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PT Mustika Ratu Tbk, (MRAT) Fair Value & Analysis

Consumer Defensive · ID · Market cap 188B IDR

PM PT Mustika Ratu Tbk, MRAT · JK
Price440.00 IDR
Fair Value288.53 IDR
Upside-34.4%
Quality54/100
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Healthy Growth
Thin margins · 0.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/13)
Narrow moat 24/100
Evidence: Medium Range 169.02 IDR – 443.86 IDR Share as image

Fair value as of: Jul 13, 2026

From 25 valuation models · updated 28 days ago

Fair value updated Jul 13, 2026, revised from 282.83 IDR to 288.53 IDR (+2.0%) since Jun 24, 2026.

A solid business, but screening 34% overvalued on our models.

What matters now

  • The model range is unusually wide (169.02 IDR to 443.86 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

920.00 IDR 170.00 IDR Fair Value 288.53 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range 170.00 IDR – 920.00 IDR · fair‑value band 169.02 IDR – 443.86 IDR · the 440.00 IDR price screens above the 288.53 IDR fair value. Dashed = 300-day average. As of Jul 13, 2026.

Full chart & analysis →

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Analysis

PT Mustika Ratu Tbk, (MRAT) currently trades at 440.00 IDR, while our model-based Fair Value estimate is 288.53 IDR, implying the stock looks roughly 34.4% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Consumer Defensive 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 Mustika Ratu Tbk, generated revenue of 424B IDR at a net margin of 0.1%. Revenue grew 44.9% year over year. It earns a return on equity of 0.1%. The balance sheet holds a net cash position of 48.3B IDR. Fundamentals as of Jul 13, 2026

Our scenario range runs from 169.02 IDR (bear case) to 443.86 IDR (bull case); at 440.00 IDR, the current price sits within 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 42% below its 52-week high and 112% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at -34%, MRAT 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.

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 770.58 IDR 912.81 IDR 1,105 IDR 80
Residual Income 895.74 IDR 826.08 IDR 548.20 IDR 76
Rev-Margin DCF 576.05 IDR 625.86 IDR 681.37 IDR 74
All 25 models by family
DCF Models
FCF DCF 759.42 IDR 911.00 IDR 1,125 IDR 38
Owner Earnings 477.61 IDR 509.29 IDR 553.94 IDR 31
5Y Revenue Exit 576.05 IDR 619.13 IDR 667.98 IDR 39
5Y EBITDA Exit 632.13 IDR 718.00 IDR 810.81 IDR 41
5Y P/E Exit 541.82 IDR 558.79 IDR 573.31 IDR 38
10Y Revenue Exit 639.92 IDR 690.61 IDR 746.22 IDR 36
10Y EBITDA Exit 676.90 IDR 757.13 IDR 849.47 IDR 37
10Y P/E Exit 620.65 IDR 650.01 IDR 677.78 IDR 35
Earnings-Based
Graham-Dodd 6.61 IDR 14.63 IDR 18.67 IDR 54
PEG = 1.0 2.35 IDR 3.35 IDR 4.36 IDR 46
EPV 444.27 IDR 451.13 IDR 457.13 IDR 59
Dividend Discount
Gordon GGM 151.73 IDR 242.48 IDR 344.29 IDR 70
DDM Multi-Stage 151.73 IDR 220.36 IDR 297.43 IDR 61
Multiples
P/E Multiple 15.30 IDR 20.41 IDR 25.51 IDR 63
P/S Multiple 12.39 IDR 16.52 IDR 20.65 IDR 58
P/B Multiple 12.39 IDR 16.52 IDR 20.65 IDR 55
EV/EBIT 503.95 IDR 537.56 IDR 571.17 IDR 53
EV/EBITDA 581.49 IDR 640.94 IDR 700.40 IDR 54
EV/Revenue 475.09 IDR 505.93 IDR 536.77 IDR 43
Asset-Based
NCAV (Graham) 670.85 IDR 898.94 IDR 1,342 IDR 50
Growth DCF
Growth DCF 770.58 IDR 912.81 IDR 1,105 IDR 80
Rev-Margin DCF 576.05 IDR 625.86 IDR 681.37 IDR 74
Economic Profit
Residual Income 895.74 IDR 826.08 IDR 548.20 IDR 76
ROIC Compounder 444.27 IDR 451.13 IDR 457.13 IDR 72
Growth Earnings
Growth-Adj P/E 11.39 IDR 16.28 IDR 21.16 IDR 68

