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Aneka Tambang (ANTM) IDR

PT Antam (Persero) Tbk is a state-controlled Indonesian mining company that explores, processes, and sells nickel, gold, silver, bauxite, and alumina. It also engages in related activities such as construction, trading, and industrial area management.

At a glance: strengths & risks
✓Revenue growing (+22%)✓Profit growing (+98%)✓Margins improving (7%→11%)✓Net cash balance sheet✓33-year reserve life✗Priced above model value

Sector: Metals mining

ID_ANTM

Price chart

3 120 IDRDay -0.95%

Key metrics

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.

Market

Price
3 120 IDR · -0.95%
Market cap
74976.1 bn IDR

Growth

Δ revenue y/y
22.3%
Δ EBITDA y/y
111.5%

Multiples

P/E (LTM)
5.5x
P/B (FY)
2.0x
EV/EBITDA (LTM)
4.0x

Cash return

Dividend yield
6.7%
FCF yield (LTM)
-0.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-57.9%
↓ details

Liquidity

Daily turnover (listing)
261.9 bln IDR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B IDR, 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.

DatePeriodStatusRevenueB IDROperating profitB IDRD&AB IDREBITDAB IDRNet profitB IDROperating CFB IDRCapex + M&AB IDRAssetsB IDREquityB IDRROE (annualized)Net debtB IDRSource
2026-06-30Q2 2026 (3M)OK33.4
y/y —
3.9
y/y —
0.3
y/y —
4.2
y/y —
3.0
y/y —
2.4-0.161.3
y/y —
37.3
y/y —
33.6%-3.4Report (PDF)
2026-03-31Q1 2026 (3M)OK29.3
y/y —
4.5
y/y —
0.3
y/y —
4.8
y/y —
3.4
y/y —
-3.2-0.163.3
y/y —
38.8
y/y —
36.1%-0.5Report (PDF)
2025-12-31Q4 2025 (3M)OK12.6
y/y —
0.5
y/y —
0.3
y/y —
0.8
y/y —
1.2
y/y —
0.82.252.5
y/y 18.0%
36.6
y/y 16.3%
20.5%-4.1Report (PDF)
2025-09-30Q3 2025 (3M)OK72.0
y/y —
7.9
y/y —
0.9
y/y —
8.8
y/y —
6.0
y/y —
4.0-3.748.1
y/y —
33.8
y/y —
24.4%-5.6Report (PDF)
2024-12-31FY 2024 (12M)OK69.2
y/y —
3.0
y/y —
1.6
y/y —
4.6
y/y —
3.6
y/y —
3.7-1161.244.5
y/y —
31.5
y/y —
—-4.7Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1 349
Long-term debt (incl. LT leases)4 476
− Cash & equivalents9 226
Net debt-3 401

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

020 00040 00060 00080 0002024 FY2025 9M2025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-4 000-2 00002 0004 0002024 FY2025 9M2025 q42026 q12026 q2

Net debt / cash ($ mln)

-6 000-4 000-2 00002024 FY2025 q32025 q42026 q12026 q2

Profit and cash

Profit is broadly cash-backed
In a typical year of 2024–2025 operating cash flow came to 0.84x of reported net profit.
year20242025
cash flow / profit1.01x0.67x
accruals, % of assets-0.1%4.5%
Last twelve months (to 2025-12-31): 0.67x of profit came back as operating cash flow.
net debt / EBITDA -0.3x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Nickel ore (limonite + saprolite; gold basis rejected - sales mostly third-party metal)

Proved reserves
534.55 M wmt
2025
Reserve life (R/P)
33.2 yrs
reserves ÷ annual output
Annual production
16.11 M wmt
2025

Proved reserves

YearReserves, M wmt
2025534.55

Production

YearProduction, M wmtper day, M wmt
202516.110.04

Antam AR2025 (contents.antam.com PDF, p.401): consolidated nickel ore reserves 534.55 M wmt at 31.12.2025 (126.81 limonite + 407.74 saprolite, +8% YoY); FY25 ore production 16.11 M wmt (antam.com press release 31.03.2026). Prior gold-ounces panel replaced: own-mined gold reserves 167 koz vs sales 1,201 koz mostly third-party sourcing.

Indonesia — currency context

USD/IDR17631
1-week-0.7%
1-month-1.4%
room to 52w-weakest3.2%
DXY (dollar index)99.1
US 10Y4.77%

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 2026-09-04 (Yahoo)

Key-commodity price — Gold

Current 4 429spot vs LTM +3%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -57.9%

Main driver: Gold +4% vs LTM; revenue ×1.03 vs costs ×1.04; EBITDA 16 886 412→6 817 282; at 4.3× EV/EBITDA → -58%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+62%4 428.954 242.243 291.98+4%-22%
Nickel (rev)+30%16 811.1316 464.9717 230.60+2%+5%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue125 428 560
LTM EBITDA16 886 412
LTM cash costs (revenue − EBITDA)108 542 148
2 · Revenue projection
Revenue multiplier — spot×1.034 (+3%)
= Spot revenue129 642 286
Revenue multiplier — 3y price×0.875 (-12%)
= 3-year-price revenue109 759 946
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs112 883 834
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs112 883 834
4 · EBITDA projection (revenue − costs)
= Spot EBITDA16 758 452
= 3-year-price EBITDA-3 123 888
Conservative EBITDA = min(spot, avg)6 817 282
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)4.3x
Target EV = EV/EBITDA × conservative EBITDA29 405 183
Net debt-2 139 334
Target market cap = EV − net debt31 544 517
Current market cap74 975 989

Upside = target market cap ÷ current − 1 = -57.9%

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-22209.9887 IDREx-dividend: 209.9887 IDR per sharePaidYahoo Finance (ex-div)
2025-06-23151.7727 IDREx-dividend: 151.7727 IDR per sharePaidYahoo Finance (ex-div)
2024-05-21128.0712 IDREx-dividend: 128.0712 IDR per sharePaidYahoo Finance (ex-div)
2023-06-2679.5016 IDREx-dividend: 79.5016 IDR per sharePaidYahoo Finance (ex-div)
2022-06-0638.7367 IDREx-dividend: 38.7367 IDR per sharePaidYahoo 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.antam.com/en/investor-relations

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 Aneka Tambang (ANTM) — from primary filings.

Frequently asked questions

What is Aneka Tambang (ANTM)'s P/E ratio?
Aneka Tambang (ANTM) trades at a P/E of 5.5x (price to trailing 12-month earnings).
What is Aneka Tambang (ANTM)'s EV/EBITDA?
Aneka Tambang (ANTM) trades at 4.0x EV/EBITDA.
What is Aneka Tambang (ANTM)'s P/B ratio?
Aneka Tambang (ANTM) trades at a P/B of 2.0x.
What is Aneka Tambang (ANTM)'s dividend yield?
Aneka Tambang (ANTM)'s trailing 12-month dividend yield is 6.7%.
What is Aneka Tambang (ANTM)'s return on equity (ROE)?
Aneka Tambang (ANTM)'s ROE is 33.6%.
What is Aneka Tambang (ANTM)'s market capitalization?
Aneka Tambang (ANTM)'s market cap is 74976.1 bn IDR.

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