Asuransi Ramayana Tbk (ASRM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Asuransi Ramayana Tbk IDR 239, price IDR 280, upside -14.7%, quality 46 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 234.00 IDR – 1,070 IDR · fair‑value band 179.07 IDR – 298.45 IDR · the 280.00 IDR price screens above the 238.76 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 Asuransi Ramayana Tbk operates as a general insurance company in Indonesia. It operates in two segments, General Insurance and Rental of Office Buildings.
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PT Asuransi Ramayana Tbk operates as a general insurance company in Indonesia. It operates in two segments, General Insurance and Rental of Office Buildings. The company offers property, vehicle, health, freight, ship frame, surety and customs bond, engineering, money, heavy equipment, and personal accident insurance products; land, sea, and air freight insurance products; and construction and erection all risk, contractor plant and machinery/equipment, machinery breakdown, electronic equipment, and civil engineering completed risk insurance products. It also provides general, public, professional, automobile, golfer indemnity, director and officer, garage keeper, and warehouse liability insurance products; and sharia products. In addition, the company engages in the rental of office buildings and cars. PT Asuransi Ramayana Tbk was founded in 1956 and is headquartered in Jakarta, Indonesia.
Stock analysis
Asuransi Ramayana Tbk (ASRM) currently trades at 280.00 IDR, while our model-based Fair Value estimate is 238.76 IDR, implying the stock looks roughly 17.3% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 381.38 IDR per share, and 3 of the 4 models we run sit above the 280.00 IDR price.
Bear case: the Multiples group reads lowest at 220.20 IDR, and 1 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 179.07 IDR (bear) to 298.45 IDR (bull), the price of 280.00 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 46/100 (below-average quality), in the Financial Services sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Asuransi Ramayana Tbk reported revenue of 1.4T IDR in FY2025 versus 1.7T IDR in FY2021, a compound −4.0%/yr. Reported net income was 21.6B IDR in FY2025, compounding −24.0%/yr from FY2021.
Key figures
Market cap 358B IDR (≈ $20.0M) · P/E ratio 18.7 · P/S ratio 0.29 · EPS (TTM) 14.94 IDR · Dividend yield 1.1% · Net margin 1.5% · Return on equity 2.5% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −15%, ASRM screens richer than that median.
Fair Value models
Bear 179.07 IDRFair Value 238.76 IDRBull 298.45 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 (8.77 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.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
−16.0%
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.
−11.6%
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.
+0.3%
Start year 2020 (pandemic). Over 10 years: +6.4% 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.
+12.6%
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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.
−38.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−39.8%
Dividend (yield on the price)1.1%
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.−40% vs −22%, 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.6% → 2%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 4.1%/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
A lot of optimism in the price
The price assumes more growth than 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).
+18.2%
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 +15.2% 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.Insurance - Property & Casualty · 119 stocks
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Is Asuransi Ramayana Tbk (ASRM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 238.76 IDR versus a price of 280.00 IDR, about −15% upside (overvalued).
What is the fair value of ASRM?
Our model-based fair value for Asuransi Ramayana Tbk is 238.76 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 280.00 IDR.
What is the quality score of ASRM?
Asuransi Ramayana Tbk has a Quality Score of 46/100. 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 Asuransi Ramayana Tbk (ASRM)?
Our model-based price target is the fair value of 238.76 IDR (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 179.07 IDR, optimistic scenario 298.45 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Asuransi Ramayana Tbk stock forecast for 2026?
Our models put fair value at 238.76 IDR, about −15% upside versus a price of 280.00 IDR (overvalued). Cautious scenario 179.07 IDR, optimistic scenario 298.45 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Asuransi Ramayana Tbk (ASRM)?
Asuransi Ramayana Tbk reported trailing-twelve-month revenue of about 1.2T IDR (latest available figure, as of Sep 24, 2026).
Does Asuransi Ramayana Tbk pay a dividend?
Asuransi Ramayana Tbk currently shows a dividend yield of about 1.07% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Asuransi Ramayana Tbk (ASRM)?
For today's price to be fair in a discounted-cash-flow model, Asuransi Ramayana Tbk would have to grow free cash flow by +18.2 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ASRM use?
Our models discount Asuransi Ramayana Tbk at 10.5 %: a base by market capitalisation (nano), damped by beta 0.10, 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 Asuransi Ramayana Tbk that is +18.2 % per year a year over ten years, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Asuransi Ramayana Tbk (ASRM) delivered so far?
Over the past 5 years revenue at Asuransi Ramayana Tbk grew +0.3 % a year. The price currently implies +18.2 % 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 Asuransi Ramayana Tbk (ASRM) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into Asuransi Ramayana Tbk (+18.2 % 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 Asuransi Ramayana Tbk (ASRM)?
