PT Bank Mandiri (Persero) Tbk

Overview

BMRI Overview

PT Bank Mandiri (Persero) Tbk (the Bank) is an Indonesia-based banking company. The Bank's segments include Corporate Banking, Commercial Banking, Government Institution, Retail Banking and Treasury & International Banking. The Corporate Banking segment includes loans, customer deposits and other transactions to corporate customers. The Commercial Banking segment includes loans to the medium scale and automotive sector, customer deposits and other transactions to commercial customers. The Government Institution segment provides loans, customer deposits and other transactions to government entities and pension plans of state-owned enterprises. The Treasury & International Banking segment includes foreign exchange, money market, fixed income, international banking business, capital markets and the overseas branches. Its geographical segments include Indonesia, Asia (Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia), Western Europe (United Kingdom) and Cayman Islands.

5101520ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: BMRI

Main
Market Cap.
IDR 611.33Trillion
#6 in Indonesia

~$37.54B USD

Industry
Banks
Sub-Industry
Banks
Sector
Financials
Sub-Sector

Valuation

BMRI Valuation Metrics

6,550

IDR
+1.6%

Closing Price on 2024-07-18

Price to Equity

11.10

P/E

At 11.10x P/E TTM, BMRI.JK is trading at a discount to its peers in the Banks sector.

Price to Book

2.34

P/B

At 2.34x P/B TTM, BMRI.JK is trading at a premium to its peers in the Banks sector (avg 0.8x).

Price to Sales

4.96

P/S

At 4.96x P/S TTM, BMRI.JK is trading at a premium to its peers in the Banks sector (avg 3.6x).

Valuing PT Bank Mandiri (Persero) Tbk based on its trailing twelve months (TTM) valuation metrics against its peers in the Banks sector

Historical Price to Earnings

Other Valuation Metrics

Valuing PT Bank Mandiri (Persero) Tbk relative to other stocks in the Banks sector

Price/Cash Flow-8.78x
Price/Forward Earnings9.96x
PEG Ratio0.21x

Intrinsic Value

Last closing: IDR6,5502024-07-18
IDR 8,081.45

Slightly Higher Intrinsic Value: Analyst's intrinsic value is of BMRI is IDR8,081, which is 24% higher than BMRI's last closing price of IDR6,550 (as of 2024-07-18).

Valuation Recap of BMRI stock
WeightNotesScore
High
The P/E ratio is calculated by dividing the market price of a company's stock by its earnings per share (EPS). It is a key tool for investors and analysts to assess whether a stock is overvalued, undervalued, or fairly valued. A P/E ratio of 11.10x is above the ID market average of 8.44x and is trading at a discount to peers in the Banks sector (15.68x).

High
The P/B ratio is calculated by dividing the market price of a company's stock by its book value per share (BVPS). It measures the company's stock value relative to its assets minus liabilities. A P/B ratio of 2.34x is above the peers average of 0.81x in the Banks sector. BMRI trades at a higher P/B ratio than >75% of its peers in the Banks sector.

Medium
The P/S ratio is calculated by dividing the market price of a company's stock by its sales per share. It measures the company's stock value relative to its sales. A P/S ratio of 4.96x is above the peers average of 3.57x in the Banks sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of BMRI's valuation relative to its current sales and future earnings growth. BMRI trades at a Forward P/E ratio of 9.96x, which is considered fairly undervalued by analysts.

Low
The Price/Cash Flow ratio (P/CF) is calculated by dividing the market price of a company's stock by its cash flow per share. It measures the company's stock value relative to its cash flow, and is sometimes said to be a more objective measure of a company's value because cash flows cannot be manipulated as easily as earnings, which considers non-cash items such as depreciation and amortization. BMRI's P/CF ratio of -8.78x is considered healthy by analysts.

Medium
Slightly Higher Intrinsic Value: Analyst's intrinsic value is of BMRI is IDR 8,081.45, which is 24% higher than BMRI's last closing price of IDR 6,550.00.

