PT Mandiri Herindo Adiperkasa Tbk (MAHA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of PT Mandiri Herindo Adiperkasa Tbk IDR 434, price IDR 147, upside +195.4%, quality 71 out of 100. Calculated from audited financials with 26 valuation models and 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 24, 2026.
How to read this chart
38‑month range 121.00 IDR – 236.64 IDR · fair‑value band 303.96 IDR – 564.50 IDR · the 147.00 IDR price screens below the 434.23 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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PT Mandiri Herindo Adiperkasa Tbk provides coal transportation services in Indonesia. Its fleet consists of prime mover and dump trucks. It also offers mining support for coal hauling, as well as coal hauling, coal loading, and road maintenance. PT Mandiri Herindo Adiperkasa Tbk was founded in 1994 and is headquartered in Jakarta, Indonesia.
Stock analysis
PT Mandiri Herindo Adiperkasa Tbk (MAHA) currently trades at 147.00 IDR, while our model-based Fair Value estimate is 434.23 IDR, implying the stock looks roughly 66.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 737.13 IDR per share, and 22 of the 26 models we run sit above the 147.00 IDR price.
Bear case: the Asset-Based group reads lowest at 77.17 IDR, and 4 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 303.96 IDR (bear) to 564.50 IDR (bull), the price of 147.00 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 71/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
PT Mandiri Herindo Adiperkasa Tbk reported revenue of 2.9T IDR in FY2025 versus 1.3T IDR in FY2021, a compound +22.0%/yr. Reported net income was 243B IDR in FY2025, compounding −6.1%/yr from FY2021.
Key figures
Market cap 2.4T IDR (≈ $241M) · P/E ratio 7.6 · P/S ratio 0.63 · EPS (TTM) 19.42 IDR · Dividend yield 8.5% · Net margin 8.3% · Return on equity 16.2% · Return on assets (EBIT) 17.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −59% fair-value upside, at 195%, MAHA screens cheaper than that median.
Fair Value models
Bear 303.96 IDRFair Value 434.23 IDRBull 564.50 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 (14.21 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.9%
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.
+21.2%
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.
+24.0%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
+10.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.9%
Dividend (yield on the price)8.5%
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.19% → 15%
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).
−23.1%
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 −25.1% a year for the price.
Compare PT Mandiri Herindo Adiperkasa 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.Trucking · 47 stocks
Beats the industry median on 13/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+195% · Top 25%
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)11% · Top 25%
Operating margin (TTM)13% · Top 25%
Growth and dividend
Revenue growth13% · Top 25%
Dividend yield (TTM)8.5% · Top 25%
Valuation Multiplesvs Trucking median · lower = cheaper
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Is PT Mandiri Herindo Adiperkasa Tbk (MAHA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 434.23 IDR versus a price of 147.00 IDR, about +195% upside (undervalued).
What is the fair value of MAHA?
Our model-based fair value for PT Mandiri Herindo Adiperkasa Tbk is 434.23 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 147.00 IDR.
What is the quality score of MAHA?
PT Mandiri Herindo Adiperkasa Tbk has a Quality Score of 71/100. 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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
Our model-based price target is the fair value of 434.23 IDR (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 303.96 IDR, optimistic scenario 564.50 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the PT Mandiri Herindo Adiperkasa Tbk stock forecast for 2026?
Our models put fair value at 434.23 IDR, about +195% upside versus a price of 147.00 IDR (undervalued). Cautious scenario 303.96 IDR, optimistic scenario 564.50 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
PT Mandiri Herindo Adiperkasa Tbk reported trailing-twelve-month revenue of about 3.0T IDR (latest available figure, as of Sep 24, 2026).
Does PT Mandiri Herindo Adiperkasa Tbk pay a dividend?
PT Mandiri Herindo Adiperkasa Tbk currently shows a dividend yield of about 8.51% relative to its recent price (as of Sep 24, 2026).
What growth is priced into PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
For today's price to be fair in a discounted-cash-flow model, PT Mandiri Herindo Adiperkasa Tbk would have to grow free cash flow by -23.1 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +24.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of MAHA use?
Our models discount PT Mandiri Herindo Adiperkasa Tbk at 13.5 %: a base by market capitalisation (micro), damped by beta 0.31, 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 PT Mandiri Herindo Adiperkasa Tbk that is -23.1 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has PT Mandiri Herindo Adiperkasa Tbk (MAHA) delivered so far?
