Sariguna Primatirta PT (CLEO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Sariguna Primatirta PT stock IDR 287, price IDR 370, that is 22.5% below the price, quality 45 out of 100. Rating: overvalued. Calculated from audited financials with 25 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 7, 2026.
How to read this chart
60‑month range 201.94 IDR – 821.65 IDR · fair‑value band 115.08 IDR – 417.62 IDR · the 370.00 IDR price screens above the 286.70 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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PT Sariguna Primatirta Tbk, together with its subsidiaries, produces and sells bottled drinking water products in Indonesia. The company operates through the Bottle, Non-Bottle, and Others segments.
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The company also has wholesale trading of food and beverages and the production and distribution of ice for food, beverage, and other uses. It sells drinking water under the Cleo, Super O2, VIO, Cleo Plantine, Anda, and S-Tube brands; and green tea under the NOGU brand.
The company was formerly known as PT Sari Guna and changed its name to PT Sariguna Primatirta Tbk in December 1988. The company was founded in 1988 and is headquartered in Sidoarjo, Indonesia. PT Sariguna Primatirta Tbk operates as a asubsidiary of PT Tancorp Global Abadi.
Stock analysis
Sariguna Primatirta PT (CLEO) currently trades at 370.00 IDR, while our model-based Fair Value estimate is 286.70 IDR, 23% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 470.72 IDR per share, and 7 of the 25 models we run sit above the 370.00 IDR price.
Bear case: the Asset-Based group reads lowest at 62.78 IDR, and 18 of the 25 models stay below the price. Data coverage for this calculation is low.
Scenario range: 115.08 IDR (bear) to 417.62 IDR (bull), the price of 370.00 IDR sits inside 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 Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Sariguna Primatirta PT reported revenue of 2.8T IDR in FY2025 versus 1.1T IDR in FY2021, a compound +26.5%/yr. Reported net income was 382B IDR in FY2025, compounding +20.6%/yr from FY2021.
Key figures
Market cap 10.0T IDR (≈ $552M) Small · P/E ratio 21.4 · P/S ratio 3.17 · EPS (TTM) 17.92 IDR · Dividend yield 0.7% · Net margin 13.7% · Return on equity 18.9% · Return on assets (EBIT) 19.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −23% fair-value upside, at −23%, CLEO screens cheaper than that median.
Fair Value models
Bear115.08 IDRFair Value 286.70 IDRBull417.62 IDR
Price 370.00 IDR · Downside -22.5%
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 (13.18 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
+4.8%
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.
+27.6%
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.
+23.8%
Start year 2020 (pandemic). Over 10 years: +22.7% a year
Revenue growth 11 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.
+22.3%
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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.
+8.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.5%
Dividend (yield on the price)0.7%
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.7.5% vs 34.3%, slowing
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.22% → 19%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+48.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about +45.0% a year for the price.
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.Beverages - Non-Alcoholic · 80 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside−22.5% · Below median
Profitability
Return on equity (12 months)18.9% · Above median
Return on assets12.7% · Top 25%
Net margin (12 months)13.7% · Above median
Operating margin (12 months)21.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)31.5% · Top 25%
Dividend yield (12 months)0.7% · Bottom 25%
Balance sheet
Debt / equity0.11× · Above median
Valuation Multiplesvs Beverages - Non-Alcoholic median · lower = cheaper
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Is Sariguna Primatirta PT (CLEO) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 286.70 IDR versus a price of 370.00 IDR, about 23% lower (overvalued).
What is the fair value of CLEO?
Our model-based fair value for Sariguna Primatirta PT is 286.70 IDR (as of Nov 7, 2026), built from audited fundamentals. The current price: 370.00 IDR.
What is the quality score of CLEO?
Sariguna Primatirta 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 Sariguna Primatirta PT (CLEO)?
Our model-based price target is the fair value of 286.70 IDR (as of Nov 7, 2026) from 25 valuation models. Cautious scenario 115.08 IDR, optimistic scenario 417.62 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Sariguna Primatirta PT stock forecast for 2026?
Our models put fair value at 286.70 IDR, about 23% lower versus a price of 370.00 IDR (overvalued). Cautious scenario 115.08 IDR, optimistic scenario 417.62 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Sariguna Primatirta PT (CLEO)?
Sariguna Primatirta PT reported trailing-twelve-month revenue of about 3.2T IDR (latest available figure, as of Nov 7, 2026).
Does Sariguna Primatirta PT pay a dividend?
Sariguna Primatirta PT currently shows a dividend yield of 0.68% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Sariguna Primatirta PT (CLEO) and when is the ex-dividend date?
Sariguna Primatirta PT pays a dividend of 2.50 IDR per share a year, a dividend yield of 0.7%. The last ex-dividend date was Jul 1, 2026. A dividend has been paid every year since at least 2021. The payout ratio is 14.0% of earnings. Free cash flow covers the dividend 1.82 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Sariguna Primatirta PT (CLEO)?
For today's price to be fair in a discounted-cash-flow model, Sariguna Primatirta PT would have to grow free cash flow by +48.8 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +23.8 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of CLEO use?