Peers

BMRI Peers and Comparison

Peer Companies

Supertype Fuzzy Search
SymbolCompany Name
Market Cap
(in Trillion IDR)
Total Assets
(in Trillion IDR)
Total Revenue
(in Trillion IDR)
Profit and Loss
(in Trillion IDR)
P/E
P/B
BBCAPT Bank Central Asia Tbk.1,245.08T1,408.11T 101.91T 48.64T 25.605.14
BBRIPT Bank Rakyat Indonesia (Persero) Tbk738.88T1,989.07T 178.91T 59.88T 12.342.52
BMRIPT Bank Mandiri (Persero) Tbk611.33T2,174.22T 123.24T 55.06T 11.102.34
BBNIPT Bank Negara Indonesia (Persero) Tbk189.03T1,066.72T 60.27T 21.08T 8.971.30
BRISPT Bank Syariah Indonesia Tbk113.02T357.90T 19.39T 5.91T 19.132.79
SMMAPT Sinar Mas Multiartha Tbk92.97T116.18T 25.19T 0.45T 207.773.97
DNETPT Indoritel Makmur Internasional Tbk.70.21T20.44T 1.40T 0.58T 120.885.44
MEGABank Mega Tbk58.70T126.53T 7.85T 3.60T 16.322.94
BNGAPT Bank CIMB Niaga Tbk44.76T332.99T 19.03T 6.58T 6.800.87
BNLIBank Permata Tbk33.47T252.84T 11.97T 2.95T 11.350.82
Competitiveness Recap of BMRI stock
WeightNotesScore
High
At a market cap of IDR 611,333.10 billion, BMRI.JK ranks 3 in Market Cap out of 10 companies in the Financials sector.

High
At a PE of 11.10, BMRI.JK ranks 8 out of 10 companies in the Financials sector for P/E value. The average PE is 44.03 (unadjusted). A high P/E ratio often indicates higher growth expectation, or other qualitative factors that led investors to believe that the company has a defensible competitive advantage compared to its peers in Financials. In this regard, it trails behind sector leaders such as PT Sinar Mas Multiartha Tbk (207.77) in the Financials sector.

Medium
At a PE of 11.10, BMRI.JK is trading at a lower PE than that of its subsector peers in Banks (median of 15.68). A lower P/E value presents a potential value opportunity, but it might also indicate that the company is facing headwinds in its business.

Medium
At a revenue of IDR 123.24 trillion, BMRI.JK ranks 2 in Revenue out of 10 companies in the Financials sector.

Medium
At a profit of IDR 55.06 trillion, BMRI.JK ranks 2 in Profit out of 10 companies in the Financials sector.

Future

Future Growth of BMRI

Growth Forecasts

Analyst Ratings

Based on ratings from 22 analysts for BMRI over the past 3 months.

Strong Buy

Strong Buy

68.2%

Buy

13.6%

Hold

18.2%

Sell

0.0%

Strong Sell

0.0%

Last Update: 2024-07-10

Sector Benchmark

Banks companies in Indonesia are growing at a projected rate of 16.22% against the IDX average of +13.8%.

Banks sector overview

BMRI Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of BMRI
WeightNotesScore
High
BMRI's projected growth rate of 16.22% is above the ID market average of 13.82%.

High
The Banks sub-sector is projected to grow revenue by 24.55% in 2025. This number is higher than the previous year 2024's growth rate of 13.15%. This bodes well for BMRI's revenue growth prospects in the next 2 years.

Medium
The Banks sub-sector is projected to increase earnings by 15.70% in 2025. This number is higher than the previous year 2024's EPS growth of 4.63%. This bodes well for BMRI's earnings growth prospects in the next 2 years.

Medium
BMRI and its peers in the Banks sub-sector belongs to the Financials sector. Companies in the Financials sector are projected to have a fruitful year heading into 2025. Specifically, earnings are projected to increase by 15.70% in 2025 while revenue growth is projected to increase by 24.44%. These macroeconomic trends will likely be a tailwind for BMRI's earnings growth prospects in the next 2 years.

