Suparma Tbk (SPMA) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Suparma Tbk stock IDR 386, price IDR 151, upside +155.7%, quality 67 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 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 140.00 IDR – 1,519 IDR · fair‑value band 334.63 IDR – 530.93 IDR · the 151.00 IDR price screens below the 386.14 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 Suparma Tbk manufactures and sells paper and related paper products in Indonesia. The company's paper products include laminated wrapping, coated duplex board, sandwiched ribbed kraft recycle, and brown Kraft papers; sandwiched ribbed Kraft recycle papers; and coated duplex boards.
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It also offers bathroom, facial, napkin, and carrier tissues; cocktail, dinner, and luncheon napkins. In addition, the company provides hand, hand roll, industrial and clinical roll, and kitchen towels.
The company was formerly known as PT Supar Inpama and changed its name to PT Suparma Tbk in December 1978. PT Suparma Tbk was founded in 1976 and is headquartered in Surabaya, Indonesia.
Stock analysis
Suparma Tbk (SPMA) currently trades at 151.00 IDR, while our model-based Fair Value estimate is 386.14 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 1,199 IDR per share, and 21 of the 24 models we run sit above the 151.00 IDR price.
Bear case: the Asset-Based group reads lowest at 72.34 IDR, and 3 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 334.63 IDR (bear) to 530.93 IDR (bull), the price of 151.00 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 67/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Suparma Tbk reported revenue of 2.7T IDR in FY2025 versus 2.8T IDR in FY2021, a compound −0.5%/yr. Reported net income was 106B IDR in FY2025, compounding −22.5%/yr from FY2021.
Key figures
Market cap 848B IDR (≈ $47.1M) Micro · P/E ratio 8.9 · P/S ratio 0.30 · EPS (TTM) 16.97 IDR · Net margin 3.2% · Return on equity 3.6% · Return on assets (EBIT) 9.6% (5-year average) · Operating margin 12.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (low confidence).
What moves the price
The share trades about 90% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 23% fair-value upside, at 156%, SPMA screens cheaper than that median.
Fair Value models
Bear334.63 IDRFair Value 386.14 IDRBull530.93 IDR
Price 151.00 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 (14.55 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
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+0.4%
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.
−4.4%
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.
+5.0%
Start year 2020 (pandemic). Over 10 years: +5.4% 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.
+7.4%
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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.
−12.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.8%
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.−12.8% vs 0.8%, 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.11% → 7%
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.Paper & Paper Products · 116 stocks
Beats the industry median on 13/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+155.7% · Top 25%
Profitability
Return on equity (12 months)3.6% · Above median
Return on assets2.9% · Above median
Net margin (12 months)3.2% · Above median
Operating margin (12 months)12.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)8.9% · Above median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Paper & Paper Products 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). "Suparma Tbk Fair Value". https://www.fairvalue-calculator.com/stock/SPMA
Frequently asked questions
Is Suparma Tbk (SPMA) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 386.14 IDR versus a price of 151.00 IDR, about +156% upside (undervalued).
What is the fair value of SPMA?
Our model-based fair value for Suparma Tbk is 386.14 IDR (as of Nov 9, 2026), built from audited fundamentals. The current price: 151.00 IDR.
What is the quality score of SPMA?
Suparma Tbk has a Quality Score of 67/100. 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 Suparma Tbk (SPMA)?
Our model-based price target is the fair value of 386.14 IDR (as of Nov 9, 2026) from 24 valuation models. Cautious scenario 334.63 IDR, optimistic scenario 530.93 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Suparma Tbk stock forecast for 2026?
Our models put fair value at 386.14 IDR, about +156% upside versus a price of 151.00 IDR (undervalued). Cautious scenario 334.63 IDR, optimistic scenario 530.93 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Suparma Tbk (SPMA)?
