Harum Energy Tbk PT (HRUM)?
Earnings per share at Harum Energy Tbk PT are growing +61.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Harum Energy Tbk PT (HRUM) generate?
The free cash flow of Harum Energy Tbk PT is −$703M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Harum Energy Tbk PT (HRUM) carry?
The net debt of Harum Energy Tbk PT is $468M (fiscal year 2025). 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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