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NFC Indonesia PT Tbk (NFCX) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of NFC Indonesia PT Tbk stock IDR 188, price IDR 1,800, that is 89.6% below the price, quality 53 out of 100. Rating: strongly overvalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.

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Communication Services ID · ISIN ID1000144504

NI NFC Indonesia PT Tbk logo Thin data Nov 7, 2026

NFC Indonesia PT Tbk

NFCX · JK
Solid, but very expensive

Our calculation puts a fair price 90% below what the stock costs today.

Low debt
Quality 53/100
Loss over the last twelve months · -0.4% net margin (TTM) · fiscal year 2025 0.1%
Revenue last quarter 48% below a year ago.
Fair value 187.53 IDR · Strongly overvalued
Weak Growth (revenue 5y −11.7 %/yr in IDR)
Negative free cash flow
Trails peers (1/12)
Narrow moat 20/100 · thin data
Thin data
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Price vs Fair Value

13,400 IDR 1,035 IDR Fair Value 187.53 IDR Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range 1,035 IDR – 13,400 IDR · fair‑value band 140.65 IDR – 234.41 IDR · the 1,800 IDR price screens above the 187.53 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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Company profile

PT NFC Indonesia Tbk, together with its subsidiaries, engages in the provision of marketing platforms in Indonesia. It operates through Digital Product Aggregator, Digital Cloud Advertisement, Clean Energy Products and Services, Digital Wholesale, and Content and Entertainment segments.

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The company offers various digital products for SMEs, modern retail, and e-commerce through a B2B2C platform; digital cloud marketing ecosystem solution through hardware, content management system and managed service contract; and transportation products and infrastructure under the electric motorcycle Volta brand name.

It is also involved in the management of collection of superhero characters with intellectual property and digital activation platform. The company was founded in 2013 and is based in Jakarta, Indonesia. PT NFC Indonesia Tbk operates as a subsidiary of PT M Cash Integrasi Tbk.

Stock analysis

NFC Indonesia PT Tbk (NFCX) currently trades at 1,800 IDR, while our model-based Fair Value estimate is 187.53 IDR, 90% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 278.62 IDR per share, and 0 of the 14 models we run sit above the 1,800 IDR price.

Bear case: the Earnings-Based group reads lowest at 130.35 IDR, and 14 of the 14 models stay below the price. Data coverage for this calculation is low.

Scenario range: 140.65 IDR (bear) to 234.41 IDR (bull), the price of 1,800 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 53/100 (solid quality), in the Communication Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

NFC Indonesia PT Tbk reported revenue of 4.1T IDR in FY2025 versus 8.9T IDR in FY2021, a compound −17.7%/yr. Reported net income was 5.6B IDR in FY2025, compounding −56.8%/yr from FY2021.

Key figures

Market cap 1.2T IDR (≈ $66.2M) Micro · P/S ratio 0.35 · EPS (TTM) −18.51 IDR · Dividend yield 0.0% · Net margin −0.4% · Return on equity −4.5% · Return on assets (EBIT) 1.1% (5-year average) · Operating margin −2.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 49% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at 11% fair-value upside, at −90%, NFCX screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (2.98 IDR to 1,663 IDR). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 140.65 IDR Fair Value 187.53 IDR Bull 234.41 IDR
Price 1,800 IDR · Downside -89.6%
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. 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
Residual Income 204.29 IDR 225.09 IDR 251.89 IDR 76
EPV 136.57 IDR 138.39 IDR 139.82 IDR 73
ROIC Compounder 136.57 IDR 138.39 IDR 139.82 IDR 71
All 15 models by family
Earnings-Based
Graham-Dodd 57.96 IDR 130.35 IDR 166.73 IDR 65
PEG = 1.0 21.30 IDR 30.43 IDR 39.56 IDR 57
EPV 136.57 IDR 138.39 IDR 139.82 IDR 73
Dividend Discount
Gordon GGM 2.32 IDR 3.13 IDR 3.76 IDR 69
DDM Multi-Stage 2.32 IDR 2.98 IDR 3.52 IDR 67
Multiples
P/E Multiple 140.65 IDR 187.53 IDR 234.41 IDR 63
P/S Multiple 108.68 IDR 144.91 IDR 181.13 IDR 57
P/B Multiple 1,248 IDR 1,663 IDR 2,079 IDR 55
EV/EBIT n/a 8.66 IDR >34.64 IDR 60
EV/EBITDA 656.13 IDR 907.79 IDR 1,159 IDR 66
EV/Revenue n/a n/a 2.09 IDR 49
Asset-Based
NCAV (Graham) 207.93 IDR 278.62 IDR 415.85 IDR 53
Economic Profit
Residual Income 204.29 IDR 225.09 IDR 251.89 IDR 76
ROIC Compounder 136.57 IDR 138.39 IDR 139.82 IDR 71
Growth Earnings
Growth-Adj P/E 104.84 IDR 149.77 IDR 194.70 IDR 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

