Elnusa Tbk (ELSA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Elnusa Tbk stock IDR 946, price IDR 555, upside +70.4%, quality 68 out of 100. Rating: strongly undervalued. Calculated from audited financials with 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 176.13 IDR – 927.98 IDR · fair‑value band 756.13 IDR – 1,203 IDR · the 555.00 IDR price screens below the 945.61 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 Elnusa Tbk provides oil and gas services in Indonesia. The company operates through Integrated Upstream Oil and Gas Services; Oil and Gas Support Services; and Energy Distribution and Logistics Services segments.
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It offers geophysical/seismic data, oil and gas drilling, and oilfield services; and oil country tubular goods, threading for oil and gas drilling, oil and gas data management, integrated information technology development, telecommunication, network, storage, and satellite telecommunications services.
The company provides data and information on energy and mineral resources management services; very-small-aperture terminal-based communication systems; ship rental services and agents; pipe manufacturing and trading services; and trading, distribution, and marketing of oil and gas products.
Further, the company distributes and trades in oil and chemicals; operates retail gas stations; and offers mechanical maintenance. The company was formerly known as PT Electronika Nusantara and changed its name to PT Elnusa Tbk in June 1984.
PT Elnusa Tbk was founded in 1969 and is based in Jakarta, Indonesia. PT Elnusa Tbk is a subsidiary of PT Pertamina Hulu Energi.
Stock analysis
Elnusa Tbk (ELSA) currently trades at 555.00 IDR, while our model-based Fair Value estimate is 945.61 IDR, implying the stock looks roughly 41% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 2,326 IDR per share, and 22 of the 26 models we run sit above the 555.00 IDR price.
Bear case: the Asset-Based group reads lowest at 297.65 IDR, and 4 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 756.13 IDR (bear) to 1,203 IDR (bull), the price of 555.00 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 68/100 (solid quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Elnusa Tbk reported revenue of 14.5T IDR in FY2025 versus 8.1T IDR in FY2021, a compound +15.5%/yr. Reported net income was 718B IDR in FY2025, compounding +60.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 4.1T IDR (≈ $225M) Micro · P/E ratio 4.6 · P/S ratio 0.27 · EPS (TTM) 119.76 IDR · Dividend yield 6.0% · Net margin 5.4% · Return on equity 15.7% · Return on assets (EBIT) 6.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −32% fair-value upside, at 70%, ELSA screens cheaper than that median.
Fair Value models
Bear756.13 IDRFair Value 945.61 IDRBull1,203 IDR
Price 555.00 IDR · Upside +70.4%
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 (102.70 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.
Best data coverage
FCF DCF1,827 IDR2,547 IDR3,507 IDR81
Growth DCF1,806 IDR2,437 IDR3,221 IDR79
Owner Earnings769.82 IDR973.24 IDR1,244 IDR78
All 26 models by family
DCF Models
FCF DCF1,827 IDR2,547 IDR3,507 IDR81
Owner Earnings769.82 IDR973.24 IDR1,244 IDR78
5Y Revenue Exit1,554 IDR2,209 IDR3,053 IDR73
5Y EBITDA Exit1,484 IDR2,070 IDR2,761 IDR76
5Y P/E Exit1,516 IDR2,135 IDR2,804 IDR71
10Y Revenue Exit1,631 IDR2,212 IDR3,020 IDR67
10Y EBITDA Exit1,617 IDR2,130 IDR2,825 IDR69
10Y P/E Exit1,634 IDR2,168 IDR2,854 IDR65
Earnings-Based
Graham-Dodd669.34 IDR2,781 IDR3,792 IDR64
Lynch FV702.80 IDR1,004 IDR1,305 IDR61
PEG = 1.0702.80 IDR1,004 IDR1,305 IDR57
EPV957.36 IDR1,025 IDR1,079 IDR74
Dividend Discount
Gordon GGM255.50 IDR412.30 IDR520.81 IDR69
DDM Multi-Stage255.50 IDR398.21 IDR444.90 IDR67
Multiples
P/E Multiple1,034 IDR1,378 IDR1,723 IDR63
P/S Multiple1,255 IDR1,673 IDR2,092 IDR58
P/B Multiple362.49 IDR483.32 IDR604.16 IDR55
EV/EBIT1,133 IDR1,417 IDR1,701 IDR66
EV/EBITDA1,250 IDR1,573 IDR1,896 IDR67
EV/Revenue1,315 IDR1,758 IDR2,201 IDR54
Asset-Based
NCAV (Graham)196.45 IDR297.65 IDR372.06 IDR54
Growth DCF
Growth DCF1,806 IDR2,437 IDR3,221 IDR79
Rev-Margin DCF1,554 IDR2,215 IDR3,043 IDR73
Economic Profit
Residual Income616.71 IDR687.10 IDR844.57 IDR76
ROIC Compounder999.82 IDR1,130 IDR1,274 IDR72
Growth Earnings
Growth-Adj P/E970.59 IDR1,387 IDR1,803 IDR67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.3%
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.
