Bank Tabungan Negara Persero (BBTN) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Bank Tabungan Negara Persero IDR 2,280, price IDR 1,140, upside +100.0%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Bank Tabungan Negara Persero for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 724.67 IDR – 1,506 IDR · fair‑value band 1,710 IDR – 2,850 IDR · the 1,140 IDR price screens below the 2,280 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.
Follow Bank Tabungan Negara Persero in your weekly email
Every Wednesday you see whether Bank Tabungan Negara Persero is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
PT Bank Tabungan Negara (Persero) Tbk provides various banking products and services in Indonesia. The company offers savings, current, demand, and deposit accounts; and consumer and commercial loans. It also provides fund transfer transaction, safety deposit box, and other services. It operates through ATMs and branches.
Show more
PT Bank Tabungan Negara (Persero) Tbk provides various banking products and services in Indonesia. The company offers savings, current, demand, and deposit accounts; and consumer and commercial loans. It also provides fund transfer transaction, safety deposit box, and other services. It operates through ATMs and branches. The company was formerly known as Bank Tabungan Pos and changed its name to PT Bank Tabungan Negara (Persero) Tbk in 1963. PT Bank Tabungan Negara (Persero) Tbk was founded in 1950 and is headquartered in Jakarta, Indonesia.
Stock analysis
Bank Tabungan Negara Persero (BBTN) currently trades at 1,140 IDR, while our model-based Fair Value estimate is 2,280 IDR, implying the stock looks roughly 50.0% undervalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of 3,243 IDR per share, and 4 of the 4 models we run sit above the 1,140 IDR price.
Bear case: the Asset-Based group reads lowest at 1,729 IDR, and 0 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 1,710 IDR (bear) to 2,850 IDR (bull), the price of 1,140 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 47/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Bank Tabungan Negara Persero reported revenue of 39.4T IDR in FY2025 versus 26.8T IDR in FY2021, a compound +10.2%/yr. Reported net income was 3.5T IDR in FY2025, compounding +10.2%/yr from FY2021.
Key figures
Market cap 16.0T IDR (≈ $1.6B) · P/E ratio 4.3 · P/S ratio 0.38 · EPS (TTM) 263.94 IDR · Dividend yield 4.4% · Net margin 8.9% · Return on equity 10.5% · Return on assets (EBIT) 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 9% 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 100%, BBTN screens cheaper than that median.
Fair Value models
Bear 1,710 IDRFair Value 2,280 IDRBull 2,850 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 (193.07 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.83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+28.2%
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.
+14.5%
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.
+8.8%
Start year 2020 (pandemic). Over 10 years: +9.6% a year
Revenue growth 24 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.
+11.4%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+15.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.3%
Dividend (yield on the price)4.4%
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.11% vs 5%, picking up
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.9% → 11%
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).
−30.7%
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.
−6.8%
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 −32.5% a year for the price and −9.1% for the forecasts.
Compare Bank Tabungan Negara Persero with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+98% · Top 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets1% · Below median
Net margin (TTM)22% · Below median
Operating margin (TTM)48% · Above median
Growth and dividend
Revenue growth13% · Above median
Dividend yield (TTM)4.4% · Top 25%
Balance sheet
Debt / equity1.00× · Highest 25%
Valuation Multiplesvs Banks - Regional 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). "Bank Tabungan Negara Persero Fair Value". https://www.fairvalue-calculator.com/stock/BBTN
Frequently asked questions
Is Bank Tabungan Negara Persero (BBTN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2,280 IDR versus a price of 1,140 IDR, about +100% upside (undervalued).
What is the fair value of BBTN?
Our model-based fair value for Bank Tabungan Negara Persero is 2,280 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,140 IDR.
What is the quality score of BBTN?
Bank Tabungan Negara Persero has a Quality Score of 47/100. 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 Tabungan Negara Persero (BBTN)?
Our model-based price target is the fair value of 2,280 IDR (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 1,710 IDR, optimistic scenario 2,850 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank Tabungan Negara Persero stock forecast for 2026?
Our models put fair value at 2,280 IDR, about +100% upside versus a price of 1,140 IDR (undervalued). Cautious scenario 1,710 IDR, optimistic scenario 2,850 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Bank Tabungan Negara Persero (BBTN)?
Bank Tabungan Negara Persero reported trailing-twelve-month revenue of about 16.6T IDR (latest available figure, as of Sep 24, 2026).
Does Bank Tabungan Negara Persero pay a dividend?
Bank Tabungan Negara Persero currently shows a dividend yield of about 4.45% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Bank Tabungan Negara Persero (BBTN)?
For today's price to be fair in a discounted-cash-flow model, Bank Tabungan Negara Persero would have to grow free cash flow by -30.7 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BBTN use?
Our models discount Bank Tabungan Negara Persero at 12.0 %: a base by market capitalisation (small), damped by beta 0.39, 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 Tabungan Negara Persero that is -30.7 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Bank Tabungan Negara Persero (BBTN) delivered so far?
