Bank Tabungan Pensiunan Nasional Syariah PT (BTPS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Bank Tabungan Pensiunan Nasional Syariah PT stock IDR 1,222, price IDR 1,005, upside +21.6%, quality 72 out of 100. Rating: undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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. As of Nov 7, 2026.
How to read this chart
60‑month range 747.91 IDR – 3,263 IDR · fair‑value band 1,102 IDR – 1,483 IDR · the 1,005 IDR price screens below the 1,222 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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PT Bank BTPN Syariah Tbk, together with its subsidiaries, operates as a sharia commercial bank providing a comprehensive range of banking products and services in Indonesia. The company offers savings, deposits, agent savings, and business savings accounts.
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It also provides group sharia financing, financing sharia capital business to financing companies, and individual sharia financing products; and ATM, mobile and internet banking services.
In addition, the company is involved in venture capital business activities, venture fund management, and other business activities. The company was formerly known as PT Bank Tabungan Pensiunan Nasional Syariah Tbk and changed its name to PT Bank BTPN Syariah Tbk in May 2020.
The company was founded in 1991 and is headquartered in Jakarta Selatan, Indonesia. PT Bank BTPN Syariah Tbk is a subsidiary of PT Bank SMBC Indonesia Tbk.
Stock analysis
Bank Tabungan Pensiunan Nasional Syariah PT (BTPS) currently trades at 1,005 IDR, while our model-based Fair Value estimate is 1,222 IDR, implying the stock looks roughly 18% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 1,900 IDR per share, and 3 of the 6 models we run sit above the 1,005 IDR price.
Bear case: the Asset-Based group reads lowest at 848.49 IDR, and 3 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1,102 IDR (bear) to 1,483 IDR (bull), the price of 1,005 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 72/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bank Tabungan Pensiunan Nasional Syariah PT reported revenue of 5.2T IDR in FY2025 versus 4.3T IDR in FY2021, a compound +4.9%/yr. Reported net income was 1.2T IDR in FY2025, compounding −4.8%/yr from FY2021.
Key figures
Market cap 7.7T IDR (≈ $428M) Small · P/E ratio 6.5 · P/S ratio 1.87 · EPS (TTM) 155.40 IDR · Dividend yield 4.6% · Net margin 30.6% · Return on equity 12.3% · Return on assets (EBIT) 8.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 73 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 22%, BTPS screens cheaper than that median.
Fair Value models
Bear1,102 IDRFair Value 1,222 IDRBull1,483 IDR
Price 1,005 IDR · Upside +21.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (93.34 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.9%
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.
+1.1%
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.
+8.0%
Start year 2020 (pandemic). Over 10 years: +14.7% a year
Revenue growth 11 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.
+17.8%
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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. 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.
+1.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.0%
Dividend (yield on the price)4.6%
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.−3.0% vs 10.1%, slowing
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.32% → 30%
Pace: the 5-year rate starts in 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).
−20.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
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.
+4.0%
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 −22.4% a year for the price and +1.3% for the forecasts.
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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 · 998 stocks
Beats the industry median on 14/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+21.6% · Top 25%
Profitability
Return on equity (12 months)12.3% · Above median
Return on assets5.3% · Top 25%
Net margin (12 months)30.6% · Above median
Operating margin (12 months)40.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)11.5% · Above median
Dividend yield (12 months)4.6% · Top 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 Pensiunan Nasional Syariah PT Fair Value". https://www.fairvalue-calculator.com/stock/BTPS
Frequently asked questions
Is Bank Tabungan Pensiunan Nasional Syariah PT (BTPS) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 1,222 IDR versus a price of 1,005 IDR, about +22% upside (undervalued).
What is the fair value of BTPS?
Our model-based fair value for Bank Tabungan Pensiunan Nasional Syariah PT is 1,222 IDR (as of Nov 7, 2026), built from audited fundamentals. The current price: 1,005 IDR.
What is the quality score of BTPS?
Bank Tabungan Pensiunan Nasional Syariah PT has a Quality Score of 72/100. 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 Pensiunan Nasional Syariah PT (BTPS)?
