Semen Indonesia Persero Tbk (SMGR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Semen Indonesia Persero Tbk stock IDR 3,618, price IDR 1,415, upside +155.7%, quality 52 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 6, 2026.
How to read this chart
60‑month range 1,285 IDR – 9,012 IDR · fair‑value band 2,973 IDR – 3,987 IDR · the 1,415 IDR price screens below the 3,618 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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PT Semen Indonesia (Persero) Tbk manufactures, packs, and distributes cement in Indonesia and internationally. It operates through Cement Production and Non-Cement Production segments.
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The company is also involved in limestone and clay mining; cement bag manufacturing; industrial real estate development and building rental; ready-mix concrete and aggregates quarry production; and mining, trading, transportation, and construction activities.
In addition, it engages in the information system, investment, freight forwarding, stevedoring, sea transportation service, logistic management, and outsourcing businesses, as well as procures public goods and services.
PT Semen Indonesia (Persero) Tbk was formerly known as PT Semen Gresik (Persero) Tbk and changed its name to PT Semen Indonesia (Persero) Tbk in January 2013. The company was founded in 1953 and is headquartered in Jakarta Selatan, Indonesia.
PT Semen Indonesia (Persero) Tbk operates as a subsidiary of PT Danantara Asset Management (Persero).
Stock analysis
Semen Indonesia Persero Tbk (SMGR) currently trades at 1,415 IDR, while our model-based Fair Value estimate is 3,618 IDR, implying the stock looks roughly 61% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 4,723 IDR per share, and 16 of the 26 models we run sit above the 1,415 IDR price.
Bear case: the Earnings-Based group reads lowest at 386.98 IDR, and 10 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2,973 IDR (bear) to 3,987 IDR (bull), the price of 1,415 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 52/100 (solid quality), in the Basic Materials sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Semen Indonesia Persero Tbk reported revenue of 35.2T IDR in FY2025 versus 35.0T IDR in FY2021, a compound +0.2%/yr. Reported net income was 191B IDR in FY2025, compounding −44.7%/yr from FY2021.
Key figures
Market cap 9.5T IDR (≈ $526M) Small · P/E ratio 15.7 · P/S ratio 0.25 · EPS (TTM) 90.00 IDR · Dividend yield 7.1% · Net margin 1.6% · Return on equity 1.0% · Return on assets (EBIT) 4.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 24 out of 100 (medium confidence).
What moves the price
The share trades about 55% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at 156%, SMGR screens cheaper than that median.
Fair Value models
Bear2,973 IDRFair Value 3,618 IDRBull3,987 IDR
Price 1,415 IDR · Upside +155.7%
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 (76.93 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.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−2.6%
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.
−1.1%
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.
+0.0%
Start year 2020 (pandemic). Over 10 years: +2.7% 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.
+9.6%
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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.
−34.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−41.2%
Dividend (yield on the price)7.1%
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.−41.2% vs −28.0%, 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.17% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−9.9%
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.
+3.6%
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 −12.2% a year for the price and +0.9% for the forecasts.
Compare Semen Indonesia Persero Tbk with another stock
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.Building Materials · 257 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Above median
Fair Value upside+155.7% · Top 25%
Profitability
Return on equity (12 months)1.0% · Below median
Return on assets0.3% · Below median
Net margin (12 months)1.6% · Below median
Operating margin (12 months)6.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)3.3% · Above median
Dividend yield (12 months)7.1% · Top 25%
Balance sheet
Debt / equity0.13× · Below median
Valuation Multiplesvs Building Materials 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). "Semen Indonesia Persero Tbk Fair Value". https://www.fairvalue-calculator.com/stock/SMGR
Frequently asked questions
Is Semen Indonesia Persero Tbk (SMGR) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 3,618 IDR versus a price of 1,415 IDR, about +156% upside (undervalued).
What is the fair value of SMGR?
Our model-based fair value for Semen Indonesia Persero Tbk is 3,618 IDR (as of Nov 6, 2026), built from audited fundamentals. The current price: 1,415 IDR.
What is the quality score of SMGR?
Semen Indonesia Persero Tbk has a Quality Score of 52/100. 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 Semen Indonesia Persero Tbk (SMGR)?
Our model-based price target is the fair value of 3,618 IDR (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 2,973 IDR, optimistic scenario 3,987 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Semen Indonesia Persero Tbk stock forecast for 2026?
Our models put fair value at 3,618 IDR, about +156% upside versus a price of 1,415 IDR (undervalued). Cautious scenario 2,973 IDR, optimistic scenario 3,987 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Semen Indonesia Persero Tbk (SMGR)?
Semen Indonesia Persero Tbk reported trailing-twelve-month revenue of about 37.6T IDR (latest available figure, as of Nov 6, 2026).
Does Semen Indonesia Persero Tbk pay a dividend?
Semen Indonesia Persero Tbk currently shows a dividend yield of 7.13% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Semen Indonesia Persero Tbk (SMGR)?
Semen Indonesia Persero Tbk has a dividend yield of 7.1%.
What growth is priced into Semen Indonesia Persero Tbk (SMGR)?
For today's price to be fair in a discounted-cash-flow model, Semen Indonesia Persero Tbk would have to grow free cash flow by -9.9 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of SMGR use?
