Bank Ganesha Tbk PT (BGTG) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Bank Ganesha Tbk PT stock IDR 113, price IDR 83, upside +36.5%, quality 45 out of 100. Rating: undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 59.00 IDR – 332.87 IDR · fair‑value band 84.97 IDR – 141.62 IDR · the 83.00 IDR price screens below the 113.29 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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PT Bank Ganesha Tbk provides various general banking products and services for individuals and businesses in Indonesia. The company operates through Banking, Consumer, Treasury, and Others segments. It offers savings, current, and time deposits accounts.
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The company also provides personal, fixed income, car, housing, working capital, and investment loans.
In addition, it offers safe deposit boxes, ATM debit cards, and e-statements, foreign exchange, remittance, BI-fast, ATM and CRM machine, payment, tax payment, export/import, mutual funds, SBN, government bonds, mobile and internet banking services, electronic wallets, and bancassurance products.
The company was founded in 1990 and is headquartered in Jakarta, Indonesia.
Stock analysis
Bank Ganesha Tbk PT (BGTG) currently trades at 83.00 IDR, while our model-based Fair Value estimate is 113.29 IDR, implying the stock looks roughly 27% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 113.29 IDR per share, and 4 of the 4 models we run sit above the 83.00 IDR price.
Bear case: the Economic Profit group reads lowest at 101.85 IDR, and 0 of the 4 models stay below the price. Data coverage for this calculation is low.
Scenario range: 84.97 IDR (bear) to 141.62 IDR (bull), the price of 83.00 IDR sits below 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 45/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Bank Ganesha Tbk PT reported revenue of 800B IDR in FY2025 versus 359B IDR in FY2021, a compound +22.2%/yr. Reported net income was 227B IDR in FY2025, compounding +113.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 2.0T IDR (≈ $111M) Micro · P/E ratio 8.7 · P/S ratio 3.60 · EPS (TTM) 9.56 IDR · Net margin 42.2% · Return on equity 6.4% · Return on assets (EBIT) 1.4% (5-year average) · Operating margin 58.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 43% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 36%, BGTG screens cheaper than that median.
Fair Value models
Bear84.97 IDRFair Value 113.29 IDRBull141.62 IDR
Price 83.00 IDR · Upside +36.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (8.20 IDR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.0%
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.
+18.8%
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.
+14.7%
Start year 2020 (pandemic). Over 10 years: +13.7% a year
Revenue growth 21 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.
+11.0%
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What shareholders gained per year (last 5 years), in IDR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in IDR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +59.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +59.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 59.1% / 19.8%
Profit margin 2020 to 2025 ⓘ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.1% → 36%
⚠ Revenue per share shrinking 5.5%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.93 per share, median 3.06 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
⚠ Approximate: the rate leans on 2025, which sits 89% above its own trend.
Price, fair value, quality and upside side by side.
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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.Banks - Regional · 996 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside+36.5% · Top 25%
Profitability
Return on equity (12 months)6.4% · Bottom 25%
Return on assets2.0% · Top 25%
Net margin (12 months)42.2% · Top 25%
Operating margin (12 months)58.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)1.7% · Below median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is Bank Ganesha Tbk PT (BGTG) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 113.29 IDR versus a price of 83.00 IDR, about +36% upside (undervalued).
What is the fair value of BGTG?
Our model-based fair value for Bank Ganesha Tbk PT is 113.29 IDR (as of Nov 8, 2026), built from audited fundamentals. The current price: 83.00 IDR.
What is the quality score of BGTG?
Bank Ganesha Tbk PT has a Quality Score of 45/100. 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 Bank Ganesha Tbk PT (BGTG)?
Our model-based price target is the fair value of 113.29 IDR (as of Nov 8, 2026) from 4 valuation models. Cautious scenario 84.97 IDR, optimistic scenario 141.62 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank Ganesha Tbk PT stock forecast for 2026?
Our models put fair value at 113.29 IDR, about +36% upside versus a price of 83.00 IDR (undervalued). Cautious scenario 84.97 IDR, optimistic scenario 141.62 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Bank Ganesha Tbk PT (BGTG)?
Bank Ganesha Tbk PT reported trailing-twelve-month revenue of about 553B IDR (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Bank Ganesha Tbk PT (BGTG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank Ganesha Tbk PT it is 113.29 IDR per share (as of Nov 8, 2026), against a price of 83.00 IDR. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Bank Ganesha Tbk PT stock overvalued or undervalued in 2026?
