EN DE
Check 35,000+ stocks against 26 valuation models and 37 quality factors
Data-driven stock valuation

PT Merdeka Battery Materials (MBMA) fair value: what the stock is really worth

As of Oct 9, 2026: fair value of PT Merdeka Battery Materials IDR 65, price IDR 474, upside -86.3%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Basic Materials · ID · ISIN ID1000188303

PM Thin data Sep 30, 2026

PT Merdeka Battery Materials

MBMA · JK

Weakest SetupStrongly overvalued and low quality.

Low debt
Quality 41/100
Mixed Growth
Thin margins · 4.2% net margin (TTM)
Mixed vs. peers (6/12)
Moderate moat 49/100
Fair value 65.09 IDR · Strongly overvalued (−86.3%)
Negative free cash flow
Thin data
⟳ Cyclical
Watch PT Merdeka Battery Materials for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

930.00 IDR 242.00 IDR Fair Value 65.09 IDR Apr 2023 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.

How to read this chart

42‑month range 242.00 IDR – 930.00 IDR · fair‑value band 48.82 IDR – 81.36 IDR · the 474.00 IDR price screens above the 65.09 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 30, 2026.

Follow PT Merdeka Battery Materials in your weekly email

Every Wednesday you see whether PT Merdeka Battery Materials is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

Company profile

PT Merdeka Battery Materials Tbk. engages in the mining and processing of nickel, cobalt, and other mineral deposits in Indonesia and China. It operates through Mining, Manufacturing, and Others segments. The company manufactures non-ferrous basic metals; and collects hazardous waste.

Show more

PT Merdeka Battery Materials Tbk. engages in the mining and processing of nickel, cobalt, and other mineral deposits in Indonesia and China. It operates through Mining, Manufacturing, and Others segments. The company manufactures non-ferrous basic metals; and collects hazardous waste. It also engages in the limestone industry and quarrying; generation, transmission, distribution, and sale of electricity; electric power plant operation; gravel quarrying; holding company activities; management consulting activities; and support activities for other mining and quarrying. In addition, the company is involved in special telecommunications activities for its own purposes, as well as wholesale trade in forestry and hunting products; palm oil plantation and industrial park; and industry activities. The company was formerly known as PT Hamparan Logistik Nusantara. PT Merdeka Battery Materials Tbk. was founded in 2019 and is headquartered in Jakarta Selatan, Indonesia. PT Merdeka Battery Materials Tbk. operates as a subsidiary of PT Merdeka Energi Nusantara.

Stock analysis

PT Merdeka Battery Materials (MBMA) currently trades at 474.00 IDR, while our model-based Fair Value estimate is 65.09 IDR, 86.3% below the price, so the stock looks overvalued today.

Show more

Valuation

Bull case: the Asset-Based group reads highest at a median of 176.60 IDR per share, and 0 of the 13 models we run sit above the 474.00 IDR price.

Bear case: the Economic Profit group reads lowest at 28.06 IDR, and 13 of the 13 models stay below the price. Evidence for this calculation is low.

Scenario range: 48.82 IDR (bear) to 81.36 IDR (bull), the price of 474.00 IDR sits above 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 41/100 (below-average quality), in the Basic Materials sector.

Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.

PT Merdeka Battery Materials reported revenue of $1.4B in FY2025 versus $0 in FY2021. Reported net income was $29.6M in FY2025, compounding +554.9%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 51.2T IDR (≈ $2.9B) · P/E ratio 45.6 · P/S ratio 0.94 · EPS (TTM) 10.40 IDR · Net margin 2.1% · Return on equity 9.2% · Return on assets (EBIT) 1.1% · Operating margin 23.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 48% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at −86%, MBMA screens richer than that median.

Fair Value models

Bear 48.82 IDR Fair Value 65.09 IDR Bull 81.36 IDR
Price 474.00 IDR · Upside -86.3%
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 (8.09 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. 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.
Highest evidence
EPV 20.78 IDR 28.06 IDR 34.35 IDR 70
Residual Income 181.74 IDR 170.78 IDR 167.90 IDR 68
ROIC Compounder 20.78 IDR 28.06 IDR 34.35 IDR 68
All 13 models by family
Earnings-Based
Graham-Dodd 33.46 IDR 134.24 IDR 182.52 IDR 61
Lynch FV 33.41 IDR 47.73 IDR 62.05 IDR 58
PEG = 1.0 33.41 IDR 47.73 IDR 62.05 IDR 55
EPV 20.78 IDR 28.06 IDR 34.35 IDR 70
Multiples
P/E Multiple 62.74 IDR 83.65 IDR 104.57 IDR 63
P/S Multiple 62.74 IDR 83.65 IDR 104.57 IDR 57
P/B Multiple 62.74 IDR 83.65 IDR 104.57 IDR 55
EV/EBIT 42.10 IDR 64.58 IDR 87.07 IDR 64
EV/Revenue 33.10 IDR 58.16 IDR 83.22 IDR 51
Asset-Based
NCAV (Graham) 131.79 IDR 176.60 IDR 263.59 IDR 53
Economic Profit
Residual Income 181.74 IDR 170.78 IDR 167.90 IDR 68
ROIC Compounder 20.78 IDR 28.06 IDR 34.35 IDR 68
Growth Earnings
Growth-Adj P/E 52.02 IDR 74.32 IDR 96.62 IDR 65

