PT Elnusa Tbk (ELSA) Fair Value & Analysis
Energy · ID · Market cap 4.7T IDR
Fair value as of: Jul 15, 2026
From 26 valuation models · updated 26 days ago
Fair value updated Jul 15, 2026, revised from 1,417 IDR to 945.61 IDR (−33.3%) since Jun 25, 2026. Share price +6.9% over the past month.
A solid business, screening 35% undervalued on our models.
What matters now
- The price is below even our cautious bear case (756.13 IDR). The market is more pessimistic than our downside scenario.
- Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.
How to read this chart
60‑month range 176.13 IDR – 927.98 IDR · fair‑value band 756.13 IDR – 1,203 IDR · the 700.00 IDR price screens below the 945.61 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.
Analysis
PT Elnusa Tbk (ELSA) currently trades at 700.00 IDR, while our model-based Fair Value estimate is 945.61 IDR, implying the stock looks roughly 35.1% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Energy sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, PT Elnusa Tbk generated revenue of 14.4T IDR at a net margin of 5.0%. Revenue declined 3.0% year over year. It earns a return on equity of 13.6%. The balance sheet holds a net cash position of 2.1T IDR. Fundamentals as of Jul 15, 2026
Our scenario range runs from 756.13 IDR (bear case) to 1,203 IDR (bull case); at 700.00 IDR, the current price sits below 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 33% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -36% fair-value upside, at 35%, ELSA screens cheaper 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.
All 26 models by family
Widest divergence: DCF Models (2,665 IDR) versus Asset-Based (487.69 IDR). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 66
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 Elnusa Tbk provides oil and gas services in Indonesia. The company operates through Integrated Upstream Oil and Gas Services; Oil and Gas Support Services; and Energy Distribution and Logistics Services segments.
Full company description
PT Elnusa Tbk provides oil and gas services in Indonesia. The company operates through Integrated Upstream Oil and Gas Services; Oil and Gas Support Services; and Energy Distribution and Logistics Services segments. It offers geophysical/seismic data, oil and gas drilling, and oilfield services; and oil country tubular goods, threading for oil and gas drilling, oil and gas data management, integrated information technology development, telecommunication, network, storage, and satellite telecommunications services. The company provides data and information on energy and mineral resources management services; very-small-aperture terminal-based communication systems; ship rental services and agents; pipe manufacturing and trading services; and trading, distribution, and marketing of oil and gas products. Further, the company distributes and trades in oil and chemicals; operates retail gas stations; and offers mechanical maintenance. The company was formerly known as PT Electronika Nusantara and changed its name to PT Elnusa Tbk in June 1984. PT Elnusa Tbk was founded in 1969 and is based in Jakarta, Indonesia. PT Elnusa Tbk is a subsidiary of PT Pertamina Hulu Energi.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
PT Elnusa Tbk reported revenue of 14.5T IDR in FY2025 versus 8.1T IDR in FY2021, a compound +15.5%/yr. Reported net income was 718B IDR in FY2025, compounding +60.3%/yr from FY2021.
of which total revenue +14.9 pp · buybacks/dilution +0.0 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).
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Peer Group
Oil & Gas Equipment & Services · 191 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 Multiples vs Oil & Gas Equipment & Services median · lower = cheaper
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.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SLB N.V SLBN | 836.00 MXN | 533.97 MXN | -36% |
| Baker Hughes Company BKR | $55.95 | $33.55 | -40% |
| TechnipFMC plc FTI | $74.57 | $27.57 | -63% |
| Halliburton Company HAL | $35.22 | $21.50 | -39% |
| Tenaris S.A TS | $57.16 | $45.68 | -20% |
| Yantai Jereh Oilfield Services Group 002353 | ¥138.79 | ¥34.17 | -75% |
| Saipem SpA SPM | €4.20 | €2.72 | -35% |
| Subsea 7 S.A SUBC | kr 319.00 | kr 227.98 | -29% |
| China Oilfield Services Limited 601808 | ¥12.08 | ¥12.64 | +5% |
| Gaztransport & Technigaz SA GTT | €188.10 | €95.01 | -49% |
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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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