Financials PT Merdeka Battery Materials Tbk.

Equities

MBMA

ID1000188303

Specialty Mining & Metals

End-of-day quote INDONESIA S.E. Other stock markets 06:00:00 2024-07-04 pm EDT			5-day change	1st Jan Change
630 ^IDR	+3.28%		0.00%	+12.50%

Jun. 03	PT Merdeka Battery Materials Tbk. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 27	PT Merdeka Battery Materials Tbk. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	3,931	4,179	-	-
Enterprise Value (EV) ¹	4,133	4,492	5,433	4,385
P/E ratio	520 x	53.8 x	22.2 x	12.9 x
Yield	-	-	-	0.78%
Capitalization / Revenue	2.96 x	1.98 x	1.74 x	1.47 x
EV / Revenue	3.11 x	2.13 x	2.27 x	1.54 x
EV / EBITDA	39.8 x	15.2 x	10.4 x	5.97 x
EV / FCF	-10.8 x	-14.3 x	-4.71 x	-
FCF Yield	-9.3%	-7.01%	-21.2%	-
Price to Book	2.56 x	2.58 x	2.48 x	2.14 x
Nbr of stocks (in thousands)	107,995,420	107,995,420	-	-
Reference price ²	0.0364	0.0387	0.0387	0.0387
Announcement Date	3/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	455.7	1,328	2,109	2,397	2,847
EBITDA ¹	55.1	104	296	524.2	734.6
EBIT ¹	-	47.56	221.2	403.6	628
Operating Margin	-	3.58%	10.48%	16.84%	22.06%
Earnings before Tax (EBT) ¹	37.48	33.47	198.2	366.9	591
Net income ¹	21.66	6.929	82.31	160.1	280.2
Net margin	4.75%	0.52%	3.9%	6.68%	9.84%
EPS ²	0.000400	0.000070	0.000720	0.001740	0.003010
Free Cash Flow ¹	-	-384.4	-315	-1,154	-
FCF margin	-	-28.94%	-14.93%	-48.15%	-
FCF Conversion (EBITDA)	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-
Dividend per Share ²	-	-	-	-	0.000300
Announcement Date	5/31/23	3/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-
EPS ¹	-	-	-	0.000030	0.000160	0.000170	0.000170	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-	-
Announcement Date	9/27/23	12/27/23	3/27/24	6/3/24	-	-	-	-	-

¹USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	202	312	1,254	205
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.945 x	1.055 x	2.391 x	0.2797 x
Free Cash Flow ¹	-	-384	-315	-1,154	-
ROE (net income / shareholders' equity)	-	0.56%	4.61%	12.1%	15.2%
ROA (Net income/ Total Assets)	-	-	1.9%	5.74%	6.7%
Assets ¹	-	-	4,332	2,787	4,181
Book Value Per Share ²	-	0.0100	0.0200	0.0200	0.0200
Cash Flow per Share ²	-	-0	0	0	0.0100
Capex ¹	-	369	173	182	250
Capex / Sales	-	27.77%	8.19%	7.58%	8.78%
Announcement Date	5/31/23	3/27/24	-	-	-

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 Merdeka Battery Materials Tbk.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.0387 USD

Average target price

0.0463 USD

Spread / Average Target

+19.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Nickel Ore Mining

	1st Jan change	Capi.
PT MERDEKA BATTERY MATERIALS TBK.	+12.50%	4.18B
PT TRIMEGAH BANGUN PERSADA TBK	0.00%	3.88B
IGO LIMITED	-34.48%	3.02B
PT VALE INDONESIA TBK	-6.26%	2.62B
NICKEL ASIA CORPORATION	-33.39%	868M
PT ADHI KARTIKO PRATAMA TBK	0.00%	241M
CANADA NICKEL COMPANY INC.	+7.89%	164M
PACIFIC METALS CO., LTD.	+6.18%	156M
GLOBAL FERRONICKEL HOLDINGS, INC.	-16.99%	150M
PT IFISHDECO TBK	-11.49%	90.96M

Nickel Ore Mining