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Mitrabara Adiperdana PT (MBAP) Fair Value & Analysis

Energy · ID · Market cap 1.7T IDR

MA Mitrabara Adiperdana PT MBAP · JK
Price1,470 IDR
Fair Value311.09 IDR
Upside-78.8%
Quality42/100
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Weak Growth
Thin margins · 1.1% net margin
Low debt · negative free cash flow
Trails peers (1/12)
Narrow moat 17/100
Evidence: Medium Range 233.32 IDR – 388.86 IDR Share as image

Fair value as of: Aug 20, 2026

From 10 valuation models · updated today

Fair value updated Aug 20, 2026, revised from 0.0200 IDR to 311.09 IDR (+1,555,350.0%) since Aug 13, 2026. Share price +5.0% over the past month.

Below-average quality, and screening another 79% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (388.86 IDR). The favourable scenario is already priced in.
  • Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

8,259 IDR 1,180 IDR Fair Value 311.09 IDR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range 1,180 IDR – 8,259 IDR · fair‑value band 233.32 IDR – 388.86 IDR · the 1,470 IDR price screens above the 311.09 IDR fair value. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Mitrabara Adiperdana PT (MBAP) currently trades at 1,470 IDR, while our model-based Fair Value estimate is 311.09 IDR, implying the stock looks roughly 78.8% overvalued today. The Quality Score stands at 42/100 (below-average quality), in the Energy 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, Mitrabara Adiperdana PT generated revenue of 161M IDR at a net margin of 1.1%. Revenue declined 7.7% year over year. It earns a return on equity of 0.8%. The balance sheet holds a net cash position of 70.2M IDR. Fundamentals as of Aug 20, 2026

Our scenario range runs from 233.32 IDR (bear case) to 388.86 IDR (bull case); at 1,470 IDR, the current price sits above 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 24% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -5% fair-value upside, at -79%, MBAP 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (155.55 IDR to 1,555 IDR). Read the values as a conservative anchor, not as a price target.
Model 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
Highest evidence
Residual Income 1,555 IDR 1,555 IDR 1,089 IDR 76
Gordon GGM 311.09 IDR 311.09 IDR 466.64 IDR 70
Growth-Adj P/E 155.55 IDR 155.55 IDR 311.09 IDR 68
All 10 models by family
Earnings-Based
Graham-Dodd 155.55 IDR 155.55 IDR 155.55 IDR 54
Dividend Discount
Gordon GGM 311.09 IDR 311.09 IDR 466.64 IDR 70
DDM Multi-Stage 311.09 IDR 466.64 IDR 622.18 IDR 61
Multiples
P/E Multiple 155.55 IDR 311.09 IDR 311.09 IDR 63
P/S Multiple 311.09 IDR 311.09 IDR 466.64 IDR 58
P/B Multiple 311.09 IDR 311.09 IDR 466.64 IDR 55
EV/EBITDA 1,089 IDR 1,089 IDR 1,089 IDR 54
Asset-Based
NCAV (Graham) 1,089 IDR 1,555 IDR 2,333 IDR 50
Economic Profit
Residual Income 1,555 IDR 1,555 IDR 1,089 IDR 76
Growth Earnings
Growth-Adj P/E 155.55 IDR 155.55 IDR 311.09 IDR 68

Widest divergence: Asset-Based (1,555 IDR) versus Earnings-Based (155.55 IDR). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 161M IDR
Revenue growth (YoY) -7.7%
Net margin 1.1%
Return on equity 0.8%
Free cash flow −32.9M IDR FY2025
P/E ratio 80.9
More key figures
Operating margin 6.9%
EPS (TTM) 18.01 IDR
EPS growth (YoY) +8.8%
Net cash 70.2M IDR FY2025

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 42/100

Of which business quality 44 · Market factors (momentum, volatility) 45

Profitability 22
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 82
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 Mitrabara Adiperdana Tbk, together with its subsidiaries, engages in coal mining, trading, and industrial businesses. It holds interests in coal mining located in Malinau Regency, North Kalimantan. The company also operates biomass power plants; provides management and plantation farming services; and engages in shrimp farming.

Full company description

PT Mitrabara Adiperdana Tbk, together with its subsidiaries, engages in coal mining, trading, and industrial businesses. It holds interests in coal mining located in Malinau Regency, North Kalimantan. The company also operates biomass power plants; provides management and plantation farming services; and engages in shrimp farming. It sells its products in South Korea, Indonesia, China, New Zealand, Japan, Singapore, and the Philippines. The company was founded in 1992 and is headquartered in Jakarta Pusat, Indonesia. PT Mitrabara Adiperdana Tbk operates as a subsidiary of PT Wahana Sentosa Cemerlang.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mitrabara Adiperdana PT reported revenue of 163M IDR in FY2025 versus 310M IDR in FY2021, a compound −14.9%/yr. Reported net income was 1.5M IDR in FY2025, compounding −64.9%/yr from FY2021.

Growth Quality 8/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
163M IDR
Latest YoY
−25.3%
Avg. growth/yr (3Y) 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.
−28.7%
Avg. growth/yr (5Y) 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.
−4.1%
Avg. growth/yr (14Y) 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.
+3.1%
Revenue −14.9%/yr
FY21 310M IDR
FY22 450M IDR
FY23 224M IDR
FY24 218M IDR
FY25 163M IDR
Net income −64.9%/yr
FY21 101M IDR
FY22 179M IDR
FY23 21.7M IDR
FY24 19.1M IDR
FY25 1.5M IDR
Character of growth · EPS growth decomposed (2014-2025) −2.7 % p.a.
Revenue per share +2.3 pp

of which total revenue +2.6 pp · buybacks/dilution −0.2 pp

EBIT margin −9.7 pp
Tax rate −0.2 pp
Residual (interest, one-offs) +4.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

MBAP screens 79% overvalued. Compare with China Shenhua Energy Company →

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Cite: Fair Value Calculator (2026). "Mitrabara Adiperdana PT Fair Value". https://www.fairvalue-calculator.com/stock/MBAP

Peer Group

Thermal Coal · 99 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 42 · Below median
Fair Value upside −79% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets 0% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 7% · Below median
Revenue growth -8% · Below median
Debt / equity 0.16× · Higher than median

Valuation Multiples vs Thermal Coal median · lower = cheaper

P/E (TTM) 80.9× · Pricier than 75% of peers
P/B 0.93× · Cheaper than median
P/S (TTM) 1.06× · Pricier than median
EV/EBITDA 8.5× · Pricier than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 26
FUTURE0 · sector 0
PAST3 · sector 21
HEALTH92 · sector 93
DIVIDEND0 · sector 56

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.

Coal Oil & gas

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

Similar stocks

10 more Thermal Coal stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

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Frequently asked questions

Is Mitrabara Adiperdana PT (MBAP) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of 311.09 IDR versus a price of 1,470 IDR, about −79% (overvalued).
What is the fair value of MBAP?
Our model-based fair value for Mitrabara Adiperdana PT is 311.09 IDR (as of Aug 20, 2026), built from audited fundamentals. The current price: 1,470 IDR.
What is the quality score of MBAP?
Mitrabara Adiperdana PT has a Quality Score of 42/100. 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 Mitrabara Adiperdana PT (MBAP)?
Mitrabara Adiperdana PT reported trailing-twelve-month revenue of about 161M IDR (latest available figure, as of Aug 20, 2026).
What is the net profit margin of MBAP?
The net profit margin of Mitrabara Adiperdana PT is about 1.1%, meaning it keeps roughly 1.1% 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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