PT Bank Mandiri (Persero) Tbk

IDX:BMRI Stock Report

Market Cap: Rp428.9t

Bank Mandiri (Persero) Valuation

Is BMRI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of BMRI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: BMRI (IDR4600) is trading below our estimate of future cash flow value (IDR6374.46)

Significantly Below Future Cash Flow Value: BMRI is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BMRI?

Key metric: As BMRI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BMRI. This is calculated by dividing BMRI's market cap by their current earnings.
What is BMRI's PE Ratio?
PE Ratio7.6x
EarningsRp56.29t
Market CapRp428.95t

Price to Earnings Ratio vs Peers

How does BMRI's PE Ratio compare to its peers?

The above table shows the PE ratio for BMRI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16x
BBRI Bank Rakyat Indonesia (Persero)
9x6.27%Rp507.5t
BBCA Bank Central Asia
14.1x7.15%Rp808.8t
BBNI Bank Negara Indonesia (Persero)
6.8x8.92%Rp137.1t
BNLI Bank Permata
34.2xn/aRp122.7t
BMRI Bank Mandiri (Persero)
7.6x5.89%Rp428.9t

Price-To-Earnings vs Peers: BMRI is good value based on its Price-To-Earnings Ratio (7.6x) compared to the peer average (16x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does BMRI's PE Ratio compare vs other companies in the ID Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
BMRI 7.6xIndustry Avg. 15.6xNo. of Companies16PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BMRI is good value based on its Price-To-Earnings Ratio (7.6x) compared to the ID Banks industry average (15.7x).

Price to Earnings Ratio vs Fair Ratio

What is BMRI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BMRI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.6x
Fair PE Ratio11.4x

Price-To-Earnings vs Fair Ratio: BMRI is good value based on its Price-To-Earnings Ratio (7.6x) compared to the estimated Fair Price-To-Earnings Ratio (11.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BMRI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp4,600.00
Rp5,829.50
+26.73%
15.70%Rp7,950.00Rp3,600.00n/a22
Apr ’27Rp4,720.00
Rp5,829.50
+23.51%
15.70%Rp7,950.00Rp3,600.00n/a22
Mar ’27Rp5,275.00
Rp5,752.33
+9.05%
15.77%Rp7,950.00Rp3,600.00n/a21
Feb ’27Rp4,820.00
Rp5,530.10
+14.73%
15.23%Rp7,400.00Rp3,600.00n/a21
Jan ’27Rp5,100.00
Rp5,544.38
+8.71%
15.49%Rp7,400.00Rp3,600.00n/a21
Dec ’26Rp4,860.00
Rp5,486.81
+12.90%
15.60%Rp7,400.00Rp3,600.00n/a21
Nov ’26Rp4,720.00
Rp5,439.19
+15.24%
17.48%Rp7,400.00Rp3,600.00n/a21
Oct ’26Rp4,380.00
Rp5,479.67
+25.11%
17.20%Rp7,300.00Rp3,600.00n/a21
Sep ’26Rp4,600.00
Rp6,104.09
+32.70%
16.91%Rp7,800.00Rp3,600.00n/a22
Aug ’26Rp4,530.00
Rp6,195.00
+36.75%
14.78%Rp7,800.00Rp3,600.00n/a22
Jul ’26Rp4,750.00
Rp6,245.68
+31.49%
13.98%Rp7,800.00Rp3,600.00n/a22
Jun ’26Rp5,300.00
Rp6,347.95
+19.77%
16.77%Rp8,800.00Rp3,600.00n/a22
May ’26Rp4,890.00
Rp6,391.59
+30.71%
17.15%Rp8,800.00Rp3,600.00n/a22
Apr ’26Rp5,200.00
Rp6,540.77
+25.78%
17.41%Rp8,800.00Rp3,700.00Rp4,720.0022
Mar ’26Rp4,600.00
Rp6,900.36
+50.01%
13.52%Rp8,800.00Rp5,100.00Rp5,275.0022
Feb ’26Rp6,025.00
Rp7,699.95
+27.80%
10.54%Rp9,100.00Rp5,500.00Rp4,820.0022
Jan ’26Rp5,700.00
Rp7,936.32
+39.23%
8.14%Rp9,500.00Rp6,700.00Rp5,100.0022
Dec ’25Rp6,150.00
Rp8,032.23
+30.61%
6.89%Rp9,500.00Rp6,920.00Rp4,860.0022
Nov ’25Rp6,650.00
Rp8,008.59
+20.43%
7.30%Rp9,500.00Rp6,800.00Rp4,720.0022
Oct ’25Rp7,050.00
Rp7,861.45
+11.51%
6.75%Rp9,150.00Rp6,800.00Rp4,380.0022
Sep ’25Rp7,125.00
Rp7,730.96
+8.50%
7.44%Rp9,150.00Rp6,800.00Rp4,600.0023
Aug ’25Rp6,750.00
Rp7,408.13
+9.75%
7.07%Rp9,150.00Rp6,800.00Rp4,530.0023
Jul ’25Rp6,250.00
Rp7,400.71
+18.41%
6.07%Rp8,600.00Rp6,800.00Rp4,750.0024
Jun ’25Rp5,900.00
Rp7,407.38
+25.55%
6.03%Rp8,600.00Rp6,800.00Rp5,300.0024
May ’25Rp6,900.00
Rp7,586.28
+9.95%
7.27%Rp8,600.00Rp6,200.00Rp4,890.0025
Apr ’25Rp6,900.00
Rp7,497.48
+8.66%
7.58%Rp8,600.00Rp6,200.00Rp5,200.0025
Rp5.83k
Fair Value
21.1% undervalued intrinsic discount
22
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/13 04:14
End of Day Share Price 2026/04/13 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

PT Bank Mandiri (Persero) Tbk is covered by 36 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Angus MackintoshAletheia Analyst Network Limited
Anish TawakleyBarclays
Kevin KwekBernstein