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Mitra Adiperkasa Tbk (MAPI) Fair Value & Analysis

Consumer Cyclical · ID · Market cap 25.3T IDR (≈ $2.5B) · ISIN ID1000099807

What is Mitra Adiperkasa Tbk really worth?

MA Mitra Adiperkasa Tbk MAPI · JK
Price1,425 IDR
Fair Value2,957 IDR
Upside+107.5%
Quality60/100

A solid business, trading 52% below our fair value of 2,957 IDR.

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Strengths

✓Healthy Growth (revenue 5y +23.7 %/yr)
✓Low debt · generates free cash flow
✓Ranks above peers (13/15)

Risks

!Thin margins · 5.2% net margin
!Moderate moat 48/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 16 out of 100
Evidence: Low Range 2,218 IDR – 3,991 IDR

Fair value as of: Aug 23, 2026

From 26 valuation models · updated 13 days ago

Share price −14.7% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

What matters now

  • The price is below even our cautious bear case (2,218 IDR). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

1,989 IDR 604.52 IDR Fair Value 2,957 IDR Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range 604.52 IDR – 1,989 IDR · fair‑value band 2,218 IDR – 3,991 IDR · the 1,425 IDR price screens below the 2,957 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Mitra Adiperkasa Tbk (MAPI) currently trades at 1,425 IDR, while our model-based Fair Value estimate is 2,957 IDR, implying the stock looks roughly 51.8% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of 5,420 IDR per share, and 22 of the 26 models we run sit above the 1,425 IDR price. Bear case: the Asset-Based group reads lowest at 564.23 IDR, and 4 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Mitra Adiperkasa Tbk generated revenue of 46.1T IDR at a net margin of 5.2%. Revenue grew 32.0% year over year. It earns a return on equity of 17.6%. Net debt stands at 2.7T IDR. Fundamentals as of Aug 23, 2026

Our scenario range runs from 2,218 IDR (bear case) to 3,991 IDR (bull case); at 1,425 IDR, the current price sits below 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 6% below its 52-week high and 43% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −15% fair-value upside, at 108%, MAPI 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 97.20 IDR per share, which is 3.3 % 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
FCF DCF 3,934 IDR 7,268 IDR 15,699 IDR 75
Growth DCF 3,850 IDR 7,755 IDR 14,234 IDR 75
EPV 2,353 IDR 2,715 IDR 3,037 IDR 74
All 26 models by family
DCF Models
FCF DCF 3,934 IDR 7,268 IDR 15,699 IDR 75
Owner Earnings 3,684 IDR 7,340 IDR 14,641 IDR 72
5Y Revenue Exit 2,935 IDR 5,103 IDR 8,154 IDR 71
5Y EBITDA Exit 4,122 IDR 7,725 IDR 12,498 IDR 73
5Y P/E Exit 2,855 IDR 4,926 IDR 7,404 IDR 70
10Y Revenue Exit 3,138 IDR 5,420 IDR 9,187 IDR 65
10Y EBITDA Exit 4,052 IDR 7,466 IDR 13,170 IDR 66
10Y P/E Exit 3,168 IDR 5,281 IDR 8,499 IDR 62
Earnings-Based
Graham-Dodd 913.97 IDR 5,275 IDR 7,338 IDR 63
Lynch FV 1,488 IDR 2,126 IDR 2,764 IDR 61
PEG = 1.0 1,488 IDR 2,126 IDR 2,764 IDR 57
EPV 2,353 IDR 2,715 IDR 3,037 IDR 74
Dividend Discount
Gordon GGM 116.78 IDR 254.96 IDR 428.98 IDR 65
DDM Multi-Stage 116.78 IDR 208.85 IDR 265.71 IDR 66
Multiples
P/E Multiple 2,218 IDR 2,957 IDR 3,696 IDR 63
P/S Multiple 1,714 IDR 2,285 IDR 2,856 IDR 58
P/B Multiple 1,714 IDR 2,285 IDR 2,856 IDR 55
EV/EBIT 3,738 IDR 4,883 IDR 6,028 IDR 66
EV/EBITDA 4,388 IDR 5,749 IDR 7,111 IDR 67
EV/Revenue 2,483 IDR 3,418 IDR 4,352 IDR 54
Asset-Based
NCAV (Graham) 421.07 IDR 564.23 IDR 842.14 IDR 54
Growth DCF
Growth DCF 3,850 IDR 7,755 IDR 14,234 IDR 75
Rev-Margin DCF 2,935 IDR 5,029 IDR 7,941 IDR 71
Economic Profit
Residual Income 936.39 IDR 1,291 IDR 5,236 IDR 64
ROIC Compounder 2,692 IDR 3,576 IDR 4,748 IDR 72
Growth Earnings
Growth-Adj P/E 2,251 IDR 3,216 IDR 4,180 IDR 67

Widest divergence: DCF Models (5,420 IDR) versus Dividend Discount (208.85 IDR). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 10.0
P/S ratio 0.52 P/E × margin
EPS (TTM) 143.01 IDR price ÷ EPS = P/E 10.0
Dividend yield 0.8% payout 8.1%
Net margin 5.2% FY2025
Return on equity 17.6% TTM
More key figures
Profitability
Return on assets (EBIT) 12.0% avg 5y
Operating margin 8.6% TTM
Growth
Revenue (TTM) 46.1T IDR TTM
Revenue growth (YoY) +32.0% 3y avg +16.9%
EPS growth (YoY) +33.0%
Balance sheet & cash flow
Free cash flow 4.0T IDR FY2025
Net debt 2.7T IDR FY2025 · ≈ 0.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 63 · Market factors (momentum, volatility) 64

Profitability 68
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 36
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 79
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. Mitra Adiperkasa Tbk engages in the retail trade of clothing, accessories, bags, and sports equipment in Indonesia, Vietnam, the Philippines, Thailand, and internationally. The company operates through Retail Sales, Department Stores, Café and Restaurant, and Others segments.

