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PT Gudang Garam Tbk, (GGRM) Fair Value & Analysis

Consumer Defensive · ID · Market cap 31.5T IDR

PG PT Gudang Garam Tbk, GGRM · JK
Price21,725 IDR
Fair Value16,988 IDR
Upside-21.8%
Quality64/100
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Weak Growth
Thin margins · 3.5% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/15)
Narrow moat 37/100
Evidence: High Range 12,741 IDR – 21,236 IDR Share as image

Fair value as of: Jul 13, 2026

From 26 valuation models · updated 28 days ago

Fair value updated Jul 13, 2026, revised from 20,535 IDR to 16,988 IDR (−17.3%) since Jun 24, 2026. Share price +35.4% over the past month.

A solid business, but screening 22% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (21,236 IDR). The favourable scenario is already priced in.
  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

35,294 IDR 7,772 IDR Fair Value 16,988 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range 7,772 IDR – 35,294 IDR · fair‑value band 12,741 IDR – 21,236 IDR · the 21,725 IDR price screens above the 16,988 IDR fair value. Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

PT Gudang Garam Tbk, (GGRM) currently trades at 21,725 IDR, while our model-based Fair Value estimate is 16,988 IDR, implying the stock looks roughly 21.8% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, PT Gudang Garam Tbk, generated revenue of 86.4T IDR at a net margin of 3.5%. Revenue declined 12.8% year over year. It earns a return on equity of 4.7%. The balance sheet holds a net cash position of 2.9T IDR. Fundamentals as of Jul 13, 2026

Our scenario range runs from 12,741 IDR (bear case) to 21,236 IDR (bull case); at 21,725 IDR, the current price sits above 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 near its 52-week high and 173% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 2% fair-value upside, at -22%, GGRM screens richer 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.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 59,403 IDR 88,491 IDR 131,994 IDR 80
Residual Income 23,699 IDR 23,091 IDR 19,407 IDR 76
Rev-Margin DCF 29,240 IDR 39,430 IDR 51,351 IDR 74
All 26 models by family
DCF Models
FCF DCF 58,103 IDR 90,458 IDR 141,750 IDR 38
Owner Earnings 15,033 IDR 22,603 IDR 34,604 IDR 31
5Y Revenue Exit 29,240 IDR 38,620 IDR 49,743 IDR 39
5Y EBITDA Exit 38,372 IDR 55,571 IDR 75,011 IDR 41
5Y P/E Exit 28,327 IDR 36,925 IDR 45,437 IDR 38
10Y Revenue Exit 38,424 IDR 49,379 IDR 62,658 IDR 36
10Y EBITDA Exit 44,782 IDR 61,371 IDR 82,252 IDR 37
10Y P/E Exit 38,252 IDR 48,181 IDR 59,319 IDR 35
Earnings-Based
Graham-Dodd 5,501 IDR 16,437 IDR 21,770 IDR 54
Lynch FV 3,477 IDR 4,967 IDR 6,457 IDR 50
PEG = 1.0 3,477 IDR 4,967 IDR 6,457 IDR 46
EPV 11,368 IDR 13,043 IDR 14,531 IDR 59
Dividend Discount
Gordon GGM 4,810 IDR 10,500 IDR 17,667 IDR 70
DDM Multi-Stage 4,810 IDR 7,964 IDR 10,943 IDR 61
Multiples
P/E Multiple 12,741 IDR 16,988 IDR 21,236 IDR 63
P/S Multiple 10,314 IDR 13,753 IDR 17,191 IDR 58
P/B Multiple 10,314 IDR 13,753 IDR 17,191 IDR 55
EV/EBIT 20,564 IDR 26,793 IDR 33,022 IDR 53
EV/EBITDA 31,657 IDR 41,584 IDR 51,510 IDR 54
EV/Revenue 15,215 IDR 20,931 IDR 26,646 IDR 43
Asset-Based
NCAV (Graham) 16,259 IDR 21,787 IDR 32,518 IDR 50
Growth DCF
Growth DCF 59,403 IDR 88,491 IDR 131,994 IDR 80
Rev-Margin DCF 29,240 IDR 39,430 IDR 51,351 IDR 74
Economic Profit
Residual Income 23,699 IDR 23,091 IDR 19,407 IDR 76
ROIC Compounder 11,368 IDR 13,043 IDR 14,531 IDR 72
Growth Earnings
Growth-Adj P/E 10,390 IDR 14,842 IDR 19,295 IDR 68

Widest divergence: DCF Models (48,181 IDR) versus Earnings-Based (4,967 IDR). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 86.4T IDR
Revenue growth (YoY) -12.8%
Net margin 3.5%
Return on equity 4.7%
Free cash flow 9.1T IDR FY2025
P/E ratio 9.5
More key figures
Operating margin 10.1%
EPS (TTM) 1,554 IDR
EPS growth (YoY) +1,380%
Net cash 2.9T IDR FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 81

Profitability 36
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 39
Calm price path (market factor)
Momentum 99
Price trend over the last 3–12 months (market factor)
52W Momentum 100
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.

