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Fortune Mate Indonesia Tbk (FMII) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Fortune Mate Indonesia Tbk IDR 35, price IDR 236, upside -85.3%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

Fair value above price? No
Good quality? Yes
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Real Estate · ID · ISIN ID1000091200

FM Thin data Sep 24, 2026

Fortune Mate Indonesia Tbk

FMII · JK

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value 34.76 IDR · Strongly overvalued (−85%)

!Quality 54/100

!Weak Growth (revenue 5y −9.0 %/yr)

✓Highly profitable · 45.4% net margin (FY2025)

!Low debt · negative free cash flow

!Mixed vs. peers (3/7)

!Narrow moat 18/100

!Evidence only low, so the estimate is less certain

26 models, one by oneBear 24.39 IDR to bull 45.36 IDR Growth analysisrevenue history, year by year Quality 54/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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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 →

Price vs Fair Value

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 106.29 IDR – 582.46 IDR · fair‑value band 24.39 IDR – 45.36 IDR · the 236.00 IDR price screens above the 34.76 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

PT Fortune Mate Indonesia Tbk, together with its subsidiaries, engages in the provision of real estate development and construction services in Indonesia. It is also involved in trading and professional activities. The company's project portfolio includes land, residential, office, and industrial properties.

Stock analysis

Fortune Mate Indonesia Tbk (FMII) currently trades at 236.00 IDR, while our model-based Fair Value estimate is 34.76 IDR, implying the stock looks roughly 578.9% overvalued today.

Valuation

Bull case: the Asset-Based group reads highest at a median of 72.70 IDR per share, and 0 of the 7 models we run sit above the 236.00 IDR price.

Bear case: the Multiples group reads lowest at 38.62 IDR, and 7 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: 24.39 IDR (bear) to 45.36 IDR (bull), the price of 236.00 IDR sits above 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 54/100 (solid quality), in the Real Estate sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Fortune Mate Indonesia Tbk reported revenue of 32.0B IDR in FY2025 versus 52.7B IDR in FY2021, a compound −11.7%/yr. Reported net income was 14.5B IDR in FY2025, compounding +14.2%/yr from FY2021.

Key figures

Market cap 1.5T IDR (≈ $84.4M) · EPS (TTM) −1.13 IDR · Net margin 45.4% · Return on equity −1.0% · Return on assets (EBIT) 2.2% · EPS growth (YoY) +687% · Free cash flow −4.0B IDR · Net debt 48.9B IDR.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 46% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at −85%, FMII screens richer than that median.

Fair Value models

Bear 24.39 IDR Fair Value 34.76 IDR Bull 45.36 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. 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.

Highest evidence

Residual Income 68.65 IDR 62.62 IDR 42.78 IDR 71

EV/EBITDA 32.05 IDR 42.64 IDR 53.24 IDR 67

EV/EBIT 40.15 IDR 53.45 IDR 66.76 IDR 66

All 7 models by family

Multiples

P/S Multiple 24.39 IDR 32.53 IDR 40.66 IDR 58

P/B Multiple 28.96 IDR 38.62 IDR 48.27 IDR 55

EV/EBIT 40.15 IDR 53.45 IDR 66.76 IDR 66

EV/EBITDA 32.05 IDR 42.64 IDR 53.24 IDR 67

EV/Revenue 22.26 IDR 31.69 IDR 41.12 IDR 53

Asset-Based

NCAV (Graham) 54.25 IDR 72.70 IDR 108.51 IDR 54

Economic Profit

Residual Income 68.65 IDR 62.62 IDR 42.78 IDR 71

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Quality Score breakdown

Overall quality 54/100

Of which business quality 52 · Market factors (momentum, volatility) 26

Profitability 31

Margins and returns on capital today

Quality Growth 61

Are margins and returns improving?

Cashflow 0

Earnings quality: real cash, not paper profit

Fin. Strength 74

Balance sheet, leverage, solvency risk

Investment 96

Disciplined investing over empire-building

Low Volatility 52

Calm price path (market factor)

Momentum 21

Price trend over the last 3–12 months (market factor)

52W Momentum 7

Distance to the 52-week high (market factor)

Net Issuance 82

Share count: buybacks or dilution?

