Formosa Ingredient Factory PT Tbk (BOBA) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Formosa Ingredient Factory PT Tbk IDR 303, price IDR 200, upside +51.6%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PT Formosa Ingredient Factory Tbk produces and sells beverage ingredients in Indonesia and internationally. The company offers tapioca pearls, jellies, jams, sauces, syrup, powder, and popping boba under the Bobaking brand name. It sells its products to restaurants, local coffee shops, international chain stores, and premium modern markets and retail.
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PT Formosa Ingredient Factory Tbk produces and sells beverage ingredients in Indonesia and internationally. The company offers tapioca pearls, jellies, jams, sauces, syrup, powder, and popping boba under the Bobaking brand name. It sells its products to restaurants, local coffee shops, international chain stores, and premium modern markets and retail. The company was founded in 2016 and is headquartered in Tangerang, Indonesia.
Stock analysis
Formosa Ingredient Factory PT Tbk (BOBA) currently trades at 200.00 IDR, while our model-based Fair Value estimate is 303.24 IDR, implying the stock looks roughly 34.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 661.05 IDR per share, and 18 of the 24 models we run sit above the 200.00 IDR price.
Bear case: the Asset-Based group reads lowest at 97.12 IDR, and 6 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 122.49 IDR (bear) to 379.05 IDR (bull), the price of 200.00 IDR sits inside 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 63/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Formosa Ingredient Factory PT Tbk reported revenue of 168B IDR in FY2025 versus 74.2B IDR in FY2021, a compound +22.6%/yr. Reported net income was 16.7B IDR in FY2025, compounding −1.1%/yr from FY2021.
Key figures
Market cap 277B IDR (≈ $15.5M) · P/E ratio 11.8 · P/S ratio 1.17 · EPS (TTM) 16.97 IDR · Net margin 9.9% · Return on equity 11.9% · Return on assets (EBIT) 11.7% · Operating margin 17.9%.
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 44% below its 52-week high and 35% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −3% fair-value upside, at 52%, BOBA screens cheaper than that median.
Fair Value models
Bear 122.49 IDRFair Value 303.24 IDRBull 379.05 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 (12.46 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.75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.8%
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.
+11.4%
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.
+19.6%
Start year 2020 (pandemic)
Revenue growth 7 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.
+83.2%
’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.
−22.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−22.1%
Dividend (yield on the price)0.0%
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.35% → 13%
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+24.0%
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 +20.8% a year for the price.
Compare Formosa Ingredient Factory PT Tbk with another stock
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.Packaged Foods · 668 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+52% · Top 25%
Profitability
Return on equity (TTM)12% · Above median
Return on assets9% · Top 25%
Net margin (TTM)11% · Top 25%
Operating margin (TTM)18% · Top 25%
Growth and dividend
Revenue growth28% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Is Formosa Ingredient Factory PT Tbk (BOBA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 303.24 IDR versus a price of 200.00 IDR, about +52% upside (undervalued).
What is the fair value of BOBA?
Our model-based fair value for Formosa Ingredient Factory PT Tbk is 303.24 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 200.00 IDR.
What is the quality score of BOBA?
Formosa Ingredient Factory PT Tbk has a Quality Score of 63/100. 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 Formosa Ingredient Factory PT Tbk (BOBA)?
Our model-based price target is the fair value of 303.24 IDR (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 122.49 IDR, optimistic scenario 379.05 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Formosa Ingredient Factory PT Tbk stock forecast for 2026?
Our models put fair value at 303.24 IDR, about +52% upside versus a price of 200.00 IDR (undervalued). Cautious scenario 122.49 IDR, optimistic scenario 379.05 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Formosa Ingredient Factory PT Tbk (BOBA)?
Formosa Ingredient Factory PT Tbk reported trailing-twelve-month revenue of about 178B IDR (latest available figure, as of Sep 24, 2026).
What growth is priced into Formosa Ingredient Factory PT Tbk (BOBA)?
For today's price to be fair in a discounted-cash-flow model, Formosa Ingredient Factory PT Tbk would have to grow free cash flow by +24.0 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BOBA use?
Our models discount Formosa Ingredient Factory PT Tbk at 12.1 %: a base by market capitalisation (nano), damped by beta 1.04, 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 Formosa Ingredient Factory PT Tbk that is +24.0 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Formosa Ingredient Factory PT Tbk (BOBA) delivered so far?
Over the past 5 years revenue at Formosa Ingredient Factory PT Tbk grew +19.6 % a year. The price currently implies +24.0 % 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 Formosa Ingredient Factory PT Tbk (BOBA) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into Formosa Ingredient Factory PT Tbk (+24.0 % 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 Formosa Ingredient Factory PT Tbk (BOBA)?