About the company

PT Gudang Garam Tbk, together with its subsidiaries, engages in the manufacture and sale of cigarettes in Indonesia and internationally. It operates through Cigarettes, Paperboards, Infrastructure, and Others segments.

Full company description

PT Gudang Garam Tbk, together with its subsidiaries, engages in the manufacture and sale of cigarettes in Indonesia and internationally. It operates through Cigarettes, Paperboards, Infrastructure, and Others segments. The company offers hand-rolled, machine-made, and klobot clove cigarettes under the Gudang Garam Family, Surya Family, and GG Family brand names. It also involved in trading business; and provision of safety protective equipment, airport, toll road, and construction services. In addition, the company offers tobacco processing, non-scheduled air transportation, infrastructure, entertainment, and tourism services. The company was formerly known as PT Perusahaan Rokok Tjap "Gudang Garam" Kediri. PT Gudang Garam Tbk was founded in 1958 and is headquartered in Kediri, Indonesia. PT Gudang Garam Tbk operates as a subsidiary of PT Suryaduta Investama.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Gudang Garam Tbk, reported revenue of 89.4T IDR in FY2025 versus 125T IDR in FY2021, a compound −8.0%/yr. Reported net income was 1.6T IDR in FY2025, compounding −27.4%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
89.4T IDR
Latest YoY
−9.4%
Avg. growth/yr (3Y)
−10.5%
Avg. growth/yr (5Y)
−4.8%
Avg. growth/yr (25Y)
+7.4%
Revenue −8.0%/yr
FY21 125T IDR
FY22 125T IDR
FY23 119T IDR
FY24 98.7T IDR
FY25 89.4T IDR
Net income −27.4%/yr
FY21 5.6T IDR
FY22 2.8T IDR
FY23 5.3T IDR
FY24 981B IDR
FY25 1.6T IDR

GGRM screens 22% overvalued. Compare with Philip Morris International Inc →

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Cite: Fair Value Calculator (2026). "PT Gudang Garam Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/GGRM

Peer Group

Tobacco · 34 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.

Quality Score 64 · Above median
Fair Value upside −22% · Below median
Return on equity (TTM) 5% · Below median
Return on assets 4% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 10% · Below median
Revenue growth -13% · Bottom 25%
Dividend yield (TTM) 0.0% · Below median

Valuation Multiples vs Tobacco median · lower = cheaper

P/E (TTM) 10.5× · Cheaper than 75% of peers
P/B 0.50× · Cheaper than 75% of peers
P/S (TTM) 0.37× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 3.7× · Cheaper than 75% of peers
PEG 1.27× · Cheaper than median

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.

VALUE 4 · sector 35
FUTURE 0 · sector 17
PAST 19 · sector 44
HEALTH 100 · sector 99
DIVIDEND 0 · sector 74

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Tobacco

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Tobacco stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
Philip Morris International Inc PM $188.93 $103.71 -45%
British American Tobacco p.l.c. BTI $60.02 $61.14 +2%
Altria Group MO $68.44 $81.81 +20%
ITC Limited ITC ₹281.75 ₹282.04 +0%
KT&G Corporation 033780 179,900 KRW 119,073 KRW -34%
PT Hanjaya Mandala Sampoerna Tbk, HMSP 695.00 IDR 1,193 IDR +72%
Godfrey Phillips India Limited GODFRYPHLP ₹2,337 ₹1,194 -49%
TABAK TABAK 18,480 CZK 23,215 CZK +26%
China Tobacco International (HK) Company 6055 HK$23.00 HK$24.09 +5%
Universal Corporation UVV $53.14 $27.50 -48%

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Frequently asked questions

Is PT Gudang Garam Tbk, (GGRM) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of 16,988 IDR versus a price of 21,725 IDR, about −22% (overvalued).
What is the fair value of GGRM?
Our model-based fair value for PT Gudang Garam Tbk, is 16,988 IDR (as of Jul 13, 2026), built from audited fundamentals. The current price is 21,725 IDR.
What is the quality score of GGRM?
PT Gudang Garam Tbk, has a Quality Score of 64/100. 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 revenue of PT Gudang Garam Tbk, (GGRM)?
PT Gudang Garam Tbk, reported trailing-twelve-month revenue of about 86.4T IDR (latest available figure, as of Jul 13, 2026).
What is the net profit margin of GGRM?
The net profit margin of PT Gudang Garam Tbk, is about 3.5%, meaning it keeps roughly 3.5% of revenue as net income. Based on the latest reported figures.

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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