P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 41/100

Of which business quality 40 · Market factors (momentum, volatility) 25

Profitability 18
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 18
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 22
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

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. 55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
What shareholders gained per year (last 3 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 3 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.
+62.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+62.2%
Dividend (yield on the price)0.0%
Profit margin 2022 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.7% → 9%

MBMA screens overvalued: fair value 86% below the price. Compare with Saudi Arabian Mining Company →

Compare PT Merdeka Battery Materials with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

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.Other Industrial Metals & Mining · 369 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 41 · Above median
Fair Value upside −86.3% · Bottom 25%
Profitability
Return on equity (TTM) 9.2% · Above median
Return on assets 19.1% · Top 25%
Net margin (TTM) 14.3% · Above median
Operating margin (TTM) 23.1% · Above median
Growth and dividend
Revenue growth 126.6% · Top 25%
Balance sheet
Debt / equity 0.45× · Highest 25%

Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper

P/E (TTM) 45.6× · Priciest 25%
P/B 1.81× · Pricier than median
P/S (TTM) 5.25× · Pricier than median
EV/EBITDA 25.3× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 78
PAST (return on equity)37 · sector 0
HEALTH (low debt)78 · sector 95
DIVIDEND (yield)0 · sector 29

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

Context: sector, industry, market

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

Similar stocks

10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Vedanta Limited VEDL ₹266.35 ₹655.92 +146% vs MBMA
CMOC Group 603993 ¥17.08 ¥19.15 +12% vs MBMA
Saudi Arabian Mining Company 1211 61.10 SAR 67.21 SAR +10% vs MBMA
Hindustan Zinc Limited HINDZINC ₹588.95 ₹647.85 +10% vs MBMA
Western Mining Co 601168 ¥35.19 ¥38.71 +10% vs MBMA
Boliden AB BOL kr 521.00 kr 464.45 −11% vs MBMA
Korea Zinc Company 010130 1,116,000 KRW 646,063 KRW −42% vs MBMA
China Tungsten And Hightech Materials Co 000657 ¥57.18 ¥29.56 −48% vs MBMA
Xiamen Tungsten Co 600549 ¥46.90 ¥23.62 −50% vs MBMA
Ivanhoe Mines Ltd IVN C$12.06 C$4.46 −63% vs MBMA

Explore undervalued stocks

More undervalued Basic Materials stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Calculator with industry benchmark Peter Lynch Fair Value Formula &…Calculator with industry benchmark
Run the numbers yourself: free valuation calculators
DCF CalculatorP/E Ratio CalculatorPEG Ratio CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorIntrinsic ValueIntrinsic vs Extrinsic ValueP/E Ratio by Sector
For bloggers & editors: embed code + live data

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.

PT Merdeka Battery Materials · Fair Value
65.09 IDR −86%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "PT Merdeka Battery Materials Fair Value". https://www.fairvalue-calculator.com/stock/MBMA

