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Wilmar Cahaya Indonesia Tbk (CEKA) Fair Value & Analysis

Consumer Defensive · ID · Market cap 1.3T IDR (≈ $130M) · ISIN ID1000135007

WC Wilmar Cahaya Indonesia Tbk CEKA · JK
Price2,180 IDR
Fair Value6,272 IDR
Upside+187.7%
Quality56/100
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Strengths

Trades 65% below our fair value of 6,272 IDR
Ranks above peers (10/13)

Risks

!Expensive Growth (revenue 5y +21.8 %/yr)
!Thin margins · 2.1% net margin
!Low debt · negative free cash flow
!Narrow moat 38/100
Expensive Growth (revenue 5y +21.8 %/yr)
Thin margins · 2.1% net margin
Low debt · negative free cash flow
6.88% dividend yield
Ranks above peers (10/13)
Narrow moat 38/100
Evidence: High Range 4,832 IDR – 7,712 IDR Share as image

Fair value as of: Aug 28, 2026

From 15 valuation models · updated yesterday

Share price −1.4% over the past month.

A solid business, trading 65% below our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price is below even our cautious bear case (4,832 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

2,793 IDR 1,345 IDR Fair Value 6,272 IDR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range 1,345 IDR – 2,793 IDR · fair‑value band 4,832 IDR – 7,712 IDR · the 2,180 IDR price screens below the 6,272 IDR fair value. Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Wilmar Cahaya Indonesia Tbk (CEKA) currently trades at 2,180 IDR, while our model-based Fair Value estimate is 6,272 IDR, implying the stock looks roughly 187.7% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Defensive 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: high), always confirm before acting.

Over the trailing twelve months, Wilmar Cahaya Indonesia Tbk generated revenue of 9.9T IDR at a net margin of 1.7%. Revenue grew 5.5% year over year. It earns a return on equity of 8.2%. The balance sheet holds a net cash position of 304B IDR. Fundamentals as of Aug 28, 2026

Our scenario range runs from 4,832 IDR (bear case) to 7,712 IDR (bull case); at 2,180 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 31% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -25% fair-value upside, at 188%, CEKA screens cheaper 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
Residual Income 2,994 IDR 3,333 IDR 5,638 IDR 76
ROIC Compounder 3,232 IDR 4,245 IDR 5,472 IDR 72
Growth-Adj P/E 5,947 IDR 8,495 IDR 11,044 IDR 68
All 15 models by family
DCF Models
Owner Earnings 5,829 IDR 12,545 IDR 26,806 IDR 31
Earnings-Based
Graham-Dodd 2,224 IDR 14,576 IDR 20,400 IDR 54
Lynch FV 4,244 IDR 6,064 IDR 7,883 IDR 50
PEG = 1.0 4,244 IDR 6,064 IDR 7,883 IDR 46
EPV 3,232 IDR 3,723 IDR 4,160 IDR 59
Multiples
P/E Multiple 5,151 IDR 6,868 IDR 8,585 IDR 63
P/S Multiple 4,170 IDR 5,560 IDR 6,950 IDR 58
P/B Multiple 4,170 IDR 5,560 IDR 6,950 IDR 55
EV/EBIT 5,542 IDR 7,239 IDR 8,936 IDR 53
EV/EBITDA 4,771 IDR 6,211 IDR 7,651 IDR 54
EV/Revenue 4,084 IDR 5,641 IDR 7,199 IDR 43
Asset-Based
NCAV (Graham) 1,691 IDR 2,266 IDR 3,383 IDR 50
Economic Profit
Residual Income 2,994 IDR 3,333 IDR 5,638 IDR 76
ROIC Compounder 3,232 IDR 4,245 IDR 5,472 IDR 72
Growth Earnings
Growth-Adj P/E 5,947 IDR 8,495 IDR 11,044 IDR 68

Widest divergence: DCF Models (12,545 IDR) versus Asset-Based (2,266 IDR). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 7.7
P/S ratio 0.15 P/E × margin
EPS (TTM) 282.08 IDR price ÷ EPS = P/E 7.7
Net margin 2.0% FY2025
Return on equity 8.2% TTM
Return on assets (EBIT) 13.1% avg 5y
More key figures
Profitability
Operating margin 3.7% TTM
Growth
Revenue (TTM) 9.9T IDR TTM
Revenue growth (YoY) +5.5% 3y avg +16.6%
EPS growth (YoY) -27.2%
Balance sheet & cash flow
Free cash flow −99.2B IDR FY2025
Net cash 304B IDR FY2025

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 56 · Market factors (momentum, volatility) 50

Profitability 50
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 82
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

PT Wilmar Cahaya Indonesia Tbk. produces and sells vegetable and specialty oils for the food industry in Indonesia and internationally.

