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PT Bank QNB Indonesia Tbk (BKSW) Fair Value & Analysis

Financial Services · ID · Market cap 1.8T IDR

PB PT Bank QNB Indonesia Tbk BKSW · JK
Price53.00 IDR
Fair Value58.84 IDR
Upside+11.0%
Quality46/100
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Mixed Growth
Loss-making · -8.7% net margin
Low debt · generates free cash flow
Trails peers (3/9)
Narrow moat 29/100
Evidence: Medium Range 53.20 IDR – 64.48 IDR Share as image

Fair value as of: Jul 18, 2026

From 14 valuation models · updated 23 days ago

Share price +3.9% over the past month.

Below-average quality, screening 11% undervalued on our models.

What matters now

  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
  • Our model range runs from 53.20 IDR (bear) to 64.48 IDR (bull), base 58.84 IDR. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 46/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

330.00 IDR 50.00 IDR Fair Value 58.84 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 50.00 IDR – 330.00 IDR · fair‑value band 53.20 IDR – 64.48 IDR · the 53.00 IDR price screens below the 58.84 IDR fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

PT Bank QNB Indonesia Tbk (BKSW) currently trades at 53.00 IDR, while our model-based Fair Value estimate is 58.84 IDR, implying the stock looks roughly 11.0% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, PT Bank QNB Indonesia Tbk generated revenue of 513B IDR at a net margin of -8.7%. Revenue grew 0.8% year over year. It earns a return on equity of -0.9%. The balance sheet holds a net cash position of 1.4T IDR. Fundamentals as of Jul 18, 2026

Our scenario range runs from 53.20 IDR (bear case) to 64.48 IDR (bull case); at 53.00 IDR, the current price sits below 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 35% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 11%, BKSW screens richer 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 86.65 IDR 105.34 IDR 132.05 IDR 80
Rev-Margin DCF 65.28 IDR 73.37 IDR 82.23 IDR 74
ROIC Compounder 49.45 IDR 50.73 IDR 51.86 IDR 72
All 14 models by family
DCF Models
FCF DCF 85.14 IDR 104.92 IDR 134.30 IDR 38
Owner Earnings 45.68 IDR 47.27 IDR 49.64 IDR 31
5Y Revenue Exit 65.28 IDR 72.64 IDR 81.27 IDR 39
5Y EBITDA Exit 72.65 IDR 85.66 IDR 99.87 IDR 41
10Y Revenue Exit 71.70 IDR 79.65 IDR 88.74 IDR 36
10Y EBITDA Exit 76.80 IDR 88.62 IDR 102.52 IDR 37
Earnings-Based
EPV 49.45 IDR 50.73 IDR 51.86 IDR 59
Multiples
EV/EBIT 55.24 IDR 59.57 IDR 63.91 IDR 53
EV/EBITDA 69.32 IDR 78.36 IDR 87.39 IDR 54
EV/Revenue 55.38 IDR 61.02 IDR 66.66 IDR 43
Asset-Based
NCAV (Graham) 66.97 IDR 89.75 IDR 133.95 IDR 50
Growth DCF
Growth DCF 86.65 IDR 105.34 IDR 132.05 IDR 80
Rev-Margin DCF 65.28 IDR 73.37 IDR 82.23 IDR 74
Economic Profit
ROIC Compounder 49.45 IDR 50.73 IDR 51.86 IDR 72

Widest divergence: Asset-Based (89.75 IDR) versus Earnings-Based (50.73 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 513B IDR
Revenue growth (YoY) +0.8%
Net margin -8.7%
Return on equity -0.9%
Free cash flow 136B IDR FY2025
Operating margin 15.6%
More key figures
EPS (TTM) -1.26 IDR
EPS growth (YoY) +34.6%
Net cash 1.4T IDR FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 48 · Market factors (momentum, volatility) 37

Profitability 8
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 40
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 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.

Full company description

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.).

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT 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.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
751B IDR
Latest YoY
−9.3%
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.
−12.8%
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.
−10.8%
Avg. growth/yr (24Y) 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.
+8.3%
Revenue −8.9%/yr
FY21 1.1T IDR
FY22 1.1T IDR
FY23 1.1T IDR
FY24 828B IDR
FY25 751B IDR
Net income
FY21 −1.6T IDR
FY22 −401B IDR
FY23 69.2B IDR
FY24 55.6B IDR
FY25 −48.3B IDR

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Cite: Fair Value Calculator (2026). "PT Bank QNB Indonesia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/BKSW

Peer Group

Banks - Regional · 1083 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 48 · Below median
Fair Value upside +11% · Above median
Return on assets -0% · Bottom 25%
Net margin (TTM) -9% · Bottom 25%
Operating margin (TTM) 16% · Bottom 25%
Revenue growth 1% · Below median

Valuation Multiples vs Banks - Regional 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 48 · sector 39
FUTURE 4 · sector 44
PAST 0 · sector 41
HEALTH 100 · sector 85
DIVIDEND 0 · sector 49

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 Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
PT Bank Central Asia Tbk BBCA 6,175 IDR 6,087 IDR -1%
KB Financial Group 105560 184,400 KRW 213,797 KRW +16%
PT Bank Rakyat Indonesia (Persero) Tbk BBRI 2,970 IDR 4,891 IDR +65%
PT Bank Mandiri (Persero) Tbk BMRI 4,310 IDR 7,841 IDR +82%
Banco Bradesco S.A BBD 5,120 ARS 10,240 ARS +100%
Shinhan Financial Group 055550 107,900 KRW 137,259 KRW +27%
Hana Financial Group 086790 136,800 KRW 193,969 KRW +42%
Lloyds Banking Group LYG 4,138 ARS 8,275 ARS +100%
Banco de Chile, CHILE 193.10 CLP 152.55 CLP -21%
Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB 59,400 VND 84,201 VND +42%

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Frequently asked questions

Is PT Bank QNB Indonesia Tbk (BKSW) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 58.84 IDR versus a price of 53.00 IDR, about +11% (undervalued).
What is the fair value of BKSW?
Our model-based fair value for PT Bank QNB Indonesia Tbk is 58.84 IDR (as of Jul 18, 2026), built from audited fundamentals. The current price is 53.00 IDR.
What is the quality score of BKSW?
PT 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 revenue of PT Bank QNB Indonesia Tbk (BKSW)?
PT Bank QNB Indonesia Tbk reported trailing-twelve-month revenue of about 513B IDR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of BKSW?
The net profit margin of PT Bank QNB Indonesia Tbk is about -8.7%, meaning it is currently running at a net loss. 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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