Our models discount Semen Indonesia Persero Tbk at 12.0 %: a base by market capitalisation (small), damped by beta 0.06, 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 Semen Indonesia Persero Tbk that is -9.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Semen Indonesia Persero Tbk (SMGR) delivered so far?
Over the past 5 years revenue at Semen Indonesia Persero Tbk grew +0.0 % a year. The price currently implies free-cash-flow growth of -9.9 % 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 Semen Indonesia Persero Tbk (SMGR) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Semen Indonesia Persero Tbk (-9.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Semen Indonesia Persero Tbk (SMGR)?
The free-cash-flow yield on the price is 27.41 %: that much free cash flow Semen Indonesia Persero Tbk produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Semen Indonesia Persero Tbk (SMGR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Semen Indonesia Persero Tbk it is 3,618 IDR per share (as of Nov 6, 2026), against a price of 1,415 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 Semen Indonesia Persero Tbk stock overvalued or undervalued in 2026?
As of Nov 6, 2026, SMGR trades below its calculated fair value: price 1,415 IDR, fair value 3,618 IDR, a gap of about +156% (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 SMGR?
No. The price is what the market pays today (1,415 IDR); the fair value is what the company's own numbers justify (3,618 IDR). For Semen Indonesia Persero Tbk the two are 2,203 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Semen Indonesia Persero Tbk worth?
The market values Semen Indonesia Persero Tbk at about 9.5T IDR (market capitalisation, as of Nov 6, 2026). Per share that is 1,415 IDR; our models calculate a fair value of 3,618 IDR per share.
What do the bullish and bearish scenarios say about SMGR?
Our models span a range for Semen Indonesia Persero Tbk: cautious scenario 2,973 IDR, base 3,618 IDR, optimistic 3,987 IDR per share (as of Nov 6, 2026, price 1,415 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SMGR?
Semen Indonesia Persero Tbk trades at a price-to-earnings ratio of 15.7 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3,618 IDR is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 24.3. Other multiples: PEG 2.5, P/B 0.2, P/S 0.3, EV/EBITDA 2.5.
What is the PEG ratio of SMGR?
The PEG ratio of Semen Indonesia Persero Tbk is 2.45 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Semen Indonesia Persero Tbk (SMGR)?
Balance-sheet figures for Semen Indonesia Persero Tbk (as of Nov 6, 2026): return on equity 1.0%, debt of 0.13 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is SMGR from its 52-week high?
Semen Indonesia Persero Tbk trades at 1,415 IDR, about 55% below its 52-week high of 3,151 IDR and 10% above the low of 1,285 IDR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 3,618 IDR is for.
Which stocks are comparable to Semen Indonesia Persero Tbk?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials 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 Semen Indonesia Persero Tbk stock attractive at the current price?
The data as of Nov 6, 2026: price 1,415 IDR, calculated fair value 3,618 IDR (+156%), Quality Score 52/100, 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 SMGR calculated?
We run Semen Indonesia Persero 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 3,618 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. Semen Indonesia Persero Tbk currently trades 61% 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 Semen Indonesia Persero Tbk (SMGR)?
The closing price on Nov 6, 2026 was 1,415 IDR. Our model-based fair value is 3,618 IDR, about +156% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Semen Indonesia Persero Tbk right now?
The price is below even our cautious bear case (2,973 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 (52/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Semen Indonesia Persero Tbk (SMGR) come from?
Earnings per share at Semen Indonesia Persero Tbk grew −17.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.2 %, EBIT margin −11.8 %, tax rate −3.0 %, residual (interest, one-offs) −5.1 %. 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 Semen Indonesia Persero Tbk
How large is the market capitalisation of Semen Indonesia Persero Tbk (SMGR)?
The market capitalisation of Semen Indonesia Persero Tbk is 9.5T IDR (≈ $526M). 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 Semen Indonesia Persero Tbk (SMGR)?
The price-to-sales ratio of Semen Indonesia Persero Tbk is 0.25 (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 Semen Indonesia Persero Tbk (SMGR)?
Earnings per share at Semen Indonesia Persero Tbk are 90.00 IDR (price ÷ EPS = P/E 15.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Semen Indonesia Persero Tbk (SMGR)?
The dividend yield of Semen Indonesia Persero Tbk is 7.1% (payout 112%). 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 Semen Indonesia Persero Tbk (SMGR)?
The net margin of Semen Indonesia Persero Tbk is 1.6% (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 Semen Indonesia Persero Tbk (SMGR)?
The return on equity (ROE) of Semen Indonesia Persero Tbk is 1.0% (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 Semen Indonesia Persero Tbk (SMGR)?
On an EBIT basis the return on assets of Semen Indonesia Persero Tbk is 4.5% (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 Semen Indonesia Persero Tbk (SMGR)?
The operating margin of Semen Indonesia Persero Tbk is 6.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Semen Indonesia Persero Tbk (SMGR)?
Revenue at Semen Indonesia Persero Tbk is growing +3.3% versus a year earlier (3y avg −1.1%). 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 Semen Indonesia Persero Tbk (SMGR)?
Earnings per share at Semen Indonesia Persero Tbk are growing +310% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Semen Indonesia Persero Tbk (SMGR) carry?
The net debt of Semen Indonesia Persero Tbk is 5.8T IDR (fiscal year 2025, ≈ 2.2 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 6, 2026