Our model-based price target is the fair value of 1,222 IDR (as of Nov 7, 2026) from 6 valuation models. Cautious scenario 1,102 IDR, optimistic scenario 1,483 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank Tabungan Pensiunan Nasional Syariah PT stock forecast for 2026?
Our models put fair value at 1,222 IDR, about +22% upside versus a price of 1,005 IDR (undervalued). Cautious scenario 1,102 IDR, optimistic scenario 1,483 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Bank Tabungan Pensiunan Nasional Syariah PT (BTPS)?
Bank Tabungan Pensiunan Nasional Syariah PT reported trailing-twelve-month revenue of about 4.1T IDR (latest available figure, as of Nov 7, 2026).
Does Bank Tabungan Pensiunan Nasional Syariah PT pay a dividend?
Bank Tabungan Pensiunan Nasional Syariah PT currently shows a dividend yield of 4.60% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Bank Tabungan Pensiunan Nasional Syariah PT (BTPS) and when is the ex-dividend date?
Bank Tabungan Pensiunan Nasional Syariah PT pays a dividend of 46.20 IDR per share a year, a dividend yield of 4.6%. The last ex-dividend date was Apr 27, 2026. A dividend has been paid every year since at least 2020. The payout ratio is 29.7% of earnings. Free cash flow covers the dividend 4.67 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Bank Tabungan Pensiunan Nasional Syariah PT (BTPS)?
For today's price to be fair in a discounted-cash-flow model, Bank Tabungan Pensiunan Nasional Syariah PT would have to grow free cash flow by -20.4 % 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 +8.0 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of BTPS use?
Our models discount Bank Tabungan Pensiunan Nasional Syariah PT at 12.0 %: a base by market capitalisation (small), damped by beta 0.32, 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 Pensiunan Nasional Syariah PT that is -20.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Bank Tabungan Pensiunan Nasional Syariah PT (BTPS) delivered so far?
Over the past 5 years revenue at Bank Tabungan Pensiunan Nasional Syariah PT grew +8.0 % a year. The price currently implies free-cash-flow growth of -20.4 % per 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 Pensiunan Nasional Syariah PT (BTPS) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Bank Tabungan Pensiunan Nasional Syariah PT (-20.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bank Tabungan Pensiunan Nasional Syariah PT (BTPS)?
The free-cash-flow yield on the price is 21.45 %: that much free cash flow Bank Tabungan Pensiunan Nasional Syariah PT 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 Pensiunan Nasional Syariah PT (BTPS)?
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 Pensiunan Nasional Syariah PT it is 1,222 IDR per share (as of Nov 7, 2026), against a price of 1,005 IDR. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Bank Tabungan Pensiunan Nasional Syariah PT stock overvalued or undervalued in 2026?
As of Nov 7, 2026, BTPS trades below its calculated fair value: price 1,005 IDR, fair value 1,222 IDR, a gap of about +22% (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 BTPS?
No. The price is what the market pays today (1,005 IDR); the fair value is what the company's own numbers justify (1,222 IDR). For Bank Tabungan Pensiunan Nasional Syariah PT the two are 216.87 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank Tabungan Pensiunan Nasional Syariah PT worth?
The market values Bank Tabungan Pensiunan Nasional Syariah PT at about 7.7T IDR (market capitalisation, as of Nov 7, 2026). Per share that is 1,005 IDR; our models calculate a fair value of 1,222 IDR per share.
What do the bullish and bearish scenarios say about BTPS?
Our models span a range for Bank Tabungan Pensiunan Nasional Syariah PT: cautious scenario 1,102 IDR, base 1,222 IDR, optimistic 1,483 IDR per share (as of Nov 7, 2026, price 1,005 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BTPS?
Bank Tabungan Pensiunan Nasional Syariah PT trades at a price-to-earnings ratio of 6.5 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,222 IDR is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 13.0. Other multiples: PEG 0.4, P/B 0.8, P/S 1.9, EV/EBITDA 3.1.
What is the PEG ratio of BTPS?
