Equal · Financial Report

Midi Utama Indonesia

MIDI/FY2021–FY2025/Educational Analysis/IDR/Data source · 2026-07-06

ROE = tax × interest × margin × turnover × leverage

	FY2021	FY2022	FY2023	FY2024	FY2025
Tax burden	0.82x	0.81x	0.81x	0.82x	0.86x
Interest burden	0.68x	0.78x	0.86x	0.93x	0.96x
Operating margin	3.6%	4.0%	4.3%	3.6%	4.7%
Asset turnover	2.15x	2.26x	2.23x	2.28x	2.26x
Leverage (equity mult.)driver	3.80x	3.48x	1.99x	2.04x	2.01x
= Return on Equity (consolidated)	16.2%	20.1%	13.2%	12.7%	17.4%
Return on Invested Capital (ROIC)	10.9%	14.3%	14.2%	12.9%	18.2%

Consolidated (pre-minority-interest) basis; the headline ROE in the ratio grid is owners’ basis.

Liquidity

	FY2021	FY2022	FY2023	FY2024	FY2025
Current Ratio(Current Assets / Current Liabilities)	0.69x	0.76x	0.95x	0.94x	1.02x
Quick Ratio((Current Assets − Inventory) / Current Liabilities)	0.20x	0.23x	0.25x	0.24x	0.26x
Cash Ratio(Cash / Current Liabilities)	0.07x	0.11x	0.10x	0.10x	0.14x
Working Capital(Current Assets − Current Liabilities)	-Rp 1.2 T	-Rp 893 M	-Rp 177 M	-Rp 238 M	Rp 81 M

Leverage & Solvency

	FY2021	FY2022	FY2023	FY2024	FY2025
Debt to Equity (DER)(Total Debt / Total Equity)	1.33x	1.00x	0.16x	0.15x	0.12x
Liabilities to Equity(Total Liabilities / Total Equity)	2.80x	2.48x	0.99x	1.04x	1.01x
Debt to Assets(Total Debt / Total Assets)	0.35x	0.29x	0.08x	0.08x	0.06x
Net Debt(Total Debt − Cash)	Rp 2.0 T	Rp 1.6 T	Rp 309 M	Rp 286 M	-Rp 16 M
Interest Coverage(EBIT / Interest Expense)	3.11x	4.62x	7.31x	13.63x	22.86x
Equity Multiplier (Assets ÷ Equity)	3.80x	3.48x	1.99x	2.04x	2.01x

Profitability

	FY2021	FY2022	FY2023	FY2024	FY2025
Gross Margin(Gross Profit / Revenue)	24.9%	25.1%	25.7%	26.1%	25.9%
Operating Margin(EBIT / Revenue)	3.6%	4.0%	4.3%	3.6%	4.7%
Net Margin(Net Income / Revenue)	2.0%	2.6%	3.0%	2.7%	3.8%
EBITDA(EBIT + D&A)	Rp 825 M	Rp 996 M	Rp 1.1 T	Rp 1.2 T	Rp 1.5 T
EBITDA Margin(EBITDA / Revenue)	6.1%	6.4%	6.6%	6.1%	7.0%
Return on Assets (ROA)(Net Income / Total Assets)	4.3%	5.8%	6.6%	6.3%	8.7%
Return on Equity (ROE)(Net Income (Owners) / Equity (Owners))	16.2%	20.1%	13.8%	13.2%	17.4%
Tax Burden (Net ÷ Pretax)	0.82x	0.81x	0.81x	0.82x	0.86x
Interest Burden (Pretax ÷ EBIT)	0.68x	0.78x	0.86x	0.93x	0.96x
Return on Invested Capital (ROIC)	10.9%	14.3%	14.2%	12.9%	18.2%

Operations & Efficiency

Turnover	FY2021	FY2022	FY2023	FY2024	FY2025
Asset Turnover(Revenue / Total Assets)	2.15x	2.26x	2.23x	2.28x	2.26x
Inventory Turnover(COGS / Inventory)	5.63x	5.83x	5.53x	5.44x	5.07x
Receivables Turnover(Revenue / Receivables)	32.87x	42.40x	42.75x	48.77x	58.61x
Payables Turnover(COGS / Payables)	6.65x	6.86x	6.29x	6.28x	6.10x