The free-cash-flow yield on the price is 4.00 %: that much free cash flow Asuransi Ramayana Tbk produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Asuransi Ramayana Tbk (ASRM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Asuransi Ramayana Tbk it is 238.76 IDR per share (as of Sep 24, 2026), against a price of 280.00 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Asuransi Ramayana Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ASRM trades above its calculated fair value: price 280.00 IDR, fair value 238.76 IDR, a gap of about −15% (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 ASRM?
No. The price is what the market pays today (280.00 IDR); the fair value is what the company's own numbers justify (238.76 IDR). For Asuransi Ramayana Tbk the two are 41.24 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Asuransi Ramayana Tbk worth?
The market values Asuransi Ramayana Tbk at about 358B IDR (market capitalisation, as of Sep 24, 2026). Per share that is 280.00 IDR; our models calculate a fair value of 238.76 IDR per share.
What do the bullish and bearish scenarios say about ASRM?
Our models span a range for Asuransi Ramayana Tbk: cautious scenario 179.07 IDR, base 238.76 IDR, optimistic 298.45 IDR per share (as of Sep 24, 2026, price 280.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ASRM?
Asuransi Ramayana Tbk trades at a price-to-earnings ratio of 18.7 (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 238.76 IDR is built from several models across several years. Other multiples: P/B 0.5, P/S 0.3, EV/EBITDA 6.0.
How solid is the balance sheet of Asuransi Ramayana Tbk (ASRM)?
Balance-sheet figures for Asuransi Ramayana Tbk (as of Sep 24, 2026): return on equity 2.5%, debt of 0.19 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is ASRM from its 52-week high?
Asuransi Ramayana Tbk trades at 280.00 IDR, about 36% below its 52-week high of 440.69 IDR and 20% above the low of 234.00 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 238.76 IDR is for.
Which stocks are comparable to Asuransi Ramayana Tbk?
From the same area (Financial Services) we also value The Progressive Corporation, Chubb Limited, The Travelers Companies, Inc, The Allstate Corporation, 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 Asuransi Ramayana Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 280.00 IDR, calculated fair value 238.76 IDR (−15%), Quality Score 46/100, 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 ASRM calculated?
We run Asuransi Ramayana Tbk 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 238.76 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 13.0 % above its aggregate fair value. Asuransi Ramayana Tbk 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 Asuransi Ramayana Tbk (ASRM)?
The closing price on Sep 24, 2026 was 280.00 IDR. Our model-based fair value is 238.76 IDR, about −15% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Asuransi Ramayana Tbk right now?
Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. 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 Asuransi Ramayana Tbk (ASRM) come from?
Earnings per share at Asuransi Ramayana Tbk grew −14.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.0 %, EBIT margin −11.2 %, tax rate −0.5 %, residual (interest, one-offs) +0.0 %. 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 Asuransi Ramayana Tbk
How large is the market capitalisation of Asuransi Ramayana Tbk (ASRM)?
The market capitalisation of Asuransi Ramayana Tbk is 358B IDR (≈ $20.0M). 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 Asuransi Ramayana Tbk (ASRM)?
The price-to-sales ratio of Asuransi Ramayana Tbk is 0.29 (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 Asuransi Ramayana Tbk (ASRM)?
Earnings per share at Asuransi Ramayana Tbk are 14.94 IDR (price ÷ EPS = P/E 18.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Asuransi Ramayana Tbk (ASRM)?
The dividend yield of Asuransi Ramayana Tbk is 1.1% (payout 20.1%). 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 Asuransi Ramayana Tbk (ASRM)?
The net margin of Asuransi Ramayana Tbk is 1.5% (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 Asuransi Ramayana Tbk (ASRM)?
The return on equity (ROE) of Asuransi Ramayana Tbk is 2.5% (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 Asuransi Ramayana Tbk (ASRM)?
On an EBIT basis the return on assets of Asuransi Ramayana Tbk is 4.3% (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 Asuransi Ramayana Tbk (ASRM)?
The operating margin of Asuransi Ramayana 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 Asuransi Ramayana Tbk (ASRM)?
Revenue at Asuransi Ramayana Tbk is growing −7.1% versus a year earlier (3y avg −11.6%). 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 Asuransi Ramayana Tbk (ASRM)?
Earnings per share at Asuransi Ramayana Tbk are growing −24.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Asuransi Ramayana Tbk (ASRM) carry?
The net debt of Asuransi Ramayana Tbk is 60.1B IDR (fiscal year 2025, ≈ 4.2 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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