Bank Permata Tbk (BNLI) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Bank Permata Tbk IDR 4,160, price IDR 2,080, upside +100.0%, quality 59 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 849.00 IDR – 5,913 IDR · fair‑value band 3,120 IDR – 5,200 IDR · the 2,080 IDR price screens below the 4,160 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 Bank Permata Tbk provides corporate, commercial, and consumer banking products and services in Indonesia.
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PT Bank Permata Tbk provides corporate, commercial, and consumer banking products and services in Indonesia. It offers savings and current accounts, time deposits, mutual funds, bonds, and credit cards; mortgage, personal, and working capital loan products; bancassurance, trade finance, foreign exchange, cash management, and treasury solutions; security services and agency services, as well as various digital banking services. The company was formerly known as PT Bank Bali Tbk and changed its name to PT Bank Permata Tbk in October 2002. The company was founded in 1954 and is headquartered in Jakarta, Indonesia. PT Bank Permata Tbk is a subsidiary of Bangkok Bank Public Company Limited.
Stock analysis
Bank Permata Tbk (BNLI) currently trades at 2,080 IDR, while our model-based Fair Value estimate is 4,160 IDR, implying the stock looks roughly 50.0% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 1,289 IDR per share, and 0 of the 4 models we run sit above the 2,080 IDR price.
Bear case: the Asset-Based group reads lowest at 849.01 IDR, and 4 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 3,120 IDR (bear) to 5,200 IDR (bull), the price of 2,080 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 59/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Bank Permata Tbk reported revenue of 19.4T IDR in FY2025 versus 13.3T IDR in FY2021, a compound +10.0%/yr. Reported net income was 3.6T IDR in FY2025, compounding +30.7%/yr from FY2021.
Key figures
Market cap 86.5T IDR (≈ $8.6B) · P/E ratio 27.2 · P/S ratio 5.02 · EPS (TTM) 101.94 IDR · Net margin 18.5% · Return on equity 8.3% · Return on assets (EBIT) 1.6% · Operating margin 43.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 65% 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 −38% fair-value upside, at 100%, BNLI screens cheaper than that median.
Fair Value models
Bear 3,120 IDRFair Value 4,160 IDRBull 5,200 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 (74.57 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.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.7%
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.
+21.9%
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.
+7.6%
Start year 2020 (pandemic). Over 10 years: +1.2% 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.
+15.0%
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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. Basis: EBIT basis. 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.
+20.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.5%
Dividend (yield on the price)0.0%
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.21% 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.12% → 24%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 6.9%/yr over ~10Y (margins intact) ⓘ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
Price in line with expectations
The price assumes about as much growth as 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).
+7.2%
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 +4.4% 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 · 1074 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside+100% · Top 25%
Profitability
Return on equity (TTM)8% · Below median
Return on assets1% · Top 25%
Net margin (TTM)34% · Above median
Operating margin (TTM)44% · Above median
Growth and dividend
Revenue growth9% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.25× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is Bank Permata Tbk (BNLI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4,160 IDR versus a price of 2,080 IDR, about +100% upside (undervalued).
What is the fair value of BNLI?
Our model-based fair value for Bank Permata Tbk is 4,160 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 2,080 IDR.
What is the quality score of BNLI?
Bank Permata Tbk has a Quality Score of 59/100. 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 Permata Tbk (BNLI)?
Our model-based price target is the fair value of 4,160 IDR (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 3,120 IDR, optimistic scenario 5,200 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank Permata Tbk stock forecast for 2026?
Our models put fair value at 4,160 IDR, about +100% upside versus a price of 2,080 IDR (undervalued). Cautious scenario 3,120 IDR, optimistic scenario 5,200 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Bank Permata Tbk (BNLI)?
Bank Permata Tbk reported trailing-twelve-month revenue of about 11.0T IDR (latest available figure, as of Sep 24, 2026).
What growth is priced into Bank Permata Tbk (BNLI)?
For today's price to be fair in a discounted-cash-flow model, Bank Permata Tbk would have to grow free cash flow by +7.2 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BNLI use?
