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Global Digital Niaga (BELI) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Global Digital Niaga stock IDR 177, price IDR 232, that is 23.6% below the price, quality 48 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Consumer Cyclical ID

GD Global Digital Niaga logo Thin data Nov 10, 2026

Global Digital Niaga

BELI · JK
Expensive, weak quality

Our calculation puts a fair price 24% below what the stock costs today.

Low debt
Revenue last quarter +31% vs. a year ago.
Quality 48/100
Expensive Growth (revenue 5y +39.1 %/yr in IDR)
Fair value 177.33 IDR · Overvalued
Loss-making · -5.3% net margin (TTM)
Negative free cash flow
Trails peers (2/10)
Narrow moat 10/100 · thin data
Thin data
Estimate⚠ Small free float
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

500.00 IDR 232.00 IDR Fair Value 177.33 IDR Nov 2022 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

48‑month range 232.00 IDR – 500.00 IDR · fair‑value band 133.00 IDR – 221.67 IDR · the 232.00 IDR price screens above the 177.33 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

PT Global Digital Niaga Tbk operates an omnichannel commerce and lifestyle platform in Indonesia. The company operates through First Party, Third Party, Institution, and Physical Store segments. It trades in merchandise through electronic media network under the Blibli.com brand.

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The company also offers logistics; trading; online financial transaction; information and communication and travel agency; transportation and warehousing; portal web and digital platform; reservation; movie playing; software publishing; cold storage; management and handling; application development and computer and management consulting; photography; and advertising services.

In addition, it engages in the wholesale trading of software, telecommunication equipment, and computer equipment; retail of telecommunication equipment and media-based products, and computer and equipment; supermarket operation; real estate leasing; software development; accommodation and tour; and business management, marketing, and sales support businesses.

Further, the company trades in furniture and housing products; sale of land; and furniture manufacturing, construction, and installation business. PT Global Digital Niaga Tbk was founded in 2010 and is headquartered in Kudus, Indonesia.

PT Global Digital Niaga Tbk is a subsidiary of Pt Global Investama Andalan.

Stock analysis

Global Digital Niaga (BELI) currently trades at 232.00 IDR, while our estimate is 177.33 IDR, 24% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: 133.00 IDR (bear) to 221.67 IDR (bull), the price of 232.00 IDR sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Consumer Cyclical sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Global Digital Niaga reported revenue of 22.4T IDR in FY2025 versus 8.9T IDR in FY2021, a compound +26.0%/yr. Reported net income was −2.3T IDR in FY2025.

Key figures

Market cap 31.5T IDR (≈ $1.7B) Small · P/S ratio 1.12 · EPS (TTM) −11.06 IDR · Net margin −5.3% · Return on equity −17.3% · Return on assets (EBIT) −22.0% (5-year average) · Operating margin −3.9% · Revenue (TTM) 29.4T IDR.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 53% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 23% fair-value upside, at −24%, BELI screens richer than that median.

Fair Value

Bear 133.00 IDR Fair Value 177.33 IDR Bull 221.67 IDR
Price 232.00 IDR · Downside -23.6%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 48/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 27
How much profit the company makes from its sales and capital
Quality Growth 80
Are margins and returns getting better?
Cashflow 23
Do the profits arrive as real cash?
Financial strength 48
Debt, balance sheet and risk of trouble
Investment 86
Does it invest with discipline instead of growing at any price?
Low Volatility 53
How calm the share price moves, does not count
Price momentum 13
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 50
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+33.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+39.1%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+32.2%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−77.4% (2020) → −8.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

BELI screens overvalued: fair value 24% below the price. Compare with Amazon.com, Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Retail · 119 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside −23.6% · Below median
Profitability
Return on assets −12.8% · Bottom 25%
Net margin (12 months) −5.3% · Bottom 25%
Operating margin (12 months) −3.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 31.3% · Top 25%
Balance sheet
Debt / equity 0.00× · Lowest 25%

Valuation Multiplesvs Internet Retail median · lower = cheaper

P/B 3.40× · Pricier than median
P/S (12 months) 1.07× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)2 · sector 40
FUTURE (revenue growth)100 · sector 58
PAST (return on equity)0 · sector 8
HEALTH (low debt)100 · sector 92
DIVIDEND (yield)0 · sector 63

