Bank Artos Indonesia Tbk PT (ARTO) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Bank Artos Indonesia Tbk PT IDR 427, price IDR 890, upside -52.1%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 805.00 IDR – 19,000 IDR · the 890.00 IDR price screens above the 426.54 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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PT Bank Jago Tbk provides banking products and services in Indonesia. The company offers current accounts; savings accounts, including saving and spending pockets, locked pockets, shared pockets, giveaway pockets, and sharia savings products; time and term deposits; and Mudharabah deposits.
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PT Bank Jago Tbk provides banking products and services in Indonesia. The company offers current accounts; savings accounts, including saving and spending pockets, locked pockets, shared pockets, giveaway pockets, and sharia savings products; time and term deposits; and Mudharabah deposits. It also provides working capital, investment, consumer, and multipurpose credit products; ultramicro financing with murabahah bil wakalah contracts; and financing with musyarakah and mudharabah contracts. In addition, the company offers debit cards, digital pro cards, ATMs and ALTO networks, QRIS, plan ahead services, remittances, recurring bill payments, request money services, spend analysis services, customer fund accounts, and FX pockets; and other supporting banking services. It serves retail consumers; mass markets; ultramicro businesses; and micro, small, and medium enterprises. The company was formerly known as PT Bank Artos Indonesia Tbk and changed its name to PT Bank Jago Tbk in June 2020. PT Bank Jago Tbk was founded in 1992 and is headquartered in Jakarta Selatan, Indonesia.
Stock analysis
Bank Artos Indonesia Tbk PT (ARTO) currently trades at 890.00 IDR, while our model-based Fair Value estimate is 426.54 IDR, implying the stock looks roughly 108.6% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 459.88 IDR per share, and 0 of the 4 models we run sit above the 890.00 IDR price.
Bear case: the Multiples group reads lowest at 259.07 IDR, and 4 of the 4 models stay below the price. Evidence for this calculation is low.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Bank Artos Indonesia Tbk PT reported revenue of 3.9T IDR in FY2025 versus 663B IDR in FY2021, a compound +55.3%/yr. Reported net income was 276B IDR in FY2025, compounding +33.9%/yr from FY2021.
Key figures
Market cap 19.5T IDR (≈ $1.9B) · P/E ratio 41.8 · P/S ratio 3.00 · EPS (TTM) 21.30 IDR · Net margin 7.2% · Return on equity 3.5% · Return on assets (EBIT) 0.4% · Operating margin 18.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 62% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −52%, ARTO screens richer than that median.
Fair Value models
Bear 426.54 IDRFair Value 426.54 IDRBull 426.54 IDR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (15.63 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.Evidence ⓘEvidence = 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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+88.2%
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.
+36.9%
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.
+111.3%
Start year 2020 (pandemic). Over 10 years: +58.6% a year
Revenue growth 16 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.
+33.1%
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What shareholders gained per year (last 5 years), in IDR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+84.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+84.4%
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.25% vs 33%, 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.−207% → 9%
2025 sits 274% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 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).
−17.8%
Yearly growth needed for the next five years to justify today's price.
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.
+16.7%
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 −19.9% a year for the price and +13.7% for the forecasts.
Compare Bank Artos Indonesia Tbk PT 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.Banks - Regional · 1074 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−52% · Bottom 25%
Profitability
Return on equity (TTM)3% · Bottom 25%
Return on assets1% · Below median
Net margin (TTM)14% · Bottom 25%
Operating margin (TTM)19% · Bottom 25%
Growth and dividend
Revenue growth27% · Top 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)41.8× · Priciest 25%
P/B2.21× · Priciest 25%
P/S (TTM)8.95× · Priciest 25%
P/FCF0.0× · Cheapest 25%
EV/EBITDA37.3× · Priciest 25%
PEG1.04× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)100· sector 45
PAST (return on equity)14· sector 41
HEALTH (low debt)0· sector 85
DIVIDEND (yield)0· sector 53
VALUE 0: the price sits above our fair-value range.
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). "Bank Artos Indonesia Tbk PT Fair Value". https://www.fairvalue-calculator.com/stock/ARTO
Frequently asked questions
Is Bank Artos Indonesia Tbk PT (ARTO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 426.54 IDR versus a price of 890.00 IDR, about −52% upside (overvalued).
What is the fair value of ARTO?
Our model-based fair value for Bank Artos Indonesia Tbk PT is 426.54 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 890.00 IDR.
What is the quality score of ARTO?
Bank Artos Indonesia Tbk PT has a Quality Score of 55/100. 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 Bank Artos Indonesia Tbk PT (ARTO)?
Our model-based price target is the fair value of 426.54 IDR (as of Sep 24, 2026) from 4 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank Artos Indonesia Tbk PT stock forecast for 2026?
Our models put fair value at 426.54 IDR, about −52% upside versus a price of 890.00 IDR (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Bank Artos Indonesia Tbk PT (ARTO)?
Bank Artos Indonesia Tbk PT reported trailing-twelve-month revenue of about 2.2T IDR (latest available figure, as of Sep 24, 2026).