Full company description

PT Wilmar Cahaya Indonesia Tbk. produces and sells vegetable and specialty oils for the food industry in Indonesia and internationally. The company offers crude palm oil and its derivatives, and illipe nuts and oils; specialty fats, including cocoa butter substitutes, cocoa butter replacers, cocoa butter equivalents, confectionary fats, icing and filling fats, milk fat replacers, ice cream fats, and spread fats; bakery fats comprising margarine products, butter oil substitutes, bakers' fat, and frying and superfry shortening; and cooking oil. It also engages in general trading services comprising import and export; and trading in flour, agricultural and forest products, and daily need goods, as well as operates as a wholesaler, distributor, supplier, retailer, and others. The company was formerly known as PT Cahaya Kalbar Tbk. and changed its name to PT Wilmar Cahaya Indonesia Tbk. in May 2013. The company was founded in 1968 and is headquartered in Bekasi, Indonesia. PT Wilmar Cahaya Indonesia Tbk. is a subsidiary of PT Sentratama Niaga Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Wilmar Cahaya Indonesia Tbk reported revenue of 9.7T IDR in FY2025 versus 5.4T IDR in FY2021, a compound +16.1%/yr. Reported net income was 195B IDR in FY2025, compounding +1.0%/yr from FY2021.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
9.7T IDR
Latest YoY
+21.6%
Avg. revenue 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.
+16.6%
Avg. revenue 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.
+21.8%
Avg. revenue growth/yr (25Y) 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.
+17.6%
Value creation/yr (5Y, in IDR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+0.8% (0.8 + 0.0)
Revenue +16.1%/yr
FY21 5.4T IDR
FY22 6.1T IDR
FY23 6.3T IDR
FY24 8.0T IDR
FY25 9.7T IDR
Net income +1.0%/yr
FY21 187B IDR
FY22 221B IDR
FY23 154B IDR
FY24 325B IDR
FY25 195B IDR
Character of growth · EPS growth decomposed (2014-2025) +6.0 % p.a.
Revenue per share +8.8 pp

of which total revenue +8.8 pp · buybacks/dilution +0.0 pp

EBIT margin −4.6 pp
Tax rate −0.7 pp
Residual (interest, one-offs) +2.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Wilmar Cahaya Indonesia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/CEKA

Peer Group

Packaged Foods · 675 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 56 · Above median
Fair Value upside +188% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 2% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 23% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 7.7× · Cheaper than 75% of peers
P/B 0.64× · Cheaper than 75% of peers
P/S (TTM) 0.13× · Cheaper than 75% of peers
EV/EBITDA 3.2× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 24
FUTURE100 · sector 20
PAST44 · sector 26
HEALTH99 · sector 96
DIVIDEND0 · sector 51

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

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
Nestlé S.A NESN CHF 78.52 CHF 57.26 -27%
Danone S.A BN €64.70 €48.41 -25%
Nestlé India Limited NESTLEIND ₹1,478 ₹251.94 -83%
The Kraft Heinz Company KHC $25.13 $24.59 -2%
Foshan Haitian Flavouring and Food Company 603288 ¥35.05 ¥21.93 -37%
Inner Mongolia Yili Industrial Group 600887 ¥25.51 ¥32.50 +27%
Yihai Kerry Arawana Holdings 300999 ¥25.28 ¥9.89 -61%
General Mills, Inc GIS $40.44 $28.32 -30%
Wilmar International Limited F34 3.64 SGD 3.89 SGD +7%
McCormick & Company MKCV $55.65 $43.29 -22%

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Frequently asked questions

Is Wilmar Cahaya Indonesia Tbk (CEKA) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of 6,272 IDR versus a price of 2,180 IDR, about +188% (undervalued).
What is the fair value of CEKA?
Our model-based fair value for Wilmar Cahaya Indonesia Tbk is 6,272 IDR (as of Aug 28, 2026), built from audited fundamentals. The current price: 2,180 IDR.
What is the quality score of CEKA?
Wilmar Cahaya Indonesia Tbk has a Quality Score of 56/100. 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 Wilmar Cahaya Indonesia Tbk (CEKA)?
Wilmar Cahaya Indonesia Tbk reported trailing-twelve-month revenue of about 9.9T IDR (latest available figure, as of Aug 28, 2026).
What is the net profit margin of CEKA?
The net profit margin of Wilmar Cahaya Indonesia Tbk is about 1.7%, meaning it keeps roughly 1.7% of revenue as net income. 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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