PT Adaro Andalan Indonesia Tbk is a coal mining company that also provides logistics services such as coal barging, transshipment, and port operations, along with water management, power plant leasing, and forestry activities.
Sector: Coal mining
ID_AADI
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H1 2026 (6M) | OK | 2546.6 y/y — | — y/y — | — y/y — | — y/y — | 473.8 y/y — | 449.9 | -138.5 | 6321.5 y/y — | 3934.3 y/y — | 24.5% | ≈ -95.0 | Report (PDF) |
| 2025-09-30 | 9M 2025 (9M) | OK | 3609.1 y/y — | — y/y — | — y/y — | — y/y — | 587.3 y/y — | 684.9 | -212.4 | 6111.9 y/y — | 3792.7 y/y — | 21.9% | ≈ -95.0 | Report (PDF) |
| 2024-12-31 | FY 2024 (12M) | OK | 5320.0 y/y — | 1158.0 y/y — | 2.5 y/y — | 1160.5 y/y — | 1327.0 y/y — | 1198.5 | -371.1 | 5993.0 y/y — | 3363.0 y/y — | — | -95.0 | Report (PDF) |
| Short-term debt (incl. ST leases) | 0 |
| Long-term debt (incl. LT leases) | 1 486 |
| − Cash & equivalents | 1 581 |
| Net debt | -95 |
|---|
Net debt / LTM EBITDA: -0.1x
Quarterly values ($ mln)
Operating and investing cash flow (OCF + ICF) ($ mln)
Net debt / cash ($ mln)
| year | 2024 |
|---|---|
| cash flow / profit | 0.90x |
| accruals, % of assets | 2.1% |
Our earnings breakdowns and investment notes on this issuer.
Physical operating metrics — supplementary, not part of the financial statements
Coal
| Year | Reserves, Mt |
|---|---|
| 2025 | 720 |
| Year | Production, Mt |
|---|---|
| 2024 | 65.50 +12.9% |
| 2023 | 58 |
PT Adaro Andalan Indonesia (AADI): production ~65 Mt/yr (target 65.5 Mt 2025, flat vs 2024); remaining mining life ~11 years by end-FY26 -> reserves ~720 Mt (approx). SHORT life vs PTBA 69yr / ITMG 19yr -> depleting-asset, high-payout profile. Source: AADI guidance / petromindo / kbvalbury (approximate).
| USD/IDR | 18138 |
| 1-week | +0.5% |
| 1-month | +1.4% |
| room to 52w-weakest | 0.3% |
| DXY (dollar index) | 101.9 |
| US 10Y | 4.95% |
A weaker rupiah lowers the USD value of Indonesian equities for a foreign holder; for banks, BI's high policy rate (defending the currency) pressures margins.
as of 2026-10-30 (Yahoo)
Current 154spot vs LTM +32%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: +48.3%
Main driver: Steam coal AU +41% vs LTM; revenue ×1.32 vs costs ×0.96; EBITDA 1 041→2 082; at 3.4× EV/EBITDA → +48%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Steam coal AU (rev) | +78% | 153.70 | 108.64 | 129.28 | +41% | +19% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 4 910 |
| LTM EBITDA | 1 041 |
| LTM cash costs (revenue − EBITDA) | 3 869 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×1.324 (+32%) |
| = Spot revenue | 6 499 |
| Revenue multiplier — 3y price | ×1.148 (+15%) |
| = 3-year-price revenue | 5 637 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×0.964 (-4%) |
| = Spot cash costs | 3 730 |
| Cost multiplier — 3y price | ×0.964 (-4%) |
| = 3-year-price cash costs | 3 730 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 2 768 |
| = 3-year-price EBITDA | 1 907 |
| Conservative EBITDA = min(spot, avg) | 2 082 |
| 5 · Valuation → target market cap | |
| Target EV/EBITDA (EV / peak-FY EBITDA — no daily history) | 3.4x |
| Target EV = EV/EBITDA × conservative EBITDA | 7 171 |
| Net debt | -132 |
| Target market cap = EV − net debt | 7 304 |
| Current market cap | 4 924 |
Upside = target market cap ÷ current − 1 = +48.3%
Group: Coal mining. Each peer is shown as it trades and re-priced onto this company's market (Indonesia) by the ratio of our coverage medians.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| Whitehaven Coal | Australia | 4.5 | 2.6x | 1.6x |
| Yancoal Australia | Australia | 5.7 | 3.5x | 2.1x |
| Indo Tambangraya Megah | Indonesia | 1.5 | 2.8x | 2.8x |
| Exxaro Resources | South Africa | 2.7 | 4.7x | 4.1x |
| Bukit Asam | Indonesia | 2.1 | 5.2x | 5.2x |
| New Hope | Australia | 3.5 | 9.0x | 5.4x |
| Alamtri Resources Indonesia | Indonesia | 3.8 | 5.4x | 5.4x |
| Group median | 4.7x | 4.1x | ||
| Group average | 4.8x | 3.8x | ||
| This company | Indonesia | 4.9 | 4.2x | 4.2x |
Group median 4.7x as traded, 4.1x adjusted; this company 4.2x — a 0% premium.
Group average 4.8x as traded, 3.8x adjusted; against the average this company is at a 9% premium.
At the adjusted group median the market cap would be -0% versus today.
The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-01; the company's own is live.
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-06-05 | 463.32 IDR | Ex-dividend: 463.32 IDR per share | Paid | Yahoo Finance (ex-div) |
| 2025-11-18 | 538.08 IDR | Ex-dividend: 538.08 IDR per share | Paid | Yahoo Finance (ex-div) |
KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).
Investor reporting (IR): https://www.adaroandalan.com/en/investor
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Adaro Andalan Indonesia (AADI) — from primary filings.
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