Technical

Daily Technical Ratings of BMRI

Oscillators

Neutral

Sell

1

Neutral

9

Buy

1

Summary

Buy

Sell

3

Neutral

10

Buy

13

Moving Averages

Strong Buy

Sell

2

Neutral

1

Buy

12

Summary

Technical Ratings of BMRI
IndicatorSummarySellNeutralBuy
SummaryBuy31013
OscillatorsNeutral191
Moving AveragesStrong Buy2112

Last Update: 2024-07-19

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Management

Executive Management

President Director

Darmawan Junaidi15.2 years

Vice President Director

Alexandra Askandar15.4 years
Agus Dwi HandayaDirector
RiduanDirector
Aquarius RudiantoDirector
Toni Eko Boy SubariDirector
Rohan HafasDirector
Sigit PrastowoDirector
Timothy UtamaDirector
Eka FitriaDirector
Danis SubyantoroDirector
Totok PriyambodoDirector
NamePositionShares%Stock Value
(in Billion IDR)
Agus Dwi HandayaDirector10,632,800< 0.0169.64B
Alexandra AskandarVice President Director11,028,200< 0.0172.23B
Aquarius RudiantoDirector7,102,000< 0.0146.52B
Danis SubyantoroDirector344,800< 0.012.26B
Darmawan JunaidiPresident Director10,984,200< 0.0171.95B
Eka FitriaDirector1,197,500< 0.017.84B
Faried UtomoCommissioner3,116,400< 0.0120.41B
Muhammad Yusuf AtehCommissioner2,673,600< 0.0117.51B
RiduanDirector11,250,000< 0.0173.69B
Rionald SilabanCommissioner3,430,200< 0.0122.47B
Rohan HafasDirector5,965,200< 0.0139.07B
Sigit PrastowoDirector10,869,800< 0.0171.20B
Tedi BharataCommissioner47,200< 0.010.31B
Timothy UtamaDirector6,886,600< 0.0145.11B
Toni Eko Boy SubariDirector6,082,200< 0.0139.84B
Totok PriyambodoDirector370,000< 0.012.42B

Ownership

BMRI Ownership

NameNumber of SharesOwnership (%)Value
Republic Of Indonesia48,533,333,33452317,893.33B
Public (Scripless)37,238,236,23239.9243,910.45B
Indonesia Investment Authority7,466,666,666848,906.67B
Darmawan Junaidi10,984,2000.0171.95B
Riduan11,250,0000.0173.69B
Rohan Hafas5,965,2000.0139.07B
Sigit Prastowo10,869,8000.0171.20B
Timothy Utama6,886,6000.0145.11B
Agus Dwi Handaya10,632,8000.0169.64B
Toni Eko Boy Subari6,082,2000.0139.84B
Alexandra Askandar11,028,2000.0172.23B
Aquarius Rudianto7,102,0000.0146.52B

Largest Institutional Buy

Capital Research and Management Company
Bought 31-01-2024
+565,018,900 shares
Capital Group
Bought 31-01-2024
+244,264,800 shares
Goldman Sachs Asset Management, L.P.
Bought 31-01-2024
+239,749,547 shares

Largest Institutional Sell

Hartford Funds Management Company, LLC
Sold 31-01-2024
-97,306,826 shares
Schroder Investment Management Limited
Sold 31-01-2024
-95,060,100 shares
Pzena Investment Management, LLC
Sold 31-01-2024
-73,977,100 shares

Institutional Transactions

Tracking institutional transactions buying / selling of BMRI stock

Sustainability

Environmental, Social, and Governance (ESG) Risk Assessment

The ESG Risk Ratings measure BMRI's exposure to industry-specific material ESG risks and how well BMRI is managing those risks.

ESG Risk Rating

10
20
30
40
0
100

28.4

Medium Risk

Negligible

Low

Medium

High

Severe

ESG Risk Ranking among Banks Peers

1st rank = lowest risk

699

/ 1,051 peers worldwide

Global ESG Risk Ranking

10,560

/ 16,216 all companies worldwide

Top Material ESG Issues

  • Product Governance
  • ESG Integration - Financials
  • Data Privacy and Cybersecurity
  • Business Ethics

Controversy Rating

Highest Controversy level that has impacted BMRI's ESG Risk Rating in the last 3 years.

Highest Controversy Level

2

Moderate

Low

Severe

Contributing Events

    Product & Service Incidents

  • Carbon Impact of Products
  • Environmental Impact of Products

Last Full Update: 2023-03-07

Last Update: 2024-05-23

Source: Sustainalytics, Inc.

BMRI Filings

No noteworthy filings to report on

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