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Revenue & earnings trend

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. 14/100

Revenue is shrinking: the last year, the last three and the last five years are all negative.

Revenue growth 1 year

−9.3%

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.

−15.1%

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.

−9.0%

Start year 2020 (pandemic). Over 10 years: −18.2% a year

Revenue growth 16 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.

+4.1%

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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.

+20.9%

Earnings growth per share plus dividend.

Earnings per share, growth per year+20.9%

Dividend (yield on the price)0.0%

Pace: 5 vs 10 years ⓘ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.21% vs −22%, picking up

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.27% → 48%

Start year 2020 (pandemic)

⚠ Revenue per share shrinking 10.2%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

FMII screens 579% overvalued. Compare with Sun Hung Kai Properties Limited →

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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.Real Estate - Development · 577 stocks

Beats the industry median on 2/5 measures

A mixed picture versus its industry peers.

Valuation

Quality Score 56 · Top 25%

Fair Value upside −85% · Bottom 25%

Profitability

Return on assets −1% · Bottom 25%

Net margin (TTM) 45% · Top 25%

Operating margin (TTM) 0% · Below median

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)0 · sector 48

FUTURE (revenue growth)0 · sector 0

PAST (return on equity)0 · sector 12

HEALTH (low debt)100 · sector 83

DIVIDEND (yield)0 · sector 56

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

Context: sector, industry, market

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate.

Stock	Price	Fair Value	vs Fair Value
Sun Hung Kai Properties Limited 0016	HK$109.10	HK$147.78	+35%
China Resources Land Limited 1109	HK$29.62	HK$74.05	+150%
Vinhomes Joint Stock Company VHM	68,200 VND	112,796 VND	+65%
CK Asset Holdings 1113	HK$46.44	HK$71.69	+54%
Hongkong Land Holdings H78	$8.74	$1.52	−83%
DLF Limited DLF	₹675.00	₹167.21	−75%
China Overseas Land & Investment Limited 0688	HK$12.43	HK$22.35	+80%
Lodha Developers Limited LODHA	₹1,163	₹275.95	−76%
Poly Developments and Holdings 600048	¥5.64	¥14.10	+150%
CTP N.V CTPNV	€13.58	€10.30	−24%

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Fortune Mate Indonesia Tbk · Fair Value
34.76 IDR −579%Fair Value
Calculator →

<a href="https://www.fairvalue-calculator.com/stock/FMII" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Fortune Mate Indonesia Tbk · Fair Value</span><br><b style="font-size:20px">34.76 IDR</b> <span style="color:#e0816f;font-weight:700;font-size:14px">−579%</span></span><span style="font-size:11px;color:var(--fvc-g-mitte);font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "Fortune Mate Indonesia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/FMII

Frequently asked questions

Is Fortune Mate Indonesia Tbk (FMII) overvalued or undervalued?

As of Sep 24, 2026, our model estimates a fair value of 34.76 IDR versus a price of 236.00 IDR, about −85% upside (overvalued).

What is the fair value of FMII?

Our model-based fair value for Fortune Mate Indonesia Tbk is 34.76 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 236.00 IDR.

What is the quality score of FMII?

Fortune Mate Indonesia Tbk has a Quality Score of 54/100. 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 Fortune Mate Indonesia Tbk (FMII)?

Our model-based price target is the fair value of 34.76 IDR (as of Sep 24, 2026) from 7 valuation models. Cautious scenario 24.39 IDR, optimistic scenario 45.36 IDR. It is a calculation from audited fundamentals, not an analyst target.

What is the Fortune Mate Indonesia Tbk stock forecast for 2026?

Our models put fair value at 34.76 IDR, about −85% upside versus a price of 236.00 IDR (overvalued). Cautious scenario 24.39 IDR, optimistic scenario 45.36 IDR. The calculation is refreshed regularly with new filings.

What is the intrinsic value of Fortune Mate Indonesia Tbk (FMII)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fortune Mate Indonesia Tbk it is 34.76 IDR per share (as of Sep 24, 2026), against a price of 236.00 IDR. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).

