PT Bukalapak.com (BUKA) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of PT Bukalapak.com stock IDR 264, price IDR 101, upside +161.0%, quality 78 out of 100. Rating: strongly undervalued. 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. As of Oct 28, 2026.
How to read this chart
60‑month range 95.00 IDR – 1,110 IDR · fair‑value band 235.50 IDR – 333.53 IDR · the 101.00 IDR price screens below the 263.58 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.
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PT Bukalapak.com Tbk. operates as an all-commerce platform for various products in Indonesia. It operates through five segments: Gaming, Online to Offline, Retail, Investment, and Corporate.
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The company offers gaming, physical, and virtual product and services; gaming product platform; Bukalapak and Mitra Bukalapak platform; logistics services; retail products; and BMoney platform services.
It also engages in computer programming, information, communications, and telecommunications activities; e-commerce, and science and technology businesses; non-store retailing; and financing activities, as well as offers web portals, transportation management services, information technology consultancy services, warehousing, transportation support, and business consulting.
In addition, the company is involved in mutual fund trading; investing in bonds; wholesale trade in clothing, motorbike spare parts and accessories, and computer games; software publishing and retail trade; advertising; management and consulting; intermediate trade of mutual funds products; retail trade activities; private work training; education; apparel industry; rental and leasing; MICE and special events organizing; retail trade of construction materials; money changing; and payment services.
The company was founded in 2011 and is headquartered in Jakarta Selatan, Indonesia.
Stock analysis
PT Bukalapak.com (BUKA) currently trades at 101.00 IDR, while our model-based Fair Value estimate is 263.58 IDR, implying the stock looks roughly 61.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 1,590 IDR per share, and 17 of the 18 models we run sit above the 101.00 IDR price.
Bear case: the Multiples group reads lowest at 219.01 IDR, and 1 of the 18 models stay below the price. Data coverage for this calculation is low.
Scenario range: 235.50 IDR (bear) to 333.53 IDR (bull), the price of 101.00 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 78/100 (high quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
PT Bukalapak.com reported revenue of 6.5T IDR in FY2025 versus 1.9T IDR in FY2021, a compound +36.6%/yr. Reported net income was 3.1T IDR in FY2025.
Key figures
Market cap 9.4T IDR (≈ $516M) Small · P/E ratio 5.7 · P/S ratio 2.74 · EPS (TTM) −8.07 IDR · Net margin 48.3% · Return on equity 7.8% · Return on assets (EBIT) −6.9% · Operating margin 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 161%, BUKA screens cheaper than that median.
Fair Value models
Bear235.50 IDRFair Value 263.58 IDRBull333.53 IDR
Price 101.00 IDR · Upside +161.0%
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.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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+46.0%
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.
+21.6%
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.
+36.9%
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.
+55.8%
’18
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’20
’21
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’25
What shareholders gained per year (last 3 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 3 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.
+18.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.1%
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.−137% → −3%
Growth Forecast
Little optimism in the price
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).
less than -40 %
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.
−1.6%
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 −4.1% a year for the forecasts.
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.Internet Retail · 100 stocks
Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score78 · Top 25%
Fair Value upside+161.0% · Top 25%
Profitability
Return on equity (12 months)7.8% · Above median
Return on assets12.1% · Top 25%
Net margin (12 months)25.0% · Top 25%
Operating margin (12 months)0.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)−0.5% · Bottom 25%
Valuation Multiplesvs Internet Retail 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). "PT Bukalapak.com Fair Value". https://www.fairvalue-calculator.com/stock/BUKA
Frequently asked questions
Is PT Bukalapak.com (BUKA) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of 263.58 IDR versus a price of 101.00 IDR, about +161% upside (undervalued).
What is the fair value of BUKA?
Our model-based fair value for PT Bukalapak.com is 263.58 IDR (as of Oct 28, 2026), built from audited fundamentals. The current price: 101.00 IDR.
What is the quality score of BUKA?
PT Bukalapak.com has a Quality Score of 78/100. 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 PT Bukalapak.com (BUKA)?
Our model-based price target is the fair value of 263.58 IDR (as of Oct 28, 2026) from 18 valuation models. Cautious scenario 235.50 IDR, optimistic scenario 333.53 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the PT Bukalapak.com stock forecast for 2026?
Our models put fair value at 263.58 IDR, about +161% upside versus a price of 101.00 IDR (undervalued). Cautious scenario 235.50 IDR, optimistic scenario 333.53 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of PT Bukalapak.com (BUKA)?
PT Bukalapak.com reported trailing-twelve-month revenue of about 7.4T IDR (latest available figure, as of Oct 28, 2026).
What growth is priced into PT Bukalapak.com (BUKA)?