Over the past 5 years revenue at Bank Tabungan Negara Persero grew +8.8 % a year. The price currently implies -30.7 % 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 Tabungan Negara Persero (BBTN) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Bank Tabungan Negara Persero (-30.7 % 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 Tabungan Negara Persero (BBTN)?
The free-cash-flow yield on the price is 47.91 %: that much free cash flow Bank Tabungan Negara Persero produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), 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 Tabungan Negara Persero (BBTN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank Tabungan Negara Persero it is 2,280 IDR per share (as of Sep 24, 2026), against a price of 1,140 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Bank Tabungan Negara Persero stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BBTN trades below its calculated fair value: price 1,140 IDR, fair value 2,280 IDR, a gap of about +100% (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 BBTN?
No. The price is what the market pays today (1,140 IDR); the fair value is what the company's own numbers justify (2,280 IDR). For Bank Tabungan Negara Persero the two are 1,140 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank Tabungan Negara Persero worth?
The market values Bank Tabungan Negara Persero at about 16.0T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 1,140 IDR; our models calculate a fair value of 2,280 IDR per share.
What do the bullish and bearish scenarios say about BBTN?
Our models span a range for Bank Tabungan Negara Persero: cautious scenario 1,710 IDR, base 2,280 IDR, optimistic 2,850 IDR per share (as of Sep 24, 2026, price 1,140 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BBTN?
Bank Tabungan Negara Persero trades at a price-to-earnings ratio of 4.3 (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 2,280 IDR is built from several models across several years. Other multiples: PEG 0.5, P/B 0.4, P/S 1.0.
What is the PEG ratio of BBTN?
The PEG ratio of Bank Tabungan Negara Persero is 0.54 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Bank Tabungan Negara Persero (BBTN)?
Balance-sheet figures for Bank Tabungan Negara Persero (as of Sep 24, 2026): return on equity 10.5%, debt of 1.00 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is BBTN from its 52-week high?
Bank Tabungan Negara Persero trades at 1,140 IDR, about 23% below its 52-week high of 1,490 IDR and 9% above the low of 1,050 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,280 IDR is for.
Which stocks are comparable to Bank Tabungan Negara Persero?
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 Tabungan Negara Persero stock attractive at the current price?
The data as of Sep 24, 2026: price 1,140 IDR, calculated fair value 2,280 IDR (+100%), Quality Score 47/100, 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 BBTN calculated?
We run Bank Tabungan Negara Persero 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 2,280 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 Tabungan Negara Persero currently trades 100 % 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 Bank Tabungan Negara Persero (BBTN)?
The closing price on Sep 23, 2026 was 1,140 IDR. Our model-based fair value is 2,280 IDR, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank Tabungan Negara Persero right now?
The price is below even our cautious bear case (1,710 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 (47/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Bank Tabungan Negara Persero (BBTN) come from?
Earnings per share at Bank Tabungan Negara Persero grew +4.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.7 %, EBIT margin −2.5 %, tax rate +0.6 %, 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 Bank Tabungan Negara Persero
How large is the market capitalisation of Bank Tabungan Negara Persero (BBTN)?
The market capitalisation of Bank Tabungan Negara Persero is 16.0T IDR (≈ $1.6B). 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 Tabungan Negara Persero (BBTN)?
The price-to-sales ratio of Bank Tabungan Negara Persero is 0.38 (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 Tabungan Negara Persero (BBTN)?
Earnings per share at Bank Tabungan Negara Persero are 263.94 IDR (price ÷ EPS = P/E 4.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bank Tabungan Negara Persero (BBTN)?
The dividend yield of Bank Tabungan Negara Persero is 4.4% (payout 19.2%). 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 Bank Tabungan Negara Persero (BBTN)?
The net margin of Bank Tabungan Negara Persero is 8.9% (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 Tabungan Negara Persero (BBTN)?
The return on equity (ROE) of Bank Tabungan Negara Persero is 10.5% (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 Tabungan Negara Persero (BBTN)?
On an EBIT basis the return on assets of Bank Tabungan Negara Persero is 0.9% (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 Tabungan Negara Persero (BBTN)?
The operating margin of Bank Tabungan Negara Persero is 48.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank Tabungan Negara Persero (BBTN)?
Revenue at Bank Tabungan Negara Persero is growing +13.3% versus a year earlier (3y avg +14.5%). 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 Tabungan Negara Persero (BBTN)?
Earnings per share at Bank Tabungan Negara Persero are growing +23.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bank Tabungan Negara Persero (BBTN) carry?
The net debt of Bank Tabungan Negara Persero is 48.2T IDR (fiscal year 2025, ≈ 6.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Bank Tabungan Negara Persero in the live analysis
One click puts Bank Tabungan Negara Persero on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