Conversion Period	FY2021	FY2022	FY2023	FY2024	FY2025
Days Inventory Outstanding (DIO)(365 × Inventory / COGS)	64.9 days	62.6 days	66.0 days	67.0 days	71.9 days
Days Sales Outstanding (DSO)(365 × Receivables / Revenue)	11.1 days	8.6 days	8.5 days	7.5 days	6.2 days
Days Payable Outstanding (DPO)(365 × Payables / COGS)	54.9 days	53.2 days	58.1 days	58.1 days	59.8 days
Cash Conversion Cycle (CCC)(DIO + DSO − DPO)	21.0 days	18.0 days	16.5 days	16.4 days	18.3 days

Cash Flow

	FY2021	FY2022	FY2023	FY2024	FY2025
Free Cash Flow(Operating Cash Flow − Capex)	Rp 719 M	Rp 1.0 T	Rp 622 M	Rp 808 M	Rp 879 M

Valuation

price as-of 2026-07-31fundamentals: FY2025

Price Rp 284 · market cap Rp 9.5 T

Multiple	MIDI	Peer median	vs median
P/E	11.99x	11.17x	+7%
P/B	2.09x	1.97x	+6%
P/S	0.46x	0.53x	-13%
EV/EBITDA	6.53x	6.25x	+5%
EV/EBIT	9.81x	7.91x	+24%
EV/Sales	0.46x	0.52x	-11%
FCF Yield	9.25%	10.69%	-13%
Dividend Yield	4.17%	3.37%	+24%

EV = mkt cap Rp 9.5 T + debt Rp 560 M − cash Rp 576 M = Rp 9.5 T

What the price implies

At today’s price, the market is paying for 5.5%/yr FCF growth (2.5% at 12.0% to 8.3% at 16.0% discount rates). Delivered over the last 4 years: 5.2% FCF · 11.0% revenue.

Reverse DCF: single-stage FCF, terminal growth 2.5%, discount band 12.0–16.0% (β=1; build cited in Methodology). Not a forecast.

Forward DCF (glass-box)

This model projects the operating cash the whole business generates, discounts it back at the blended cost of capital, and subtracts net debt. What remains is the equity value, stated per share. Every input below comes from the company's own audited record or from cited market data, and you can adjust each one yourself.

Assumption	Value	Basis
Rf (risk-free)	7.26%	Indonesia 10Y government bond, re-verified 31 Jul 2026
ERP (Rm − Rf)	6.69%	Damodaran Indonesia, Jul 2026 (Baa2, CRP 2.46%)
β	0.95 → 1.00	Retail (Special Lines) (unlevered) relevered at own D/E 0.06
Cost of equity	13.92%	Rf + β × ERP
Cost of debt	7.81%	median interest coverage 7.3x (EBIT ÷ interest, FY2021–FY2025) implies a Aa2/AA synthetic rating and a 0.55% default spread, over a 7.26% base (Indonesia 10Y 7.26%, already the sovereign rate). Its BOOK rate is 7.5%, which is what past debt actually costs; the gap is legacy or subsidised borrowing, not the rate on new debt. Spread table: A. Damodaran, Ratings, Interest Coverage Ratios and Default Spread, January 2026 data update (large non-financial service firms)
Tax rate	18.4%	median effective rate, FY2021–FY2025 (pretax ≈ EBIT − interest)
WACC	13.50%	94% E × CoE + 6% D × Kd × (1 − t)
Revenue growth (yr 1, fading)	11.0%	delivered 4-yr revenue CAGR 11.0%, fading linearly to terminal
EBIT margin	4.2%	mean EBIT margin, last 3 FYs
D&A / revenue	2.4%	mean D&A/revenue, last 3 FYs
Capex / revenue	3.9%	mean capex/revenue, last 3 FYs, for the explicit years. The terminal year instead FUNDS ITS OWN GROWTH: in stable growth g = reinvestment rate x return on capital, and returns are assumed to converge to the 13.5% cost of capital, so the perpetuity reinvests 18.5% of NOPAT and terminal capex is 3.0% of revenue against depreciation of 2.4%. Both simpler rules are wrong in opposite directions: holding the historical ratio charges a build phase in perpetuity, while setting capex equal to depreciation hands the company 2.5% growth forever for no new capital. Because returns converge to the cost of capital, terminal growth here is value-neutral
ΔNWC / Δrevenue	2.0%	median ΔNWC/Δrevenue across the seeded years (NWC = AR + inventory − AP)
Terminal growth	2.5%	BI inflation-target midpoint (2.5% ± 1%)

