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PT Mulia Industrindo Tbk, (MLIA) Fair Value & Analysis

Industrials · ID · Market cap 1.6T IDR

PM PT Mulia Industrindo Tbk, MLIA · JK
Price234.00 IDR
Fair Value81.60 IDR
Upside-65.1%
Quality35/100
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Weak Growth
Loss-making · -2.0% net margin
Low debt · negative free cash flow
Trails peers (1/8)
Narrow moat 16/100
Evidence: Medium Range 67.16 IDR – 97.69 IDR Share as image

Fair value as of: Jul 16, 2026

From 8 valuation models · updated 25 days ago

Share price −2.5% over the past month.

Below-average quality, and screening another 65% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (97.69 IDR). The favourable scenario is already priced in.
  • Weak quality (35/100) 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)

608.78 IDR 99.99 IDR Fair Value 81.60 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 99.99 IDR – 608.78 IDR · fair‑value band 67.16 IDR – 97.69 IDR · the 234.00 IDR price screens above the 81.60 IDR fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

PT Mulia Industrindo Tbk, (MLIA) currently trades at 234.00 IDR, while our model-based Fair Value estimate is 81.60 IDR, implying the stock looks roughly 65.1% overvalued today. The Quality Score stands at 35/100 (below-average quality), in the Industrials 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, PT Mulia Industrindo Tbk, generated revenue of 4.0T IDR at a net margin of -2.0%. Revenue declined 10.7% year over year. It earns a return on equity of -1.5%. Net debt stands at 382B IDR. Fundamentals as of Jul 16, 2026

Our scenario range runs from 67.16 IDR (bear case) to 97.69 IDR (bull case); at 234.00 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 36% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -33% fair-value upside, at -65%, MLIA 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 (24.66 IDR to 684.44 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
ROIC Compounder 22.01 IDR 24.66 IDR 27.02 IDR 72
Gordon GGM 67.16 IDR 81.60 IDR 97.69 IDR 70
DDM Multi-Stage 67.16 IDR 90.77 IDR 121.56 IDR 61
All 8 models by family
Earnings-Based
EPV 22.01 IDR 24.66 IDR 27.02 IDR 59
Dividend Discount
Gordon GGM 67.16 IDR 81.60 IDR 97.69 IDR 70
DDM Multi-Stage 67.16 IDR 90.77 IDR 121.56 IDR 61
Multiples
EV/EBIT 28.27 IDR 35.37 IDR 42.47 IDR 53
EV/EBITDA 515.08 IDR 684.44 IDR 853.81 IDR 54
EV/Revenue 22.18 IDR 28.69 IDR 35.20 IDR 43
Asset-Based
NCAV (Graham) 408.00 IDR 546.72 IDR 815.99 IDR 50
Economic Profit
ROIC Compounder 22.01 IDR 24.66 IDR 27.02 IDR 72

Widest divergence: Asset-Based (546.72 IDR) versus Earnings-Based (24.66 IDR). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 4.0T IDR
Revenue growth (YoY) -10.7%
Net margin -2.0%
Return on equity -1.5%
Free cash flow −304B IDR FY2025
Operating margin -4.7%
More key figures
EPS (TTM) -11.86 IDR
EPS growth (YoY) -97.0%
Net debt 382B IDR FY2025

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

Quality Score breakdown

Overall quality 35/100

Of which business quality 35 · Market factors (momentum, volatility) 37

Profitability 19
Margins and returns on capital today
Quality Growth 9
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 47
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 2
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 Mulia Industrindo Tbk, together with its subsidiaries, manufactures and sells glass in Indonesia, Asia, Australia, Europe, Africa, and the United States. It operates through Float Glass, Safety Glass, Glass Containers and Glass Block segments.

Full company description

PT Mulia Industrindo Tbk, together with its subsidiaries, manufactures and sells glass in Indonesia, Asia, Australia, Europe, Africa, and the United States. It operates through Float Glass, Safety Glass, Glass Containers and Glass Block segments. The company offers plain and colored float glass; mugs and cups, as well as transparent and colored container glass used for packaging of food, beverages, and beer; glass blocks; and automotive safety glasses for front/rear door right/left door, rear quarter left/right, back door window, and windshield. It sells its products to distributors and glass processors. PT Mulia Industrindo Tbk was founded in 1968 and is headquartered in Jakarta Selatan, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Mulia Industrindo Tbk, reported revenue of 4.1T IDR in FY2025 versus 4.5T IDR in FY2021, a compound −2.0%/yr. Reported net income was −4.5B IDR in FY2025.

Growth Quality 9/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
4.1T IDR
Latest YoY
−7.0%
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.
−6.8%
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.
+1.9%
Avg. growth/yr (25Y) 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.
+3.4%
Revenue −2.0%/yr
FY21 4.5T IDR
FY22 5.1T IDR
FY23 4.8T IDR
FY24 4.4T IDR
FY25 4.1T IDR
Net income
FY21 652B IDR
FY22 854B IDR
FY23 563B IDR
FY24 311B IDR
FY25 −4.5B IDR
Character of growth · EPS growth decomposed (2014-2025) +24.1 % p.a.
Revenue per share −2.9 pp

of which total revenue −2.5 pp · buybacks/dilution −0.4 pp

EBIT margin +11.3 pp
Tax rate −1.2 pp
Residual (interest, one-offs) +17.0 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).

MLIA screens 65% overvalued. Compare with Trane Technologies plc →

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Cite: Fair Value Calculator (2026). "PT Mulia Industrindo Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/MLIA

Peer Group

Building Products & Equipment · 247 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 35 · Bottom 25%
Fair Value upside −65% · Bottom 25%
Return on assets -0% · Bottom 25%
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) -5% · Bottom 25%
Revenue growth -11% · Bottom 25%
Debt / equity 0.09× · Lower 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 0 · sector 3
FUTURE 0 · sector 9
PAST 0 · sector 23
HEALTH 96 · sector 94
DIVIDEND 0 · sector 29

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.

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

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Kingspan Group KRX €87.30 €70.76 -19%
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Frequently asked questions

Is PT Mulia Industrindo Tbk, (MLIA) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 81.60 IDR versus a price of 234.00 IDR, about −65% (overvalued).
What is the fair value of MLIA?
Our model-based fair value for PT Mulia Industrindo Tbk, is 81.60 IDR (as of Jul 16, 2026), built from audited fundamentals. The current price is 234.00 IDR.
What is the quality score of MLIA?
PT Mulia Industrindo Tbk, has a Quality Score of 35/100. 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 Mulia Industrindo Tbk, (MLIA)?
PT Mulia Industrindo Tbk, reported trailing-twelve-month revenue of about 4.0T IDR (latest available figure, as of Jul 16, 2026).
What is the net profit margin of MLIA?
The net profit margin of PT Mulia Industrindo Tbk, is about -2.0%, meaning it is currently running at a net loss. 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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