PT Bank Mandiri (Persero) Tbk

bmri

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.

2468101214ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: BMRI

Main
Market Cap.
IDR 618.33Trillion
#6 in Indonesia

~$38.64B USD

Industry
Banks
Sub-Industry
Banks
Sector
Financials
Sub-Sector

Valuation

BMRI Valuation Metrics

6,625

IDR
0.0%

Closing Price on 2024-04-17

Price to Equity

12.47

P/E

At 12.47x P/E TTM, BMRI.JK is trading in line with its peers in the Banks sector.

Price to Book

2.54

P/B

At 2.54x P/B TTM, BMRI.JK is trading at a premium to its peers in the Banks sector (avg 0.8x).

Price to Sales

4.56

P/S

At 4.56x P/S TTM, BMRI.JK is trading at a premium to its peers in the Banks sector (avg 3.5x).

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
2.28x
Price/Forward Earnings
9.76x
PEG Ratio
0.38x

Analyst Ratings

40
60
80
0
100

77.5

Undervalued

Fairly Valued

Overvalued

Last closing: IDR6,6252024-04-17
IDR 6,675.50

Fairly Close to Intrinsic Value: Analyst's intrinsic value is of BMRI is IDR6,676, which is 2% higher than BMRI's last closing price of IDR6,625 (as of 2024-04-17).

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 12.47x is above the ID market average of 8.53x and is trading at a discount to peers in the Banks sector (13.15x).
Max 3
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 2.54x is above the peers average of 0.84x in the Banks sector. BMRI trades at a higher P/B ratio than >75% of its peers in the Banks sector.
Max 3
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 4.56x is above the peers average of 3.50x 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 9.76x, which is considered fairly undervalued by analysts.
Max 2
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 2.28x is considered healthy by analysts.●●
Max 2
Medium
Fairly Close to Intrinsic Value: Analyst's intrinsic value is of BMRI is IDR 6,675.50, which is 2% higher than BMRI's last closing price of IDR 6,625.00.
Max 3

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.1,174.19T1,381.45T 98.47T 48.20T 24.364.98
BBRIPT Bank Rakyat Indonesia (Persero) Tbk799.19T1,851.96T 175.51T 56.01T 14.272.61
BMRIPT Bank Mandiri (Persero) Tbk618.33T2,007.16T 135.73T 49.58T 12.472.54
BBNIPT Bank Negara Indonesia (Persero) Tbk195.39T1,086.66T 61.51T 20.91T 9.341.30
BRISPT Bank Syariah Indonesia Tbk114.40T319.85T 19.34T 5.26T 21.773.08
SMMAPT Sinar Mas Multiartha Tbk92.97T106.59T 28.35T 1.10T 84.384.30
DNETPT Indoritel Makmur Internasional Tbk.65.39T20.71T 1.39T 0.72T 90.695.10
MEGABank Mega Tbk60.76T132.12T 7.81T 3.51T 17.312.79
BNGAPT Bank CIMB Niaga Tbk50.87T329.13T 18.53T 6.10T 8.341.08
BNLIBank Permata Tbk34.73T251.94T 11.63T 1.91T 18.180.89
Competitiveness Recap of BMRI stock
WeightNotesScore
High
At a market cap of IDR 618,333.09 billion, BMRI.JK ranks 3 in Market Cap out of 10 companies in the Financials sector.
Max 2
High
At a PE of 12.47, BMRI.JK ranks 8 out of 10 companies in the Financials sector for P/E value. The average PE is 30.11 (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 Indoritel Makmur Internasional Tbk. (90.69) in the Financials sector.
Max 2
Medium
At a PE of 12.47, BMRI.JK is trading at a lower PE than that of its subsector peers in Banks (median of 13.15). A lower P/E value presents a potential value opportunity, but it might also indicate that the company is facing headwinds in its business.
Max 2
Medium
At a revenue of IDR 135.73 trillion, BMRI.JK ranks 2 in Revenue out of 10 companies in the Financials sector.●●
Max 2
Medium
At a profit of IDR 49.58 trillion, BMRI.JK ranks 2 in Profit out of 10 companies in the Financials sector.●●
Max 2

Future

Future Growth of BMRI

Growth Forecasts

BMRI 2024 Revenue Growth
+19.5%
BMRI 2024 EPS Growth
+36.3%
Sector Revenue Growth
+14.6%
Banks
Indonesia Market Growth
+7.6%
IDX overall growth
Banks Sector Revenue Growth '24
+33.3%
Financials Sector Revenue Growth '24
+33.9%

Sector Benchmark

Banks companies in Indonesia are growing at a projected rate of 14.60% against the IDX average of +7.6%.

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 14.60% is above the ID market average of 7.62%.●●●
Max 3
High
The Banks sub-sector is projected to grow revenue by 33.34% in 2024. This number is higher than the previous year 2023's growth rate of 13.71%. This bodes well for BMRI's revenue growth prospects in the next 2 years. ●●●
Max 3
Medium
The Banks sub-sector is projected to increase earnings by 72.99% in 2024. This number is higher than the previous year 2023's EPS growth of 33.09%. This bodes well for BMRI's earnings growth prospects in the next 2 years. ●●●
Max 3
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 2024. Specifically, earnings are projected to increase by 72.99% in 2024 while revenue growth is projected to increase by 33.88%. These macroeconomic trends will likely be a tailwind for BMRI's earnings growth prospects in the next 2 years. ●●●
Max 3
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Management

Executive Management

President Director

Darmawan Junaidi15.2 years

Vice President Director

Alexandra Askandar15.4 years
Ahmad Siddik Badruddin
Director
Agus Dwi Handaya
Director
Riduan
Director
Aquarius Rudianto
Director
Toni Eko Boy Subari
Director
Susana Indah K. Indriati
Director
Rohan Hafas
Director
Sigit Prastowo
Director
Timothy Utama
Director
Eka Fitria
Director
NamePositionShares%
Agus Dwi HandayaDirector6,755,100< 0.01
Ahmad Siddik BadruddinDirector8,715,900< 0.01
Alexandra AskandarVice President Director7,425,200< 0.01
Aquarius RudiantoDirector4,137,300< 0.01
Arief BudimantaCommissioner1,703,900< 0.01
Darmawan JunaidiPresident Director6,762,300< 0.01
Eka FitriaDirector170,000< 0.01
Faried UtomoCommissioner1,703,900< 0.01
Muhammad Yusuf AtehCommissioner1,261,100< 0.01
Nawal NelyCommissioner1,703,900< 0.01
RiduanDirector6,999,700< 0.01
Rionald SilabanCommissioner2,017,700< 0.01
Rohan HafasDirector3,000,500< 0.01
Sigit PrastowoDirector6,305,100< 0.01
Susana Indah K. IndriatiDirector4,288,400< 0.01
Timothy UtamaDirector3,621,900< 0.01
Toni Eko Boy SubariDirector3,117,500< 0.01
Expressed in millions IDR, unless otherwise stated

Ownership

BMRI Ownership

Others
18.04%
Insiders
53.91%
Institutions
28.05%
NameNumber of SharesOwnership (%)Value
Republic Of Indonesia48,533,333,33452321,533.33B
Public (Scripless)37,263,643,93239.93246,871.64B
Indonesia Investment Authority7,466,666,666849,466.67B
Darmawan Junaidi6,762,3000.0144.80B
Riduan6,999,7000.0146.37B
Agus Dwi Handaya6,755,1000.0144.75B
Sigit Prastowo6,305,1000.0141.77B
Ahmad Siddik Badruddin8,715,9000.0157.74B
Alexandra Askandar7,425,2000.0149.19B

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