Wilmar Cahaya Indonesia Tbk (CEKA) fair value: what the stock is really worth
As of Oct 12, 2026: fair value of Wilmar Cahaya Indonesia Tbk IDR 3,192, price IDR 2,200, upside +45.1%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
PT Wilmar Cahaya Indonesia Tbk. produces and sells vegetable and specialty oils for the food industry in Indonesia and internationally.
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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.
Stock analysis
Wilmar Cahaya Indonesia Tbk (CEKA) currently trades at 2,200 IDR, while our model-based Fair Value estimate is 3,192 IDR, implying the stock looks roughly 31.1% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 8,495 IDR per share, and 15 of the 15 models we run sit above the 2,200 IDR price.
Bear case: the Asset-Based group reads lowest at 2,266 IDR, and 0 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: 2,572 IDR (bear) to 5,237 IDR (bull), the price of 2,200 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 56/100 (solid quality), in the Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
Key figures
Market cap 1.3T IDR (≈ $73.2M) · P/E ratio 6.0 · P/S ratio 0.12 · EPS (TTM) 367.04 IDR · Dividend yield 6.8% · Net margin 2.0% · Return on equity 10.9% · Return on assets (EBIT) 13.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 6% fair-value upside, at 45%, CEKA screens cheaper than that median.
Fair Value models
Bear 2,572 IDRFair Value 3,192 IDRBull 5,237 IDR
Price 2,200 IDR · Upside +45.1%
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 (170.06 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.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.
Highest evidence
Residual Income2,646 IDR2,805 IDR3,148 IDR76
Owner Earnings4,062 IDR7,280 IDR12,712 IDR74
EPV2,438 IDR2,676 IDR2,870 IDR74
All 15 models by family
DCF Models
Owner Earnings4,062 IDR7,280 IDR12,712 IDR74
Earnings-Based
Graham-Dodd2,224 IDR14,576 IDR20,400 IDR63
Lynch FV4,244 IDR6,064 IDR7,883 IDR61
PEG = 1.04,244 IDR6,064 IDR7,883 IDR57
EPV2,438 IDR2,676 IDR2,870 IDR74
Multiples
P/E Multiple5,151 IDR6,868 IDR8,585 IDR63
P/S Multiple4,170 IDR5,560 IDR6,950 IDR58
P/B Multiple4,170 IDR5,560 IDR6,950 IDR55
EV/EBIT5,542 IDR7,239 IDR8,936 IDR66
EV/EBITDA4,771 IDR6,211 IDR7,651 IDR67
EV/Revenue4,084 IDR5,641 IDR7,199 IDR54
Asset-Based
NCAV (Graham)1,691 IDR2,266 IDR3,383 IDR54
Economic Profit
Residual Income2,646 IDR2,805 IDR3,148 IDR76
ROIC Compounder2,438 IDR2,676 IDR2,870 IDR72
Growth Earnings
Growth-Adj P/E5,947 IDR8,495 IDR11,044 IDR67
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+21.6%
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.
+16.6%
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.
+21.8%
Start year 2020 (pandemic). Over 10 years: +10.8% 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.
+17.6%
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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.
+7.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.8%
Dividend (yield on the price)6.8%
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.0.8% vs 6.2%, 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.6% → 2%
Compare Wilmar Cahaya Indonesia 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 · 630 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+45.1% · Above median
Profitability
Return on equity (TTM)10.9% · Above median
Return on assets6.6% · Above median
Net margin (TTM)2.1% · Below median
Operating margin (TTM)3.3% · Below median
Growth and dividend
Revenue growth22.9% · Top 25%
Dividend yield (TTM)6.8% · Top 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Wilmar Cahaya Indonesia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/CEKA
Frequently asked questions
Is Wilmar Cahaya Indonesia Tbk (CEKA) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 3,192 IDR versus a price of 2,200 IDR, about +45% upside (undervalued).
What is the fair value of CEKA?
Our model-based fair value for Wilmar Cahaya Indonesia Tbk is 3,192 IDR (as of Oct 3, 2026), built from audited fundamentals. The current price: 2,200 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 price target for Wilmar Cahaya Indonesia Tbk (CEKA)?
Our model-based price target is the fair value of 3,192 IDR (as of Oct 3, 2026) from 15 valuation models. Cautious scenario 2,572 IDR, optimistic scenario 5,237 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Wilmar Cahaya Indonesia Tbk stock forecast for 2026?
Our models put fair value at 3,192 IDR, about +45% upside versus a price of 2,200 IDR (undervalued). Cautious scenario 2,572 IDR, optimistic scenario 5,237 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Wilmar Cahaya Indonesia Tbk (CEKA)?
Wilmar Cahaya Indonesia Tbk reported trailing-twelve-month revenue of about 10.4T IDR (latest available figure, as of Oct 3, 2026).
Does Wilmar Cahaya Indonesia Tbk pay a dividend?
Wilmar Cahaya Indonesia Tbk currently shows a dividend yield of about 6.82% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of Wilmar Cahaya Indonesia Tbk (CEKA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Wilmar Cahaya Indonesia Tbk it is 3,192 IDR per share (as of Oct 3, 2026), against a price of 2,200 IDR. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Wilmar Cahaya Indonesia Tbk stock overvalued or undervalued in 2026?
