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PT Multi Indocitra Tbk (MICE) Fair Value & Analysis

Consumer Defensive · ID · Market cap 303B IDR

PM PT Multi Indocitra Tbk MICE · JK
Price525.00 IDR
Fair Value1,236 IDR
Upside+135.4%
Quality49/100
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Expensive Growth
Thin margins · 3.1% net margin
Low debt · negative free cash flow
Ranks above peers (8/13)
Narrow moat 33/100
Evidence: Medium Range 926.80 IDR – 1,545 IDR Share as image

Fair value as of: Jul 16, 2026

From 12 valuation models · updated 25 days ago

Share price +4.0% over the past month.

Below-average quality, screening 135% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (926.80 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

810.53 IDR 255.56 IDR Fair Value 1,236 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 255.56 IDR – 810.53 IDR · fair‑value band 926.80 IDR – 1,545 IDR · the 525.00 IDR price screens below the 1,236 IDR fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

PT Multi Indocitra Tbk (MICE) currently trades at 525.00 IDR, while our model-based Fair Value estimate is 1,236 IDR, implying the stock looks roughly 135.4% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Consumer Defensive 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: medium), always confirm before acting.

Over the trailing twelve months, PT Multi Indocitra Tbk generated revenue of 1.3T IDR at a net margin of 3.1%. Revenue grew 35.4% year over year. It earns a return on equity of 4.3%. Net debt stands at 241B IDR. Fundamentals as of Jul 16, 2026

Our scenario range runs from 926.80 IDR (bear case) to 1,545 IDR (bull case); at 525.00 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 35% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at 135%, MICE 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
Residual Income 1,235 IDR 1,238 IDR 1,167 IDR 76
Gordon GGM 94.89 IDR 207.17 IDR 348.57 IDR 70
Growth-Adj P/E 905.96 IDR 1,294 IDR 1,683 IDR 68
All 12 models by family
DCF Models
Owner Earnings 1,328 IDR 2,260 IDR 3,886 IDR 31
Earnings-Based
Graham-Dodd 494.29 IDR 2,033 IDR 2,769 IDR 54
Lynch FV 511.37 IDR 730.53 IDR 949.69 IDR 50
PEG = 1.0 511.37 IDR 730.53 IDR 949.69 IDR 46
Dividend Discount
Gordon GGM 94.89 IDR 207.17 IDR 348.57 IDR 70
DDM Multi-Stage 94.89 IDR 169.70 IDR 215.90 IDR 61
Multiples
P/E Multiple 1,199 IDR 1,599 IDR 1,999 IDR 63
P/S Multiple 926.80 IDR 1,236 IDR 1,545 IDR 58
P/B Multiple 926.80 IDR 1,236 IDR 1,545 IDR 55
Asset-Based
NCAV (Graham) 807.05 IDR 1,081 IDR 1,614 IDR 50
Economic Profit
Residual Income 1,235 IDR 1,238 IDR 1,167 IDR 76
Growth Earnings
Growth-Adj P/E 905.96 IDR 1,294 IDR 1,683 IDR 68

Widest divergence: DCF Models (2,260 IDR) versus Dividend Discount (169.70 IDR). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.3T IDR
Revenue growth (YoY) +35.4%
Net margin 3.1%
Return on equity 4.3%
Free cash flow −9.0B IDR FY2025
P/E ratio 7.4
More key figures
Operating margin 2.8%
EPS (TTM) 68.23 IDR
EPS growth (YoY) -74.5%
Net debt 241B IDR FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 48 · Market factors (momentum, volatility) 48

Profitability 43
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 79
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 Indocitra Tbk produces and distributes baby and health care products, and cosmetics in Indonesia. The company offers baby products and mother care products, such as bottle teats, pacifiers, breast pumps, baby toiletries, diapers, wet wipes, and toys, as well as products for senior citizens under the Pigeon brand. It also provides logistics services.

Full company description

PT Multi Indocitra Tbk produces and distributes baby and health care products, and cosmetics in Indonesia. The company offers baby products and mother care products, such as bottle teats, pacifiers, breast pumps, baby toiletries, diapers, wet wipes, and toys, as well as products for senior citizens under the Pigeon brand. It also provides logistics services. The company was founded in 1990 and is based in Jakarta Barat, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Multi Indocitra Tbk reported revenue of 1.2T IDR in FY2025 versus 771B IDR in FY2021, a compound +11.9%/yr. Reported net income was 43.6B IDR in FY2025, compounding +9.7%/yr from FY2021.

Growth Quality 56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.2T IDR
Latest YoY
+8.3%
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.
+7.5%
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.
+13.1%
Avg. growth/yr (24Y) 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.
+11.2%
Revenue +11.9%/yr
FY21 771B IDR
FY22 975B IDR
FY23 1.1T IDR
FY24 1.1T IDR
FY25 1.2T IDR
Net income +9.7%/yr
FY21 30.1B IDR
FY22 47.7B IDR
FY23 34.4B IDR
FY24 42.1B IDR
FY25 43.6B IDR
Character of growth · EPS growth decomposed (2014-2025) +4.0 % p.a.
Revenue per share +8.0 pp

of which total revenue +8.0 pp · buybacks/dilution +0.1 pp

EBIT margin −3.2 pp
Tax rate +1.6 pp
Residual (interest, one-offs) −2.4 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).

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

Peer Group

Household & Personal Products · 244 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 49 · Below median
Fair Value upside +135% · Top 25%
Return on equity (TTM) 4% · Below median
Return on assets 4% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 35% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/E (TTM) 7.4× · Cheaper than 75% of peers
P/B 0.31× · Cheaper than 75% of peers
P/S (TTM) 0.23× · Cheaper than 75% of peers
EV/EBITDA 2.2× · Cheaper than 75% of peers

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 28
FUTURE 100 · sector 4
PAST 17 · sector 26
HEALTH 100 · sector 98
DIVIDEND 0 · sector 50

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 Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
The Procter & Gamble Company PG $146.80 $108.16 -26%
Unilever PLC ULN 1,080 MXN 1,273 MXN +18%
Hindustan Unilever Limited HINDUNILVR ₹2,144 ₹1,000 -53%
Essity AB ESSITYA kr 279.00 kr 250.02 -10%
Godrej Consumer Products Limited GODREJCP ₹1,088 ₹367.64 -66%
Marico Limited MARICO ₹846.75 ₹233.05 -72%
APR Co 278470 375,000 KRW 151,222 KRW -60%
Dabur India Limited DABUR ₹429.45 ₹181.60 -58%
Kimberly-Clark de México, S. A. B. de C. V., KIMBERA 38.07 MXN 50.09 MXN +32%
PT Unilever Indonesia Tbk UNVR 1,730 IDR 1,934 IDR +12%

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Frequently asked questions

Is PT Multi Indocitra Tbk (MICE) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 1,236 IDR versus a price of 525.00 IDR, about +135% (undervalued).
What is the fair value of MICE?
Our model-based fair value for PT Multi Indocitra Tbk is 1,236 IDR (as of Jul 16, 2026), built from audited fundamentals. The current price is 525.00 IDR.
What is the quality score of MICE?
PT Multi Indocitra Tbk has a Quality Score of 49/100. 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 Indocitra Tbk (MICE)?
PT Multi Indocitra Tbk reported trailing-twelve-month revenue of about 1.3T IDR (latest available figure, as of Jul 16, 2026).
What is the net profit margin of MICE?
The net profit margin of PT Multi Indocitra Tbk is about 3.1%, meaning it keeps roughly 3.1% 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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