PT Indo Tambangraya Megah Tbk (PTIZF)
NEUTRALFundamental
52
Price
$25400.00
Market Cap
$28.32T
Part 1 · What the company is worth
Overview
PT Indo Tambangraya Megah mines thermal coal in East Kalimantan, Indonesia, primarily for use as fuel in coal-fired power plants. Coal is extracted at open-pit mines, several run through subsidiaries and mining-contractor partnerships, then transported and sold both to power utilities within Indonesia and, for a larger share, exported to buyers across Asia, with China historically its largest single export market. The company also offers mining-contractor services to other operators and has begun smaller ventures in solar-rooftop installation and electricity generation.
How it makes money
Revenue is production volume multiplied by the price coal fetches on international markets, which move with Asian power-generation demand and competing fuel prices. Indonesian regulation requires miners to sell a minimum share of output domestically at a government-set price below export levels, so the domestic-versus-export mix affects average realized prices as well as volume. 2025 revenue fell 18% from 2024 as coal prices declined, illustrating how directly the business tracks the commodity cycle rather than any pricing power of its own.
Competitive moat
No identified moat · NoneThermal coal is a commodity priced on global markets, and Indo Tambangraya's mines compete against many other Indonesian and international producers with similar geology and costs. Indonesia's domestic-market-obligation rule applies to all producers equally rather than favoring this company specifically, and no patented technology, brand or contractual lock-in was found protecting its position.
What drives demand
CyclicalRevenue tracks global thermal coal prices and Asian power-generation demand, both of which swing with economic growth, weather-driven electricity use, and the pace at which importing countries build renewable or gas-fired alternatives to coal plants. The 18% revenue decline in 2025 as coal prices fell shows how directly results follow the commodity cycle rather than steady, planned demand.
The case for
Buyers argue that Asian coal-fired power generation, particularly in China and other developing economies, will remain a major source of electricity demand for years, and that Indo Tambangraya's established Kalimantan mines and export relationships position it to keep supplying that demand at competitive cost.
The case against
Sellers worry that 2025's 18% revenue decline shows the business has no protection from falling coal prices, that the global shift toward renewable energy threatens long-run demand for thermal coal, and that Indonesia's domestic-market-obligation rules can reduce the export volume available at the higher price when international demand is strong.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$1.90B
Trailing 12 months (through 3/31/2026)
Net Income
$181M
Trailing 12 months (through 3/31/2026)
Free Cash Flow
$203M
Total Equity
$1.92B
Total Liabilities
$99M
Current Ratio
3.46
Interest Coverage
-
Debt/EBITDA
0.34
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$40426.05
Current Price
$25400.00
Margin of Safety
+37.2%
Fair Value Range
$26276.93 - $54575.16
Estimation Methods
Valuation Metrics
P/E Ratio
7.50
ROE
11.1%
P/B Ratio
14741.73
P/FCF
139358.18
Gross Margin
27.2%
ROIC
9.8%
Profitability Radar
Value Creation (Economic Moat)
ROIC
9.8%
WACC
8.0%
ROIC − WACC
+1.8 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (11)
- Price CAGR 5.33%
- ROIC 9.8%
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 9.5%
- Revenue Growth 5Y 9.7%
- Analyst Consensus 65% Buy
- Earnings Surprise avg 20.8%
- PEG Ratio 0.24
Failed (8)
- Gross Margin 27.2%
- P/FCF 139358.18
- P/B Ratio 14741.73
- CapEx intensity
- DCF valuation (Overvalued)
- Earnings Quality (OCF/NI) 0.35
- Net Margin Trend 10.2% vs 16.2%
- Piotroski F-Score 1/9
Unavailable (8)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Mulianto . | President Director | 55 |
| Mr. Junius Prakasa Darmawan | Director of Finance & Director | 46 |
| . Anthony | Head of Financial Accounting | - |
| Mr. Yulius Kurniawan Gozali | Director of Corporate Communications & Investor Relations and Director | 52 |
| Ms. Monika Ida Krisnamurti | Head of Legal & Corporate Secretary | 42 |
| Tulus Sebastian Situmeang | Head of Sales Compliance & Quality Management | - |
| Mr. Jusnan Ruslan | Director of Sales & Logistics and Director | 59 |
| Mr. Stephanus Demo Wawin | Director of Digital Center of Excellence & Director | 54 |
| Mr. Ignatius Wurwanto | Director for Sustainability & Risk Management and Director | 59 |
| Era Tjahya Saputra | Head of IMM Mine | - |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for PTIZF, sourced from Markets Gazette.