Suparma Tbk reported trailing-twelve-month revenue of about 2.8T IDR (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Suparma Tbk (SPMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Suparma Tbk it is 386.14 IDR per share (as of Nov 9, 2026), against a price of 151.00 IDR. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Suparma Tbk stock overvalued or undervalued in 2026?
As of Nov 9, 2026, SPMA trades below its calculated fair value: price 151.00 IDR, fair value 386.14 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 SPMA?
No. The price is what the market pays today (151.00 IDR); the fair value is what the company's own numbers justify (386.14 IDR). For Suparma Tbk the two are 235.14 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Suparma Tbk worth?
The market values Suparma Tbk at about 848B IDR (market capitalisation, as of Nov 9, 2026). Per share that is 151.00 IDR; our models calculate a fair value of 386.14 IDR per share.
What do the bullish and bearish scenarios say about SPMA?
Our models span a range for Suparma Tbk: cautious scenario 334.63 IDR, base 386.14 IDR, optimistic 530.93 IDR per share (as of Nov 9, 2026, price 151.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SPMA?
Suparma Tbk trades at a price-to-earnings ratio of 8.9 (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 386.14 IDR is built from several models across several years. Other multiples: P/B 0.3, P/S 0.3, EV/EBITDA 2.1.
How solid is the balance sheet of Suparma Tbk (SPMA)?
Balance-sheet figures for Suparma Tbk (as of Nov 9, 2026): return on equity 3.6%, debt of 0.04 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is SPMA from its 52-week high?
Suparma Tbk trades at 151.00 IDR, about 90% below its 52-week high of 1,519 IDR and 8% above the low of 140.00 IDR (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 386.14 IDR is for.
Which stocks are comparable to Suparma Tbk?
From the same area (Basic Materials) we also value UPM-Kymmene Oyj, Suzano S.A, Shandong Sunpaper Co, Nine Dragons Paper (Holdings) Limited, 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 Suparma Tbk stock attractive at the current price?
The data as of Nov 9, 2026: price 151.00 IDR, calculated fair value 386.14 IDR (+156%), Quality Score 67/100, from 24 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 SPMA calculated?
We run Suparma Tbk through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 386.14 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. Suparma 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 Suparma Tbk (SPMA)?
The closing price on Nov 9, 2026 was 151.00 IDR. Our model-based fair value is 386.14 IDR, about +156% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Suparma Tbk right now?
The price is below even our cautious bear case (334.63 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 (67/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Suparma Tbk (SPMA) come from?
Earnings per share at Suparma Tbk grew +5.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.1 %, EBIT margin −0.9 %, tax rate +0.5 %, residual (interest, one-offs) +3.2 %. 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 Suparma Tbk
How large is the market capitalisation of Suparma Tbk (SPMA)?
The market capitalisation of Suparma Tbk is 848B IDR (≈ $47.1M). 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 Suparma Tbk (SPMA)?
The price-to-sales ratio of Suparma Tbk is 0.30 (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 Suparma Tbk (SPMA)?
Earnings per share at Suparma Tbk are 16.97 IDR (price ÷ EPS = P/E 8.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Suparma Tbk (SPMA)?
The net margin of Suparma Tbk is 3.2% (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 Suparma Tbk (SPMA)?
The return on equity (ROE) of Suparma Tbk is 3.6% (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 Suparma Tbk (SPMA)?
On an EBIT basis the return on assets of Suparma 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 Suparma Tbk (SPMA)?
The operating margin of Suparma Tbk is 12.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Suparma Tbk (SPMA)?
Revenue at Suparma Tbk is growing +8.9% versus a year earlier (3y avg −4.4%). 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 Suparma Tbk (SPMA)?
Earnings per share at Suparma Tbk are growing −33.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Suparma Tbk (SPMA) generate?
The free cash flow of Suparma Tbk is 538B 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 Suparma Tbk (SPMA) carry?
The net debt of Suparma Tbk is 514B IDR (fiscal year 2025, ≈ 1.0 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