Widest divergence: Asset-Based (898.94 IDR) versus Earnings-Based (14.63 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 424B IDR
Revenue growth (YoY) +44.9%
Net margin 0.1%
Return on equity 0.1%
Free cash flow 14.5B IDR FY2025
P/E ratio 190.8
More key figures
Operating margin 2.5%
EPS (TTM) 2.18 IDR
EPS growth (YoY) +320%
Net cash 48.3B IDR FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 55 · Market factors (momentum, volatility) 61

Profitability 22
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 63
Price trend over the last 3–12 months (market factor)
52W Momentum 71
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 Mustika Ratu Tbk, together with its subsidiaries, engages in the manufacture, trade, and distribution of herbal medicine and traditional cosmetics in Indonesia. It is also involved in entertainment activities. The company was founded in 1978 and is based in Jakarta Selatan, Indonesia.

Full company description

PT Mustika Ratu Tbk, together with its subsidiaries, engages in the manufacture, trade, and distribution of herbal medicine and traditional cosmetics in Indonesia. It is also involved in entertainment activities. The company was founded in 1978 and is based in Jakarta Selatan, Indonesia. PT Mustika Ratu Tbk operates as a subsidiary of PT Mustika Ratu Investama.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Mustika Ratu Tbk, reported revenue of 424B IDR in FY2025 versus 327B IDR in FY2021, a compound +6.7%/yr. Reported net income was 416M IDR in FY2025, compounding +3.8%/yr from FY2021.

Growth Quality 66/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
424B IDR
Latest YoY
+27.0%
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.
+14.1%
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.
+5.9%
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.
+3.2%
Revenue +6.7%/yr
FY21 327B IDR
FY22 285B IDR
FY23 301B IDR
FY24 334B IDR
FY25 424B IDR
Net income +3.8%/yr
FY21 358M IDR
FY22 67.8B IDR
FY23 −14.1B IDR
FY24 −5.1B IDR
FY25 416M IDR

MRAT screens 34% overvalued. Compare with The Procter & Gamble Company →

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PT Mustika Ratu Tbk, · Fair Value
288.53 IDR −34%Fair Value
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Cite: Fair Value Calculator (2026). "PT Mustika Ratu Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/MRAT

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 54 · Below median
Fair Value upside −34% · Below median
Return on equity (TTM) 0% · Below median
Return on assets 0% · Below median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 45% · Top 25%
Debt / equity 0.00× · Lower than median

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

P/E (TTM) 200.0× · Pricier than 75% of peers
P/B 0.33× · Cheaper than 75% of peers
P/S (TTM) 0.41× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 1.5× · 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 0 · sector 28
FUTURE 100 · sector 4
PAST 1 · sector 26
HEALTH 100 · sector 98
DIVIDEND 0 · sector 50

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 Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Jul 13, 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 Mustika Ratu Tbk, (MRAT) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of 288.53 IDR versus a price of 440.00 IDR, about −34% (overvalued).
What is the fair value of MRAT?
Our model-based fair value for PT Mustika Ratu Tbk, is 288.53 IDR (as of Jul 13, 2026), built from audited fundamentals. The current price is 440.00 IDR.
What is the quality score of MRAT?
PT Mustika Ratu 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 Mustika Ratu Tbk, (MRAT)?
PT Mustika Ratu Tbk, reported trailing-twelve-month revenue of about 424B IDR (latest available figure, as of Jul 13, 2026).
What is the net profit margin of MRAT?
The net profit margin of PT Mustika Ratu Tbk, is about 0.1%, meaning it keeps roughly 0.1% 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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