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Vale Indonesia USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Mining

ID_INCO

Price chart

4 710 IDRDay 10.30%

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
4 710 IDR · 10.30%
Market cap
2.8 bn USD

Growth

Δ revenue y/y
17.8%
Δ EBITDA y/y
-13.4%

Multiples

P/E (LTM)
36.7x
3y avg: 40.5x
P/B (FY)
1.0x
P/E (ann.)
55.3x
EV/EBITDA (LTM)
11.4x
3y avg: 10.5x
EV/EBITDA (ann.)
13.4x

Cash return

Dividend yield
—
FCF yield (LTM)
-16.2%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-42.1%
↓ details

Liquidity

Daily turnover (listing)
138.9 bln IDR

Shares: connector/market_inputs

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 7 / Err: 1 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2024-03-31 Q1⚠Warn 1
2024-06-30 H1⚠Warn 1
2024-09-30 9M⚠Warn 1
2024-12-31 FY⚠Warn 1
2025-03-31 Q1⚠Warn 1
2025-06-30 H1⚠Warn 1
2025-09-30 9M⚠Warn 4
2025-12-31 FY✗Errors 1Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31Q4 2025 (3M)OK284.8
y/y 17.8%
-2.4
y/y -127.7%
46.3
y/y 10.2%
43.9
y/y -13.4%
23.6
y/y 255.0%
46.2-163.03345.8
y/y 5.3%
2775.1
y/y 1.5%
2.8%-372.9Report (PDF)
2025-09-30Q3 2025 (3M)OK278.6
y/y -0.4%
34.8
y/y -20.5%
42.5
y/y -1.8%
77.3
y/y -7.5%
27.2
y/y 2.6%
95.4-106.73244.9
y/y 4.2%
2753.7
y/y 1.1%
2.6%-491.6Report (PDF)
2025-06-30Q2 2025 (3M)OK220.2
y/y -10.9%
0.2
y/y -81.5%
39.8
y/y -2.9%
40.0
y/y -31.9%
3.5
y/y -32.3%
37.5-96.63170.1
y/y 3.4%
2727.3
y/y 1.0%
1.8%-502.2Report (PDF)
2025-03-31Q1 2025 (3M)OK206.5
y/y -10.2%
8.8
y/y -40.3%
41.5
y/y -1.4%
50.3
y/y -11.5%
21.8
y/y 251.9%
55.7-129.03182.4
y/y 10.0%
2756.6
y/y 7.4%
3.2%-595.4Report (PDF)
2024-12-31Q4 2024 (3M)OK241.8
y/y —
8.7
y/y —
42.0
y/y —
50.7
y/y —
6.7
y/y —
47.2-131.23176.5
y/y —
2732.8
y/y —
2.1%-666.7Report (PDF)
2024-09-30Q3 2024 (3M)OK229.8
y/y —
6.3
y/y —
42.4
y/y —
48.7
y/y —
13.8
y/y —
17.1-82.43112.9
y/y —
2724.5
y/y —
2.5%-762.9Report (PDF)
2024-06-30Q2 2024 (3M)OK248.8
y/y —
34.2
y/y —
41.6
y/y —
75.8
y/y —
31.1
y/y —
50.4-60.83066.2
y/y —
2699.3
y/y —
2.8%-823.8Report (PDF)
2024-03-31Q1 2024 (3M)OK229.9
y/y —
14.7
y/y —
42.1
y/y —
56.8
y/y —
6.2
y/y —
92.8-57.32893.1
y/y —
2567.6
y/y —
—-721.0Report (PDF)
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Production & Reserves

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

Nickel

Proved reserves
493.66 M wmt
2023
Annual production
70.80 kt
2024

Production, kt

70.70202370.802024

Proved reserves

YearReserves, M wmt
2023493.66
2022334.08

Production

YearProduction, kt
202470.80
+0.1%
202370.70

PT Vale Indonesia (IDX:INCO): nickel-in-matte ~70.7 kt 2023 (FY2024 target ~70.8 kt); saprolite ore reserves 493.66 M wmt (Dec-2023) vs 334.08 M wmt (Dec-2022). Reserves are ore, production is contained metal — not directly an R/P.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

FCF ($ mln)

-150-100-500502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Net debt / cash ($ mln)

-1 000-800-600-400-20002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Commodity-player potential

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

Upside: -42.1%

Main driver: Nickel +12% vs LTM; revenue ×1.11 vs costs ×1.04; EBITDA 41→114; at 12.0× EV/EBITDA → -42%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Nickel (rev)+95%17 653.8815 767.7217 577.85+12%+11%

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

1 · Reported baseline (LTM)
LTM revenue990
LTM EBITDA41
LTM cash costs (revenue − EBITDA)949
2 · Revenue projection
Revenue multiplier — spot×1.114 (+11%)
= Spot revenue1 103
Revenue multiplier — 3y price×1.109 (+11%)
= 3-year-price revenue1 098
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs987
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs987
4 · EBITDA projection (revenue − costs)
= Spot EBITDA116
= 3-year-price EBITDA111
Conservative EBITDA = min(spot, avg)114
5 · Valuation → target market cap
Historical EV/EBITDA (3-yr average)12.0x
Target EV = EV/EBITDA × conservative EBITDA1 365
Net debt-373
Target market cap = EV − net debt1 738
Current market cap3 003

Upside = target market cap ÷ current − 1 = -42.1%

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-05-2753.4 IDREx-dividend: 53.4 IDR per sharePaidYahoo Finance (ex-div)
2023-05-1688.3333 IDREx-dividend: 88.3333 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.vale.com/indonesia/EN/investors

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)