For today's price to be fair in a discounted-cash-flow model, PT Bukalapak.com would have to grow free cash flow by less than minus 40 % 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 +36.9 % per year. As of Oct 28, 2026.
What discount rate (WACC) does the fair value of BUKA use?
Our models discount PT Bukalapak.com at 12.0 %: a base by market capitalisation (small), damped by beta 0.19, 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 PT Bukalapak.com that is less than minus 40 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has PT Bukalapak.com (BUKA) delivered so far?
Over the past 5 years revenue at PT Bukalapak.com grew +36.9 % a year. The price currently implies less than minus 40 % 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 PT Bukalapak.com (BUKA) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into PT Bukalapak.com (less than minus 40 % 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 PT Bukalapak.com (BUKA)?
The free-cash-flow yield on the price is 3.29 %: that much free cash flow PT Bukalapak.com 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 PT Bukalapak.com (BUKA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PT Bukalapak.com it is 263.58 IDR per share (as of Oct 28, 2026), against a price of 101.00 IDR. It is the blended result of 18 valuation models (cash flow, earnings, asset, dividend).
Is PT Bukalapak.com stock overvalued or undervalued in 2026?
As of Oct 28, 2026, BUKA trades below its calculated fair value: price 101.00 IDR, fair value 263.58 IDR, a gap of about +161% (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 BUKA?
No. The price is what the market pays today (101.00 IDR); the fair value is what the company's own numbers justify (263.58 IDR). For PT Bukalapak.com the two are 162.58 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is PT Bukalapak.com worth?
The market values PT Bukalapak.com at about 9.4T IDR (market capitalisation, as of Oct 28, 2026). Per share that is 101.00 IDR; our models calculate a fair value of 263.58 IDR per share.
What do the bullish and bearish scenarios say about BUKA?
Our models span a range for PT Bukalapak.com: cautious scenario 235.50 IDR, base 263.58 IDR, optimistic 333.53 IDR per share (as of Oct 28, 2026, price 101.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BUKA?
PT Bukalapak.com trades at a price-to-earnings ratio of 5.7 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 263.58 IDR is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 12.9 (reported for FY2025: 3.0). Other multiples: P/B 0.4, P/S 1.3.
How solid is the balance sheet of PT Bukalapak.com (BUKA)?
Balance-sheet figures for PT Bukalapak.com (as of Oct 28, 2026): return on equity 7.8%. They feed the Quality Score of 78/100, which measures business quality independently of the share price.
How far is BUKA from its 52-week high?
PT Bukalapak.com trades at 101.00 IDR, about 42% below its 52-week high of 175.00 IDR and 6% above the low of 95.00 IDR (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 263.58 IDR is for.
Which stocks are comparable to PT Bukalapak.com?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, PDD Holdings, MercadoLibre, Inc, 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 PT Bukalapak.com stock attractive at the current price?
The data as of Oct 28, 2026: price 101.00 IDR, calculated fair value 263.58 IDR (+161%), Quality Score 78/100, from 18 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 BUKA calculated?
We run PT Bukalapak.com through 18 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 263.58 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 13.4 % above its aggregate fair value. PT Bukalapak.com currently trades 62 % 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 PT Bukalapak.com (BUKA)?
The closing price on Oct 28, 2026 was 101.00 IDR. Our model-based fair value is 263.58 IDR, about +161% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PT Bukalapak.com right now?
The rarer combination: high quality (78/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (235.50 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.
Key figures of PT Bukalapak.com
How large is the market capitalisation of PT Bukalapak.com (BUKA)?
The market capitalisation of PT Bukalapak.com is 9.4T IDR (≈ $516M). 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 PT Bukalapak.com (BUKA)?
The price-to-sales ratio of PT Bukalapak.com is 2.74 (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 PT Bukalapak.com (BUKA)?
Earnings per share at PT Bukalapak.com are −8.07 IDR (price ÷ EPS = P/E 5.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of PT Bukalapak.com (BUKA)?
The net margin of PT Bukalapak.com is 48.3% (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 PT Bukalapak.com (BUKA)?
The return on equity (ROE) of PT Bukalapak.com is 7.8% (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 PT Bukalapak.com (BUKA)?
On an EBIT basis the return on assets of PT Bukalapak.com is −6.9% (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 PT Bukalapak.com (BUKA)?
The operating margin of PT Bukalapak.com is 0.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PT Bukalapak.com (BUKA)?
Revenue at PT Bukalapak.com is growing −0.5% versus a year earlier (3y avg +21.6%). 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 PT Bukalapak.com (BUKA)?
Earnings per share at PT Bukalapak.com are growing +19.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does PT Bukalapak.com (BUKA) hold?
PT Bukalapak.com holds more cash than debt, 16.1T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Oct 28, 2026