Full company description

PT. Mitra Adiperkasa Tbk engages in the retail trade of clothing, accessories, bags, and sports equipment in Indonesia, Vietnam, the Philippines, Thailand, and internationally. The company operates through Retail Sales, Department Stores, Café and Restaurant, and Others segments. It operates retail stores, which offers clothes and accessories, sports equipment and accessories, toys and accessories, cellular phones, tablets, computers, and accessories. The company engages in the operation of department stores; café and restaurant business; garment manufacture business; and property, investment, bookstore, and handicraft trading businesses. PT. Mitra Adiperkasa Tbk was incorporated in 1995 and is headquartered in Jakarta Pusat, Indonesia. PT. Mitra Adiperkasa Tbk is a subsidiary of PT Satya Mulia Gema Gemilang. As of May 8, 2026, PT. Mitra Adiperkasa Tbk operates as a subsidiary of Pacific Universal Investments Pte. Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mitra Adiperkasa Tbk reported revenue of 43.1T IDR in FY2025 versus 18.4T IDR in FY2021, a compound +23.7%/yr. Reported net income was 2.2T IDR in FY2025, compounding +51.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
43.1T IDR
Latest YoY
+5.5%
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.
+16.9%
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.
+23.7%
Avg. revenue growth/yr (22Y) ⓘ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.
+14.9%
Value creation/yr (5Y, in IDR) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in IDR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+27.7% (26.9 + 0.8)
Revenue +23.7%/yr
FY21 18.4T IDR
FY22 26.9T IDR
FY23 33.3T IDR
FY24 40.8T IDR
FY25 43.1T IDR
Net income +51.8%/yr
FY21 420B IDR
FY22 2.1T IDR
FY23 1.9T IDR
FY24 1.8T IDR
FY25 2.2T IDR
Character of growth · EPS growth decomposed (2014-2025) +38.2 % p.a.
Revenue per share +13.1 %

of which total revenue +13.1 % · buybacks/dilution +0.0 %

EBIT margin +7.7 %
Tax rate +5.9 %
Residual (interest, one-offs) +7.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Mitra Adiperkasa Tbk · Fair Value
2,957 IDR +52%Fair Value
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Cite: Fair Value Calculator (2026). "Mitra Adiperkasa Tbk Fair Value". https://www.fairvalue-calculator.com/stock/MAPI

Peer Group

Department Stores · 121 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 60 · Above median
Fair Value upside +108% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 9% · Above median
Revenue growth 32% · Top 25%
Dividend yield (TTM) 0.8% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Department Stores median · lower = cheaper

P/E (TTM) 10.0× · Cheaper than 75% of peers
P/B 1.81× · Pricier than median
P/S (TTM) 0.55× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 3.7× · Cheaper than median
PEG 0.69× · Cheaper 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
VALUE100 · sector 23
FUTURE100 · sector 0
PAST70 · sector 16
HEALTH100 · sector 95
DIVIDEND16 · sector 44

Insider activity: 40/100

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Department Stores stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
Falabella S.A FALABELLA 6,380 CLP 8,005 CLP +25%
Dillard's, Inc DDS $630.71 $536.21 −15%
99 Speed Mart Retail Holdings 5326 3.65 MYR 1.59 MYR −56%
Cencosud S.A CENCOSUD 1,949 CLP 2,425 CLP +24%
Macy's, Inc M $21.93 $42.68 +95%
Vishal Mega Mart Limited VMM ₹107.00 ₹30.46 −72%
Central Retail Corporation CRC 27.50 THB 20.89 THB −24%
SHINSEGAE Inc 004170 424,000 KRW 177,841 KRW −58%
Lotte Shopping Co 023530 96,700 KRW 76,636 KRW −21%
PT Daya Intiguna Yasa Tbk MDIY 940.00 IDR 968.76 IDR +3%

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Frequently asked questions

Is Mitra Adiperkasa Tbk (MAPI) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of 2,957 IDR versus a price of 1,425 IDR, about +108% upside (undervalued).
What is the fair value of MAPI?
Our model-based fair value for Mitra Adiperkasa Tbk is 2,957 IDR (as of Aug 23, 2026), built from audited fundamentals. The current price: 1,425 IDR.
What is the quality score of MAPI?
Mitra Adiperkasa Tbk has a Quality Score of 60/100. 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 Mitra Adiperkasa Tbk (MAPI)?
Mitra Adiperkasa Tbk reported trailing-twelve-month revenue of about 46.1T IDR (latest available figure, as of Aug 23, 2026).
What is the net profit margin of MAPI?
The net profit margin of Mitra Adiperkasa Tbk is about 5.2%, meaning it keeps roughly 5.2% of revenue as net income. Based on the latest reported figures.
Does Mitra Adiperkasa Tbk pay a dividend?
Mitra Adiperkasa Tbk currently shows a dividend yield of about 0.81% relative to its recent price (as of Aug 23, 2026).
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