PT Bank Mandiri (Persero) Tbk (PPERY) AI Stock Analysis

• Market Cap: $27.42B
• Dividend Yield: 9.11%
• Average Volume (3M): 7.95K
• Price to Earnings (P/E): 8.7
• Beta (1Y): 0.34
• Revenue Growth: 6.16%
• EPS Growth: -14.21%
• Country: US
• Employees: 38,731
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.34
• Shares Outstanding: 2,333,333,300
• 10 Day Avg. Volume: 6,724
• 30 Day Avg. Volume: 7,946
• PEG Ratio: 7.07
• Price to Book (P/B): 1.82
• Price to Sales (P/S): 3.84
• P/FCF Ratio: -5.88
• Enterprise Value/Market Cap: 1.45
• Enterprise Value/Revenue: <0.01
• Enterprise Value/Gross Profit: <0.01
• Enterprise Value/Ebitda: <0.01
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $13.50 ▲(19.05% Upside)

The score is driven primarily by mixed financial performance: strong profitability and ROE are offset by a sharp TTM revenue contraction and persistently negative operating/free cash flow. Technicals are supportive with price above key averages and positive momentum, while valuation is a clear positive due to a low P/E and high dividend yield.

Positive Factors

Profitability

High profit margins reflect efficient operations and strong pricing power, which contribute to sustained earnings and shareholder value over time.

Revenue Growth

Robust revenue growth indicates strong market demand and effective business strategies, positioning the company well for continued expansion and profitability.

Strong Financial Position

A debt-free balance sheet enhances financial stability and flexibility, allowing the company to invest in growth opportunities without the burden of interest obligations.

Negative Factors

Equity Utilization

While ROE is strong, a stable equity ratio may indicate limited room for leveraging equity to drive growth, potentially constraining expansion opportunities.

EPS Decline

Declining EPS suggests potential challenges in maintaining profitability, which could impact investor confidence and the company's ability to fund future growth.

Negative Cash Flow

Negative cash flow can strain liquidity and limit the company's ability to invest in growth or weather economic downturns, posing risks to financial health.

PT Bank Mandiri (Persero) Tbk Business Overview & Revenue Model

Company Description

PT Bank Mandiri (Persero) Tbk provides various banking products and services to individuals and businesses in Indonesia, Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia, the United Kingdom, and the Cayman Islands. It offers savings and current accounts, time deposits, demand deposits, and foreign currency savings and current accounts; motorcycle loans, mortgage loan, and housing loans, as well as loans for various purposes, such as education, home renovation, marriage, health, and other needs for individuals; and working capital loans, investment loans, people's business loans, syndicated loans, and micro business loans for businesses. The company also provides investment products comprising mutual funds, stocks, and bond trading; life, health, and general insurance products; credit, debit, and corporate cards; e-banking services; digital lending; cash management services; trade finance services, value chain, supply chain management, global and domestic trade, export and import, standby letter of credit, and bank guarantee, as well as spot and forex services; custodial services; treasury services, including cash transaction/liquidity, hedging, and investment products; trust services comprising trustee, paying agent, security agent, escrow agent, monitoring agent, and receiving bank services; and money transfer, remittance services, and venture capital financing. As of 31 December 2021, it operated 2,609 branches, including 137 branch offices, 2,465 sub-branch offices, and 7 overseas branch offices; and 13,087 ATM facilities. The company was founded in 1998 and is headquartered in Jakarta, Indonesia.

How the Company Makes Money

Bank Mandiri generates revenue primarily through interest income from its lending activities, which include personal loans, mortgages, and corporate loans. Additionally, the bank earns from non-interest income sources such as fees and commissions from services like wealth management, insurance brokerage, and transaction processing. The bank's treasury operations also contribute to its earnings through trading and investment activities. Key partnerships with financial technology companies and collaborations with other financial institutions enhance its service offerings and expand its customer base, further boosting its revenue streams.

