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Data-driven stock valuation

Indoritel Makmur Internasional (DNET) fair value: what the stock is really worth

We calculate from audited financials what Indoritel Makmur Internasional is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Communication Services · ID · Market cap 139T IDR (≈ $13.9B) · ISIN ID1000063605

At a glance

IM Indoritel Makmur Internasional DNET · JK
Price9,950 IDR
Fair Value1,503 IDR
Upside−84.9%
Quality50/100

A solid business, but trading 562% above our fair value of 1,503 IDR.

As of Aug 21, 2026, the fair value of Indoritel Makmur Internasional is 1,503 IDR per share against a price of 9,950 IDR, so the fair value sits 85% below the price. A model estimate from reported figures, not an analyst target.

!Mixed Growth (revenue 5y +28.3 %/yr)
✓Highly profitable · 73.7% net margin
!Low debt · negative free cash flow
!Trails peers (4/12)
!Moderate moat 54/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 1 out of 100
Evidence: Low Range 1,127 IDR to 1,879 IDR

Fair value as of: Aug 21, 2026

From 14 valuation models · updated 17 days ago

Share price +1.5% over the past month.

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

What matters now

  • The price sits above even our optimistic bull case (1,879 IDR). The favourable scenario is already priced in.
  • 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 but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

11,294 IDR 3,148 IDR Fair Value 1,503 IDR Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range 3,148 IDR – 11,294 IDR · fair‑value band 1,127 IDR – 1,879 IDR · the 9,950 IDR price screens above the 1,503 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.

Full chart & analysis →

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Analysis

Indoritel Makmur Internasional (DNET) currently trades at 9,950 IDR, while our model-based Fair Value estimate is 1,503 IDR, implying the stock looks roughly 561.8% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of 4,113 IDR per share, and 0 of the 13 models we run sit above the 9,950 IDR price. Bear case: the Multiples group reads lowest at 471.20 IDR, and 13 of the 13 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Indoritel Makmur Internasional generated revenue of 1.7T IDR at a net margin of 73.7%. Revenue grew 12.0% year over year. It earns a return on equity of 8.7%. Net debt stands at 6.3T IDR. Fundamentals as of Aug 21, 2026

Scenario range: 1,127 IDR (bear) to 1,879 IDR (bull), the price of 9,950 IDR sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 13% below its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 29% fair-value upside, at −85%, DNET screens richer than that median.

Fair Value models

Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (62.02 IDR per share) are deliberately not added.

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (86.01 IDR to 4,198 IDR). Read the values as a conservative anchor, not as a price target.
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 best evidence 909.15 IDR 985.46 IDR 1,365 IDR 74
Owner Earnings 531.19 IDR 1,760 IDR 4,456 IDR 65
EV/EBITDA 257.40 IDR 471.20 IDR 685.01 IDR 65
All 14 models by family
DCF Models
Owner Earnings 531.19 IDR 1,760 IDR 4,456 IDR 65
Earnings-Based
Graham-Dodd 601.94 IDR 4,198 IDR 5,891 IDR 61
Lynch FV 2,169 IDR 3,098 IDR 4,028 IDR 59
PEG = 1.0 2,169 IDR 3,098 IDR 4,028 IDR 55
Dividend Discount
Gordon GGM 48.10 IDR 105.00 IDR 176.67 IDR 63
DDM Multi-Stage 48.10 IDR 86.01 IDR 109.43 IDR 64
Multiples
P/E Multiple 1,461 IDR 1,947 IDR 2,434 IDR 63
P/S Multiple 314.09 IDR 418.79 IDR 523.49 IDR 58
P/B Multiple 1,129 IDR 1,505 IDR 1,881 IDR 55
EV/EBIT n/a n/a 28.15 IDR 61
EV/EBITDA 257.40 IDR 471.20 IDR 685.01 IDR 65
Asset-Based
NCAV (Graham) 535.84 IDR 718.03 IDR 1,072 IDR 54
Economic Profit
Residual Income best evidence 909.15 IDR 985.46 IDR 1,365 IDR 74
Growth Earnings
Growth-Adj P/E 2,879 IDR 4,113 IDR 5,346 IDR 65

Widest divergence: Growth Earnings (4,113 IDR) versus Dividend Discount (86.01 IDR). Highest evidence: Residual Income (74).

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Key figures & financial health

P/E ratio 110.4
P/S ratio 81.6 P/E × margin
EPS (TTM) 90.16 IDR price ÷ EPS = P/E 110.4
Dividend yield 0.0% payout 5.5%
Net margin 74.0% FY2025
Return on equity 8.7% TTM
More key figures
Profitability
Return on assets (EBIT) 4.8% avg 5y
Operating margin 13.5% TTM
Growth
Revenue (TTM) 1.7T IDR TTM
Revenue growth (YoY) +12.0% 3y avg +14.2%
EPS growth (YoY) +14.1%
Balance sheet & cash flow
Free cash flow −327B IDR FY2025
Net debt 6.3T IDR FY2025

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 48 · Market factors (momentum, volatility) 60

Profitability 39
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 41
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 49
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 Indoritel Makmur Internasional Tbk., together with its subsidiaries, provides optical fiber-based telecommunication data connection services primarily in Indonesia.

