Bank Qnb Indonesia Tbk (BKSW) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Bank Qnb Indonesia Tbk IDR 59, price IDR 50, upside +17.7%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PT Bank QNB Indonesia Tbk provides various banking products and services in Indonesia. The company offers savings, checking, and multicurrency accounts; and time and demand deposits, as well as loan products.
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PT Bank QNB Indonesia Tbk provides various banking products and services in Indonesia. The company offers savings, checking, and multicurrency accounts; and time and demand deposits, as well as loan products. It also provides mutual funds, such as equity, money market, fixed income, index, and balance funds; bancassurance services; cash management and trade finance services; and corporate internet banking services. In addition, in provides Mobile Banking, Online Banking, and ATM services. The company was formerly known as PT Bank QNB Kesawan Tbk and changed its name to PT Bank QNB Indonesia Tbk in July 2014. The company was founded in 1913 and is headquartered in Jakarta, Indonesia. PT Bank QNB Indonesia Tbk is a subsidiary of Qatar National Bank (Q.P.S.C.).
Stock analysis
Bank Qnb Indonesia Tbk (BKSW) currently trades at 50.00 IDR, while our model-based Fair Value estimate is 58.84 IDR, implying the stock looks roughly 15.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 97.55 IDR per share, and 12 of the 14 models we run sit above the 50.00 IDR price.
Bear case: the Earnings-Based group reads lowest at 48.01 IDR, and 2 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: 53.20 IDR (bear) to 64.48 IDR (bull), the price of 50.00 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 46/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Bank Qnb Indonesia Tbk reported revenue of 751B IDR in FY2025 versus 1.1T IDR in FY2021, a compound −8.9%/yr. Reported net income was −48.3B IDR in FY2025.
Key figures
Market cap 1.8T IDR (≈ $98.2M) · P/S ratio 3.57 · EPS (TTM) −1.26 IDR · Net margin −6.4% · Return on equity −0.9% · Return on assets (EBIT) −1.8% · Operating margin 15.6% · Revenue (TTM) 513B IDR.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at 18%, BKSW screens cheaper than that median.
Fair Value models
Bear 53.20 IDRFair Value 58.84 IDRBull 64.48 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.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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Profit margin (trend) ⓘ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.
−21.0% (2020) → 6.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less 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).
−29.5%
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 −31.3% 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.Banks - Regional · 1076 stocks
Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+18% · Top 25%
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)−9% · Bottom 25%
Operating margin (TTM)16% · Bottom 25%
Growth and dividend
Revenue growth1% · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Bank Qnb Indonesia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/BKSW
Frequently asked questions
Is Bank Qnb Indonesia Tbk (BKSW) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 58.84 IDR versus a price of 50.00 IDR, about +18% upside (undervalued).
What is the fair value of BKSW?
Our model-based fair value for Bank Qnb Indonesia Tbk is 58.84 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 50.00 IDR.
What is the quality score of BKSW?
Bank Qnb Indonesia 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 Bank Qnb Indonesia Tbk (BKSW)?
Our model-based price target is the fair value of 58.84 IDR (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 53.20 IDR, optimistic scenario 64.48 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank Qnb Indonesia Tbk stock forecast for 2026?
Our models put fair value at 58.84 IDR, about +18% upside versus a price of 50.00 IDR (undervalued). Cautious scenario 53.20 IDR, optimistic scenario 64.48 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Bank Qnb Indonesia Tbk (BKSW)?
Bank Qnb Indonesia Tbk reported trailing-twelve-month revenue of about 513B IDR (latest available figure, as of Sep 24, 2026).
What growth is priced into Bank Qnb Indonesia Tbk (BKSW)?
For today's price to be fair in a discounted-cash-flow model, Bank Qnb Indonesia Tbk would have to grow free cash flow by -29.5 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -10.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BKSW use?
Our models discount Bank Qnb Indonesia Tbk at 13.5 %: a base by market capitalisation (micro), damped by beta 0.12, 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 Qnb Indonesia Tbk that is -29.5 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Bank Qnb Indonesia Tbk (BKSW) delivered so far?