Is Fortune Mate Indonesia Tbk stock overvalued or undervalued in 2026?

As of Sep 24, 2026, FMII trades above its calculated fair value: price 236.00 IDR, fair value 34.76 IDR, a gap of about −85% (overvalued). 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 FMII?

No. The price is what the market pays today (236.00 IDR); the fair value is what the company's own numbers justify (34.76 IDR). For Fortune Mate Indonesia Tbk the two are 201.24 IDR per share apart. That gap is exactly why we show both numbers side by side.

How much is Fortune Mate Indonesia Tbk worth?

The market values Fortune Mate Indonesia Tbk at about 1.5T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 236.00 IDR; our models calculate a fair value of 34.76 IDR per share.

What do the bullish and bearish scenarios say about FMII?

Our models span a range for Fortune Mate Indonesia Tbk: cautious scenario 24.39 IDR, base 34.76 IDR, optimistic 45.36 IDR per share (as of Sep 24, 2026, price 236.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.

How solid is the balance sheet of Fortune Mate Indonesia Tbk (FMII)?

Balance-sheet figures for Fortune Mate Indonesia Tbk (as of Sep 24, 2026): return on equity −1.0%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.

How far is FMII from its 52-week high?

Fortune Mate Indonesia Tbk trades at 236.00 IDR, about 46% below its 52-week high of 434.00 IDR and 15% above the low of 206.00 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 34.76 IDR is for.

Which stocks are comparable to Fortune Mate Indonesia Tbk?

From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Fortune Mate Indonesia Tbk stock attractive at the current price?

The data as of Sep 24, 2026: price 236.00 IDR, calculated fair value 34.76 IDR (−85%), Quality Score 54/100, from 7 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 FMII calculated?

We run Fortune Mate Indonesia Tbk through 7 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 34.76 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 13.0 % above its aggregate fair value. Fortune Mate Indonesia Tbk itself currently trades above fair value. 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 Fortune Mate Indonesia Tbk (FMII)?

The closing price on Sep 24, 2026 was 236.00 IDR. Our model-based fair value is 34.76 IDR, about −85% upside (overvalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with Fortune Mate Indonesia Tbk right now?

The price sits above even our optimistic bull case (45.36 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 (54/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (24.39 IDR to 45.36 IDR) leaves room in how you read the outcome.

Where does the earnings growth of Fortune Mate Indonesia Tbk (FMII) come from?

Earnings per share at Fortune Mate Indonesia Tbk grew −25.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −23.1 %, EBIT margin −6.4 %, tax rate +0.4 %, residual (interest, one-offs) +3.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Fortune Mate Indonesia Tbk

How large is the market capitalisation of Fortune Mate Indonesia Tbk (FMII)?

The market capitalisation of Fortune Mate Indonesia Tbk is 1.5T IDR (≈ $84.4M). 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 are the earnings per share of Fortune Mate Indonesia Tbk (FMII)?

Earnings per share at Fortune Mate Indonesia Tbk are −1.13 IDR. Earnings per share over the last twelve months: total profit spread across every single share.

What is the net margin of Fortune Mate Indonesia Tbk (FMII)?

The net margin of Fortune Mate Indonesia Tbk is 45.4% (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 Fortune Mate Indonesia Tbk (FMII)?

The return on equity (ROE) of Fortune Mate Indonesia Tbk is −1.0% (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 Fortune Mate Indonesia Tbk (FMII)?

On an EBIT basis the return on assets of Fortune Mate Indonesia Tbk is 2.2% (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.

How fast are earnings growing at Fortune Mate Indonesia Tbk (FMII)?

Earnings per share at Fortune Mate Indonesia Tbk are growing +687% versus a year earlier. How much earnings per share grew versus a year earlier.

How much free cash flow does Fortune Mate Indonesia Tbk (FMII) generate?

The free cash flow of Fortune Mate Indonesia Tbk is −4.0B IDR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.

How much net debt does Fortune Mate Indonesia Tbk (FMII) carry?

The net debt of Fortune Mate Indonesia Tbk is 48.9B IDR (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.

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