Panin Sekuritas Tbk (PANS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Panin Sekuritas Tbk stock IDR 1,591, price IDR 1,545, upside +3.0%, quality 74 out of 100. Rating: fairly valued. Calculated from audited financials with 13 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 9, 2026.
How to read this chart
60‑month range 640.78 IDR – 1,665 IDR · fair‑value band 979.95 IDR – 2,640 IDR · the 1,545 IDR price screens below the 1,591 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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PT Panin Sekuritas Tbk, together with its subsidiaries, provides securities brokerage, underwriting, and investment management services in Indonesia.
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The company engages in the stock, fixed income, and margin trading; regular and sharia online trading; corporate finance and e-IPO; and reverse REPO activities. It also provides asset management services. In addition, it offers construction, agriculture, transportation, and printing services.
The company was formerly known as PT Nusamas Panin and changed its name to PT Panin Sekuritas Tbk in June 1995. PT Panin Sekuritas Tbk was founded in 1989 and is headquartered in Jakarta Selatan, Indonesia.
Stock analysis
Panin Sekuritas Tbk (PANS) currently trades at 1,545 IDR, while our model-based Fair Value estimate is 1,591 IDR, so the stock looks roughly fairly valued today (gap 2.9%).
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 4,029 IDR per share, and 8 of the 13 models we run sit above the 1,545 IDR price.
Bear case: the Asset-Based group reads lowest at 444.82 IDR, and 5 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: 979.95 IDR (bear) to 2,640 IDR (bull), the price of 1,545 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 74/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Panin Sekuritas Tbk reported revenue of 469B IDR in FY2025 versus 367B IDR in FY2021, a compound +6.3%/yr. Reported net income was 191B IDR in FY2025, compounding +5.9%/yr from FY2021.
Key figures
Market cap 1.1T IDR (≈ $61.1M) Micro · P/E ratio 6.4 · P/S ratio 2.33 · EPS (TTM) 241.67 IDR · Net margin 36.5% · Return on equity 12.2% · Return on assets (EBIT) 9.6% (5-year average) · Operating margin 21.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 3%, PANS screens cheaper than that median.
Fair Value models
Bear979.95 IDRFair Value 1,591 IDRBull2,640 IDR
Price 1,545 IDR · Upside +3.0%
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.
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.83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+44.4%
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.
+10.4%
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.
+10.0%
Start year 2020 (pandemic). Over 10 years: +2.3% a year
Revenue growth 25 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.
+13.5%
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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.
+8.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.5%
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.8.5% vs −2.8%, 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.45% → 51%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.3%/yr over ~10Y (margins eroding too) ⓘ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.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+12.0%
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 +9.1% 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.Capital Markets · 384 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+3.0% · Below median
Profitability
Return on equity (12 months)12.2% · Above median
Return on assets7.2% · Top 25%
Net margin (12 months)36.5% · Above median
Operating margin (12 months)21.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)−36.7% · Bottom 25%
Dividend yield (12 months)16.2% · Top 25%
Balance sheet
Debt / equity0.36× · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)6.4× · Cheapest 25%
P/B0.69× · Cheaper than median
P/S (12 months)2.33× · Cheaper than median
Price / free cash flow (fiscal year)9.8× · Cheaper than median
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Is Panin Sekuritas Tbk (PANS) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 1,591 IDR versus a price of 1,545 IDR, about +3% upside (fairly valued).
What is the fair value of PANS?
Our model-based fair value for Panin Sekuritas Tbk is 1,591 IDR (as of Nov 9, 2026), built from audited fundamentals. The current price: 1,545 IDR.
What is the quality score of PANS?
Panin Sekuritas Tbk has a Quality Score of 74/100. 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 Panin Sekuritas Tbk (PANS)?
Our model-based price target is the fair value of 1,591 IDR (as of Nov 9, 2026) from 13 valuation models. Cautious scenario 979.95 IDR, optimistic scenario 2,640 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Panin Sekuritas Tbk stock forecast for 2026?
Our models put fair value at 1,591 IDR, about +3% upside versus a price of 1,545 IDR (fairly valued). Cautious scenario 979.95 IDR, optimistic scenario 2,640 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Panin Sekuritas Tbk (PANS)?
Panin Sekuritas Tbk reported trailing-twelve-month revenue of about 472B IDR (latest available figure, as of Nov 9, 2026).
What growth is priced into Panin Sekuritas Tbk (PANS)?
For today's price to be fair in a discounted-cash-flow model, Panin Sekuritas Tbk would have to grow free cash flow by +12.0 % 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 +10.0 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of PANS use?
Our models discount Panin Sekuritas Tbk at 13.5 %: a base by market capitalisation (micro), damped by beta 0.01, 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 Panin Sekuritas Tbk that is +12.0 % 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 Panin Sekuritas Tbk (PANS) delivered so far?