As of Oct 3, 2026, CEKA trades below its calculated fair value: price 2,200 IDR, fair value 3,192 IDR, a gap of about +45% (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 CEKA?
No. The price is what the market pays today (2,200 IDR); the fair value is what the company's own numbers justify (3,192 IDR). For Wilmar Cahaya Indonesia Tbk the two are 991.96 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Wilmar Cahaya Indonesia Tbk worth?
The market values Wilmar Cahaya Indonesia Tbk at about 1.3T IDR (market capitalisation, as of Oct 3, 2026). Per share that is 2,200 IDR; our models calculate a fair value of 3,192 IDR per share.
What do the bullish and bearish scenarios say about CEKA?
Our models span a range for Wilmar Cahaya Indonesia Tbk: cautious scenario 2,572 IDR, base 3,192 IDR, optimistic 5,237 IDR per share (as of Oct 3, 2026, price 2,200 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CEKA?
Wilmar Cahaya Indonesia Tbk trades at a price-to-earnings ratio of 6.0 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3,192 IDR is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 5.9. Other multiples: P/B 0.7, P/S 0.1, EV/EBITDA 3.2.
How solid is the balance sheet of Wilmar Cahaya Indonesia Tbk (CEKA)?
Balance-sheet figures for Wilmar Cahaya Indonesia Tbk (as of Oct 3, 2026): return on equity 10.9%, debt of 0.02 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is CEKA from its 52-week high?
Wilmar Cahaya Indonesia Tbk trades at 2,200 IDR, about 9% below its 52-week high of 2,419 IDR and 15% above the low of 1,920 IDR (as of Oct 12, 2026). Distance from the high says nothing about value: that is what the fair value of 3,192 IDR is for.
Which stocks are comparable to Wilmar Cahaya Indonesia Tbk?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz 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 Wilmar Cahaya Indonesia Tbk stock attractive at the current price?
The data as of Oct 3, 2026: price 2,200 IDR, calculated fair value 3,192 IDR (+45%), Quality Score 56/100, from 15 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 CEKA calculated?
We run Wilmar Cahaya Indonesia Tbk through 15 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 3,192 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 14.8 % above its aggregate fair value. Wilmar Cahaya Indonesia Tbk currently trades 31 % 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 Wilmar Cahaya Indonesia Tbk (CEKA)?
The closing price on Oct 12, 2026 was 2,200 IDR. Our model-based fair value is 3,192 IDR, about +45% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Wilmar Cahaya Indonesia Tbk right now?
The price is below even our cautious bear case (2,572 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 (56/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (2,572 IDR to 5,237 IDR) leaves room in how you read the outcome.
Where does the earnings growth of Wilmar Cahaya Indonesia Tbk (CEKA) come from?
Earnings per share at Wilmar Cahaya Indonesia Tbk grew +6.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.8 %, EBIT margin −4.6 %, tax rate −0.7 %, residual (interest, one-offs) +2.9 %. 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 Wilmar Cahaya Indonesia Tbk
How large is the market capitalisation of Wilmar Cahaya Indonesia Tbk (CEKA)?
The market capitalisation of Wilmar Cahaya Indonesia Tbk is 1.3T IDR (≈ $73.2M). 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 Wilmar Cahaya Indonesia Tbk (CEKA)?
The price-to-sales ratio of Wilmar Cahaya Indonesia Tbk is 0.12 (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 Wilmar Cahaya Indonesia Tbk (CEKA)?
Earnings per share at Wilmar Cahaya Indonesia Tbk are 367.04 IDR (price ÷ EPS = P/E 6.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Wilmar Cahaya Indonesia Tbk (CEKA)?
The dividend yield of Wilmar Cahaya Indonesia Tbk is 6.8% (payout 40.9%). 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 Wilmar Cahaya Indonesia Tbk (CEKA)?
The net margin of Wilmar Cahaya Indonesia Tbk is 2.0% (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 Wilmar Cahaya Indonesia Tbk (CEKA)?
The return on equity (ROE) of Wilmar Cahaya Indonesia Tbk is 10.9% (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 Wilmar Cahaya Indonesia Tbk (CEKA)?
On an EBIT basis the return on assets of Wilmar Cahaya Indonesia Tbk is 13.1% (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 Wilmar Cahaya Indonesia Tbk (CEKA)?
The operating margin of Wilmar Cahaya Indonesia Tbk is 3.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Wilmar Cahaya Indonesia Tbk (CEKA)?
Revenue at Wilmar Cahaya Indonesia Tbk is growing +22.9% versus a year earlier (3y avg +16.6%). 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 Wilmar Cahaya Indonesia Tbk (CEKA)?
Earnings per share at Wilmar Cahaya Indonesia Tbk are growing +207% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Wilmar Cahaya Indonesia Tbk (CEKA) generate?
The free cash flow of Wilmar Cahaya Indonesia Tbk is −99.2B IDR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Wilmar Cahaya Indonesia Tbk (CEKA) hold?
Wilmar Cahaya Indonesia Tbk holds more cash than debt, 304B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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