Frontierby eninvs

Language: EN · RU

← Region

Indo Tambangraya Megah (ITMG) USD

PT Indo Tambangraya Megah Tbk is an Indonesian coal mining and energy company that produces thermal coal for power plants and engages in coal trading, fuel trading, energy marketing, and electricity generation. It also provides mining contractor services and solar rooftop installations.

At a glance: strengths & risks
✓Revenue growing (+9% y/y, H1 2026)✓Profit growing (+17% y/y, H1 2026)✓Net cash balance sheet✓Commodity price +35% vs 1-yr · +19% vs 3-yr✗Pricier than own history (P/E 8.6 vs avg 5.0)

Sector: Coal mining

ID_ITMG

Price chart

26 225 IDRDay 0.19%

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
26 225 IDR · 0.19%
Market cap
1.6 bn USD

Growth

Δ revenue y/y
8.8%
Δ EBITDA y/y
-37.6%

Multiples

P/E (LTM)
8.6x
3y avg: 5.0x
P/B (FY)
0.9x
P/E (ann.)
7.7x
EV/EBITDA (LTM)
—

Cash return

Dividend yield
6.5%
FCF yield (LTM)
-4.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-1.3%
↓ details

Liquidity

Daily turnover (listing)
31.3 bln IDR

Shares: connector/market_inputs

Financial results

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
2026-06-30Q2 2026 (3M)OK502.9
y/y 8.8%
—
y/y —
—
y/y —
—
y/y —
51.3
y/y 16.5%
-2.9—2416.7
y/y 1.3%
1910.5
y/y 2.1%
11.1%—Report (PDF)
2026-03-31Q1 2026 (3M)OK497.6
y/y 3.1%
76.3
y/y —
6.6
y/y —
82.9
y/y —
54.7
y/y -15.8%
65.3-12.22405.0
y/y -2.0%
1924.8
y/y -3.6%
11.4%—Report (PDF)
2025-12-31Q4 2025 (3M)OK511.9
y/y -20.9%
—
y/y -44.2%
—
y/y 2401.3%
—
y/y -37.6%
60.4
y/y -40.3%
16.9-58.72406.1
y/y -0.0%
1908.3
y/y -1.3%
10.0%—Report (PDF)
2025-09-30Q3 2025 (3M)OK449.8
y/y -17.4%
—
y/y —
—
y/y —
—
y/y —
39.6
y/y -52.2%
-12.7-25.92382.7
y/y 1.6%
1907.5
y/y 3.8%
9.2%—Report (PDF)
2025-06-30Q2 2025 (3M)OK436.9
y/y -12.4%
—
y/y —
—
y/y —
—
y/y —
26.0
y/y -29.5%
235.3-14.92386.7
y/y 10.4%
1870.3
y/y 5.3%
9.4%—Report (PDF)
2025-03-31Q1 2025 (3M)OK482.5
y/y -1.4%
—
y/y —
—
y/y —
—
y/y —
65.0
y/y 5.5%
46.0-20.32453.6
y/y 7.3%
1995.7
y/y 16.3%
13.2%—Report (PDF)
2024-12-31Q4 2024 (3M)OK647.3
y/y 18.2%
—
y/y -20.4%
—
y/y -93.1%
—
y/y -22.7%
101.1
y/y 7.0%
90.8-27.62406.5
y/y 10.0%
1933.8
y/y 8.1%
19.8%—Report (PDF)
2024-09-30Q3 2024 (3M)OK607.6
y/y -9.3%
—
y/y —
—
y/y —
—
y/y —
143.9
y/y -32.7%
124.4-20.62345.9
y/y 9.2%
1838.3
y/y 8.8%
20.1%—Report (PDF)
2024-06-30Q2 2024 (3M)OK560.3
y/y -19.2%
—
y/y —
—
y/y —
—
y/y —
67.5
y/y -58.0%
135.3-13.32161.5
y/y -2.9%
1776.8
y/y -1.1%
14.8%—Report (PDF)
2024-03-31Q1 2024 (3M)OK489.2
y/y -28.6%
—
y/y —
—
y/y —
—
y/y —
61.6
y/y -66.3%
101.7-28.12287.7
y/y -17.6%
1715.3
y/y 2.9%
14.1%—Report (PDF)
2023-12-31Q4 2023 (3M)OK547.7
y/y —
—
y/y —
—
y/y —
—
y/y —
94.5
y/y —
-10.131.02187.8
y/y —
1788.5
y/y —
28.8%—Report (PDF)
2023-09-30Q3 2023 (3M)OK527.5
y/y —
—
y/y —
—
y/y —
—
y/y —
98.9
y/y —
78.3-18.32148.8
y/y —
1690.1
y/y —
31.0%—Report (PDF)
2023-06-30Q2 2023 (3M)OK613.6
y/y —
—
y/y —
—
y/y —
—
y/y —
124.2
y/y —
-28.1-11.02227.1
y/y —
1796.1
y/y —
35.5%—Report (PDF)
2023-03-31Q1 2023 (3M)OK685.6
y/y —
—
y/y —
—
y/y —
—
y/y —
182.7
y/y —
181.0-82.42776.5
y/y —
1666.6
y/y —
——Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-100-500501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.21x of reported net profit; after capex, 0.87x.
year202320242025
cash flow / profit0.44x1.21x1.50x
accruals, % of assets12.8%-3.2%-3.9%
Last twelve months (to 2026-06-30): 0.32x of profit came back as operating cash flow.
capex 5.5x of depreciation
● Over the last twelve months operating cash flow covered 32% of profit, against 1x across the annual window.
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

