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PT Multi Hanna Kreasindo Tbk (MHKI) Fair Value & Analysis

Industrials · ID · Market cap 510B IDR

PM PT Multi Hanna Kreasindo Tbk MHKI · JK
Price136.00 IDR
Fair Value223.86 IDR
Upside+64.6%
Quality54/100
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Mixed Growth
Solidly profitable · 16.4% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)
Moderate moat 50/100
Evidence: High Range 144.56 IDR – 279.82 IDR Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 26 days ago

Share price +14.3% over the past month.

A solid business, screening 65% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (144.56 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (144.56 IDR to 279.82 IDR) leaves room in how you read the outcome.
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Price vs Fair Value (2 years)

492.24 IDR 85.52 IDR Fair Value 223.86 IDR Apr 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

28‑month range 85.52 IDR – 492.24 IDR · fair‑value band 144.56 IDR – 279.82 IDR · the 136.00 IDR price screens below the 223.86 IDR fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

PT Multi Hanna Kreasindo Tbk (MHKI) currently trades at 136.00 IDR, while our model-based Fair Value estimate is 223.86 IDR, implying the stock looks roughly 64.6% undervalued today. The Quality Score stands at 54/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, PT Multi Hanna Kreasindo Tbk generated revenue of 199B IDR at a net margin of 16.4%. Revenue declined 28.4% year over year. It earns a return on equity of 6.9%. The balance sheet holds a net cash position of 114B IDR. Fundamentals as of Jul 15, 2026

Our scenario range runs from 144.56 IDR (bear case) to 279.82 IDR (bull case); at 136.00 IDR, the current price sits below 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 59% below its 52-week high and 51% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -40% fair-value upside, at 65%, MHKI screens cheaper 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 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
Growth DCF 123.70 IDR 210.08 IDR 392.13 IDR 80
Residual Income 109.69 IDR 118.95 IDR 158.96 IDR 76
Rev-Margin DCF 114.37 IDR 202.89 IDR 343.62 IDR 74
All 26 models by family
DCF Models
FCF DCF 129.34 IDR 189.38 IDR 385.69 IDR 38
Owner Earnings 199.46 IDR 425.31 IDR 920.65 IDR 31
5Y Revenue Exit 114.37 IDR 181.35 IDR 318.02 IDR 39
5Y EBITDA Exit 173.60 IDR 304.12 IDR 554.27 IDR 41
5Y P/E Exit 183.14 IDR 381.67 IDR 649.97 IDR 38
10Y Revenue Exit 115.85 IDR 218.49 IDR 304.04 IDR 36
10Y EBITDA Exit 162.78 IDR 343.19 IDR 688.50 IDR 37
10Y P/E Exit 169.81 IDR 363.28 IDR 711.92 IDR 35
Earnings-Based
Graham-Dodd 72.49 IDR 505.52 IDR 709.42 IDR 54
Lynch FV 173.49 IDR 247.84 IDR 322.20 IDR 50
PEG = 1.0 173.49 IDR 247.84 IDR 322.20 IDR 46
EPV 134.81 IDR 153.07 IDR 169.31 IDR 59
Dividend Discount
Gordon GGM 20.68 IDR 45.15 IDR 75.97 IDR 70
DDM Multi-Stage 20.68 IDR 36.99 IDR 47.05 IDR 61
Multiples
P/E Multiple 167.89 IDR 223.86 IDR 279.82 IDR 63
P/S Multiple 85.19 IDR 113.59 IDR 141.99 IDR 58
P/B Multiple 135.91 IDR 181.22 IDR 226.52 IDR 55
EV/EBIT 200.98 IDR 257.54 IDR 314.10 IDR 53
EV/EBITDA 186.54 IDR 238.29 IDR 290.04 IDR 54
EV/Revenue 102.87 IDR 133.54 IDR 164.21 IDR 43
Asset-Based
NCAV (Graham) 64.45 IDR 86.36 IDR 128.90 IDR 50
Growth DCF
Growth DCF 123.70 IDR 210.08 IDR 392.13 IDR 80
Rev-Margin DCF 114.37 IDR 202.89 IDR 343.62 IDR 74
Economic Profit
Residual Income 109.69 IDR 118.95 IDR 158.96 IDR 76
ROIC Compounder 141.78 IDR 190.06 IDR 237.50 IDR 72
Growth Earnings
Growth-Adj P/E 227.15 IDR 324.50 IDR 421.85 IDR 68