What growth is priced into Bank Artos Indonesia Tbk PT (ARTO)?
For today's price to be fair in a discounted-cash-flow model, Bank Artos Indonesia Tbk PT would have to grow free cash flow by -17.8 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +111.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ARTO use?
Our models discount Bank Artos Indonesia Tbk PT at 10.2 %: a base by market capitalisation (mega), damped by beta 0.71, 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 Bank Artos Indonesia Tbk PT that is -17.8 % per year a year over ten years, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Bank Artos Indonesia Tbk PT (ARTO) delivered so far?
Over the past 5 years revenue at Bank Artos Indonesia Tbk PT grew +111.3 % a year. The price currently implies -17.8 % per year free-cash-flow growth a 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 Bank Artos Indonesia Tbk PT (ARTO) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Bank Artos Indonesia Tbk PT (-17.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bank Artos Indonesia Tbk PT (ARTO)?
The free-cash-flow yield on the price is 14.05 %: that much free cash flow Bank Artos Indonesia Tbk PT produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bank Artos Indonesia Tbk PT (ARTO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank Artos Indonesia Tbk PT it is 426.54 IDR per share (as of Sep 24, 2026), against a price of 890.00 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Bank Artos Indonesia Tbk PT stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ARTO trades above its calculated fair value: price 890.00 IDR, fair value 426.54 IDR, a gap of about −52% (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 ARTO?
No. The price is what the market pays today (890.00 IDR); the fair value is what the company's own numbers justify (426.54 IDR). For Bank Artos Indonesia Tbk PT the two are 463.46 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank Artos Indonesia Tbk PT worth?
The market values Bank Artos Indonesia Tbk PT at about 19.5T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 890.00 IDR; our models calculate a fair value of 426.54 IDR per share.
What is the P/E ratio of ARTO?
Bank Artos Indonesia Tbk PT trades at a price-to-earnings ratio of 41.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 426.54 IDR is built from several models across several years. Other multiples: PEG 1.0, P/B 2.2, P/S 9.0, EV/EBITDA 37.3.
What is the PEG ratio of ARTO?
The PEG ratio of Bank Artos Indonesia Tbk PT is 1.04 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bank Artos Indonesia Tbk PT (ARTO)?
Balance-sheet figures for Bank Artos Indonesia Tbk PT (as of Sep 24, 2026): return on equity 3.5%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is ARTO from its 52-week high?
Bank Artos Indonesia Tbk PT trades at 890.00 IDR, about 62% below its 52-week high of 2,360 IDR and 11% above the low of 805.00 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 426.54 IDR is for.
Which stocks are comparable to Bank Artos Indonesia Tbk PT?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank 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 Bank Artos Indonesia Tbk PT stock attractive at the current price?
The data as of Sep 24, 2026: price 890.00 IDR, calculated fair value 426.54 IDR (−52%), Quality Score 55/100, from 4 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 ARTO calculated?
We run Bank Artos Indonesia Tbk PT through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 426.54 IDR, 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 14.1 % above its aggregate fair value. Bank Artos Indonesia Tbk PT 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 Bank Artos Indonesia Tbk PT (ARTO)?
The closing price on Sep 23, 2026 was 890.00 IDR. Our model-based fair value is 426.54 IDR, about −52% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank Artos Indonesia Tbk PT right now?
The price sits above even our optimistic bull case (426.54 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 (55/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Bank Artos Indonesia Tbk PT
How large is the market capitalisation of Bank Artos Indonesia Tbk PT (ARTO)?
The market capitalisation of Bank Artos Indonesia Tbk PT is 19.5T IDR (≈ $1.9B). 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 Bank Artos Indonesia Tbk PT (ARTO)?
The price-to-sales ratio of Bank Artos Indonesia Tbk PT is 3.00 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bank Artos Indonesia Tbk PT (ARTO)?
Earnings per share at Bank Artos Indonesia Tbk PT are 21.30 IDR (price ÷ EPS = P/E 41.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bank Artos Indonesia Tbk PT (ARTO)?
The net margin of Bank Artos Indonesia Tbk PT is 7.2% (fiscal year 2025). 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 Bank Artos Indonesia Tbk PT (ARTO)?
The return on equity (ROE) of Bank Artos Indonesia Tbk PT is 3.5% (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 Bank Artos Indonesia Tbk PT (ARTO)?
On an EBIT basis the return on assets of Bank Artos Indonesia Tbk PT is 0.4% (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 Bank Artos Indonesia Tbk PT (ARTO)?
The operating margin of Bank Artos Indonesia Tbk PT is 18.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank Artos Indonesia Tbk PT (ARTO)?
Revenue at Bank Artos Indonesia Tbk PT is growing +26.6% versus a year earlier (3y avg +36.9%). 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 Bank Artos Indonesia Tbk PT (ARTO)?
Earnings per share at Bank Artos Indonesia Tbk PT are growing +40.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bank Artos Indonesia Tbk PT (ARTO) hold?
Bank Artos Indonesia Tbk PT holds more cash than debt, 4.4T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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