Vale Indonesia Tbk

Overview

INCO Overview

PT Vale Indonesia Tbk is an Indonesia-based company, which is engaged in nickel mining and processing in Indonesia. The Company’s integrated nickel mining and processing project in Morowali Regency, Central Sulawesi consist of mining area in Bahodopi and processing plant with Rotary Kiln-Electric Furnace (RKEF) technology in Sambalagi. It plans to construct nickel processing plant and its facilities in Sambalagi, Morowali Regency, Central Sulawesi and in Pomalaa, Kolaka Regency, Southeast Sulawesi. The project in Bahodopi, is to build a smelter to process saprolite nickel ore and produce ferronickel, a main material for stainless steel making. In Pomalaa, the project is to build a processing facility with HPAL (High Pressure Acid Leaching) technology to process limonite ore and produce intermediate product which can be further processing to material for electric vehicle (EV) battery. Its subsidiaries include PT Bahodopi Nickel Smelting Indonesia and PT Kolaka Nickel Indonesia.

5101520ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: INCO

Main
Market Cap.
IDR 40.37Trillion

~$2.48B USD

Industry
Metals & Minerals
Sub-Industry
Diversified Metals & Minerals
Sector
Basic Materials
Sub-Sector

Valuation

INCO Valuation Metrics

3,830

IDR
-0.8%

Closing Price on 2024-07-18

Price to Equity

9.50

P/E

At 9.50x P/E TTM, INCO.JK is trading at a premium to its peers in the Basic Materials sector (avg 7.9x).

Price to Book

1.02

P/B

At 1.02x P/B TTM, INCO.JK is trading at a premium to its peers in the Basic Materials sector (avg 0.8x).

Price to Sales

2.11

P/S

At 2.11x P/S TTM, INCO.JK is trading at a premium to its peers in the Basic Materials sector (avg 0.8x).

Valuing Vale Indonesia Tbk based on its trailing twelve months (TTM) valuation metrics against its peers in the Basic Materials sector

Historical Price to Earnings

Other Valuation Metrics

Valuing Vale Indonesia Tbk relative to other stocks in the Basic Materials sector

Price/Cash Flow6.19x
Price/Forward Earnings15.69x
Enterprise Value/Revenue1.55x
Enterprise Value/EBITDA5.33x
PEG Ratio0.14x

Intrinsic Value

Last closing: IDR3,8302024-07-18
IDR 5,864.41

Considerably Higher Intrinsic Value: Analyst's intrinsic value is of INCO is IDR5,864, which is 54% higher than INCO's last closing price of IDR3,830 (as of 2024-07-18).

Valuation Recap of INCO 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 9.50x is above the ID market average of 8.44x and is trading at a premium to peers in the Basic Materials sector (7.87x).

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 1.02x is similar to the peers average of 0.75x in the Basic Materials 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 2.11x is above the peers average of 0.78x in the Basic Materials sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of INCO's valuation relative to its current sales and future earnings growth. INCO trades at a Forward P/E ratio of 15.69x, which is considered richly valued 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. INCO's P/CF ratio of 6.19x is considered healthy by analysts.

Low
The Enterprise Value/Revenue ratio (EV/R) is calculated by dividing the enterprise value of a company by its revenue. It measures the company's enterprise value relative to its revenue. It is an indicator of how much it costs to buy the company's revenue; the lower the ratio, the cheaper the company's revenue. INCO's EV/R ratio of 1.55x is considered fairly underpriced by the market. The average EV/R ratio for the Basic Materials sector is 1.12x.

Medium
Considerably Higher Intrinsic Value: Analyst's intrinsic value is of INCO is IDR 5,864.41, which is 54% higher than INCO's last closing price of IDR 3,830.00.

Peers

INCO 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
TPIAPT Chandra Asri Pacific Tbk819.70T85.40T 32.94T -1.18T -697.2019.04
AMMNPT Amman Mineral Internasional Tbk.815.83T156.74T 23.23T 4.99T 163.6110.99
BRPTBarito Pacific Tbk101.21T159.72T 42.22T 0.17T 584.883.73
MBMAPT Merdeka Battery Materials Tbk66.96T52.49T 16.68T 0.14T 489.882.74
NCKLPT Trimegah Bangun Persada Tbk.58.68T48.39T 19.65T 3.88T 15.142.36
MDKAPT Merdeka Copper Gold Tbk.57.11T78.26T 31.60T -0.59T -97.013.74
INKPIndah Kiat Pulp & Paper Tbk46.50T164.67T 49.97T 6.33T 7.340.48
INCOVale Indonesia Tbk40.37T45.32T 19.09T 4.25T 9.501.02
ANTMAneka Tambang Tbk.33.04T41.21T 38.08T 1.65T 19.991.07
AVIAPT Avia Avian Tbk30.59T11.47T 7.14T 1.67T 18.303.01
Competitiveness Recap of INCO stock
WeightNotesScore
High
At a market cap of IDR 40,367.43 billion, INCO.JK ranks 8 in Market Cap out of 10 companies in the Basic Materials sector.

