Dharma Polimetal Tbk PT (DRMA) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Dharma Polimetal Tbk PT IDR 2,429, price IDR 925, upside +162.6%, quality 65 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 28, 2026.
How to read this chart
57‑month range 389.77 IDR – 1,497 IDR · fair‑value band 1,473 IDR – 3,162 IDR · the 925.00 IDR price screens below the 2,429 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 28, 2026.
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PT Dharma Polimetal Tbk, through its subsidiaries, manufactures and sells automotive components and metal finishing for motorcycles and cars in Indonesia.
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PT Dharma Polimetal Tbk, through its subsidiaries, manufactures and sells automotive components and metal finishing for motorcycles and cars in Indonesia. The company offers frame body, muffler, wheel rim, steering handle, grab rail, main stand, step bar component, swing arm, arm cushion, and fastener for motorcycles and reinforcement sub assy instrument panel and beam comp steering hanger, hood lock, cross member frame, general parts, and suspension member for automobiles. It also operates advance manufacturing facility, such as integrated stamping facility; cold forging; machining; CNC/ NC bending; manual and robotic welding; robotic spot welding; and special propose machine, including finishing processes facilities, such as nickel chrome platting, acid zinc platting, spray painting with robot paint, cathode electro dipping (CED) painting, and heat treatment facility. Additionally, the company provides link assy, pipe comp exhaust assy and muffler assy, forging parts and aluminium casting component, shock absorber component, transmission handle component, plate RR cross, footrest, bar comp side stand, grabrail, mainstand, steering handle, body comp muffler and pipe comp exhaust, bracket absorber component, swing arm component, throttle and brake component, muffler comp, double seat, and crankcase. Further, it offers control cables, manufacturing supporting tools, plastic injection, electrical standard accessories, EV component and energy systems, and other related products. PT Dharma Polimetal Tbk was founded in 1989 and is headquartered in Cikarang, Indonesia.
Stock analysis
Dharma Polimetal Tbk PT (DRMA) currently trades at 925.00 IDR, while our model-based Fair Value estimate is 2,429 IDR, implying the stock looks roughly 61.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 2,954 IDR per share, and 23 of the 24 models we run sit above the 925.00 IDR price.
Bear case: the Asset-Based group reads lowest at 395.20 IDR, and 1 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 1,473 IDR (bear) to 3,162 IDR (bull), the price of 925.00 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 65/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Dharma Polimetal Tbk PT reported revenue of 5.9T IDR in FY2025 versus 2.9T IDR in FY2021, a compound +19.5%/yr. Reported net income was 653B IDR in FY2025, compounding +21.3%/yr from FY2021.
Key figures
Market cap 4.4T IDR (≈ $243M) · P/E ratio 6.6 · P/S ratio 0.73 · EPS (TTM) 140.04 IDR · Net margin 11.0% · Return on equity 23.5% · Return on assets (EBIT) 18.4% · Operating margin 11.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −32% fair-value upside, at 163%, DRMA screens cheaper than that median.
Fair Value models
Bear 1,473 IDRFair Value 2,429 IDRBull 3,162 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 (103.97 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.
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 growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.8%
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.
+15.0%
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.
+25.9%
Start year 2020 (pandemic)
Revenue growth 7 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.
+13.5%
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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.
+30.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+30.2%
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.4% → 12%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−4.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about −6.9% a year for the price and +4.7% for the forecasts.
Compare Dharma Polimetal Tbk PT with another stock
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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.Auto Parts · 683 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+162.6% · Top 25%
Profitability
Return on equity (TTM)23.5% · Top 25%
Return on assets11.0% · Top 25%
Net margin (TTM)10.9% · Top 25%
Operating margin (TTM)11.4% · Top 25%
Growth and dividend
Revenue growth5.9% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Auto Parts median · lower = cheaper
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Is Dharma Polimetal Tbk PT (DRMA) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of 2,429 IDR versus a price of 925.00 IDR, about +163% upside (undervalued).
What is the fair value of DRMA?
Our model-based fair value for Dharma Polimetal Tbk PT is 2,429 IDR (as of Sep 28, 2026), built from audited fundamentals. The current price: 925.00 IDR.
What is the quality score of DRMA?
Dharma Polimetal Tbk PT has a Quality Score of 65/100. 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 Dharma Polimetal Tbk PT (DRMA)?
Our model-based price target is the fair value of 2,429 IDR (as of Sep 28, 2026) from 24 valuation models. Cautious scenario 1,473 IDR, optimistic scenario 3,162 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Dharma Polimetal Tbk PT stock forecast for 2026?
Our models put fair value at 2,429 IDR, about +163% upside versus a price of 925.00 IDR (undervalued). Cautious scenario 1,473 IDR, optimistic scenario 3,162 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Dharma Polimetal Tbk PT (DRMA)?
Dharma Polimetal Tbk PT reported trailing-twelve-month revenue of about 6.0T IDR (latest available figure, as of Sep 28, 2026).
What growth is priced into Dharma Polimetal Tbk PT (DRMA)?
