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PT Benteng Api Technic Tbk (BATR) Fair Value & Analysis

Basic Materials · ID · Market cap 262B IDR

PB PT Benteng Api Technic Tbk BATR · JK
Price94.00 IDR
Fair Value88.33 IDR
Upside-6.0%
Quality44/100
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Healthy Growth
Thin margins · 8.9% net margin
Low debt · generates free cash flow
Ranks above peers (6/10)
Moderate moat 47/100
Evidence: High Range 66.25 IDR – 110.42 IDR Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from 77.50 IDR to 88.33 IDR (+14.0%) since Jul 14, 2026. Share price +9.3% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 66.25 IDR (bear) to 110.42 IDR (bull), base 88.33 IDR. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 44/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (2 years)

122.13 IDR 57.65 IDR Fair Value 88.33 IDR Jun 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

26‑month range 57.65 IDR – 122.13 IDR · fair‑value band 66.25 IDR – 110.42 IDR · the 94.00 IDR price screens above the 88.33 IDR fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

PT Benteng Api Technic Tbk (BATR) currently trades at 94.00 IDR, while our model-based Fair Value estimate is 88.33 IDR, implying the stock looks roughly 6.0% fairly valued today. The Quality Score stands at 44/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, PT Benteng Api Technic Tbk generated revenue of 151B IDR at a net margin of 8.9%. Revenue grew 25.7% year over year. It earns a return on equity of 8.9%. Net debt stands at 5.1B IDR. Fundamentals as of Jul 17, 2026

Our scenario range runs from 66.25 IDR (bear case) to 110.42 IDR (bull case); at 94.00 IDR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 31% below its 52-week high and 29% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -59% fair-value upside, at -6%, BATR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF 84.76 IDR 146.82 IDR 256.85 IDR 80
Residual Income 44.60 IDR 48.58 IDR 65.77 IDR 76
Rev-Margin DCF 71.20 IDR 118.05 IDR 177.38 IDR 74
All 26 models by family
DCF Models
FCF DCF 84.69 IDR 149.93 IDR 265.90 IDR 38
Owner Earnings 34.14 IDR 58.70 IDR 102.35 IDR 31
5Y Revenue Exit 71.20 IDR 118.89 IDR 182.65 IDR 39
5Y EBITDA Exit 81.40 IDR 139.56 IDR 211.37 IDR 41
5Y P/E Exit 70.80 IDR 118.08 IDR 170.97 IDR 38
10Y Revenue Exit 72.84 IDR 119.97 IDR 190.07 IDR 36
10Y EBITDA Exit 81.90 IDR 135.30 IDR 214.24 IDR 37
10Y P/E Exit 74.76 IDR 119.36 IDR 180.24 IDR 35
Earnings-Based
Graham-Dodd 30.03 IDR 130.42 IDR 178.35 IDR 54
Lynch FV 33.54 IDR 47.92 IDR 62.30 IDR 50
PEG = 1.0 33.54 IDR 47.92 IDR 62.30 IDR 46
EPV 61.57 IDR 71.80 IDR 80.89 IDR 59
Dividend Discount
Gordon GGM 13.67 IDR 29.84 IDR 50.21 IDR 70
DDM Multi-Stage 13.67 IDR 24.45 IDR 31.10 IDR 61
Multiples
P/E Multiple 66.25 IDR 88.33 IDR 110.42 IDR 63
P/S Multiple 56.31 IDR 75.08 IDR 93.85 IDR 58
P/B Multiple 56.31 IDR 75.08 IDR 93.85 IDR 55
EV/EBIT 96.23 IDR 127.10 IDR 157.97 IDR 53
EV/EBITDA 86.67 IDR 114.35 IDR 142.04 IDR 54
EV/Revenue 66.05 IDR 92.80 IDR 119.55 IDR 43
Asset-Based
NCAV (Graham) 25.99 IDR 34.82 IDR 51.98 IDR 50
Growth DCF
Growth DCF 84.76 IDR 146.82 IDR 256.85 IDR 80
Rev-Margin DCF 71.20 IDR 118.05 IDR 177.38 IDR 74
Economic Profit
Residual Income 44.60 IDR 48.58 IDR 65.77 IDR 76
ROIC Compounder 65.91 IDR 89.82 IDR 124.25 IDR 72
Growth Earnings
Growth-Adj P/E 54.25 IDR 77.50 IDR 100.76 IDR 68

