PT Nusantara Sejahtera Raya Tbk (CNMA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of PT Nusantara Sejahtera Raya Tbk IDR 248, price IDR 90, upside +175.8%, quality 67 out of 100. 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, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
38‑month range 82.00 IDR – 252.27 IDR · fair‑value band 173.77 IDR – 322.72 IDR · the 90.00 IDR price screens below the 248.25 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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PT Nusantara Sejahtera Raya Tbk engages in cinema screening activities in Indonesia. It operates through Movie, Food and Beverages; and All Other segments.
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PT Nusantara Sejahtera Raya Tbk engages in cinema screening activities in Indonesia. It operates through Movie, Food and Beverages; and All Other segments. The company is involved in the sale of tickets at physical cinema counters and through online ticketing platforms, such as m.tix, TIX ID, and GoPay; operation of food and beverage outlets, including XXI Café, The Premiere Café, XXI Lounge, Hello Sunday restaurant locations, and XXI Café Box; advertising on theater screens; offline advertising through digital billboards and booths; online advertising through its website; promotional events; transactional activities; events and services for gatherings; and vouchers. It also engages in management consulting; venue rental; organization of meetings, incentives, conferences, and exhibitions (MICE) activities and special events; premises rental for events; and land leasing activities. The company was founded in 1988 and is headquartered in Jakarta Pusat, Indonesia. PT Nusantara Sejahtera Raya Tbk is a subsidiary of PT Harkatjaya Bumipersada.
Stock analysis
PT Nusantara Sejahtera Raya Tbk (CNMA) currently trades at 90.00 IDR, while our model-based Fair Value estimate is 248.25 IDR, implying the stock looks roughly 63.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 392.86 IDR per share, and 22 of the 24 models we run sit above the 90.00 IDR price.
Bear case: the Asset-Based group reads lowest at 33.28 IDR, and 2 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 173.77 IDR (bear) to 322.72 IDR (bull), the price of 90.00 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 67/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
PT Nusantara Sejahtera Raya Tbk reported revenue of 5.9T IDR in FY2025 versus 1.3T IDR in FY2021, a compound +46.3%/yr. Reported net income was 705B IDR in FY2025.
Key figures
Market cap 7.4T IDR (≈ $743M) · P/E ratio 9.9 · P/S ratio 1.19 · EPS (TTM) 9.08 IDR · Net margin 12.0% · Return on equity 19.9% · Return on assets (EBIT) 9.9% · Operating margin 2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at −3% fair-value upside, at 176%, CNMA screens cheaper than that median.
Fair Value models
Bear 173.77 IDRFair Value 248.25 IDRBull 322.72 IDR
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 (6.64 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.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.
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.100/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.6%
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.
+10.0%
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 6 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.
−2.7%
’19
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’25
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.
−11.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.8%
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.−48% → 18%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−15.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about −17.3% a year for the price.
Compare PT Nusantara Sejahtera Raya 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.Entertainment · 260 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+176% · Top 25%
Profitability
Return on equity (TTM)20% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)13% · Top 25%
Operating margin (TTM)2% · Above median
Growth and dividend
Revenue growth18% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Entertainment 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 Nusantara Sejahtera Raya Tbk Fair Value". https://www.fairvalue-calculator.com/stock/CNMA
Frequently asked questions
Is PT Nusantara Sejahtera Raya Tbk (CNMA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 248.25 IDR versus a price of 90.00 IDR, about +176% upside (undervalued).
What is the fair value of CNMA?
Our model-based fair value for PT Nusantara Sejahtera Raya Tbk is 248.25 IDR (as of Sep 23, 2026), built from audited fundamentals. The current price: 90.00 IDR.
What is the quality score of CNMA?
PT Nusantara Sejahtera Raya Tbk has a Quality Score of 67/100. 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 Nusantara Sejahtera Raya Tbk (CNMA)?
Our model-based price target is the fair value of 248.25 IDR (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 173.77 IDR, optimistic scenario 322.72 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the PT Nusantara Sejahtera Raya Tbk stock forecast for 2026?
Our models put fair value at 248.25 IDR, about +176% upside versus a price of 90.00 IDR (undervalued). Cautious scenario 173.77 IDR, optimistic scenario 322.72 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of PT Nusantara Sejahtera Raya Tbk (CNMA)?
PT Nusantara Sejahtera Raya Tbk reported trailing-twelve-month revenue of about 6.0T IDR (latest available figure, as of Sep 23, 2026).
What growth is priced into PT Nusantara Sejahtera Raya Tbk (CNMA)?
For today's price to be fair in a discounted-cash-flow model, PT Nusantara Sejahtera Raya Tbk would have to grow free cash flow by -15.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +36.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of CNMA use?
Our models discount PT Nusantara Sejahtera Raya Tbk at 9.6 %: a base by market capitalisation (mega), damped by beta 0.13, 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 Nusantara Sejahtera Raya Tbk that is -15.1 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has PT Nusantara Sejahtera Raya Tbk (CNMA) delivered so far?