High
At a PE of 9.50, INCO.JK ranks 7 out of 10 companies in the Basic Materials sector for P/E value. The average PE is 51.44 (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 Basic Materials. In this regard, it trails behind sector leaders such as Barito Pacific Tbk (584.88) in the Basic Materials sector.

Medium
At a PE of 9.50, INCO.JK is trading at a higher PE than that of its subsector peers in Basic Materials (median of 7.87). false

Medium
At a revenue of IDR 19.09 trillion, INCO.JK ranks 8 in Revenue out of 10 companies in the Basic Materials sector.

Medium
At a profit of IDR 4.25 trillion, INCO.JK ranks 3 in Profit out of 10 companies in the Basic Materials sector.

Future

Future Growth of INCO

Growth Forecasts

Analyst Ratings

Based on ratings from 13 analysts for INCO over the past 3 months.

Hold

Strong Buy

30.8%

Buy

15.4%

Hold

46.2%

Sell

0.0%

Strong Sell

7.7%

Last Update: 2024-07-10

Sector Benchmark

Basic Materials companies in Indonesia are growing at a projected rate of 16.97% against the IDX average of +13.8%.

Basic Materials sector overview

INCO Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of INCO
WeightNotesScore
High
INCO's projected growth rate of 16.97% is above the ID market average of 13.82%.

High
The Basic Materials sub-sector is projected to grow revenue by 18.57% in 2025. This number is higher than the previous year 2024's growth rate of 14.72%. This bodes well for INCO's revenue growth prospects in the next 2 years.

Medium
The Basic Materials sub-sector is projected to decrease earnings by -161.49% in 2025. This number is lower than the previous year 2024's EPS growth of -94.01%. false

Medium
INCO and its peers in the Basic Materials sub-sector belongs to the Basic Materials sector. Companies in the Basic Materials sector are projected to have a challenging year heading into 2025. Specifically, earnings are projected to decrease by -161.49% in 2025 while revenue growth is projected to increase by 18.57%. These macroeconomic trends will likely be a headwind for INCO's earnings growth prospects in the next 2 years.

Technical

Daily Technical Ratings of INCO

Oscillators

Neutral

Sell

1

Neutral

10

Buy

0

Summary

Sell

Sell

14

Neutral

11

Buy

1

Moving Averages

Strong Sell

Sell

13

Neutral

1

Buy

1

Summary

Technical Ratings of INCO
IndicatorSummarySellNeutralBuy
SummarySell14111
OscillatorsNeutral1100
Moving AveragesStrong Sell1311

Last Update: 2024-07-19

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Management

Executive Management

President Director

Unknown15.2 years

Vice President Director

Unknown15.4 years
UnknownDirector
NamePositionShares%Stock Value
(in Billion IDR)
No data is available for INCO at the moment.

Ownership

INCO Ownership

NameNumber of SharesOwnership (%)Value
Pt Mineral Industri Indonesia (Persero)3,583,533,69034.1913,724.93B
Vale Canada Limited3,570,993,76434.0713,676.91B
Public (Scripless)2,089,706,42219.948,003.58B
Sumitomo Metal Mining Co., Ltd.1,210,370,56311.554,635.72B
Public (Scrip)25,579,1400.2497.97B

Largest Institutional Buy

Los Angeles Capital Management LLC
Bought 31-12-2023
+1,612,900 shares
CBUS Super
Bought 31-12-2023
+1,011,736 shares
Legal & General(Unit Trust Managers)Ltd
Bought 31-12-2023
+530,972 shares

Largest Institutional Sell

BlackRock Fund Advisors
Sold 31-12-2023
-46,075,000 shares
Baillie Gifford & Co Limited.
Sold 31-12-2023
-31,827,591 shares
Baillie Gifford Overseas Limited
Sold 31-12-2023
-20,389,700 shares

Institutional Transactions

Tracking institutional transactions buying / selling of INCO stock

Sustainability

Environmental, Social, and Governance (ESG) Risk Assessment

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

ESG Risk Rating

10
20
30
40
0
100

30.5

High Risk

Negligible

Low

Medium

High

Severe

ESG Risk Ranking among Diversified Metals Peers

1st rank = lowest risk

49

/ 243 peers worldwide

Global ESG Risk Ranking

11,771

/ 16,216 all companies worldwide

Controversy Rating

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

Highest Controversy Level

2

Moderate

Low

Severe

Contributing Events

    Society & Community Incidents

  • Community Relations

Last Full Update: 2024-04-01

Last Update: 2024-04-27

Source: Sustainalytics, Inc.

INCO Filings

Informasi insider trading PT Mineral Industri Indonesia (Persero) dalam Vale Indonesia Tbk

01135/IR-J/VII/2024 - 02-07-2024 19:43 - Kategori Termasuk >5% - PT Mineral Industri Indonesia (Persero) dengan status kontrol Pengendali dalam saham Vale Indonesia Tbk berubah dari 1.987.267.745 menjadi 3.583.533.690

July 2, 2024

buy - institution
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