Growth path

year 1 → fading to terminal over 5 yrs11.0%

EBIT margin4.2%

WACC13.5%

Terminal growth2.5%

Explicit years5

FCFF drivers

FCFF = NOPAT + D&A − capex − ΔNWC

Each default is the company's own historical average, which describes the phase it happened to be in. Switch a driver to Per-year when that phase is ending: a company mid-build does not spend at its peak rate forever, and one in a capex pause does not stay there. The terminal year keeps its own ratios, so a taper you enter here changes the explicit window and leaves the perpetuity coherent.

Capex

% of revenue3.9%

D&A

% of revenue2.4%

ΔNWC

% of the CHANGE in revenue2.0%

Year	+1	+2	+3	+4	+5	T∞
Growth	11.0%	8.9%	6.8%	4.6%	2.5%	2.5%
Revenue	Rp 23 T	Rp 25 T	Rp 27 T	Rp 28 T	Rp 29 T	Rp 29 T
EBIT	Rp 960 M	Rp 1.0 T	Rp 1.1 T	Rp 1.2 T	Rp 1.2 T	Rp 1.2 T
NOPAT	Rp 783 M	Rp 853 M	Rp 910 M	Rp 953 M	Rp 976 M	Rp 1.0 T
+ D&A	Rp 549 M	Rp 598 M	Rp 638 M	Rp 667 M	Rp 684 M	Rp 701 M
− Capex	Rp 896 M	Rp 976 M	Rp 1.0 T	Rp 1.1 T	Rp 1.1 T	Rp 872 M
− ΔNWC	Rp 46 M	Rp 42 M	Rp 34 M	Rp 25 M	Rp 14 M	Rp 15 M
FCFF	Rp 389 M	Rp 432 M	Rp 472 M	Rp 504 M	Rp 529 M	Rp 815 M
PV	Rp 343 M	Rp 336 M	Rp 323 M	Rp 304 M	Rp 281 M	Rp 3.9 T

Check it yourself: revenue × margin = EBIT · NOPAT = EBIT × (1 − tax) · FCFF = NOPAT + D&A − Capex − ΔNWC · PV = FCFF ÷ (1+WACC)^yr · TV = FCFF(T∞) ÷ (WACC − g), discounted from year 5 · equity = EV − net debt − minority · per share = equity ÷ shares outstanding

EV = PV(explicit) Rp 1.6 T + PV(TV) Rp 3.9 T = Rp 5.5 T · TV 71% of EV · − net debt -Rp 16 M − minority Rp 0 = equity Rp 5.5 T ÷ shares outstanding

Model output: Rp 166/share (-42% vs price Rp 284)· exit-multiple check (6.3x): Rp 235

Under these assumptions the model lands 42% below today's price. The market, in other words, is paying for faster growth, a fatter margin, or a lower discount rate than the inputs here assume.

Sensitivity (per share, Rp)

g \ WACC	12.5%	13.5%	14.5%
2.0%	176	159	144
2.5%	184	166	150
3.0%	194	173	156

Model output under the stated assumptions. Every input above comes from the company's own audited record or from cited market data, and every one can be adjusted. This is not a price target and not advice.

Educational analysis. Multiples pair today’s price with the latest audited fiscal year (trailing-FY convention); peer figures are the covered peer sample, not the whole market. Never a price target.