Over the past 5 years revenue at Panin Sekuritas Tbk grew +10.0 % a year. The price currently implies free-cash-flow growth of +12.0 % 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 Panin Sekuritas Tbk (PANS) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Panin Sekuritas Tbk (+12.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Panin Sekuritas Tbk (PANS)?
The free-cash-flow yield on the price is 10.20 %: that much free cash flow Panin Sekuritas 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 Panin Sekuritas Tbk (PANS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Panin Sekuritas Tbk it is 1,591 IDR per share (as of Nov 9, 2026), against a price of 1,545 IDR. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Panin Sekuritas Tbk stock overvalued or undervalued in 2026?
As of Nov 9, 2026, PANS trades below its calculated fair value: price 1,545 IDR, fair value 1,591 IDR, a gap of about +3% (fairly valued). 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 PANS?
No. The price is what the market pays today (1,545 IDR); the fair value is what the company's own numbers justify (1,591 IDR). For Panin Sekuritas Tbk the two are 45.69 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Panin Sekuritas Tbk worth?
The market values Panin Sekuritas Tbk at about 1.1T IDR (market capitalisation, as of Nov 9, 2026). Per share that is 1,545 IDR; our models calculate a fair value of 1,591 IDR per share.
What do the bullish and bearish scenarios say about PANS?
Our models span a range for Panin Sekuritas Tbk: cautious scenario 979.95 IDR, base 1,591 IDR, optimistic 2,640 IDR per share (as of Nov 9, 2026, price 1,545 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PANS?
Panin Sekuritas Tbk trades at a price-to-earnings ratio of 6.4 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,591 IDR is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 8.5. Other multiples: P/B 0.7, P/S 2.3, EV/EBITDA 8.2.
How solid is the balance sheet of Panin Sekuritas Tbk (PANS)?
Balance-sheet figures for Panin Sekuritas Tbk (as of Nov 9, 2026): return on equity 12.2%, debt of 0.36 per unit of equity. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is PANS from its 52-week high?
Panin Sekuritas Tbk trades at 1,545 IDR, about 7% below its 52-week high of 1,665 IDR and 24% above the low of 1,251 IDR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 1,591 IDR is for.
Which stocks are comparable to Panin Sekuritas Tbk?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers 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 Panin Sekuritas Tbk stock attractive at the current price?
The data as of Nov 9, 2026: price 1,545 IDR, calculated fair value 1,591 IDR (+3%), Quality Score 74/100, from 13 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 PANS calculated?
We run Panin Sekuritas Tbk through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 1,591 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. Panin Sekuritas Tbk currently trades 3% 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 Panin Sekuritas Tbk (PANS)?
The closing price on Nov 6, 2026 was 1,545 IDR. Our model-based fair value is 1,591 IDR, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Panin Sekuritas Tbk right now?
The model range is unusually wide (979.95 IDR to 2,640 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 Panin Sekuritas Tbk (PANS) come from?
Earnings per share at Panin Sekuritas Tbk grew −4.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.1 %, EBIT margin −4.6 %, tax rate −0.1 %, residual (interest, one-offs) +0.2 %. 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 Panin Sekuritas Tbk
How large is the market capitalisation of Panin Sekuritas Tbk (PANS)?
The market capitalisation of Panin Sekuritas Tbk is 1.1T IDR (≈ $61.1M). 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 Panin Sekuritas Tbk (PANS)?
The price-to-sales ratio of Panin Sekuritas Tbk is 2.33 (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 Panin Sekuritas Tbk (PANS)?
Earnings per share at Panin Sekuritas Tbk are 241.67 IDR (price ÷ EPS = P/E 6.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Panin Sekuritas Tbk (PANS)?
The net margin of Panin Sekuritas Tbk is 36.5% (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 Panin Sekuritas Tbk (PANS)?
The return on equity (ROE) of Panin Sekuritas Tbk is 12.2% (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 Panin Sekuritas Tbk (PANS)?
On an EBIT basis the return on assets of Panin Sekuritas Tbk is 9.6% (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 Panin Sekuritas Tbk (PANS)?
The operating margin of Panin Sekuritas Tbk is 21.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Panin Sekuritas Tbk (PANS)?
Revenue at Panin Sekuritas Tbk is growing −36.7% versus a year earlier (3y avg +10.4%). 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 Panin Sekuritas Tbk (PANS)?
Earnings per share at Panin Sekuritas Tbk are growing −89.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Panin Sekuritas Tbk (PANS) carry?
The net debt of Panin Sekuritas Tbk is 33.8B IDR (fiscal year 2025, ≈ 0.3 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 9, 2026