Over the past 5 years revenue at Bank Qnb Indonesia Tbk grew -10.8 % a year. The price currently implies -29.5 % 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 Qnb Indonesia Tbk (BKSW) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into Bank Qnb Indonesia Tbk (-29.5 % 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 Qnb Indonesia Tbk (BKSW)?
The free-cash-flow yield on the price is 7.72 %: that much free cash flow Bank Qnb Indonesia Tbk produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bank Qnb Indonesia Tbk (BKSW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank Qnb Indonesia Tbk it is 58.84 IDR per share (as of Sep 24, 2026), against a price of 50.00 IDR. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Bank Qnb Indonesia Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BKSW trades below its calculated fair value: price 50.00 IDR, fair value 58.84 IDR, a gap of about +18% (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 BKSW?
No. The price is what the market pays today (50.00 IDR); the fair value is what the company's own numbers justify (58.84 IDR). For Bank Qnb Indonesia Tbk the two are 8.84 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank Qnb Indonesia Tbk worth?
The market values Bank Qnb Indonesia Tbk at about 1.8T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 50.00 IDR; our models calculate a fair value of 58.84 IDR per share.
What do the bullish and bearish scenarios say about BKSW?
Our models span a range for Bank Qnb Indonesia Tbk: cautious scenario 53.20 IDR, base 58.84 IDR, optimistic 64.48 IDR per share (as of Sep 24, 2026, price 50.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Bank Qnb Indonesia Tbk (BKSW)?
Balance-sheet figures for Bank Qnb Indonesia Tbk (as of Sep 24, 2026): return on equity −0.9%. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is BKSW from its 52-week high?
Bank Qnb Indonesia Tbk trades at 50.00 IDR, about 31% below its 52-week high of 72.00 IDR and at the low of 50.00 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 58.84 IDR is for.
Which stocks are comparable to Bank Qnb Indonesia Tbk?
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 Qnb Indonesia Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 50.00 IDR, calculated fair value 58.84 IDR (+18%), Quality Score 46/100, from 14 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 BKSW calculated?
We run Bank Qnb Indonesia Tbk through 14 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 58.84 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. Bank Qnb Indonesia Tbk currently trades 18 % 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 Qnb Indonesia Tbk (BKSW)?
The closing price on Sep 24, 2026 was 50.00 IDR. Our model-based fair value is 58.84 IDR, about +18% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank Qnb Indonesia Tbk right now?
The price is below even our cautious bear case (53.20 IDR). The market is more pessimistic than our downside scenario. 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.
Key figures of Bank Qnb Indonesia Tbk
How large is the market capitalisation of Bank Qnb Indonesia Tbk (BKSW)?
The market capitalisation of Bank Qnb Indonesia Tbk is 1.8T IDR (≈ $98.2M). 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 Qnb Indonesia Tbk (BKSW)?
The price-to-sales ratio of Bank Qnb Indonesia Tbk is 3.57 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bank Qnb Indonesia Tbk (BKSW)?
Earnings per share at Bank Qnb Indonesia Tbk are −1.26 IDR. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bank Qnb Indonesia Tbk (BKSW)?
The net margin of Bank Qnb Indonesia Tbk is −6.4% (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 Qnb Indonesia Tbk (BKSW)?
The return on equity (ROE) of Bank Qnb Indonesia Tbk is −0.9% (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 Qnb Indonesia Tbk (BKSW)?
On an EBIT basis the return on assets of Bank Qnb Indonesia Tbk is −1.8% (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 Qnb Indonesia Tbk (BKSW)?
The operating margin of Bank Qnb Indonesia Tbk is 15.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank Qnb Indonesia Tbk (BKSW)?
Revenue at Bank Qnb Indonesia Tbk is growing +0.8% versus a year earlier (3y avg −12.8%). 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 Qnb Indonesia Tbk (BKSW)?
Earnings per share at Bank Qnb Indonesia Tbk are growing +34.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bank Qnb Indonesia Tbk (BKSW) hold?
Bank Qnb Indonesia Tbk holds more cash than debt, 1.4T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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