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

Coal

Proved reserves
375 Mt
2024
Reserve life (R/P)
18.7 yrs
reserves ÷ annual output
Annual production
20.30 Mt
2024

Production, Mt

16.90202320.302024

Proved reserves

YearReserves, Mt
2024375

Production

YearProduction, Mt
202420.30
+20.1%
202316.90

PT Indo Tambangraya Megah (ITMG): proved+probable coal reserves ~375 Mt (latest audit incl TIS mine; resources ~2,130 Mt); production ~20 Mt 2024 (16.9 Mt 2023); reserve life ~19 yr — far shorter than PTBA, driving high cash return. Source: itmg.co.id resources & reserves / FY24 release.

Indonesia — currency context

USD/IDR17707
1-week+0.7%
1-month-0.7%
room to 52w-weakest2.7%
DXY (dollar index)99.7
US 10Y4.96%

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 2026-09-16 (Yahoo)

Key-commodity price — Steam coal AU

Current 145spot vs LTM +31%

Commodity-player potential

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

Upside: -1.3%

Main driver: Steam coal AU +35% vs LTM; revenue ×1.31 vs costs ×1.04; EBITDA 260→519; at 2.0× EV/EBITDA → -1%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Steam coal AU (rev)+88%146.82108.64129.27+35%+19%

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

1 · Reported baseline (LTM)
LTM revenue1 881
LTM EBITDA260
LTM cash costs (revenue − EBITDA)1 621
2 · Revenue projection
Revenue multiplier — spot×1.309 (+31%)
= Spot revenue2 463
Revenue multiplier — 3y price×1.167 (+17%)
= 3-year-price revenue2 195
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 686
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 686
4 · EBITDA projection (revenue − costs)
= Spot EBITDA777
= 3-year-price EBITDA509
Conservative EBITDA = min(spot, avg)519
5 · Valuation → target market cap
Target EV/EBITDA (EV / peak-FY EBITDA — no daily history)2.0x
Target EV = EV/EBITDA × conservative EBITDA1 039
Net debt-719
Target market cap = EV − net debt1 758
Current market cap1 782

Upside = target market cap ÷ current − 1 = -1.3%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -18% vs -3% the year before — a -15.4 pp move. 3-year CAGR —.
revenue growth by year: 2024 -3% · 2025 -18%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-04-28992 IDREx-dividend: 992 IDR per sharePaidYahoo Finance (ex-div)
2025-11-13738 IDREx-dividend: 738 IDR per sharePaidYahoo Finance (ex-div)
2025-04-212 245 IDREx-dividend: 2 245 IDR per sharePaidYahoo Finance (ex-div)
2024-09-101 228 IDREx-dividend: 1 228 IDR per sharePaidYahoo Finance (ex-div)
2024-04-171 747 IDREx-dividend: 1 747 IDR per sharePaidYahoo Finance (ex-div)
2023-09-122 660 IDREx-dividend: 2 660 IDR per sharePaidYahoo Finance (ex-div)
2023-04-116 416 IDREx-dividend: 6 416 IDR per sharePaidYahoo Finance (ex-div)
2022-11-114 128 IDREx-dividend: 4 128 IDR per sharePaidYahoo Finance (ex-div)
2022-04-043 040 IDREx-dividend: 3 040 IDR per sharePaidYahoo Finance (ex-div)
2021-11-111 218 IDREx-dividend: 1 218 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.itmg.co.id/en/investor-relation

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 Indo Tambangraya Megah (ITMG) — from primary filings.

Frequently asked questions

What is Indo Tambangraya Megah (ITMG)'s P/E ratio?
Indo Tambangraya Megah (ITMG) trades at a P/E of 8.6x (price to trailing 12-month earnings).
What is Indo Tambangraya Megah (ITMG)'s P/B ratio?
Indo Tambangraya Megah (ITMG) trades at a P/B of 0.9x.
What is Indo Tambangraya Megah (ITMG)'s dividend yield?
Indo Tambangraya Megah (ITMG)'s trailing 12-month dividend yield is 6.5%.
What is Indo Tambangraya Megah (ITMG)'s return on equity (ROE)?
Indo Tambangraya Megah (ITMG)'s ROE is 11.1%.
What is Indo Tambangraya Megah (ITMG)'s market capitalization?
Indo Tambangraya Megah (ITMG)'s market cap is 1.6 bn USD.

See also: Indonesian Stocks (2026): The Cheapest Big Emerging Market · The Cheapest Coal Stocks (2026): Out of Favour, Cash-Rich, High-Yield · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map