Over the past 5 years revenue at PT Nusantara Sejahtera Raya Tbk grew +36.9 % a year. The price currently implies -15.1 % 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 Nusantara Sejahtera Raya Tbk (CNMA) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into PT Nusantara Sejahtera Raya Tbk (-15.1 % 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 Nusantara Sejahtera Raya Tbk (CNMA)?
The free-cash-flow yield on the price is 14.62 %: that much free cash flow PT Nusantara Sejahtera Raya Tbk produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), 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 Nusantara Sejahtera Raya Tbk (CNMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PT Nusantara Sejahtera Raya Tbk it is 248.25 IDR per share (as of Sep 23, 2026), against a price of 90.00 IDR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is PT Nusantara Sejahtera Raya Tbk stock overvalued or undervalued in 2026?
As of Sep 23, 2026, CNMA trades below its calculated fair value: price 90.00 IDR, fair value 248.25 IDR, a gap of about +176% (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 CNMA?
No. The price is what the market pays today (90.00 IDR); the fair value is what the company's own numbers justify (248.25 IDR). For PT Nusantara Sejahtera Raya Tbk the two are 158.25 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is PT Nusantara Sejahtera Raya Tbk worth?
The market values PT Nusantara Sejahtera Raya Tbk at about 7.4T IDR (market capitalisation, as of Sep 23, 2026). Per share that is 90.00 IDR; our models calculate a fair value of 248.25 IDR per share.
What do the bullish and bearish scenarios say about CNMA?
Our models span a range for PT Nusantara Sejahtera Raya Tbk: cautious scenario 173.77 IDR, base 248.25 IDR, optimistic 322.72 IDR per share (as of Sep 23, 2026, price 90.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CNMA?
PT Nusantara Sejahtera Raya Tbk trades at a price-to-earnings ratio of 9.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 248.25 IDR is built from several models across several years. Other multiples: P/B 1.8, P/S 1.2, EV/EBITDA 3.1.
How solid is the balance sheet of PT Nusantara Sejahtera Raya Tbk (CNMA)?
Balance-sheet figures for PT Nusantara Sejahtera Raya Tbk (as of Sep 23, 2026): return on equity 19.9%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is CNMA from its 52-week high?
PT Nusantara Sejahtera Raya Tbk trades at 90.00 IDR, about 23% below its 52-week high of 117.49 IDR and 10% above the low of 82.00 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 248.25 IDR is for.
Which stocks are comparable to PT Nusantara Sejahtera Raya Tbk?
From the same area (Communication Services) we also value Netflix, Inc, The Walt Disney Company, Warner Bros. Discovery, Inc, Live Nation Entertainment, 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 Nusantara Sejahtera Raya Tbk stock attractive at the current price?
The data as of Sep 23, 2026: price 90.00 IDR, calculated fair value 248.25 IDR (+176%), Quality Score 67/100, from 24 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 CNMA calculated?
We run PT Nusantara Sejahtera Raya Tbk through 24 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 248.25 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 14.1 % above its aggregate fair value. PT Nusantara Sejahtera Raya Tbk currently trades 176 % 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 Nusantara Sejahtera Raya Tbk (CNMA)?
The closing price on Sep 23, 2026 was 90.00 IDR. Our model-based fair value is 248.25 IDR, about +176% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PT Nusantara Sejahtera Raya Tbk right now?
The price is below even our cautious bear case (173.77 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 (67/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (173.77 IDR to 322.72 IDR) leaves room in how you read the outcome.
Key figures of PT Nusantara Sejahtera Raya Tbk
How large is the market capitalisation of PT Nusantara Sejahtera Raya Tbk (CNMA)?
The market capitalisation of PT Nusantara Sejahtera Raya Tbk is 7.4T IDR (≈ $743M). 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 Nusantara Sejahtera Raya Tbk (CNMA)?
The price-to-sales ratio of PT Nusantara Sejahtera Raya Tbk is 1.19 (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 Nusantara Sejahtera Raya Tbk (CNMA)?
Earnings per share at PT Nusantara Sejahtera Raya Tbk are 9.08 IDR (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of PT Nusantara Sejahtera Raya Tbk (CNMA)?
The net margin of PT Nusantara Sejahtera Raya Tbk is 12.0% (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 PT Nusantara Sejahtera Raya Tbk (CNMA)?
The return on equity (ROE) of PT Nusantara Sejahtera Raya Tbk is 19.9% (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 PT Nusantara Sejahtera Raya Tbk (CNMA)?
On an EBIT basis the return on assets of PT Nusantara Sejahtera Raya Tbk is 9.9% (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 Nusantara Sejahtera Raya Tbk (CNMA)?
The operating margin of PT Nusantara Sejahtera Raya Tbk is 2.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PT Nusantara Sejahtera Raya Tbk (CNMA)?
Revenue at PT Nusantara Sejahtera Raya Tbk is growing +18.2% versus a year earlier (3y avg +10.0%). 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 Nusantara Sejahtera Raya Tbk (CNMA)?
Earnings per share at PT Nusantara Sejahtera Raya Tbk are growing +33.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does PT Nusantara Sejahtera Raya Tbk (CNMA) hold?
PT Nusantara Sejahtera Raya Tbk holds more cash than debt, 132B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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