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

Profitability 35
How much profit the company makes from its sales and capital
Quality Growth 49
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 43
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 72
How calm the share price moves, does not count
Price momentum 49
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 57
Distance to the 52-week high, does not count
New shares 82
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. 14/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−33.0%
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.
−25.5%
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.
−11.7%
Start year 2020 (pandemic). Over 10 years: +82.6% a year
Revenue growth 10 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.
+82.6%
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.
−30.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−30.7%
Dividend (yield on the price)0.0%
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% → 0%

NFCX screens overvalued: fair value 90% below the price. Compare with Alphabet 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 Content & Information · 122 stocks

Beats the industry median on 1/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside −89.6% · Bottom 25%
Profitability
Return on assets 0.6% · Below median
Net margin (12 months) −0.6% · Below median
Operating margin (12 months) −2.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −48.1% · Bottom 25%
Dividend yield (12 months) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.10× · Above median

Valuation Multiplesvs Internet Content & Information median · lower = cheaper

P/B 4.22× · Priciest 25%
P/S (12 months) 0.57× · Cheapest 25%
EV/EBITDA 22.6× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 47
FUTURE (revenue growth)0 · sector 33
PAST (return on equity)0 · sector 18
HEALTH (low debt)95 · sector 97
DIVIDEND (yield)1 · sector 40

VALUE 0: the price sits above our fair-value range.

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 Content & Information stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Kuaishou Technology 1024 HK$28.92 HK$86.76 +200% vs NFCX
Tencent Music Entertainment Group 1698 HK$37.28 HK$74.14 +99% vs NFCX
Tencent Holdings 0700 HK$419.80 HK$710.45 +69% vs NFCX
NAVER Corporation 035420 190,200 KRW 314,922 KRW +66% vs NFCX
REA Group REA A$173.54 A$192.29 +11% vs NFCX
Alphabet Inc GOOG $283.93 $312.32 +10% vs NFCX
Meta Platforms, Inc META $610.15 $671.17 +10% vs NFCX
Reddit, Inc RDDT $95.10 $104.61 +10% vs NFCX
Spotify Technology S.A SPOT $603.01 $612.82 +2% vs NFCX
Baidu, Inc BIDU $81.87 $54.07 −34% vs NFCX

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NFC Indonesia PT Tbk: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "NFC Indonesia PT Tbk Fair Value". https://www.fairvalue-calculator.com/stock/NFCX