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Internet Retail stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
PDD Holdings PDD $79.40 $238.20 +200% vs BELI
Sea Limited SE $76.80 $129.32 +68% vs BELI
Prosus N.V PRX €37.49 €52.15 +39% vs BELI
JD.com, Inc 9618 HK$112.10 HK$150.10 +34% vs BELI
MercadoLibre, Inc MELI $1,490 $1,830 +23% vs BELI
Alibaba Group BABA $102.72 $120.46 +17% vs BELI
DoorDash, Inc DASH $178.25 $199.06 +12% vs BELI
Amazon.com, Inc AMZN $270.87 $140.05 −48% vs BELI
eBay Inc EBAY $123.52 $60.00 −51% vs BELI
Coupang, Inc CPNG $16.33 $4.98 −70% vs BELI

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Global Digital Niaga: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Global Digital Niaga Fair Value". https://www.fairvalue-calculator.com/stock/BELI

Frequently asked questions

Is Global Digital Niaga (BELI) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is 177.33 IDR versus a price of 232.00 IDR, about 24% lower (overvalued).
What is the fair value of BELI?
Our estimate for Global Digital Niaga is 177.33 IDR (as of Nov 10, 2026), built from audited fundamentals. The current price: 232.00 IDR.
What is the quality score of BELI?
Global Digital Niaga has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Global Digital Niaga (BELI)?
Our calculated price target is the estimate of 177.33 IDR (as of Nov 10, 2026). Cautious scenario 133.00 IDR, optimistic scenario 221.67 IDR. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Global Digital Niaga stock forecast for 2026?
Our estimate puts fair value at 177.33 IDR, about 24% lower versus a price of 232.00 IDR (overvalued). Cautious scenario 133.00 IDR, optimistic scenario 221.67 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Global Digital Niaga (BELI)?
Global Digital Niaga reported trailing-twelve-month revenue of about 29.4T IDR (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Global Digital Niaga (BELI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Global Digital Niaga it is 177.33 IDR per share (as of Nov 10, 2026), against a price of 232.00 IDR.
Is Global Digital Niaga stock overvalued or undervalued in 2026?
As of Nov 10, 2026, BELI trades above its calculated fair value: price 232.00 IDR, fair value 177.33 IDR, a gap of about −24% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BELI?
No. The price is what the market pays today (232.00 IDR); the fair value is what the company's own numbers justify (177.33 IDR). For Global Digital Niaga the two are 54.67 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Global Digital Niaga worth?
The market values Global Digital Niaga at about 31.5T IDR (market capitalisation, as of Nov 10, 2026). Per share that is 232.00 IDR; our models calculate a fair value of 177.33 IDR per share.
What do the bullish and bearish scenarios say about BELI?
Our models span a range for Global Digital Niaga: cautious scenario 133.00 IDR, base 177.33 IDR, optimistic 221.67 IDR per share (as of Nov 10, 2026, price 232.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Global Digital Niaga (BELI)?
Balance-sheet figures for Global Digital Niaga (as of Nov 10, 2026): return on equity −17.3%, debt of 0.00 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is BELI from its 52-week high?
Global Digital Niaga trades at 232.00 IDR, about 53% below its 52-week high of 492.00 IDR and at the low of 232.00 IDR (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 177.33 IDR is for.
Which stocks are comparable to Global Digital Niaga?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, PDD Holdings, Prosus N.V, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Global Digital Niaga stock attractive at the current price?
The data as of Nov 10, 2026: price 232.00 IDR, calculated fair value 177.33 IDR (−24%), Quality Score 48/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Global Digital Niaga itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Global Digital Niaga (BELI)?
The closing price on Nov 10, 2026 was 232.00 IDR. Our estimate is 177.33 IDR, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Global Digital Niaga right now?
The price sits above even our optimistic bull case (221.67 IDR). The favourable scenario is already priced in. Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Global Digital Niaga

How large is the market capitalisation of Global Digital Niaga (BELI)?
The market capitalisation of Global Digital Niaga is 31.5T IDR (≈ $1.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Global Digital Niaga (BELI)?
The price-to-sales ratio of Global Digital Niaga is 1.12 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Global Digital Niaga (BELI)?
Earnings per share at Global Digital Niaga are −11.06 IDR. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Global Digital Niaga (BELI)?
The net margin of Global Digital Niaga is −5.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Global Digital Niaga (BELI)?
The return on equity (ROE) of Global Digital Niaga is −17.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Global Digital Niaga (BELI)?
On an EBIT basis the return on assets of Global Digital Niaga is −22.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Global Digital Niaga (BELI)?
The operating margin of Global Digital Niaga is −3.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Global Digital Niaga (BELI)?
Revenue at Global Digital Niaga is growing +31.3% versus a year earlier (3y avg +13.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Global Digital Niaga (BELI) generate?
The free cash flow of Global Digital Niaga is −3.9T IDR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Global Digital Niaga (BELI) carry?
The net debt of Global Digital Niaga is 2.1T IDR (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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