+5.6%
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.
+13.4%
Start year 2020 (pandemic). Over 10 years: +14.4% 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.
+12.7%
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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. Basis: EBIT basis. 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.
+21.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.1%
Dividend (yield on the price)6.0%
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.23.6% vs 6.7%, picking up
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.5% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
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).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about +3.6% a year for the forecasts.
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.Oil & Gas Equipment & Services · 166 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+70.4% · Top 25%
Profitability
Return on equity (12 months)15.7% · Top 25%
Return on assets6.6% · Above median
Net margin (12 months)5.4% · Above median
Operating margin (12 months)6.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)22.6% · Above median
Dividend yield (12 months)6.0% · Top 25%
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Elnusa Tbk Fair Value". https://www.fairvalue-calculator.com/stock/ELSA
Frequently asked questions
Is Elnusa Tbk (ELSA) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 945.61 IDR versus a price of 555.00 IDR, about +70% upside (undervalued).
What is the fair value of ELSA?
Our model-based fair value for Elnusa Tbk is 945.61 IDR (as of Nov 8, 2026), built from audited fundamentals. The current price: 555.00 IDR.
What is the quality score of ELSA?
Elnusa Tbk has a Quality Score of 68/100. 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 Elnusa Tbk (ELSA)?
Our model-based price target is the fair value of 945.61 IDR (as of Nov 8, 2026) from 26 valuation models. Cautious scenario 756.13 IDR, optimistic scenario 1,203 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Elnusa Tbk stock forecast for 2026?
Our models put fair value at 945.61 IDR, about +70% upside versus a price of 555.00 IDR (undervalued). Cautious scenario 756.13 IDR, optimistic scenario 1,203 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Elnusa Tbk (ELSA)?
Elnusa Tbk reported trailing-twelve-month revenue of about 15.1T IDR (latest available figure, as of Nov 8, 2026).
Does Elnusa Tbk pay a dividend?
Elnusa Tbk currently shows a dividend yield of 5.97% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Elnusa Tbk (ELSA)?
Elnusa Tbk has a dividend yield of 6.0%.
What growth is priced into Elnusa Tbk (ELSA)?
For today's price to be fair in a discounted-cash-flow model, Elnusa Tbk would have to grow free cash flow by less than minus 40 % 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 +13.4 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of ELSA use?
Our models discount Elnusa Tbk at 13.5 %: a base by market capitalisation (micro), damped by beta 0.15, 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 Elnusa Tbk that is less than minus 40 % 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 Elnusa Tbk (ELSA) delivered so far?
Over the past 5 years revenue at Elnusa Tbk grew +13.4 % a year. The price currently implies free-cash-flow growth of less than minus 40 % 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 Elnusa Tbk (ELSA) growing?
The median revenue growth in the sector is +14.3 % a year. That is the yardstick for the growth priced into Elnusa Tbk (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Elnusa Tbk (ELSA)?