Our models discount Bank Permata Tbk at 10.6 %: a base by market capitalisation (mega), damped by beta 0.86, 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 Permata Tbk that is +7.2 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Bank Permata Tbk (BNLI) delivered so far?
Over the past 5 years revenue at Bank Permata Tbk grew +7.6 % a year. The price currently implies +7.2 % 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 Bank Permata Tbk (BNLI) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Bank Permata Tbk (+7.2 % 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 Bank Permata Tbk (BNLI)?
The free-cash-flow yield on the price is 5.23 %: that much free cash flow Bank Permata Tbk produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), 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 Permata Tbk (BNLI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank Permata Tbk it is 4,160 IDR per share (as of Sep 24, 2026), against a price of 2,080 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Bank Permata Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BNLI trades below its calculated fair value: price 2,080 IDR, fair value 4,160 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 BNLI?
No. The price is what the market pays today (2,080 IDR); the fair value is what the company's own numbers justify (4,160 IDR). For Bank Permata Tbk the two are 2,080 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank Permata Tbk worth?
The market values Bank Permata Tbk at about 86.5T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 2,080 IDR; our models calculate a fair value of 4,160 IDR per share.
What do the bullish and bearish scenarios say about BNLI?
Our models span a range for Bank Permata Tbk: cautious scenario 3,120 IDR, base 4,160 IDR, optimistic 5,200 IDR per share (as of Sep 24, 2026, price 2,080 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BNLI?
Bank Permata Tbk trades at a price-to-earnings ratio of 27.2 (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 4,160 IDR is built from several models across several years. Other multiples: P/B 1.9, P/S 7.9, EV/EBITDA 15.1.
How solid is the balance sheet of Bank Permata Tbk (BNLI)?
Balance-sheet figures for Bank Permata Tbk (as of Sep 24, 2026): return on equity 8.3%, debt of 0.25 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is BNLI from its 52-week high?
Bank Permata Tbk trades at 2,080 IDR, about 65% below its 52-week high of 5,913 IDR and at the low of 2,070 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 4,160 IDR is for.
Which stocks are comparable to Bank Permata 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 Permata Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 2,080 IDR, calculated fair value 4,160 IDR (+100%), Quality Score 59/100, 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 BNLI calculated?
We run Bank Permata 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 4,160 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 Permata Tbk 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 Permata Tbk (BNLI)?
The closing price on Sep 23, 2026 was 2,080 IDR. Our model-based fair value is 4,160 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 Permata Tbk right now?
The price is below even our cautious bear case (3,120 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 (59/100) 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 Permata Tbk (BNLI) come from?
Earnings per share at Bank Permata Tbk grew +4.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −7.6 %, EBIT margin +13.1 %, tax rate −0.1 %, 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 Permata Tbk
How large is the market capitalisation of Bank Permata Tbk (BNLI)?
The market capitalisation of Bank Permata Tbk is 86.5T IDR (≈ $8.6B). 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 Permata Tbk (BNLI)?
The price-to-sales ratio of Bank Permata Tbk is 5.02 (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 Permata Tbk (BNLI)?
Earnings per share at Bank Permata Tbk are 101.94 IDR (price ÷ EPS = P/E 27.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bank Permata Tbk (BNLI)?
The net margin of Bank Permata Tbk is 18.5% (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 Bank Permata Tbk (BNLI)?
The return on equity (ROE) of Bank Permata Tbk is 8.3% (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 Permata Tbk (BNLI)?
On an EBIT basis the return on assets of Bank Permata Tbk is 1.6% (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 Permata Tbk (BNLI)?
The operating margin of Bank Permata Tbk is 43.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank Permata Tbk (BNLI)?
Revenue at Bank Permata Tbk is growing +9.3% versus a year earlier (3y avg +21.9%). 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 Permata Tbk (BNLI)?
Earnings per share at Bank Permata Tbk are growing +16.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bank Permata Tbk (BNLI) hold?
Bank Permata Tbk holds more cash than debt, 10.2T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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