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Adaro Minerals Indonesia Tbk PT (ADMR) Fair Value & Analysis

Basic Materials · ID · Market cap 61.3T IDR (≈ $6.1B) · ISIN ID1000165608

What is Adaro Minerals Indonesia Tbk PT really worth?

AM Adaro Minerals Indonesia Tbk PT ADMR · JK
Price1,655 IDR
Fair Value969.03 IDR
Upside−41.5%
Quality41/100

Below-average quality, and trading another 71% above our fair value of 969.03 IDR.

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Strengths

Highly profitable · 28.2% net margin
Wide moat 76/100

Risks

!Expensive Growth (revenue 5y +50.8 %/yr)
!Low debt · negative free cash flow
!Mixed vs. peers (7/13)
!Evidence only low, so the estimate is less certain
!The models disagree: range 732.54 IDR to 3,027 IDR
Evidence: Low Range 732.54 IDR – 3,027 IDR

Fair value as of: Aug 29, 2026

From 14 valuation models · updated 6 days ago

Fair value updated Aug 29, 2026, revised from 1,251 IDR to 969.03 IDR (−22.5%) since Aug 13, 2026. Share price +2.5% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (732.54 IDR to 3,027 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

2,773 IDR 125.22 IDR Fair Value 969.03 IDR Jan 2022 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

56‑month range 125.22 IDR – 2,773 IDR · fair‑value band 732.54 IDR – 3,027 IDR · the 1,655 IDR price screens above the 969.03 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Adaro Minerals Indonesia Tbk PT (ADMR) currently trades at 1,655 IDR, while our model-based Fair Value estimate is 969.03 IDR, implying the stock looks roughly 70.8% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Basic Materials sector. Bull case: the Growth Earnings group reads highest at a median of 2,630 IDR per share, and 4 of the 14 models we run sit above the 1,655 IDR price. Bear case: the Asset-Based group reads lowest at 415.30 IDR, and 10 of the 14 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Adaro Minerals Indonesia Tbk PT generated revenue of 1.0B IDR at a net margin of 28.2%. Revenue grew 33.8% year over year. It earns a return on equity of 16.9%. Net debt stands at 346M IDR. Fundamentals as of Aug 29, 2026

Our scenario range runs from 732.54 IDR (bear case) to 3,027 IDR (bull case); at 1,655 IDR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 85% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −60% fair-value upside, at −41%, ADMR screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 87.04 IDR per share, which is 9.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EPV best evidence 692.16 IDR 830.60 IDR 969.03 IDR 74
ROIC Compounder 830.60 IDR 1,246 IDR 1,661 IDR 71
Growth-Adj P/E 1,800 IDR 2,630 IDR 3,461 IDR 67
All 14 models by family
Earnings-Based
Graham-Dodd 553.73 IDR 4,291 IDR 6,091 IDR 63
Lynch FV 1,661 IDR 2,353 IDR 3,046 IDR 61
PEG = 1.0 1,661 IDR 2,353 IDR 3,046 IDR 57
EPV best evidence 692.16 IDR 830.60 IDR 969.03 IDR 74
Multiples
P/E Multiple 969.03 IDR 1,246 IDR 1,523 IDR 63
P/S Multiple 276.87 IDR 415.30 IDR 553.73 IDR 57
P/B Multiple 692.16 IDR 969.03 IDR 1,246 IDR 55
EV/EBIT 692.16 IDR 969.03 IDR 1,246 IDR 66
EV/EBITDA 415.30 IDR 553.73 IDR 830.60 IDR 66
EV/Revenue 138.43 IDR 276.87 IDR 415.30 IDR 51
Asset-Based
NCAV (Graham) 276.87 IDR 415.30 IDR 553.73 IDR 54
Economic Profit
Residual Income 692.16 IDR 830.60 IDR 3,046 IDR 64
ROIC Compounder 830.60 IDR 1,246 IDR 1,661 IDR 71
Growth Earnings
Growth-Adj P/E 1,800 IDR 2,630 IDR 3,461 IDR 67

Widest divergence: Growth Earnings (2,630 IDR) versus Asset-Based (415.30 IDR). Highest evidence: EPV (74).

