Many coal companies in Indonesia forced to change their business strategy. It is also happened in PT Indika Energy Tbk.PT Indika Energy Tbk apply some strategies to reduce this legal risk, such as by investing in non-coal industries, decarbonizing the operations, and divesting from high-carbon industries. One of the interesting corporate action conducted by PT Indika Energy Tbk is the divestment strategies that applied for some last years. The newest divestment conducted by PT Indika Energy Tbk (INDY) is the divestment of PT Multi Tambangjaya Utama (MUTU). PT Multi Tambangjaya Utama has contributed to around 6 until 8% total revenue of PT Indika Energy Tbk. Also, PT Multi Tambangjaya Utama coal quality is considered as the high-grade coal with high caloric value. This movement catch many investor attention.In this research, PT Indika Energy Tbk valuation will be revalued and compared between before MUTU Divestment and after MUTU Divestment. Since PT Multi Tambangjaya Utama is not the public listed company, firstly, there is need to estimate the financial statements. The valuation used in this research is by using Free Cash Flow to Equity (FCFE) method. FCFE calculation will be used for PT Indika Energy Tbk before MUTU divestment and after MUTU divestment. Then, the value between before MUTU divestment and after MUTU divestment compared each other. Beside of that, in this research also cover financial ratio and relative valuation also compared to other coal companies in Indonesia.