Financials PT Vale Indonesia Tbk

Equities

INCO

ID1000109309

Specialty Mining & Metals

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-05-27 pm EDT			5-day change	1st Jan Change
5,100 ^IDR	+6.03%		+0.99%	+18.33%

May. 14	Stellantis in Talks With Vale, Huayou Cobalt to Invest in Nickel Smelter, FT Reports	DJ
Apr. 29	Indonesia issues new mining permit for Vale Indonesia, minister says	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,604	3,547	3,255	4,515	2,784	3,149	-	-
Enterprise Value (EV) ¹	2,353	3,156	2,752	3,887	2,784	2,569	2,678	2,672
P/E ratio	45.2 x	43 x	19.6 x	22.5 x	10.2 x	21.7 x	17.7 x	14.5 x
Yield	-	-	-	-	-	1.68%	1.09%	1.31%
Capitalization / Revenue	3.33 x	4.64 x	3.42 x	3.83 x	2.26 x	3.21 x	3.07 x	2.85 x
EV / Revenue	3.01 x	4.13 x	2.89 x	3.3 x	2.26 x	2.62 x	2.61 x	2.42 x
EV / EBITDA	10.1 x	12.5 x	7.02 x	8.91 x	5.57 x	7.6 x	7.03 x	5.98 x
EV / FCF	-82.4 x	22.5 x	17.9 x	29.9 x	-	-11.7 x	-10.5 x	7.82 x
FCF Yield	-1.21%	4.44%	5.6%	3.35%	-	-8.58%	-9.5%	12.8%
Price to Book	1.34 x	1.76 x	1.51 x	1.92 x	-	1.17 x	1.11 x	1.05 x
Nbr of stocks (in thousands)	9,936,339	9,936,339	9,936,339	9,936,339	9,936,339	9,936,339	-	-
Reference price ²	0.2621	0.3570	0.3276	0.4544	0.2801	0.3169	0.3169	0.3169
Announcement Date	2/20/20	2/25/21	2/24/22	2/17/23	2/10/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	782	764.7	953.2	1,179	1,232	982.1	1,026	1,106
EBITDA ¹	232.4	252.9	391.9	436.4	499.6	337.9	380.8	446.8
EBIT ¹	88.29	103.9	223	272	302.2	180	234.6	245.5
Operating Margin	11.29%	13.58%	23.4%	23.06%	24.52%	18.33%	22.86%	22.2%
Earnings before Tax (EBT) ¹	89.14	104.6	220.6	275.8	352.5	194.6	212.8	233.9
Net income ¹	57.4	82.82	165.8	200.4	274.3	142	174.8	214.3
Net margin	7.34%	10.83%	17.39%	16.99%	22.26%	14.46%	17.03%	19.38%
EPS ²	0.005800	0.008300	0.0167	0.0202	0.0276	0.0146	0.0179	0.0219
Free Cash Flow ¹	-28.57	140.2	154	130.1	-	-220.5	-254.5	341.5
FCF margin	-3.65%	18.34%	16.15%	11.03%	-	-22.45%	-24.79%	30.88%
FCF Conversion (EBITDA)	-	55.45%	39.29%	29.81%	-	-	-	76.44%
FCF Conversion (Net income)	-	169.32%	92.87%	64.92%	-	-	-	159.37%
Dividend per Share ²	-	-	-	-	-	0.005330	0.003450	0.004150
Announcement Date	2/20/20	2/25/21	2/24/22	2/17/23	2/10/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	360.4	414.9	271.5	266.7	-	-	309.2	-	-	295.8	659	278.9	-	232.5	-	-	-	-
EBITDA ¹	111.8	161.2	125	105.6	-	-	103	-	-	121.3	282.8	-	-	80	-	-	-	-
EBIT ¹	38.66	-	81.01	61.55	-	-	-	-	-	78.92	198.6	59.42	-	35	-	-	-	-
Operating Margin	10.73%	-	29.84%	23.08%	-	-	-	-	-	26.68%	30.14%	21.3%	-	15.05%	-	-	-	-
Earnings before Tax (EBT)	44.14	-	-	-	-	-	-	-	-	-	-	67.53	-	-	-	-	-	-
Net income ¹	53.13	58.79	64.15	42.86	67.65	82.81	17.93	32.02	-	70.36	168.5	52.57	53.25	35.44	30.73	22.98	23.26	-
Net margin	14.74%	14.17%	23.63%	16.07%	-	-	5.8%	-	-	23.79%	25.57%	18.85%	-	15.24%	-	-	-	-
EPS ²	-	-	0.006500	0.004300	0.006800	0.008300	0.001800	0.003300	-	0.007100	-	0.005300	0.005400	0.004320	0.003090	0.002310	0.002340	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	7/29/20	7/27/21	10/28/21	2/24/22	5/9/22	7/28/22	10/27/22	2/17/23	4/28/23	7/28/23	7/28/23	11/3/23	2/10/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	251	391	504	628	-	579	471	477
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-28.6	140	154	130	-	-221	-255	342
ROE (net income / shareholders' equity)	3%	4.18%	7.94%	8.89%	-	5.43%	6.03%	6.63%
ROA (Net income/ Total Assets)	2.59%	3.65%	6.93%	7.81%	-	4.95%	5.2%	5.04%
Assets ¹	2,216	2,269	2,394	2,565	-	2,869	3,359	4,252
Book Value Per Share ²	0.2000	0.2000	0.2200	0.2400	-	0.2700	0.2800	0.3000
Cash Flow per Share ²	0.0400	0.0300	0.0300	0.0400	-	0.0300	0.0400	0.0400
Capex ¹	167	152	181	219	-	365	334	264
Capex / Sales	21.3%	19.9%	18.95%	18.55%	-	37.11%	32.57%	23.86%
Announcement Date	2/20/20	2/25/21	2/24/22	2/17/23	2/10/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PT Vale Indonesia Tbk

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.3169 USD

Average target price

0.317 USD

Spread / Average Target

+0.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Nickel Ore Mining

	1st Jan change	Capi.
PT VALE INDONESIA TBK	+18.33%	2.97B
PT TRIMEGAH BANGUN PERSADA TBK	+6.00%	4.18B
PT MERDEKA BATTERY MATERIALS TBK.	+19.64%	4.17B
NICKEL INDUSTRIES LIMITED	+38.85%	2.67B
NICKEL ASIA CORPORATION	-24.82%	966M
PT ADHI KARTIKO PRATAMA TBK	0.00%	248M
CANADA NICKEL COMPANY INC.	+26.75%	190M
GLOBAL FERRONICKEL HOLDINGS, INC.	-5.34%	167M
PACIFIC METALS CO., LTD.	+8.98%	159M
PT IFISHDECO TBK	-3.45%	101M

Nickel Ore Mining