The free-cash-flow yield on the price is 29.94 %: that much free cash flow Elnusa Tbk 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 Elnusa Tbk (ELSA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elnusa Tbk it is 945.61 IDR per share (as of Nov 8, 2026), against a price of 555.00 IDR. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Elnusa Tbk stock overvalued or undervalued in 2026?
As of Nov 8, 2026, ELSA trades below its calculated fair value: price 555.00 IDR, fair value 945.61 IDR, a gap of about +70% (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 ELSA?
No. The price is what the market pays today (555.00 IDR); the fair value is what the company's own numbers justify (945.61 IDR). For Elnusa Tbk the two are 390.61 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Elnusa Tbk worth?
The market values Elnusa Tbk at about 4.1T IDR (market capitalisation, as of Nov 8, 2026). Per share that is 555.00 IDR; our models calculate a fair value of 945.61 IDR per share.
What do the bullish and bearish scenarios say about ELSA?
Our models span a range for Elnusa Tbk: cautious scenario 756.13 IDR, base 945.61 IDR, optimistic 1,203 IDR per share (as of Nov 8, 2026, price 555.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ELSA?
Elnusa Tbk trades at a price-to-earnings ratio of 4.6 (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 945.61 IDR is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 7.7. Other multiples: PEG 2.2, P/B 0.8, P/S 0.3, EV/EBITDA 1.2.
What is the PEG ratio of ELSA?
The PEG ratio of Elnusa Tbk is 2.20 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Elnusa Tbk (ELSA)?
Balance-sheet figures for Elnusa Tbk (as of Nov 8, 2026): return on equity 15.7%, debt of 0.02 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is ELSA from its 52-week high?
Elnusa Tbk trades at 555.00 IDR, about 40% below its 52-week high of 927.98 IDR and 22% above the low of 456.57 IDR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 945.61 IDR is for.
Which stocks are comparable to Elnusa Tbk?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, Tenaris S.A, Halliburton Company, 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 Elnusa Tbk stock attractive at the current price?
The data as of Nov 8, 2026: price 555.00 IDR, calculated fair value 945.61 IDR (+70%), Quality Score 68/100, from 26 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 ELSA calculated?
We run Elnusa Tbk through 26 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 945.61 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. Elnusa Tbk currently trades 41% 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 Elnusa Tbk (ELSA)?
The closing price on Nov 6, 2026 was 555.00 IDR. Our model-based fair value is 945.61 IDR, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elnusa Tbk right now?
The price is below even our cautious bear case (756.13 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. Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Elnusa Tbk (ELSA) come from?
Earnings per share at Elnusa Tbk grew +6.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +14.9 %, EBIT margin −7.3 %, tax rate +0.9 %, residual (interest, one-offs) −0.9 %. 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 Elnusa Tbk
How large is the market capitalisation of Elnusa Tbk (ELSA)?
The market capitalisation of Elnusa Tbk is 4.1T IDR (≈ $225M). 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 Elnusa Tbk (ELSA)?
The price-to-sales ratio of Elnusa Tbk is 0.27 (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 Elnusa Tbk (ELSA)?
Earnings per share at Elnusa Tbk are 119.76 IDR (price ÷ EPS = P/E 4.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Elnusa Tbk (ELSA)?
The dividend yield of Elnusa Tbk is 6.0% (payout 27.7%). 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 Elnusa Tbk (ELSA)?
The net margin of Elnusa Tbk is 5.4% (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 Elnusa Tbk (ELSA)?
The return on equity (ROE) of Elnusa Tbk is 15.7% (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 Elnusa Tbk (ELSA)?
On an EBIT basis the return on assets of Elnusa Tbk is 6.7% (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 Elnusa Tbk (ELSA)?
The operating margin of Elnusa Tbk is 6.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elnusa Tbk (ELSA)?
Revenue at Elnusa Tbk is growing +22.6% versus a year earlier (3y avg +5.6%). 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 Elnusa Tbk (ELSA)?
Earnings per share at Elnusa Tbk are growing +63.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Elnusa Tbk (ELSA) hold?
Elnusa Tbk holds more cash than debt, 2.1T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 8, 2026