The free-cash-flow yield on the price is 3.05 %: that much free cash flow Formosa Ingredient Factory PT Tbk produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Formosa Ingredient Factory PT Tbk (BOBA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Formosa Ingredient Factory PT Tbk it is 303.24 IDR per share (as of Sep 24, 2026), against a price of 200.00 IDR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Formosa Ingredient Factory PT Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BOBA trades below its calculated fair value: price 200.00 IDR, fair value 303.24 IDR, a gap of about +52% (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 BOBA?
No. The price is what the market pays today (200.00 IDR); the fair value is what the company's own numbers justify (303.24 IDR). For Formosa Ingredient Factory PT Tbk the two are 103.24 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Formosa Ingredient Factory PT Tbk worth?
The market values Formosa Ingredient Factory PT Tbk at about 277B IDR (market capitalisation, as of Sep 24, 2026). Per share that is 200.00 IDR; our models calculate a fair value of 303.24 IDR per share.
What do the bullish and bearish scenarios say about BOBA?
Our models span a range for Formosa Ingredient Factory PT Tbk: cautious scenario 122.49 IDR, base 303.24 IDR, optimistic 379.05 IDR per share (as of Sep 24, 2026, price 200.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BOBA?
Formosa Ingredient Factory PT Tbk trades at a price-to-earnings ratio of 11.8 (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 303.24 IDR is built from several models across several years. Other multiples: P/B 1.7, P/S 1.6, EV/EBITDA 7.6.
How solid is the balance sheet of Formosa Ingredient Factory PT Tbk (BOBA)?
Balance-sheet figures for Formosa Ingredient Factory PT Tbk (as of Sep 24, 2026): return on equity 11.9%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is BOBA from its 52-week high?
Formosa Ingredient Factory PT Tbk trades at 200.00 IDR, about 44% below its 52-week high of 358.00 IDR and 35% above the low of 147.83 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 303.24 IDR is for.
Which stocks are comparable to Formosa Ingredient Factory PT Tbk?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, The Kraft Heinz Company, Foshan Haitian Flavouring and Food Company, 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 Formosa Ingredient Factory PT Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 200.00 IDR, calculated fair value 303.24 IDR (+52%), Quality Score 63/100, from 24 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 BOBA calculated?
We run Formosa Ingredient Factory PT Tbk through 24 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 303.24 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 14.0 % above its aggregate fair value. Formosa Ingredient Factory PT Tbk currently trades 52 % 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 Formosa Ingredient Factory PT Tbk (BOBA)?
The closing price on Sep 24, 2026 was 200.00 IDR. Our model-based fair value is 303.24 IDR, about +52% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Formosa Ingredient Factory PT Tbk right now?
The model range is unusually wide (122.49 IDR to 379.05 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 (63/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Formosa Ingredient Factory PT Tbk
How large is the market capitalisation of Formosa Ingredient Factory PT Tbk (BOBA)?
The market capitalisation of Formosa Ingredient Factory PT Tbk is 277B IDR (≈ $15.5M). 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 Formosa Ingredient Factory PT Tbk (BOBA)?
The price-to-sales ratio of Formosa Ingredient Factory PT Tbk is 1.17 (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 Formosa Ingredient Factory PT Tbk (BOBA)?
Earnings per share at Formosa Ingredient Factory PT Tbk are 16.97 IDR (price ÷ EPS = P/E 11.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Formosa Ingredient Factory PT Tbk (BOBA)?
The net margin of Formosa Ingredient Factory PT Tbk is 9.9% (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 Formosa Ingredient Factory PT Tbk (BOBA)?
The return on equity (ROE) of Formosa Ingredient Factory PT Tbk is 11.9% (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 Formosa Ingredient Factory PT Tbk (BOBA)?
On an EBIT basis the return on assets of Formosa Ingredient Factory PT Tbk is 11.7% (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 Formosa Ingredient Factory PT Tbk (BOBA)?
The operating margin of Formosa Ingredient Factory PT Tbk is 17.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Formosa Ingredient Factory PT Tbk (BOBA)?
Revenue at Formosa Ingredient Factory PT Tbk is growing +27.7% versus a year earlier (3y avg +11.4%). 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 Formosa Ingredient Factory PT Tbk (BOBA)?
Earnings per share at Formosa Ingredient Factory PT Tbk are growing +96.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Formosa Ingredient Factory PT Tbk (BOBA) hold?
Formosa Ingredient Factory PT Tbk holds more cash than debt, 10.6B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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