The PEG ratio of Bank Tabungan Pensiunan Nasional Syariah PT is 0.37 (P/E divided by earnings growth, as of Nov 7, 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 Pensiunan Nasional Syariah PT (BTPS)?
Balance-sheet figures for Bank Tabungan Pensiunan Nasional Syariah PT (as of Nov 7, 2026): return on equity 12.3%. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is BTPS from its 52-week high?
Bank Tabungan Pensiunan Nasional Syariah PT trades at 1,005 IDR, about 24% below its 52-week high of 1,324 IDR and 18% above the low of 855.00 IDR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 1,222 IDR is for.
Which stocks are comparable to Bank Tabungan Pensiunan Nasional Syariah PT?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Pensiunan Nasional Syariah PT stock attractive at the current price?
The data as of Nov 7, 2026: price 1,005 IDR, calculated fair value 1,222 IDR (+22%), Quality Score 72/100, from 6 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 BTPS calculated?
We run Bank Tabungan Pensiunan Nasional Syariah PT through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 1,222 IDR builds on their evidence-weighted average, 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 Tabungan Pensiunan Nasional Syariah PT 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 Tabungan Pensiunan Nasional Syariah PT (BTPS)?
The closing price on Nov 6, 2026 was 1,005 IDR. Our model-based fair value is 1,222 IDR, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank Tabungan Pensiunan Nasional Syariah PT right now?
The price is below even our cautious bear case (1,102 IDR). The market is more pessimistic than our downside scenario. Solid quality (72/100) at a price below fair value, the discount is the argument here, not the business quality. 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.
Where does the earnings growth of Bank Tabungan Pensiunan Nasional Syariah PT (BTPS) come from?
Earnings per share at Bank Tabungan Pensiunan Nasional Syariah PT grew +12.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.4 %, EBIT margin +2.4 %, tax rate +0.6 %, residual (interest, one-offs) +0.2 %. 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 Pensiunan Nasional Syariah PT
How large is the market capitalisation of Bank Tabungan Pensiunan Nasional Syariah PT (BTPS)?
The market capitalisation of Bank Tabungan Pensiunan Nasional Syariah PT is 7.7T IDR (≈ $428M). 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 Pensiunan Nasional Syariah PT (BTPS)?
The price-to-sales ratio of Bank Tabungan Pensiunan Nasional Syariah PT is 1.87 (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 Tabungan Pensiunan Nasional Syariah PT (BTPS)?
Earnings per share at Bank Tabungan Pensiunan Nasional Syariah PT are 155.40 IDR (price ÷ EPS = P/E 6.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bank Tabungan Pensiunan Nasional Syariah PT (BTPS)?
The dividend yield of Bank Tabungan Pensiunan Nasional Syariah PT is 4.6% (payout 29.7%). 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 Pensiunan Nasional Syariah PT (BTPS)?
The net margin of Bank Tabungan Pensiunan Nasional Syariah PT is 30.6% (last twelve months). 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 Pensiunan Nasional Syariah PT (BTPS)?
The return on equity (ROE) of Bank Tabungan Pensiunan Nasional Syariah PT is 12.3% (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 Tabungan Pensiunan Nasional Syariah PT (BTPS)?
On an EBIT basis the return on assets of Bank Tabungan Pensiunan Nasional Syariah PT is 8.1% (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 Pensiunan Nasional Syariah PT (BTPS)?
The operating margin of Bank Tabungan Pensiunan Nasional Syariah PT is 40.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank Tabungan Pensiunan Nasional Syariah PT (BTPS)?
Revenue at Bank Tabungan Pensiunan Nasional Syariah PT is growing +11.5% versus a year earlier (3y avg +1.1%). 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 Pensiunan Nasional Syariah PT (BTPS)?
Earnings per share at Bank Tabungan Pensiunan Nasional Syariah PT are growing +17.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bank Tabungan Pensiunan Nasional Syariah PT (BTPS) hold?
Bank Tabungan Pensiunan Nasional Syariah PT holds more cash than debt, 2.4T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 7, 2026