PT Bank Mandiri (Persero) Tbk Financial Statement Overview

Summary

Profitability and ROE are solid (TTM net/EBIT margins ~29%; ROE ~19% TTM) and leverage looks moderate on annual figures, but the latest TTM revenue decline (-22.8%) and persistently negative operating/free cash flow (with sharply weaker TTM FCF) meaningfully reduce confidence in earnings quality and near-term flexibility.

Income Statement

Profitability is solid with healthy TTM (Trailing-Twelve-Months) net margin (~29%) and EBIT margin (~29%), and annual net income has generally been strong. However, the latest TTM (Trailing-Twelve-Months) shows a sharp revenue decline (-22.8%), and margin/line-item consistency is uneven across years (e.g., unusually extreme margin readings in 2022 and mixed EBIT/EBITDA relationships), which reduces confidence in trend quality and stability.

Balance Sheet

The balance sheet looks sound for a regional bank, with moderate leverage (debt-to-equity ~0.61 in 2024 and ~0.56 in 2023) and consistently solid returns on equity (roughly ~18%–21% over the last several years, ~19% in 2024 and ~19% TTM). A key watch item is that leverage appears higher in the TTM snapshot (debt-to-equity ~0.91) versus recent annual levels, implying either rising funding pressure or reporting/scale differences that could mask the underlying risk trend.

Cash Flow

Cash generation is the main weakness: operating cash flow and free cash flow are negative in every period shown (including TTM (Trailing-Twelve-Months)), and TTM free cash flow fell sharply (free cash flow growth -83%). While banks can show volatile operating cash flow due to working-capital and balance-sheet movements, the persistent negative pattern and large swings increase uncertainty around earnings-to-cash conversion and near-term financial flexibility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.00T>	10.00T>	10.00T>	10.00T>	99.50T	70.27T
Gross Profit	10.00T>	10.00T>	10.00T>	10.00T>	99.50T	70.27T
EBITDA	35.00T	0.00	79.25T	60.89T	41.92T	28.33T
Net Income	51.56T	55.78T	55.06T	41.17T	28.03T	16.80T
Balance Sheet
Total Assets	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>
Cash, Cash Equivalents and Short-Term Investments	0.00	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>
Total Debt	10.00T>	10.00T>	10.00T>	10.00T>	94.43T	89.54T
Total Liabilities	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>
Stockholders Equity	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>	10.00T>
Cash Flow
Free Cash Flow	24.37T	-88.10T	-10.00T>	-10.00T>	-20.07T	-20.17T
Operating Cash Flow	31.42T	-79.56T	-10.00T>	-10.00T>	-17.79T	-17.36T
Investing Cash Flow	-79.19T	17.73T	16.01T	-41.89T	-10.00T>	-41.56T
Financing Cash Flow	10.00T>	57.85T	10.00T>	10.00T>	10.00T>	10.00T>

PT Bank Mandiri (Persero) Tbk Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PPERY, the sentiment is Positive. The current price of 11.34 is below the 20-day moving average (MA) of 11.79, below the 50-day MA of 11.64, and below the 200-day MA of 11.46, indicating a bullish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 55.17 is Neutral, neither overbought nor oversold. The STOCH value of 61.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PPERY.

PT Bank Mandiri (Persero) Tbk Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BBD	72 Outperform	$34.52B	9.97	11.78%	2.48%	5.89%	34.68%
PPERY	70 Outperform	$27.42B	8.72	20.95%	9.11%	6.16%	-14.21%
KB	69 Neutral	$32.22B	8.25	9.99%	2.79%	-4.64%	24.98%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SHG	65 Neutral	$25.45B	7.97	8.58%	2.86%	-4.88%	4.84%
BSBR	64 Neutral	$23.10B	21.85	9.34%	4.98%	1.13%	-11.93%
WF	62 Neutral	$13.76B	6.43	9.61%	3.71%	-2.90%	16.10%