For today's price to be fair in a discounted-cash-flow model, Dharma Polimetal Tbk PT would have to grow free cash flow by -4.5 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +25.9 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of DRMA use?
Our models discount Dharma Polimetal Tbk PT at 13.5 %: a base by market capitalisation (micro), damped by beta 0.21, 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 Dharma Polimetal Tbk PT that is -4.5 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Dharma Polimetal Tbk PT (DRMA) delivered so far?
Over the past 5 years revenue at Dharma Polimetal Tbk PT grew +25.9 % a year. The price currently implies -4.5 % 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 Dharma Polimetal Tbk PT (DRMA) growing?
The median revenue growth in the sector is +2.3 % a year. That is the yardstick for the growth priced into Dharma Polimetal Tbk PT (-4.5 % 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 Dharma Polimetal Tbk PT (DRMA)?
The free-cash-flow yield on the price is 14.47 %: that much free cash flow Dharma Polimetal Tbk PT produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dharma Polimetal Tbk PT (DRMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dharma Polimetal Tbk PT it is 2,429 IDR per share (as of Sep 28, 2026), against a price of 925.00 IDR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Dharma Polimetal Tbk PT stock overvalued or undervalued in 2026?
As of Sep 28, 2026, DRMA trades below its calculated fair value: price 925.00 IDR, fair value 2,429 IDR, a gap of about +163% (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 DRMA?
No. The price is what the market pays today (925.00 IDR); the fair value is what the company's own numbers justify (2,429 IDR). For Dharma Polimetal Tbk PT the two are 1,504 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Dharma Polimetal Tbk PT worth?
The market values Dharma Polimetal Tbk PT at about 4.4T IDR (market capitalisation, as of Sep 28, 2026). Per share that is 925.00 IDR; our models calculate a fair value of 2,429 IDR per share.
What do the bullish and bearish scenarios say about DRMA?
Our models span a range for Dharma Polimetal Tbk PT: cautious scenario 1,473 IDR, base 2,429 IDR, optimistic 3,162 IDR per share (as of Sep 28, 2026, price 925.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DRMA?
Dharma Polimetal Tbk PT trades at a price-to-earnings ratio of 6.6 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2,429 IDR is built from several models across several years. Other multiples: P/B 1.6, P/S 0.7, EV/EBITDA 3.8.
How solid is the balance sheet of Dharma Polimetal Tbk PT (DRMA)?
Balance-sheet figures for Dharma Polimetal Tbk PT (as of Sep 28, 2026): return on equity 23.5%, debt of 0.04 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is DRMA from its 52-week high?
Dharma Polimetal Tbk PT trades at 925.00 IDR, about 12% below its 52-week high of 1,045 IDR and 11% above the low of 835.00 IDR (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 2,429 IDR is for.
Which stocks are comparable to Dharma Polimetal Tbk PT?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, 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 Dharma Polimetal Tbk PT stock attractive at the current price?
The data as of Sep 28, 2026: price 925.00 IDR, calculated fair value 2,429 IDR (+163%), Quality Score 65/100, 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 DRMA calculated?
We run Dharma Polimetal Tbk PT 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 2,429 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 16.1 % above its aggregate fair value. Dharma Polimetal Tbk PT currently trades 163 % 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 Dharma Polimetal Tbk PT (DRMA)?
The closing price on Sep 25, 2026 was 925.00 IDR. Our model-based fair value is 2,429 IDR, about +163% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dharma Polimetal Tbk PT right now?
The price is below even our cautious bear case (1,473 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 (65/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (1,473 IDR to 3,162 IDR) leaves room in how you read the outcome.
Key figures of Dharma Polimetal Tbk PT
How large is the market capitalisation of Dharma Polimetal Tbk PT (DRMA)?
The market capitalisation of Dharma Polimetal Tbk PT is 4.4T IDR (≈ $243M). 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 Dharma Polimetal Tbk PT (DRMA)?
The price-to-sales ratio of Dharma Polimetal Tbk PT is 0.73 (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 Dharma Polimetal Tbk PT (DRMA)?
Earnings per share at Dharma Polimetal Tbk PT are 140.04 IDR (price ÷ EPS = P/E 6.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Dharma Polimetal Tbk PT (DRMA)?
The net margin of Dharma Polimetal Tbk PT is 11.0% (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 Dharma Polimetal Tbk PT (DRMA)?
The return on equity (ROE) of Dharma Polimetal Tbk PT is 23.5% (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 Dharma Polimetal Tbk PT (DRMA)?
On an EBIT basis the return on assets of Dharma Polimetal Tbk PT is 18.4% (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 Dharma Polimetal Tbk PT (DRMA)?
The operating margin of Dharma Polimetal Tbk PT is 11.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dharma Polimetal Tbk PT (DRMA)?
Revenue at Dharma Polimetal Tbk PT is growing +5.9% versus a year earlier (3y avg +15.0%). 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 Dharma Polimetal Tbk PT (DRMA)?
Earnings per share at Dharma Polimetal Tbk PT are growing +1.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Dharma Polimetal Tbk PT (DRMA) hold?
Dharma Polimetal Tbk PT holds more cash than debt, 314B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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