Macro backdropfull backdrop + sensitivity map →

BI Rate 5.75%IDR/USD 18,05810Y government bond yield 7.26%Inflation 3.34%(as-of 2026-07-31)

GDP/consumption ↑(H)Rupiah weaker(M)BI rate ↑(L)

Income Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	Rp 14 T	Rp 16 T	Rp 17 T	Rp 20 T	Rp 21 T
Cost of Goods Sold	Rp 10 T	Rp 12 T	Rp 13 T	Rp 15 T	Rp 15 T
Gross Profit	Rp 3.4 T	Rp 3.9 T	Rp 4.5 T	Rp 5.2 T	Rp 5.4 T
Operating Income (EBIT)	Rp 487 M	Rp 626 M	Rp 739 M	Rp 719 M	Rp 967 M
Interest Expense	Rp 156 M	Rp 135 M	Rp 101 M	Rp 53 M	Rp 42 M
Net Income	Rp 270 M	Rp 399 M	Rp 517 M	Rp 546 M	Rp 792 M
Net Income Attributable to Owners	Rp 270 M	Rp 399 M	Rp 517 M	Rp 546 M	Rp 792 M
Depreciation & Amortization	Rp 338 M	Rp 370 M	Rp 401 M	Rp 502 M	Rp 484 M

Balance Sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	Rp 243 M	Rp 417 M	Rp 327 M	Rp 378 M	Rp 576 M
Accounts Receivable	Rp 413 M	Rp 369 M	Rp 406 M	Rp 408 M	Rp 352 M
Inventory	Rp 1.8 T	Rp 2.0 T	Rp 2.3 T	Rp 2.7 T	Rp 3.0 T
Current Assets	Rp 2.5 T	Rp 2.9 T	Rp 3.2 T	Rp 3.6 T	Rp 4.1 T
Total Assets	Rp 6.3 T	Rp 6.9 T	Rp 7.8 T	Rp 8.7 T	Rp 9.1 T
Accounts Payable	Rp 1.5 T	Rp 1.7 T	Rp 2.1 T	Rp 2.3 T	Rp 2.5 T
Current Liabilities	Rp 3.7 T	Rp 3.8 T	Rp 3.4 T	Rp 3.9 T	Rp 4.0 T
Total Liabilities	Rp 4.7 T	Rp 4.9 T	Rp 3.9 T	Rp 4.4 T	Rp 4.6 T
Total Interest-Bearing Debt	Rp 2.2 T	Rp 2.0 T	Rp 635 M	Rp 664 M	Rp 560 M
Total Equity	Rp 1.7 T	Rp 2.0 T	Rp 3.9 T	Rp 4.3 T	Rp 4.5 T
Equity Attributable to Owners	Rp 1.7 T	Rp 2.0 T	Rp 3.7 T	Rp 4.1 T	Rp 4.5 T

Cash Flow Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	Rp 1.1 T	Rp 1.6 T	Rp 1.3 T	Rp 1.6 T	Rp 1.7 T
Capital Expenditure	Rp 423 M	Rp 540 M	Rp 693 M	Rp 790 M	Rp 778 M

Company Deep Analysis

Reviewed: 2026-07-31

Analyst Verdict

MIDI revenue (T IDR): 13.58 (2021) → 15.62 (2022) → 17.35 (2023) → 19.89 (2024) → 20.64 (2025); steady growth every year, +52% cumulative. Gross margin: 25.0% → 25.1% → 25.7% → 26.1% → 25.9%; remarkably stable, a five-year band of barely 1 percentage point. OPM: 3.6% → 4.0% → 4.3% → 3.6% → 4.7%. Net margin: 2.0% → 2.6% → 3.0% → 2.8% → 3.8% (peak). ROE: 16.2% → 20.1% (peak) → 13.8% → 13.2% → 17.5%. ROIC: 10.9% → 14.3% → 14.2% → 12.9% → 18.2% (peak). D/E: 1.33× → 1.00× → 0.16× → 0.15× → 0.12×; a dramatic deleveraging, most of it concentrated in the single FY2022→FY2023 transition (1.00×→0.16×). Net debt (T IDR): 1.97 → 1.58 → 0.31 → 0.29 → −0.02 (crossing into a small net-cash position by FY2025). FCF (T IDR): +0.72 → +1.05 → +0.62 → +0.81 → +0.88; solidly positive every year. Current ratio: 0.69× → 0.76× → 0.95× → 0.94× → 1.02×; below 1× for four of five years (typical of high-turnover minimarket retail relying on supplier trade credit) before crossing just above 1× in FY2025. The single most striking feature is the FY2022→FY2023 D/E collapse (1.00×→0.16×) alongside net debt falling by more than Rp1.2tn in the same window: whether this reflects genuine debt repayment, a lease-liability accounting shift (PSAK 73/IFRS 16 is common in retail-chain balance sheets), or both is not independently confirmed here.