As of Nov 8, 2026, BGTG trades below its calculated fair value: price 83.00 IDR, fair value 113.29 IDR, a gap of about +36% (undervalued). 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 BGTG?
No. The price is what the market pays today (83.00 IDR); the fair value is what the company's own numbers justify (113.29 IDR). For Bank Ganesha Tbk PT the two are 30.29 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank Ganesha Tbk PT worth?
The market values Bank Ganesha Tbk PT at about 2.0T IDR (market capitalisation, as of Nov 8, 2026). Per share that is 83.00 IDR; our models calculate a fair value of 113.29 IDR per share.
What do the bullish and bearish scenarios say about BGTG?
Our models span a range for Bank Ganesha Tbk PT: cautious scenario 84.97 IDR, base 113.29 IDR, optimistic 141.62 IDR per share (as of Nov 8, 2026, price 83.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BGTG?
Bank Ganesha Tbk PT trades at a price-to-earnings ratio of 8.7 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 113.29 IDR is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 24.0. Other multiples: P/B 0.5, P/S 3.6, EV/EBITDA 1.4.
How solid is the balance sheet of Bank Ganesha Tbk PT (BGTG)?
Balance-sheet figures for Bank Ganesha Tbk PT (as of Nov 8, 2026): return on equity 6.4%, debt of 0.00 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is BGTG from its 52-week high?
Bank Ganesha Tbk PT trades at 83.00 IDR, about 43% below its 52-week high of 146.00 IDR and 4% above the low of 80.00 IDR (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 113.29 IDR is for.
Which stocks are comparable to Bank Ganesha Tbk PT?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Bank Ganesha Tbk PT stock attractive at the current price?
The data as of Nov 8, 2026: price 83.00 IDR, calculated fair value 113.29 IDR (+36%), Quality Score 45/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BGTG calculated?
We run Bank Ganesha Tbk PT through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 113.29 IDR builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Bank Ganesha Tbk PT currently trades 27% below its own fair value, and the market average says nothing about that. 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 Bank Ganesha Tbk PT (BGTG)?
The closing price on Nov 9, 2026 was 83.00 IDR. Our model-based fair value is 113.29 IDR, about +36% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank Ganesha Tbk PT right now?
The large discount to fair value meets weak quality (45/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (84.97 IDR). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Bank Ganesha Tbk PT (BGTG) come from?
Earnings per share at Bank Ganesha Tbk PT grew +10.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −4.1 %, EBIT margin +14.7 %, tax rate +0.7 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Bank Ganesha Tbk PT
How large is the market capitalisation of Bank Ganesha Tbk PT (BGTG)?
The market capitalisation of Bank Ganesha Tbk PT is 2.0T IDR (≈ $111M). 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 Bank Ganesha Tbk PT (BGTG)?
The price-to-sales ratio of Bank Ganesha Tbk PT is 3.60 (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 Bank Ganesha Tbk PT (BGTG)?
Earnings per share at Bank Ganesha Tbk PT are 9.56 IDR (price ÷ EPS = P/E 8.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bank Ganesha Tbk PT (BGTG)?
The net margin of Bank Ganesha Tbk PT is 42.2% (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 Bank Ganesha Tbk PT (BGTG)?
The return on equity (ROE) of Bank Ganesha Tbk PT is 6.4% (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 Bank Ganesha Tbk PT (BGTG)?
On an EBIT basis the return on assets of Bank Ganesha Tbk PT is 1.4% (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 Bank Ganesha Tbk PT (BGTG)?
The operating margin of Bank Ganesha Tbk PT is 58.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank Ganesha Tbk PT (BGTG)?
Revenue at Bank Ganesha Tbk PT is growing +1.7% versus a year earlier (3y avg +18.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bank Ganesha Tbk PT (BGTG)?
Earnings per share at Bank Ganesha Tbk PT are growing +4.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Bank Ganesha Tbk PT (BGTG) generate?
The free cash flow of Bank Ganesha Tbk PT is −1.3T 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 cash does Bank Ganesha Tbk PT (BGTG) hold?
Bank Ganesha Tbk PT holds more cash than debt, 1.6T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 8, 2026