Frequently asked questions

Is NFC Indonesia PT Tbk (NFCX) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 187.53 IDR versus a price of 1,800 IDR, about 90% lower (overvalued).
What is the fair value of NFCX?
Our model-based fair value for NFC Indonesia PT Tbk is 187.53 IDR (as of Nov 7, 2026), built from audited fundamentals. The current price: 1,800 IDR.
What is the quality score of NFCX?
NFC Indonesia PT Tbk has a Quality Score of 53/100. 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 NFC Indonesia PT Tbk (NFCX)?
Our model-based price target is the fair value of 187.53 IDR (as of Nov 7, 2026) from 15 valuation models. Cautious scenario 140.65 IDR, optimistic scenario 234.41 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the NFC Indonesia PT Tbk stock forecast for 2026?
Our models put fair value at 187.53 IDR, about 90% lower versus a price of 1,800 IDR (overvalued). Cautious scenario 140.65 IDR, optimistic scenario 234.41 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of NFC Indonesia PT Tbk (NFCX)?
NFC Indonesia PT Tbk reported trailing-twelve-month revenue of about 3.2T IDR (latest available figure, as of Nov 7, 2026).
Does NFC Indonesia PT Tbk pay a dividend?
NFC Indonesia PT Tbk currently shows a dividend yield of 0.03% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of NFC Indonesia PT Tbk (NFCX)?
NFC Indonesia PT Tbk has a dividend yield of 0.0%.
What is the intrinsic value of NFC Indonesia PT Tbk (NFCX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NFC Indonesia PT Tbk it is 187.53 IDR per share (as of Nov 7, 2026), against a price of 1,800 IDR. It is the blended result of 15 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is NFC Indonesia PT Tbk stock overvalued or undervalued in 2026?
As of Nov 7, 2026, NFCX trades above its calculated fair value: price 1,800 IDR, fair value 187.53 IDR, a gap of about −90% (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 NFCX?
No. The price is what the market pays today (1,800 IDR); the fair value is what the company's own numbers justify (187.53 IDR). For NFC Indonesia PT Tbk the two are 1,612 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is NFC Indonesia PT Tbk worth?
The market values NFC Indonesia PT Tbk at about 1.2T IDR (market capitalisation, as of Nov 7, 2026). Per share that is 1,800 IDR; our models calculate a fair value of 187.53 IDR per share.
What do the bullish and bearish scenarios say about NFCX?
Our models span a range for NFC Indonesia PT Tbk: cautious scenario 140.65 IDR, base 187.53 IDR, optimistic 234.41 IDR per share (as of Nov 7, 2026, price 1,800 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of NFC Indonesia PT Tbk (NFCX)?
Balance-sheet figures for NFC Indonesia PT Tbk (as of Nov 7, 2026): return on equity −4.5%, debt of 0.10 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is NFCX from its 52-week high?
NFC Indonesia PT Tbk trades at 1,800 IDR, about 8% below its 52-week high of 1,965 IDR and 49% above the low of 1,205 IDR (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 187.53 IDR is for.
Which stocks are comparable to NFC Indonesia PT Tbk?
From the same area (Communication Services) we also value Alphabet Inc, Meta Platforms, Inc, Tencent Holdings, Spotify Technology S.A, 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 NFC Indonesia PT Tbk stock attractive at the current price?
The data as of Nov 7, 2026: price 1,800 IDR, calculated fair value 187.53 IDR (−90%), Quality Score 53/100, from 15 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 NFCX calculated?
We run NFC Indonesia PT Tbk through 15 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 187.53 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. NFC Indonesia PT Tbk 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 NFC Indonesia PT Tbk (NFCX)?
The closing price on Nov 9, 2026 was 1,800 IDR. Our model-based fair value is 187.53 IDR, about 90% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NFC Indonesia PT Tbk right now?
The price sits above even our optimistic bull case (234.41 IDR). The favourable scenario is already priced in. 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 but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of NFC Indonesia PT Tbk

How large is the market capitalisation of NFC Indonesia PT Tbk (NFCX)?
The market capitalisation of NFC Indonesia PT Tbk is 1.2T IDR (≈ $66.2M). 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 NFC Indonesia PT Tbk (NFCX)?
The price-to-sales ratio of NFC Indonesia PT Tbk is 0.35 (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 NFC Indonesia PT Tbk (NFCX)?
Earnings per share at NFC Indonesia PT Tbk are −18.51 IDR. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NFC Indonesia PT Tbk (NFCX)?
The dividend yield of NFC Indonesia PT Tbk is 0.0%. 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 NFC Indonesia PT Tbk (NFCX)?
The net margin of NFC Indonesia PT Tbk is −0.4% (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 NFC Indonesia PT Tbk (NFCX)?
The return on equity (ROE) of NFC Indonesia PT Tbk is −4.5% (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 NFC Indonesia PT Tbk (NFCX)?
On an EBIT basis the return on assets of NFC Indonesia PT Tbk is 1.1% (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 NFC Indonesia PT Tbk (NFCX)?
The operating margin of NFC Indonesia PT Tbk is −2.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NFC Indonesia PT Tbk (NFCX)?
Revenue at NFC Indonesia PT Tbk is growing −48.1% versus a year earlier (3y avg −25.5%). 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 NFC Indonesia PT Tbk (NFCX)?
Earnings per share at NFC Indonesia PT Tbk are growing −89.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NFC Indonesia PT Tbk (NFCX) generate?
The free cash flow of NFC Indonesia PT Tbk is −17.3B 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 NFC Indonesia PT Tbk (NFCX) carry?
The net debt of NFC Indonesia PT Tbk is 98.6B 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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