Business Model

Minimarket/midimarket retail chain established July 2007, majority-owned (77.09%) by PT Sumber Alfaria Trijaya (AMRT, "Alfamart": an existing comp in this roster), both ultimately controlled by businessman Djoko Susanto. Operates three store formats: Alfamidi (~300 sqm sales area, more SKUs than Alfamart’s ~150 sqm format; 2,503 outlets end-2025), Alfamidi Super (>500 sqm, supermarket-like; 80 outlets), and Midi Fresh (30–60 sqm fresh-produce concept; 4 outlets); 2,587 outlets total. In 2025, MIDI divested its stake in subsidiary PT Lancar Wiguna Sejahtera (the Lawson convenience-store brand).

Segments

Three formats serving overlapping but distinct needs: Alfamidi (the core format, larger-format convenience with more SKUs than Alfamart), Alfamidi Super (near-supermarket scale), and Midi Fresh (small fresh-produce stores). All three sit in the same minimarket/convenience tier as AMRT’s Alfamart, per this project’s own retail industry classification: MIDI is both a comp and (via 77.09% ownership) an AMRT affiliate, a related-party relationship worth keeping in view when comparing the two.

Value Chain & Positioning

Store network expansion (2,587 outlets end-2025) → distribution/logistics (likely shared or coordinated with parent AMRT’s network, not independently confirmed here) → FMCG, daily-staples, and fresh-produce retail across the three formats → high-turnover, thin-margin sales model typical of Indonesian minimarket retail.

Competitive Forces (Porter’s 5)

Supplier powerMedium

How much leverage input/funding providers have over pricing.

FMCG suppliers and distributors set wholesale terms; MIDI’s scale (2,587 outlets) and AMRT affiliation likely provide some procurement leverage, though this is not independently confirmed as shared/combined purchasing.

Implication → Gross margin has stayed remarkably stable (25.0–26.1%) across five years, consistent with a mature, well-negotiated supplier relationship regardless of the exact mechanism.

Buyer powerLow

How much leverage customers have to push prices down.

Individual convenience-shopper transactions are small and dispersed: no meaningful buyer concentration.

Implication → Pricing is set by MIDI/AMRT competitively against Indomaret rather than negotiated with customers.

Threat of new entryLow

How easily new competitors can enter the market.

Minimarket retail requires extensive store networks, logistics, and supplier relationships built over years: MIDI’s 2,587-outlet network and AMRT-group backing are real barriers.

Implication → The realistic competitive set is small (mainly Indomaret/AMRT itself and MIDI), not open to easy new entry.

Threat of substitutesMedium

Risk that alternative products/services replace demand.

Traditional warungs, e-commerce/quick-commerce grocery delivery, and larger supermarkets/hypermarkets compete for the same daily-needs spending.

Implication → The minimarket format’s convenience and proximity (24/7, neighbourhood locations) defend against these substitutes reasonably well, evidenced by consistent revenue growth.

Competitive rivalryHigh

Intensity of competition among existing players.

The Indonesian minimarket market is effectively an AMRT-group (Alfamart/Alfamidi) vs. Indomaret duopoly: MIDI’s own primary "competitor" question is complicated by the fact that its majority owner (AMRT) also controls Alfamart.

Implication → MIDI’s real competitive battle is against Indomaret; its relationship with sibling brand Alfamart is cooperative/affiliated rather than adversarial.

Moat / Competitive Edge

Moderate. MIDI’s moat rests on network density (2,587 outlets across three formats), AMRT-group scale and backing (77.09% ownership), and remarkably stable gross margins (25.0–26.1% across five years) that suggest a durable, well-run operating model. The moat is shared rather than standalone, however: much of MIDI’s competitive strength is inseparable from its position within the AMRT group rather than an independent asset.