Widest divergence: DCF Models (119.36 IDR) versus Dividend Discount (24.45 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 151B IDR
Revenue growth (YoY) +25.7%
Net margin 8.9%
Return on equity 8.9%
Free cash flow 18.2B IDR FY2025
Operating margin 12.3%
More key figures
EPS growth (YoY) +19.5%
Net debt 5.1B IDR FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 49 · Market factors (momentum, volatility) 41

Profitability 41
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 23
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PT Benteng Api Technic Tbk engages in manufacturing, trading, engineering, and construction business in Indonesia. The company manufactures and sells bricks, refractory cement, and refractory materials, as well as fire clay bricks, high alumina brick, refractory mortar, refractory castable, gunning castable, and others.

Full company description

PT Benteng Api Technic Tbk engages in manufacturing, trading, engineering, and construction business in Indonesia. The company manufactures and sells bricks, refractory cement, and refractory materials, as well as fire clay bricks, high alumina brick, refractory mortar, refractory castable, gunning castable, and others. It also provides refractory, insulation, mechanical, fire brick installation; and refractory casting, ramming, and gunning works. The company serves iron and steel, aluminum and copper smelting, petrochemical and fertilizer, oil and gas, power generation, cement and lime, paper processing, food, palm oil/CPO, and other industries. PT Benteng Api Technic Tbk was founded in 1997 and is based in Surabaya, Indonesia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Benteng Api Technic Tbk reported revenue of 145B IDR in FY2025 versus 81.4B IDR in FY2021, a compound +15.6%/yr. Reported net income was 13.1B IDR in FY2025, compounding +41.4%/yr from FY2021.

Growth Quality 89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
145B IDR
Latest YoY
+35.4%
Avg. growth/yr (3Y) 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.
+3.4%
Avg. growth/yr (5Y) 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.
+13.5%
Revenue +15.6%/yr
FY21 81.4B IDR
FY22 131B IDR
FY23 138B IDR
FY24 107B IDR
FY25 145B IDR
Net income +41.4%/yr
FY21 3.3B IDR
FY22 11.7B IDR
FY23 13.9B IDR
FY24 10.0B IDR
FY25 13.1B IDR

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Cite: Fair Value Calculator (2026). "PT Benteng Api Technic Tbk Fair Value". https://www.fairvalue-calculator.com/stock/BATR

Peer Group

Building Materials · 253 stocks

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.

Quality Score 44 · Below median
Fair Value upside −6% · Below median
Return on equity (TTM) 9% · Above median
Return on assets 5% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 12% · Above median
Revenue growth 26% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.16× · Higher than median

Valuation Multiples vs Building Materials median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 25 · sector 27
FUTURE 100 · sector 2
PAST 35 · sector 15
HEALTH 92 · sector 92
DIVIDEND 0 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $102.92 $70.57 -31%
UltraTech Cement Limited ULTRACEMCO ₹11,711 ₹4,719 -60%
China Jushi Co 600176 ¥54.52 ¥13.95 -74%
Grasim Industries Limited GRASIM ₹3,073 ₹1,245 -59%
CEMEX, S.A. CEMEXCPO 21.71 MXN 15.42 MXN -29%
Anhui Conch Cement Company 600585 ¥16.99 ¥26.14 +54%
Ambuja Cements Limited AMBUJACEM ₹435.25 ₹227.96 -48%
Shree Cement Limited SHREECEM ₹26,930 ₹8,215 -69%
TCC Group 1101B 43.70 TWD 10.48 TWD -76%
Taiwan Glass Ind. Corp 1802 53.30 TWD 13.98 TWD -74%

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Frequently asked questions

Is PT Benteng Api Technic Tbk (BATR) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 88.33 IDR versus a price of 94.00 IDR, about −6% (fairly valued).
What is the fair value of BATR?
Our model-based fair value for PT Benteng Api Technic Tbk is 88.33 IDR (as of Jul 17, 2026), built from audited fundamentals. The current price is 94.00 IDR.
What is the quality score of BATR?
PT Benteng Api Technic Tbk has a Quality Score of 44/100. 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 revenue of PT Benteng Api Technic Tbk (BATR)?
PT Benteng Api Technic Tbk reported trailing-twelve-month revenue of about 151B IDR (latest available figure, as of Jul 17, 2026).
What is the net profit margin of BATR?
The net profit margin of PT Benteng Api Technic Tbk is about 8.9%, meaning it keeps roughly 8.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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