Widest divergence: Growth Earnings (324.50 IDR) versus Dividend Discount (36.99 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 199B IDR
Revenue growth (YoY) -28.4%
Net margin 16.4%
Return on equity 6.9%
Free cash flow 20.6B IDR FY2025
P/E ratio 10.5
More key figures
Operating margin 10.9%
EPS (TTM) 9.22 IDR
EPS growth (YoY) -68.2%
Net cash 114B IDR FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 58 · Market factors (momentum, volatility) 17

Profitability 46
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 44
Earnings quality: real cash, not paper profit
Fin. Strength 96
Balance sheet, leverage, solvency risk
Investment 27
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 62
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 Multi Hanna Kreasindo Tbk engages in the industrial waste management business in Indonesia. The company offers integrated waste transportation, processing, and utilization; liquid waste treatment; medical waste treatment; and solid waste treatment services. PT Multi Hanna Kreasindo Tbk was founded in 2004 and is headquartered in Bekasi, Indonesia.

Full company description

PT Multi Hanna Kreasindo Tbk engages in the industrial waste management business in Indonesia. The company offers integrated waste transportation, processing, and utilization; liquid waste treatment; medical waste treatment; and solid waste treatment services. PT Multi Hanna Kreasindo Tbk was founded in 2004 and is headquartered in Bekasi, Indonesia. The company operates as a subsidiary of PT Multi Hanna Sinergitama.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Multi Hanna Kreasindo Tbk reported revenue of 213B IDR in FY2025 versus 97.0B IDR in FY2021, a compound +21.7%/yr. Reported net income was 40.0B IDR in FY2025, compounding +44.7%/yr from FY2021.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
213B IDR
Latest YoY
+23.6%
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.
+17.2%
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.
+28.3%
Revenue +21.7%/yr
FY21 97.0B IDR
FY22 132B IDR
FY23 148B IDR
FY24 172B IDR
FY25 213B IDR
Net income +44.7%/yr
FY21 9.1B IDR
FY22 29.8B IDR
FY23 28.7B IDR
FY24 32.2B IDR
FY25 40.0B IDR

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Cite: Fair Value Calculator (2026). "PT Multi Hanna Kreasindo Tbk Fair Value". https://www.fairvalue-calculator.com/stock/MHKI

Peer Group

Waste Management · 166 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 54 · Above median
Fair Value upside +65% · Top 25%
Return on equity (TTM) 7% · Above median
Return on assets 5% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 11% · Above median
Revenue growth -28% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Waste Management median · lower = cheaper

P/E (TTM) 14.8× · Cheaper than median
P/B 1.06× · Cheaper than median
P/S (TTM) 2.56× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 9.1× · 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.

VALUE 100 · sector 8
FUTURE 0 · sector 22
PAST 27 · sector 25
HEALTH 99 · sector 81
DIVIDEND 0 · sector 30

Insider activity: 35/100

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 Waste Management stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Waste Management, Inc WM $233.33 $128.02 -45%
Republic Services, Inc RSG $219.20 $122.01 -44%
Waste Connections, Inc WCN C$242.43 C$78.67 -68%
Veolia Environnement SA VIE €37.51 €24.50 -35%
Clean Harbors, Inc CLH $303.64 $155.37 -49%
GFL Environmental Inc GFL C$55.40 C$94.12 +70%
Fomento de Construcciones y Contratas, S.A FCC €12.20 €7.30 -40%
GEM Co 002340 ¥6.32 ¥5.27 -17%
Zhejiang Weiming Environment Protection Co 603568 ¥15.75 ¥20.95 +33%
Cleanaway Waste Management Limited CWY A$2.34 A$1.18 -50%

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Frequently asked questions

Is PT Multi Hanna Kreasindo Tbk (MHKI) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 223.86 IDR versus a price of 136.00 IDR, about +65% (undervalued).
What is the fair value of MHKI?
Our model-based fair value for PT Multi Hanna Kreasindo Tbk is 223.86 IDR (as of Jul 15, 2026), built from audited fundamentals. The current price is 136.00 IDR.
What is the quality score of MHKI?
PT Multi Hanna Kreasindo Tbk has a Quality Score of 54/100. 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 Multi Hanna Kreasindo Tbk (MHKI)?
PT Multi Hanna Kreasindo Tbk reported trailing-twelve-month revenue of about 199B IDR (latest available figure, as of Jul 15, 2026).
What is the net profit margin of MHKI?
The net profit margin of PT Multi Hanna Kreasindo Tbk is about 16.4%, meaning it keeps roughly 16.4% 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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