Over the past 5 years revenue at PT Mandiri Herindo Adiperkasa Tbk grew +24.0 % a year. The price currently implies -23.1 % 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 PT Mandiri Herindo Adiperkasa Tbk (MAHA) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into PT Mandiri Herindo Adiperkasa Tbk (-23.1 % 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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
The free-cash-flow yield on the price is 29.54 %: that much free cash flow PT Mandiri Herindo Adiperkasa Tbk produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PT Mandiri Herindo Adiperkasa Tbk it is 434.23 IDR per share (as of Sep 24, 2026), against a price of 147.00 IDR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is PT Mandiri Herindo Adiperkasa Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MAHA trades below its calculated fair value: price 147.00 IDR, fair value 434.23 IDR, a gap of about +195% (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 MAHA?
No. The price is what the market pays today (147.00 IDR); the fair value is what the company's own numbers justify (434.23 IDR). For PT Mandiri Herindo Adiperkasa Tbk the two are 287.23 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is PT Mandiri Herindo Adiperkasa Tbk worth?
The market values PT Mandiri Herindo Adiperkasa Tbk at about 2.4T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 147.00 IDR; our models calculate a fair value of 434.23 IDR per share.
What do the bullish and bearish scenarios say about MAHA?
Our models span a range for PT Mandiri Herindo Adiperkasa Tbk: cautious scenario 303.96 IDR, base 434.23 IDR, optimistic 564.50 IDR per share (as of Sep 24, 2026, price 147.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MAHA?
PT Mandiri Herindo Adiperkasa Tbk trades at a price-to-earnings ratio of 7.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 434.23 IDR is built from several models across several years. Other multiples: P/B 1.3, P/S 0.8, EV/EBITDA 3.3.
How solid is the balance sheet of PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
Balance-sheet figures for PT Mandiri Herindo Adiperkasa Tbk (as of Sep 24, 2026): return on equity 16.2%. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is MAHA from its 52-week high?
PT Mandiri Herindo Adiperkasa Tbk trades at 147.00 IDR, about 25% below its 52-week high of 196.17 IDR and 21% above the low of 121.00 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 434.23 IDR is for.
Which stocks are comparable to PT Mandiri Herindo Adiperkasa Tbk?
From the same area (Industrials) we also value Old Dominion Freight Line, Inc, XPO, Inc, TFI International Inc, Knight-Swift Transportation Holdings, 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 PT Mandiri Herindo Adiperkasa Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 147.00 IDR, calculated fair value 434.23 IDR (+195%), Quality Score 71/100, 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 MAHA calculated?
We run PT Mandiri Herindo Adiperkasa Tbk through 26 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 434.23 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. PT Mandiri Herindo Adiperkasa Tbk currently trades 195 % 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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
The closing price on Sep 23, 2026 was 147.00 IDR. Our model-based fair value is 434.23 IDR, about +195% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PT Mandiri Herindo Adiperkasa Tbk right now?
The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (303.96 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. A fairly wide model range (303.96 IDR to 564.50 IDR) leaves room in how you read the outcome.
Key figures of PT Mandiri Herindo Adiperkasa Tbk
How large is the market capitalisation of PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
The market capitalisation of PT Mandiri Herindo Adiperkasa Tbk is 2.4T IDR (≈ $241M). 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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
The price-to-sales ratio of PT Mandiri Herindo Adiperkasa Tbk is 0.63 (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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
Earnings per share at PT Mandiri Herindo Adiperkasa Tbk are 19.42 IDR (price ÷ EPS = P/E 7.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
The dividend yield of PT Mandiri Herindo Adiperkasa Tbk is 8.5% (payout 64.4%). 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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
The net margin of PT Mandiri Herindo Adiperkasa Tbk is 8.3% (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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
The return on equity (ROE) of PT Mandiri Herindo Adiperkasa Tbk is 16.2% (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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
On an EBIT basis the return on assets of PT Mandiri Herindo Adiperkasa Tbk is 17.9% (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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
The operating margin of PT Mandiri Herindo Adiperkasa Tbk is 12.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
Revenue at PT Mandiri Herindo Adiperkasa Tbk is growing +13.0% versus a year earlier (3y avg +21.2%). 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 PT Mandiri Herindo Adiperkasa Tbk (MAHA)?
Earnings per share at PT Mandiri Herindo Adiperkasa Tbk are growing +689% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does PT Mandiri Herindo Adiperkasa Tbk (MAHA) carry?
The net debt of PT Mandiri Herindo Adiperkasa Tbk is 46.2B IDR (fiscal year 2025, ≈ 0.1 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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