Abstract
Indonesia is the world’s largest producer of nickel. With the increasing global demand for nickel, it presents an opportunity for Indonesia to enhance its revenue potential through the export of nickel ore. Concurrently, the Government of the Republic of Indonesia has implemented policies to promote the downstream processing of nickel ore, thereby creating a multiplier effect on the country’s economy. PT VALE Indonesia stands as one of the largest nickel mining companies in Indonesia. The opportunity to process nickel ore holds the potential for added value and profits for PT VALE Indonesia. However, the production and sales of nickel by the company have experienced a decline over the years. This becomes intriguing as valuing the company requires forecasting nickel prices. This research analyzes the historical performance of PT VALE Indonesia and provides insights into potential further declines in performance, offering strategic steps as preventive measures for the company’s sustainability. Utilizing nickel price projections and pro forma methods, this research represents a form of company valuation study. Additionally, it sheds light for investors that, as of December 30, 2022, the company was undervalued by the market.
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