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PT Natura City Developments Tbk (CITY) Fair Value & Analysis

Real Estate · ID · Market cap 919B IDR

PN PT Natura City Developments Tbk CITY · JK
Price177.00 IDR
Fair Value56.58 IDR
Upside-68.0%
Quality56/100
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Weak Growth
Solidly profitable · 14.1% net margin
Low debt · negative free cash flow
Mixed vs. peers (7/12)
Narrow moat 43/100
Evidence: Medium Range 42.43 IDR – 70.72 IDR Share as image

Fair value as of: Jul 17, 2026

From 7 valuation models · updated 25 days ago

Share price +4.7% over the past month.

A solid business, but screening 68% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (70.72 IDR). The favourable scenario is already priced in.
  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

462.00 IDR 50.00 IDR Fair Value 56.58 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 50.00 IDR – 462.00 IDR · fair‑value band 42.43 IDR – 70.72 IDR · the 177.00 IDR price screens above the 56.58 IDR fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

PT Natura City Developments Tbk (CITY) currently trades at 177.00 IDR, while our model-based Fair Value estimate is 56.58 IDR, implying the stock looks roughly 68.0% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, PT Natura City Developments Tbk generated revenue of 148B IDR at a net margin of 14.1%. Revenue grew 8.7% year over year. It earns a return on equity of 2.4%. The balance sheet holds a net cash position of 28.1B IDR. Fundamentals as of Jul 17, 2026

Our scenario range runs from 42.43 IDR (bear case) to 70.72 IDR (bull case); at 177.00 IDR, the current price sits above 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 63% below its 52-week high and 119% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at -68%, CITY screens richer 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 117.09 IDR 111.82 IDR 90.13 IDR 61
P/S Multiple 42.43 IDR 56.58 IDR 70.72 IDR 58
P/B Multiple 42.43 IDR 56.58 IDR 70.72 IDR 55
All 7 models by family
Multiples
P/S Multiple 42.43 IDR 56.58 IDR 70.72 IDR 58
P/B Multiple 42.43 IDR 56.58 IDR 70.72 IDR 55
EV/EBIT 59.15 IDR 75.02 IDR 90.89 IDR 53
EV/EBITDA 57.18 IDR 72.40 IDR 87.61 IDR 54
EV/Revenue 37.79 IDR 49.05 IDR 60.30 IDR 43
Asset-Based
NCAV (Graham) 81.87 IDR 109.70 IDR 163.73 IDR 50
Economic Profit
Residual Income 117.09 IDR 111.82 IDR 90.13 IDR 61

Widest divergence: Economic Profit (111.82 IDR) versus Multiples (56.58 IDR). Highest evidence: Residual Income (61).

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Key figures & financial health

Revenue (TTM) 148B IDR
Revenue growth (YoY) +8.7%
Net margin 14.1%
Return on equity 2.4%
Free cash flow −54.3B IDR FY2025
P/E ratio 43.7
More key figures
Operating margin 16.3%
EPS (TTM) 3.89 IDR
EPS growth (YoY) +84.2%
Net cash 28.1B IDR FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 51 · Market factors (momentum, volatility) 53

Profitability 23
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 62
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.

About the company

PT Natura City Developments Tbk operates as a real estate company in Indonesia. It operates through four segments: Land Sales, Residential Houses, Shop Houses, and town Management. The company invests in the management and development of residential properties; and services and retail activities.

Full company description

PT Natura City Developments Tbk operates as a real estate company in Indonesia. It operates through four segments: Land Sales, Residential Houses, Shop Houses, and town Management. The company invests in the management and development of residential properties; and services and retail activities. It also offers trade, industry, agriculture, mining, construction, transportation, and urban/area management services. The company was formerly known as PT Sumber Jaya Adhiguna and changed its name to PT Natura City Developments Tbk in March 2018. PT Natura City Developments Tbk was incorporated in 2011 and is headquartered in Bogor, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Natura City Developments Tbk reported revenue of 145B IDR in FY2025 versus 78.6B IDR in FY2021, a compound +16.5%/yr. Reported net income was 18.0B IDR in FY2025, compounding +94.3%/yr from FY2021.

Growth Quality 29/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
145B IDR
Latest YoY
+24.3%
Avg. 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.
+58.7%
Avg. 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.
−0.4%
Avg. growth/yr (10Y) 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.
+2.4%
Revenue +16.5%/yr
FY21 78.6B IDR
FY22 36.3B IDR
FY23 89.3B IDR
FY24 117B IDR
FY25 145B IDR
Net income +94.3%/yr
FY21 1.3B IDR
FY22 −21.3B IDR
FY23 2.0B IDR
FY24 8.3B IDR
FY25 18.0B IDR
Character of growth · EPS growth decomposed (2015-2025) −23.3 % p.a.
Revenue per share −6.6 pp

of which total revenue −6.6 pp · buybacks/dilution +0.0 pp

EBIT margin −19.5 pp
Tax rate −0.3 pp
Residual (interest, one-offs) +3.1 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).

CITY screens 68% overvalued. Compare with DLF Limited →

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Cite: Fair Value Calculator (2026). "PT Natura City Developments Tbk Fair Value". https://www.fairvalue-calculator.com/stock/CITY

Peer Group

Real Estate - Development · 588 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 55 · Above median
Fair Value upside −68% · Bottom 25%
Return on equity (TTM) 2% · Above median
Return on assets 1% · Above median
Net margin (TTM) 14% · Above median
Operating margin (TTM) 16% · Above median
Revenue growth 9% · Above median
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 43.7× · Pricier than 75% of peers
P/B 1.04× · Pricier than median
P/S (TTM) 6.20× · Pricier than 75% of peers
EV/EBITDA 35.0× · Pricier 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.

VALUE 0 · sector 48
FUTURE 44 · sector 0
PAST 10 · sector 10
HEALTH 95 · sector 84
DIVIDEND 0 · sector 38

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is PT Natura City Developments Tbk (CITY) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 56.58 IDR versus a price of 177.00 IDR, about −68% (overvalued).
What is the fair value of CITY?
Our model-based fair value for PT Natura City Developments Tbk is 56.58 IDR (as of Jul 17, 2026), built from audited fundamentals. The current price is 177.00 IDR.
What is the quality score of CITY?
PT Natura City Developments 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 PT Natura City Developments Tbk (CITY)?
PT Natura City Developments Tbk reported trailing-twelve-month revenue of about 148B IDR (latest available figure, as of Jul 17, 2026).
What is the net profit margin of CITY?
The net profit margin of PT Natura City Developments Tbk is about 14.1%, meaning it keeps roughly 14.1% 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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