Full company description

PT Indoritel Makmur Internasional Tbk., together with its subsidiaries, provides optical fiber-based telecommunication data connection services primarily in Indonesia. The company offers optical fiber-based telecommunication data service products for home (fiber to the home)/broadband FTTH customers to telecommunications operators and internet service provider companies. It is also involved in the e-commerce businesses; rental of access points; and provision of installation, and repair and maintenance services. The company was formerly known as PT Dyviacom Intrabumi, Tbk. and changed its name to PT Indoritel Makmur Internasional Tbk. in June 2013. PT Indoritel Makmur Internasional Tbk. was founded in 1995 and is based in Jakarta Selatan, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Indoritel Makmur Internasional reported revenue of 1.7T IDR in FY2025 versus 844B IDR in FY2021, a compound +19.1%/yr. Reported net income was 1.3T IDR in FY2025, compounding +7.9%/yr from FY2021.

Growth Quality 49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.7T IDR
Latest YoY
+18.9%
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.
+14.2%
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.
+28.3%
Avg. revenue growth/yr (24Y) ⓘ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.
+24.5%
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.
+19.1%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+19.1%
Dividend yield0.0%
Trend ⓘ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.5Y 19.1% vs 10Y 11.8%, picking up
Operating margin (EBIT) ⓘ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.78.8% (2020) → 17.2% (2025) · falling
Worst earnings drop63% (2012) · in IDR
Revenue +19.1%/yr
FY21 844B IDR
FY22 1.1T IDR
FY23 1.4T IDR
FY24 1.4T IDR
FY25 1.7T IDR
Net income +7.9%/yr
FY21 927B IDR
FY22 1.3T IDR
FY23 721B IDR
FY24 1.1T IDR
FY25 1.3T IDR
Character of growth · EPS growth decomposed (2014-2025) +10.7 % p.a.
Revenue per share +72.3 %

of which total revenue +72.3 % · buybacks/dilution +0.0 %

EBIT margin −37.0 %
Tax rate −0.5 %
Residual (interest, one-offs) +2.6 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

DNET screens 562% overvalued. Compare with China Mobile Limited →

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Indoritel Makmur Internasional · Fair Value
1,503 IDR −562%Fair Value
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Cite: Fair Value Calculator (2026). "Indoritel Makmur Internasional Fair Value". https://www.fairvalue-calculator.com/stock/DNET

Peer Group

Telecom Services · 250 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.

Valuation
Quality Score 50 · Below median
Fair Value upside −85% · Bottom 25%
Profitability
Return on equity (TTM) 9% · Above median
Return on assets 1% · Bottom 25%
Net margin (TTM) 74% · Top 25%
Operating margin (TTM) 13% · Above median
Growth and dividend
Revenue growth 12% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.41× · Above median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 110.4× · Priciest 25%
P/B 9.14× · Priciest 25%
P/S (TTM) 79.76× · Priciest 25%

Context: sector, industry, market

Strength profile in five axes (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
VALUE0 · sector 29
FUTURE60 · sector 16
PAST35 · sector 28
HEALTH79 · sector 89
DIVIDEND1 · sector 74

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

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $181.52 $172.67 −5%
Verizon Communications Inc VZ $50.14 $64.43 +29%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.49 $95.42 +260%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.00 $39.79 +73%
Singapore Telecommunications Limited Z77 4.53 SGD 3.03 SGD −33%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Indoritel Makmur Internasional (DNET) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of 1,503 IDR versus a price of 9,950 IDR, about −85% upside (overvalued).
What is the fair value of DNET?
Our model-based fair value for Indoritel Makmur Internasional is 1,503 IDR (as of Aug 21, 2026), built from audited fundamentals. The current price: 9,950 IDR.
What is the quality score of DNET?
Indoritel Makmur Internasional has a Quality Score of 50/100. 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 Indoritel Makmur Internasional (DNET)?
Our model-based price target is the fair value of 1,503 IDR (as of Aug 21, 2026) from 14 valuation models. Cautious scenario 1,127 IDR, optimistic scenario 1,879 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Indoritel Makmur Internasional stock forecast for 2026?
Our models put fair value at 1,503 IDR, about −85% upside versus a price of 9,950 IDR (overvalued). Cautious scenario 1,127 IDR, optimistic scenario 1,879 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Indoritel Makmur Internasional (DNET)?
Indoritel Makmur Internasional reported trailing-twelve-month revenue of about 1.7T IDR (latest available figure, as of Aug 21, 2026).
What is the net profit margin of DNET?
The net profit margin of Indoritel Makmur Internasional is about 73.7%, meaning it keeps roughly 73.7% of revenue as net income. Based on the latest reported figures.
Does Indoritel Makmur Internasional pay a dividend?
Indoritel Makmur Internasional currently shows a dividend yield of about 0.05% relative to its recent price (as of Aug 21, 2026).
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