Frequently asked questions

Is PT Merdeka Battery Materials (MBMA) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of 65.09 IDR versus a price of 474.00 IDR, about −86% upside (overvalued).
What is the fair value of MBMA?
Our model-based fair value for PT Merdeka Battery Materials is 65.09 IDR (as of Sep 30, 2026), built from audited fundamentals. The current price: 474.00 IDR.
What is the quality score of MBMA?
PT Merdeka Battery Materials has a Quality Score of 41/100. 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 Merdeka Battery Materials (MBMA)?
Our model-based price target is the fair value of 65.09 IDR (as of Sep 30, 2026) from 13 valuation models. Cautious scenario 48.82 IDR, optimistic scenario 81.36 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the PT Merdeka Battery Materials stock forecast for 2026?
Our models put fair value at 65.09 IDR, about −86% upside versus a price of 474.00 IDR (overvalued). Cautious scenario 48.82 IDR, optimistic scenario 81.36 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of PT Merdeka Battery Materials (MBMA)?
PT Merdeka Battery Materials reported trailing-twelve-month revenue of about $1.9B (latest available figure, as of Sep 30, 2026).
What is the intrinsic value of PT Merdeka Battery Materials (MBMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PT Merdeka Battery Materials it is 65.09 IDR per share (as of Sep 30, 2026), against a price of 474.00 IDR. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is PT Merdeka Battery Materials stock overvalued or undervalued in 2026?
As of Sep 30, 2026, MBMA trades above its calculated fair value: price 474.00 IDR, fair value 65.09 IDR, a gap of about −86% (overvalued). 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 MBMA?
No. The price is what the market pays today (474.00 IDR); the fair value is what the company's own numbers justify (65.09 IDR). For PT Merdeka Battery Materials the two are 408.91 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is PT Merdeka Battery Materials worth?
The market values PT Merdeka Battery Materials at about 51.2T IDR (market capitalisation, as of Sep 30, 2026). Per share that is 474.00 IDR; our models calculate a fair value of 65.09 IDR per share.
What do the bullish and bearish scenarios say about MBMA?
Our models span a range for PT Merdeka Battery Materials: cautious scenario 48.82 IDR, base 65.09 IDR, optimistic 81.36 IDR per share (as of Sep 30, 2026, price 474.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MBMA?
PT Merdeka Battery Materials trades at a price-to-earnings ratio of 45.6 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 65.09 IDR is built from several models across several years. Other multiples: P/B 1.8, P/S 5.2, EV/EBITDA 25.3.
How solid is the balance sheet of PT Merdeka Battery Materials (MBMA)?
Balance-sheet figures for PT Merdeka Battery Materials (as of Sep 30, 2026): return on equity 9.2%, debt of 0.45 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is MBMA from its 52-week high?
PT Merdeka Battery Materials trades at 474.00 IDR, about 48% below its 52-week high of 905.00 IDR and 10% above the low of 432.00 IDR (as of Oct 9, 2026). Distance from the high says nothing about value: that is what the fair value of 65.09 IDR is for.
Which stocks are comparable to PT Merdeka Battery Materials?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, China Tungsten And Hightech Materials Co, 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 Merdeka Battery Materials stock attractive at the current price?
The data as of Sep 30, 2026: price 474.00 IDR, calculated fair value 65.09 IDR (−86%), Quality Score 41/100, from 13 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 MBMA calculated?
We run PT Merdeka Battery Materials through 13 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 65.09 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 14.9 % above its aggregate fair value. PT Merdeka Battery Materials 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 PT Merdeka Battery Materials (MBMA)?
The closing price on Oct 9, 2026 was 474.00 IDR. Our model-based fair value is 65.09 IDR, about −86% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PT Merdeka Battery Materials right now?
The price sits above even our optimistic bull case (81.36 IDR). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of PT Merdeka Battery Materials

How large is the market capitalisation of PT Merdeka Battery Materials (MBMA)?
The market capitalisation of PT Merdeka Battery Materials is 51.2T IDR (≈ $2.9B). 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 Merdeka Battery Materials (MBMA)?
The price-to-sales ratio of PT Merdeka Battery Materials is 0.94 (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 Merdeka Battery Materials (MBMA)?
Earnings per share at PT Merdeka Battery Materials are 10.40 IDR (price ÷ EPS = P/E 45.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of PT Merdeka Battery Materials (MBMA)?
The net margin of PT Merdeka Battery Materials is 2.1% (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 Merdeka Battery Materials (MBMA)?
The return on equity (ROE) of PT Merdeka Battery Materials is 9.2% (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 Merdeka Battery Materials (MBMA)?
On an EBIT basis the return on assets of PT Merdeka Battery Materials is 1.1% (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 Merdeka Battery Materials (MBMA)?
The operating margin of PT Merdeka Battery Materials is 23.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PT Merdeka Battery Materials (MBMA)?
Revenue at PT Merdeka Battery Materials is growing +127% versus a year earlier (3y avg +46.6%). 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 Merdeka Battery Materials (MBMA)?
Earnings per share at PT Merdeka Battery Materials are growing +174% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does PT Merdeka Battery Materials (MBMA) generate?
The free cash flow of PT Merdeka Battery Materials is −$156M (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 PT Merdeka Battery Materials (MBMA) carry?
The net debt of PT Merdeka Battery Materials is $749M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed

Watch PT Merdeka Battery Materials in the live analysis

One click puts PT Merdeka Battery Materials on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.