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Key figures & financial health

P/E ratio 12.9
P/S ratio 3.60 P/E × margin
EPS (TTM) 127.89 IDR price ÷ EPS = P/E 12.9
Net margin 27.9% FY2025
Return on equity 16.9% TTM
Return on assets (EBIT) 25.8% avg 5y
More key figures
Profitability
Operating margin 41.4% TTM
Growth
Revenue (TTM) 1.0B IDR TTM
Revenue growth (YoY) +33.8% 3y avg +1.9%
EPS growth (YoY) +34.1%
Balance sheet & cash flow
Free cash flow −476M IDR FY2025
Net debt 346M IDR FY2025

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 42 · Market factors (momentum, volatility) 62

Profitability 53
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 19
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

PT Alamtri Minerals Indonesia Tbk, together with its subsidiaries, engages in metallurgical coal mining business in Indonesia. It operates through Mining, Metal Processing, and Other Services segments. The company holds interest in five CCOWs mining concessions located in East Kalimantan and Central Kalimantan.

Full company description

PT Alamtri Minerals Indonesia Tbk, together with its subsidiaries, engages in metallurgical coal mining business in Indonesia. It operates through Mining, Metal Processing, and Other Services segments. The company holds interest in five CCOWs mining concessions located in East Kalimantan and Central Kalimantan. It also provides management consulting services. The company was formerly known as PT Adaro Minerals Indonesia Tbk. The company was founded in 2007 and is headquartered in Jakarta Selatan, Indonesia. PT Alamtri Minerals Indonesia Tbk (IDX:ADMR) is a subsidiary of PT Alamtri Resources Indonesia Tbk.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Adaro Minerals Indonesia Tbk PT reported revenue of $961M in FY2025 versus $460M in FY2021, a compound +20.2%/yr. Reported net income was $268M in FY2025, compounding +14.6%/yr from FY2021.

Growth Quality 56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
961M IDR
Latest YoY
−16.7%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.9%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+50.8%
Avg. revenue growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+34.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+11.5% (11.5 + 0.0)
Revenue +20.2%/yr
FY21 $460M
FY22 $908M
FY23 $1.1B
FY24 $1.2B
FY25 $961M
Net income +14.6%/yr
FY21 $155M
FY22 $332M
FY23 $441M
FY24 $437M
FY25 $268M

ADMR screens 71% overvalued. Compare with Warrior Met Coal, Inc →

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Cite: Fair Value Calculator (2026). "Adaro Minerals Indonesia Tbk PT Fair Value". https://www.fairvalue-calculator.com/stock/ADMR

Peer Group

Coking Coal · 27 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 41 · Above median
Fair Value upside −41% · Below median
Return on equity (TTM) 17% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 28% · Top 25%
Operating margin (TTM) 41% · Top 25%
Revenue growth 34% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.44× · Higher than 75% of peers

Valuation Multiples vs Coking Coal median · lower = cheaper

P/E (TTM) 12.9× · Cheaper than median
P/B 3.93× · Pricier than 75% of peers
P/S (TTM) 5.89× · Pricier than 75% of peers
EV/EBITDA 15.4× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 17
PAST68 · sector 0
HEALTH78 · sector 97
DIVIDEND0 · sector 20

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Coal

Similar stocks

10 more Coking Coal stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
Warrior Met Coal, Inc HCC $108.26 $18.35 −83%
Shanxi Meijin Energy Co 000723 ¥3.62 ¥1.24 −66%
Alpha Metallurgical Resources, Inc AMR $226.23 $45.15 −80%
Shougang Fushan Resources Group 0639 HK$2.68 HK$2.34 −13%
Shanxi Coking Co 600740 ¥3.59 ¥1.75 −51%
Kailuan Energy Chemical Co 600997 ¥5.50 ¥1.72 −69%
Baotailong New Materials Co 601011 ¥2.66 ¥1.32 −50%
SunCoke Energy, Inc SXC $9.14 $3.67 −60%
Shandong Jinling Mining Co 000655 ¥7.35 ¥6.29 −14%
Ramaco Resources, Inc METC $14.24 $1.80 −87%

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Frequently asked questions

Is Adaro Minerals Indonesia Tbk PT (ADMR) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of 969.03 IDR versus a price of 1,655 IDR, about −41% upside (overvalued).
What is the fair value of ADMR?
Our model-based fair value for Adaro Minerals Indonesia Tbk PT is 969.03 IDR (as of Aug 29, 2026), built from audited fundamentals. The current price: 1,655 IDR.
What is the quality score of ADMR?
Adaro Minerals Indonesia Tbk PT has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Adaro Minerals Indonesia Tbk PT (ADMR)?
Adaro Minerals Indonesia Tbk PT reported trailing-twelve-month revenue of about 1.0B IDR (latest available figure, as of Aug 29, 2026).
What is the net profit margin of ADMR?
The net profit margin of Adaro Minerals Indonesia Tbk PT is about 28.2%, meaning it keeps roughly 28.2% of revenue as net income. Based on the latest reported figures.
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