Our models discount Sariguna Primatirta PT at 13.5 %: a base by market capitalisation (small), country premium for Indonesia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Sariguna Primatirta PT that is +48.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Sariguna Primatirta PT (CLEO) delivered so far?
Over the past 5 years revenue at Sariguna Primatirta PT grew +23.8 % a year. The price currently implies free-cash-flow growth of +48.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Sariguna Primatirta PT (CLEO) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Sariguna Primatirta PT (+48.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Sariguna Primatirta PT (CLEO)?
The free-cash-flow yield on the price is 1.23 %: that much free cash flow Sariguna Primatirta PT produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sariguna Primatirta PT (CLEO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sariguna Primatirta PT it is 286.70 IDR per share (as of Nov 7, 2026), against a price of 370.00 IDR. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Sariguna Primatirta PT stock overvalued or undervalued in 2026?
As of Nov 7, 2026, CLEO trades above its calculated fair value: price 370.00 IDR, fair value 286.70 IDR, a gap of about −23% (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 CLEO?
No. The price is what the market pays today (370.00 IDR); the fair value is what the company's own numbers justify (286.70 IDR). For Sariguna Primatirta PT the two are 83.30 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Sariguna Primatirta PT worth?
The market values Sariguna Primatirta PT at about 10.0T IDR (market capitalisation, as of Nov 7, 2026). Per share that is 370.00 IDR; our models calculate a fair value of 286.70 IDR per share.
What do the bullish and bearish scenarios say about CLEO?
Our models span a range for Sariguna Primatirta PT: cautious scenario 115.08 IDR, base 286.70 IDR, optimistic 417.62 IDR per share (as of Nov 7, 2026, price 370.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CLEO?
Sariguna Primatirta PT trades at a price-to-earnings ratio of 21.4 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 286.70 IDR is built from several models across several years. Other multiples: P/B 4.4, P/S 3.2, EV/EBITDA 11.9.
How solid is the balance sheet of Sariguna Primatirta PT (CLEO)?
Balance-sheet figures for Sariguna Primatirta PT (as of Nov 7, 2026): return on equity 18.9%, debt of 0.11 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is CLEO from its 52-week high?
Sariguna Primatirta PT trades at 370.00 IDR, about 30% below its 52-week high of 531.37 IDR and 16% above the low of 319.81 IDR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 286.70 IDR is for.
Which stocks are comparable to Sariguna Primatirta PT?
From the same area (Consumer Defensive) we also value The Coca-Cola Company, PepsiCo, Inc, Monster Beverage Corporation, Nongfu Spring Co, 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 Sariguna Primatirta PT stock attractive at the current price?
The data as of Nov 7, 2026: price 370.00 IDR, calculated fair value 286.70 IDR (−23%), Quality Score 45/100, from 25 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 CLEO calculated?
We run Sariguna Primatirta PT through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 286.70 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 13.0% above its aggregate fair value. Sariguna Primatirta PT 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 Sariguna Primatirta PT (CLEO)?
The closing price on Nov 6, 2026 was 370.00 IDR. Our model-based fair value is 286.70 IDR, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sariguna Primatirta PT right now?
Weak quality (45/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (115.08 IDR to 417.62 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Sariguna Primatirta PT (CLEO) come from?
Earnings per share at Sariguna Primatirta PT grew +27.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +10.2 %, EBIT margin +13.8 %, tax rate −0.1 %, residual (interest, one-offs) +1.8 %. 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 Sariguna Primatirta PT
How large is the market capitalisation of Sariguna Primatirta PT (CLEO)?
The market capitalisation of Sariguna Primatirta PT is 10.0T IDR (≈ $552M). 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 Sariguna Primatirta PT (CLEO)?
The price-to-sales ratio of Sariguna Primatirta PT is 3.17 (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 Sariguna Primatirta PT (CLEO)?
Earnings per share at Sariguna Primatirta PT are 17.92 IDR (price ÷ EPS = P/E 21.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sariguna Primatirta PT (CLEO)?
The dividend yield of Sariguna Primatirta PT is 0.7% (payout 14.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Sariguna Primatirta PT (CLEO)?
The net margin of Sariguna Primatirta PT is 13.7% (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 Sariguna Primatirta PT (CLEO)?
The return on equity (ROE) of Sariguna Primatirta PT is 18.9% (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 Sariguna Primatirta PT (CLEO)?
On an EBIT basis the return on assets of Sariguna Primatirta PT is 19.9% (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 Sariguna Primatirta PT (CLEO)?
The operating margin of Sariguna Primatirta PT is 21.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sariguna Primatirta PT (CLEO)?
Revenue at Sariguna Primatirta PT is growing +31.5% versus a year earlier (3y avg +27.6%). 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 Sariguna Primatirta PT (CLEO)?
Earnings per share at Sariguna Primatirta PT are growing +49.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sariguna Primatirta PT (CLEO) carry?
The net debt of Sariguna Primatirta PT is 395B IDR (fiscal year 2025, ≈ 3.6 yrs of FCF). 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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Thin data
Nov 7, 2026