Toba Pulp Lestari Tbk vs UPM-Kymmene Oyj: Fair Value & Quality
Both stocks run through our valuation models. Here is how Toba Pulp Lestari Tbk (INRU) and UPM-Kymmene Oyj (UPM) compare, as of Aug 26, 2026.
As of Aug 26, 2026, Fair Value Calculator sees UPM-Kymmene Oyj as the less overvalued of the two: Toba Pulp Lestari Tbk trades at IDR 590 versus a fair value of IDR 74 (-87%), while UPM-Kymmene Oyj trades at €23.79 versus €19.43 (-18%).
Toba Pulp Lestari Tbk
INRU.JK · IDR · Materials
-87%
upside to fair value
overvalued
PriceIDR 590
Fair ValueIDR 74
Quality29/100
UPM-Kymmene Oyj
UPM.HE · EUR · Materials
-18%
upside to fair value
overvalued
Price€23.79
Fair Value€19.43
Quality60/100
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Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
Toba Pulp Lestari TbkUPM-Kymmene Oyj
Valuation
—P/E (TTM)23.0×
1.03×P/S (TTM)1.52×
—P/B1.44×
—EV/EBITDA14.4×
—PEG12.89×
—Dividend yield6.3%
—Dividend per share€1.50
Profitability
-97%Net margin6%
-28%Operating margin10%
-165%Return on equity5%
-2%Return on assets2%
Growth
-40%Revenue growth (YoY)-5%
-18.3%Avg. growth/yr (3Y)-6.3%
-5.0%Avg. growth/yr (5Y)2.4%
Balance & size
0.00×Debt / equity0.28×
$82MMarket cap$14B
weakGrowth qualitymixed
UPM-Kymmene Oyj leads: 2 to 7 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
Toba Pulp Lestari Tbkof which business quality 32 · market factors 33UPM-Kymmene Oyjof which business quality 58 · market factors 53
ProfitabilityMargins and returns on capital today
1
26
Quality GrowthAre margins and returns improving?
6
38
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
67
96
Low VolatilityCalm price path (market factor)
67
91
MomentumPrice trend over the last 3–12 months (market factor)
30
34
52W MomentumDistance to the 52-week high (market factor)
1
42
Net IssuanceBuybacks instead of dilution
73
88
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Toba Pulp Lestari Tbk
DCF ModelsIDR 86
MultiplesIDR 1,194
Asset-BasedIDR 159
Growth DCFIDR 85
6 of 9 models see the stock below the current price.
UPM-Kymmene Oyj
DCF Models€14.17
Earnings-Based€4.21
Dividend Discount€16.20
Multiples€15.45
Asset-Based€12.71
Growth DCF€16.37
Economic Profit€7.88
Growth Earnings€11.81
24 of 24 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
Toba Pulp Lestari Tbk
Bear IDR 54Fair Value IDR 74Bull IDR 102
IDR 590 = current price (white tick)
UPM-Kymmene Oyj
Bear €14.58Fair Value €19.43Bull €25.27
€23.79 = current price (white tick)
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
Toba Pulp Lestari Tbk · Materials
Quality score29 · bottom 25%
Fair value upside-87% · bottom 25%
UPM-Kymmene Oyj · Materials
Quality score60 · Top 25%
Fair value upside-18% · above median
Bottom line
As of Aug 26, 2026, Fair Value Calculator sees UPM-Kymmene Oyj as the less overvalued of the two: Toba Pulp Lestari Tbk trades at IDR 590 versus a fair value of IDR 74 (-87%), while UPM-Kymmene Oyj trades at €23.79 versus €19.43 (-18%).
UPM-Kymmene Oyj has the higher quality score (60/100).
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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.