Key Drivers & Sensitivities

Store network expansion
Revenue grew every year (+52% cumulative FY21–25) alongside continued store additions across the three formats: the core growth lever for a minimarket chain.
Deleveraging (FY2022→FY2023 shift)
D/E fell from 1.00× to 0.16× in a single year, with net debt down more than Rp1.2tn: whether from real debt repayment, a lease-accounting reclassification, or both is not independently confirmed here, but the balance-sheet improvement is real and sustained through FY2025.
Thin-margin operating leverage
Net margin (2.0–3.8%) is thin by nature of the minimarket format; small percentage-point improvements (e.g., FY2025’s 3.8% peak) translate to meaningful ROE swings (13.2%→17.5%) given the operating leverage of a high-fixed-cost store network.
AMRT-group affiliation
77.09% ownership by AMRT means MIDI’s strategic direction, and potentially its procurement/distribution economics, are linked to group-level decisions: a structural factor for minority holders to understand, not necessarily a negative one.
Working-capital / liquidity position
Current ratio ran below 1× for four of five years (as low as 0.69× in FY2021) before crossing to 1.02× in FY2025: typical for minimarket retail relying on supplier trade credit, but the improving trend is a genuine positive alongside the deleveraging.

Linkages

Tied to Indonesian consumer discretionary and daily-staples spending, urbanisation and neighbourhood-density trends (minimarket format economics), and its majority owner AMRT’s group-level strategy. Less macro-cyclical than big-ticket retail given the daily-needs nature of the product mix.

Recent Developments

FY2025 is the best year of the window on three measures at once: net margin 3.8%, ROIC 18.2%, and a first crossing into net cash at minus Rp0.02tn. ROE recovered to 17.4% after dipping to 13.8% and 13.2% in FY2023 and FY2024. The structural change happened earlier and is larger than any of that: debt to equity collapsed from 1.33× in FY2021 and 1.00× in FY2022 to 0.16× in FY2023, and has since drifted to 0.12×. Operating margin is thin throughout, 3.6% to 4.7%, so this is a turnover business, revenue Rp13.58tn to Rp20.64tn on an asset base turning about 2.26 times a year.

Regulation

Regulated by the Ministry of Trade (retail licensing, zoning rules that govern minimarket density), and OJK for listed-company and related-party (majority-owner AMRT) disclosure obligations. Halal certification is standard for retail food products.

ESG & Sustainability

Material issues: labour practices across a very large frontline retail workforce (2,587 outlets), packaging/plastic waste from FMCG retail, and energy use across the store network. Governance is shaped by the 77.09% AMRT ownership: related-party transaction discipline with the parent is the material governance watch-item for minority shareholders.

Risks

Majority ownership by AMRT (77.09%) means related-party dynamics with the parent are a structural governance factor
Thin net margins (2.0–3.8%) leave little room for cost-side shocks
Current ratio below 1× for four of five years: tight working capital typical of the format, not yet a liquidity concern given consistent FCF
Driver of the FY2022→FY2023 D/E collapse (debt repayment vs. lease-accounting) is not independently confirmed
Competitive intensity in the minimarket duopoly (vs. Indomaret) constrains pricing power

Outlook & What to Watch

Base case: continued steady revenue growth (store network expansion) with margins holding near the FY2025 level (net margin ~3–4%, ROE mid-to-high teens) on a now-deleveraged balance sheet. Bull: further margin improvement plus continued net-cash accumulation supports a re-rating. Bear: a return to FY2023–24-style ROE softness (13.2–13.8%) if margin gains prove temporary, though the deleveraged balance sheet limits downside versus the FY2021–22 high-leverage period. (Interpretation, not a forecast.)

Key KPIs

D/E: 1.33× (FY21) → 0.12× (FY25): dramatic deleveraging, mostly in one year (FY22→FY23)
Net debt: Rp1.97tn → −Rp0.02tn (FY21–25), crossing into net cash
Revenue growth: +52% cumulative FY21–25, growing every year
Net margin: 2.0% → 3.8% (FY25 peak): thin but improving
Ownership: AMRT 77.09%: majority-owned by a fellow comp in this roster

Sources

Curated narrative (educational interpretation), backed by the linked sources. The figures above are deterministic. Not investment advice.